China Business Now

Hong Kong’s stock market is taking a step forward in cross-border integration with its mainland counterparts by inaugurating the trading of exchange-traded funds (ETFs).

Starting on July 4, global fund managers will be able to buy into 83 ETFs with a combined value of about 600 billion yuan on the Shanghai and Shenzhen exchanges through the Stock Connect program. Meanwhile, China’s onshore traders will be able to access four Hong Kong-based products. 

 

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The ice cream industry in China is growing at a fast pace in recent years. From 2015 to 2021, the market expanded over 90% to 160 billion yuan. Representing the high-end ice cream brands which first show up on the internet, Zhongxuegao sold 800-million-yuan worth of frozen treats in 2021, doubling the sales volume year-on-year. As of May, the industry's rising star has sold out 220 million bars this year.

Over the past years, the increasing price and the booming new releases of ice cream have proved the potential and innovation of the industry in China, as the younger generation are shifting their consumption appetite. 

 

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China’s economic recovery continued in June, with activity in both the manufacturing and services sectors expanding for the first time since February.

 

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The PBOC has pledged to step up support for the slowing economy, but analysts say the room to ease policy could be limited by worries about capital outflows, as the US Federal Reserve raises interest rates.

In response to a question about the yuan’s recent depreciation, PBOC’s governor Yi Gang said China has a flexible and market-determined exchange rate system using a basket of currencies as reference. The yuan has strengthened against the US dollar by 25 percent over the past two decades and even more in real terms, he said.

 

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To encourage summer tourism, nearly 500 scenic spots across China have announced free tickets or discounts for special groups, such as students and medical workers, in a bid to revive tourism, after COVID-19 flare-ups in many Chinese cities were contained.

 

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The coming July and August have carried the ambition of China's movie industry to recover completely as the accumulated 1.2 billion yuan in June is far behind the total of 7.4 billion yuan in 2021. However, the sign of recovery beginning with Jurassic World 3 has injected confidence into the industry nearly in pause for three months. With more films coming, chances for the summer box office to boom in 2022 remain.

 

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China is increasing support to boost car consumption. To further unleash the potential of automobile consumption, the government should invigorate the secondhand auto market, support the consumption of new-energy vehicles (NEVs), improve policies on parallel car imports, and support the construction of parking lots.

 

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China's Ministry of Finance and Ministry of Education jointly issued a notice to standardize the management for utilizing the Lottery Public Welfare Fund to support the innovation and entrepreneurship oriented education for college students, as the nation is ramping up efforts to promote youth employment. 

 

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The 14th summit of BRICS, an emerging-market group that includes Brazil, Russia, India, China and South Africa, will be held this week in virtual format under the theme of "Foster High-quality BRICS Partnership, Usher in a New Era for Global Development" under China's chairmanship.

 

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Major Chinese e-commerce platforms have reported record sales during this year's just-ended “618” shopping festival, which ran for the past 18 days and concluded on June 20, shrugging off concerns that consumer demand is "faltering" amid the continuous impact of the epidemic and a decline in retail trade for three months.

 

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