China Business Now

China’s central bank said inflation may exceed 3% in some months, pledging to avoid massive stimulus and excessive money printing.

 

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China’s consumer price index (CPI) hit a two-year high of 2.7 percent year-on-year growth in July amid steady food price rises and seasonable factors.

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China's Ministry of Transport issued draft guidelines that encourage the use of autonomous cars in taxi services under certain conditions, in a move to help accelerate the commercialisation of self-driving vehicles. The ministry said in the draft guidelines that it encourages the use of self-driving vehicles to provide taxi services under simple and relatively controllable conditions.

 

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China's foreign trade maintained double-digit growth in July at 16.6% year-on-year, underscoring the resilience of China's giant export machine and bucking market fears of a slowdown due to cooling global consumer demand amid high inflation as well as growing geopolitical uncertainties.

 

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Amid the rebound in China's economy and the high temperatures seen globally in recent weeks, China's electricity consumption has been growing rapidly. From July 12 to 15, power use across the country repeatedly hit new highs. On July 15, the highest power load reached 1.26 billion kilowatts, and the daily power generation reached 28.5 billion kilowatt-hours. China’s energy regulator vowed on July 27 to ensure power supply and said it would not cut power during peak usage periods in summer. 

 

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Profits at China's industrial firms bounced back to growth in June, bolstered by the resumption of activity in major manufacturing hubs. Profits in June grew 0.8 percent from a year earlier, rebounding from a 6.5 percent decline in May, helped by a recovery in industrial and supply chains from disruptions caused by the pandemic.

 

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The 2nd consumer product expo in Hainan offers golden opportunities to global companies and shows China’s stable rebound in consumption.

 

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On July 25, at 10:03 am (Beijing Time), the Shenzhou XIV astronauts opened the hatch door of Wentian, the first lab module of China's space station, and entered the module, according to the China Manned Space Agency. It was the first time the Chinese astronauts had entered the lab module in orbit.

 

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China has introduced a raft of policies to entice consumers to open up their wallets and help businesses survive and thrive. As the latest example of Chinese cities' efforts to boost spending after a ferocious wave of COVID flare-up, Beijing started a large-scale promotional campaign by issuing about 100 million yuan ($14.83 million) worth of dining consumption coupons to local customers. According to media report, more than 70,000 catering businesses participated in the campaign, including fast food outlets, hotpot restaurants, bakeries, beverage vendors and other shops. Many popular online food delivery platforms like Meituan and ele.me participated in the event too.

 

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Chinese Premier Li Keqiang has ruled out the option of resorting to large-scale stimulus or excessive liquidity in pursuing an overly high target for economic growth this year. Speaking during the World Economic Forum (WEF) Special Virtual Dialogue with Global Business Leaders, Li said that China can accept both a higher or lower economic growth rate, as long as it can maintain relatively sufficient employment and ensure household incomes grow and prices are stable.

 

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