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The new regulation will put up a firewall between the industrial sector and the financial sector to prevent the former collapsing the latter. Companies must now have at least 5 billion yuan in capital to be licensed as financial holding firms. Companies that hold banking units will need to have at least 500 billion yuan in total assets and those that do not hold banking units should have at least 100 billion yuan. The regulation will take effect on 1 st November 2020 and will give companies a one year grace period.
If financial holding firms fail to meet the new rules China’s central bank PBOC can force a share sale.
China Caixin/Markit Manufacturing Purchasing Managers Index PMI In Economic Growth Territory For 3rd Month In Row In July
Manufacturing activity in China expanded at fastest rate since January 2011 largely due to a jump in domestic demand.
Domestic and international unemployment is a drag on the Chinese economy as consumerism is still subdued compared to prepandemic appetite to spend
Countries around the world are fighting to get virus under control or are fearful of the second wave of infections. China has the additional problem of the trade war with USA that is unlikely to be resolved until 2021 at earliest. The USA is also the worst infected country in the world with virus with accelerating infections which impacts on economic activity in the biggest economy in the world that impacts of the level of demand from USA. The resurgence of the virus in Africa like in South Africa does not help China.
China economy has already returned to growth in the second quarter of 2020. As the Chinese consumer becomes more confident faster economic growth can be anticipated in second half of the year. This is being supported and aided by Chinese government pumping more cheap money into the Chinese economy.
- The World Health Organisation WHO currently has two members of an advance team in China to investigate the origins of the coronavirus pandemic first discovered in Wuhan. They have not yet started their investigations as they are in quarantine having recently entered China. At the end of their quarantine they will start their investigation.
Will China Continue To Grow?
Does China need the West in future? Chinese stock markets are booming. Is it sustainable investor growth or hype?
China has the African continent wrapped up much of Asia and not least 1.4 billion people in their own domestic marketplace. The services sector in China is growing at fastest pace in a decade. The UKs economy is built on the services sector but China has a largely untapped market to generate several percentage points more GDP.
The West wants to sell into the Chinese marketplace for a bigger piece of the action. Arguably the west needs China now much more than China needs the West. China needs the west to grow faster but does not need the west to grow fast.
The stock market in China has not fallen this year. It has grown 15%. It is now at its highest level in 5 years. The Chinese economy is still forecast to grow this year. Most countries will stay in recession this year.
As China turns to celebrate 100 years of communism it ironically has a richer future by embracing capitalism more than the West does. The west is turning to state funded economic growth to get through pandemic at the time that China could put the burners on economic growth based on buying stuff!
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3rd July 2020 China Services Sector Expanded At Its Fastest Pace In Over A Decade In June
Caixin/Markit services Purchasing Managers Index PMI indicated that the easing of coronavirus lockdown measures in China has massively boosted the services sector to a level not seen since April 2019.
China had no deaths from the coronavirus yesterday and just 3 new cases of the virus in a 24 hour period. The total number of deaths in China from virus is 4634 and total number of infections 83537.
Nissan has announced its sales in China grew 4.5 percent in June compared to June 2019.
12th May 2020 China Economy More Than Just Bouncing Back
Not only is China producing more than it produced during coronavirus outbreak in China it is producing more than it did in April 2019.
China smartphone factory output rose 17 percent year on year in April according to Chinese government.
- China had no deaths from coronavirus yesterday. It had just 17 new infections several of which were localised in one residential area.
6th May 2020 China Records No Deaths and Just 2 New Coronavirus Infections In Last 24 Hours
5th May 2020 Still No More New Deaths From Coronavirus In China
A total of 4633 people have died from the coronavirus in China.
There has been just one new infection in whole of China in last 24 hours. 82881 have been infected in China.
7th April 2020 For First Time China Reports There Have Been No Deaths From Coronavirus In Last 24 Hours
3331 people have so far died in China according to official figures from Chinese government. Just 32 new infections were recorded all from people who entered China not domestic cases. 81740 have been infected in China since start of pandemic in China.
As USA and Europe struggle to control the vicious impact on people and the economy it is worth looking to the future. China presented the virus problem came up with an effective solution and indicates the trouble ahead for all other countries.
- The coronavirus pandemic started and spread from Wuhan China. People have not been allowed to leave Wuhan since 23rd January. After more than two months of strict lockdown the people of Wuhan are permitted to leave. However in another lesson to the rest of the world small parts of the city are sporadically quarantined as the virus is identified again. The Chinese government says all new virus cases are from people who have been outside China who come into China. Air road and rail links from Wuhan have been reopened. Most people still practice social distancing when for example shopping.
- Although business in China has not returned to normal it is reopening for business in a way that most of the world can only dream of. The rest of the world is months away from a safe lifting of lockdown. Many countries will probably jump the gun and regret reopening coronavirus pandemic wound only exasperating an already bad economic and social situation and ruining all hard earned gains.
- Managing the Exit Strategy will not be as hard as controlling the epidemic within a geographical area. However it will be enormously difficult with perpetual flash points as lockdown measures are lifted and reapplied and imported virus cases reignite new outbreaks.
2nd April 2020 China Deaths From Coronavirus Rise By 6 To 3318
China has only had 35 new infections in the last 24 hours rising to 81589 in total.
31st March 2020 Volkswagen Forecasting Massive Jump In Sales In March In China Now It Has Largely Stopped Pandemic Spread Of Coronavirus
Volkswagen is increasing production capacity at its fac tories in China. Volkswagen is forecasting vehicle sales will quadruple to 1 million in March compared to 250000 sales in February. It hopes to be back to normal production by the middle of 2020. However the car market and car sales in China may not return to normal until 2021.
If China can keep a lid on imported coronavirus cases and mini outbreaks it will soon start to boom again. V shaped China economic performance is realistic where it quickly returns to where it was prepandemic.
China could even achieve Tick economic performance where China actually recovers and improves on economic performance prepandemic.. For example China is energy and power poor. It has to import a lot of oil. Global oil prices have collapsed more than 50 percent. Chinas energy costs in production are now less than have so company profits can perhaps get close to doubling. Without the virus China would never have had this economic opportunity!
27th March 2020 China Still On Top Of Domestic Coronavirus Cases But Struggles To Stop Imported Cases From Abroad
China now banned all foreign visitors even if they have visas or residence permits.
Although China reported its first locally transmitted coronavirus case for three days on Friday. China has had 55 new cases across whole of China and 54 came from abroad.
21st March 2020 No Domestic Cases Of Coronavirus In China For Third Consecutive Day
The coronavirus for now is under control in China. However how China manages the imported coronavirus risk will crucial to whether China can rapidly recover lost economic growth.
20th March 2020 Around 70 Percent Of Porsche Dealerships Have Reopened In China As The Coronavirus Is Under Control With Exception of Imported Cases
For the second day running there have been no domestic cases of the coronavirus.
19th March 2020 China Has No New Domestic Cases Of Coronavirus For First Day Since Coronavirus COVID19 Outbreak
The light at the end of the pandemic tunnel can be seen in China. However the very restrictive social isolation measures imposed on the people by the Chinese government also gives a window for the rest of the world to look in to see what they will have to do if they want to stop having new coronavirs cases without vaccine too.
In other ways China gives the world a look into the future. China is placing strict control measures on people entering the country. China must now battle to stop or more likely restrict the number of imported coronavirus cases causing Chinese outbreaks sporadically and continuously for years.
If China can now control the imported coronavirus risk its economy could easily recover all its lost economic growth. A V shaped economic performance is now a realistic possibility as it has domestic infections under control.
17th March 2020 China Economic Growth Dropped 9 Percent In First Quarter
Goldman Sachs cut its estimate for China first quarter gross domestic product to a year on year contraction of 9 percent from a previous forecast of 2.5 percent growth.
Goldman said it did not expect GDP to return to the previrus trend until the third quarter.
It lowered its full-year GDP forecast to 3 percent growth from a previous estimate of 5.5 percent.
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6th March 2020 Chinese Banking Regulator Says Coronavirus Outbreak Has Increased Chinese Banking Sector Non Performing Loans
6th March 2020 China Listed Stock Brokers Reported Jump in February Earnings As Their Trading and Underwriting Businesses Grew From Monetary Easing and Reduced Regulatory Control In Response To Coronavirus Outbreak
Citic Securities Cos net profit in February jumped 37 percent from January and is up 45 percent from a year earlierReuters News Agency
Results from dozens of other brokerages and wealth management businesses also point to a great first quarter.
The backside may have fallen out of the Chinese tourism and entertainment industries but people are making money out of money big time in China. Not bad for a communist state!
11th February 2020 Chinese Government Forecasting 1 Percent Drop In China Economic Growth Due To Coronavirus
Zeng Gang vice chair of the National Institute for Finance and Development says Chinas economic growth could be reduced by as much as 1 percent due to coronavirus. Even the Chinese government is acknowledging the severe economic damage the coronavirus is having on China.
If China economy is slowing that much then Germany will slow too just like the rest of the world. The global economy is set to brake hard in 2020 due to the coronavirus which places even more emphasis on the need to agree settlement of various trade wars around the world.
The Chinese government forecast will be on the low side if China does not contain the spread of the coronavirus. Most businesses have yet to return to normal working. When they do the spread could be reignited and the economic damage will be more than 1 percent for China and could see countries around the globe slip into recession.
The Chinese government is anticipating Chinese small businesses going bankrupt and increase the unemployment rate. The Chinese government will need to support the Chinese economy with billions of dollars to avoid serious unemployment levels and Chinese banking industry solvency.
Chinas central bank has already taken some steps to make money cheaper by reducing interest rates and increasing liquidity. It has also said it will provide special funds for banks to lend to businesses.
10th February 2020 China Inflation Rises To 5.4 Percent In January Due To Coronavirus Outbreak
According to Chinas National Bureau of Statistics inflation in China jumped in January. Demand was perhaps the same as expected for Lunar New Year celebrations but supply of food was reduced.
The Chinese economy will be significantly affected by the coronavirus outbreak even if it is brought under control by say April. If the coronvirus cannot be contained the damage to the Chinese economy and global economy will be even worse.
The Chinese government has opened safe passages to ensure smooth delivery of provisions and supplies. This will help ease supply problems and control inflation.
Chinas National Health Commission has reported the number of deaths in China from contracting coronavirus has risen to over 900 people out of more than 40000 infected. The number of new infections is plateauing which may indicate the Chinese government is bring the coronavirus outbreak under control.
Most people in China have not returned to work after the national holiday through fears it could reignite the spread of the coronavirus.
The World Health Organisation WHO has warned that we may only have seen the tip of the iceberg in terms of coronavirus cases outside China.
6th February 2020 Major Automotive Manufacturer May Have To Close European Factory Due To Coronavirus Outbreak In China
Fiat Chrysler may close European factory due to coronavirus in China according to Fiat Chryslet CEO. Critical parts suppliers in China have been affected by shutdowns due to coronavirus.
The coronavirus has already killed more than 560 people in mainland China and more than 28000 people have been infected. Businesses in China have closed to try to stop the spread of the coronavirus.BusinessRiskTV
Fiat Chrysler is not the only carmaker to experience coronavirus related shutdowns. Automakers that have shut down plants in China include Volkswagen Mercedes Benz Tesla Ford and Nissan.
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