What's news

GOVT AND POLICIES

Central bank injects $7.13b into market

China's central bank pumped 50 billion yuan ($7.13 billion) into the financial system on Monday. The People's Bank of China injected 50 billion yuan into the market through 14-day reverse repos at an interest rate of 2.65 percent. With no reverse repos maturing on Monday, this led to a net injection of 50 billion yuan.

Cargo throughput up in first 11 months

China's cargo throughput at ports climbed 8.3 percent year-on-year to 12.7 billion metric tons in the first 11 months, official data showed. Foreign trade cargo throughput amounted to 3.96 billion tons in the January-November period, up 4.7 percent year-on-year. Meanwhile, container throughput at ports registered a 4.5-percent increase to around 239.5 million TEUs (20-foot equivalent units) in the same period. At the beginning of the year, the Ministry of Transport expanded the statistical range from major ports to all ports across the country. The cargo throughput growth at ports came amid the steady expansion of China's waterway freight volume, which increased 6.3 percent year-on-year to 6.8 billion tons in the first 11 months.

Gourmets make a beeline to green food expo

From French red wine to American ham, Malaysian bread and China's hot-selling farm produce, the 12th China Green Food Expo that opened on Friday in the East China city of Nanchang, capital of Jiangxi province, is an occasion for gourmets. The expo co-sponsored by the Ministry of Commerce and the Jiangxi provincial government will run through Monday. It offers 40,000 square meters of space for more than 2,000 exhibitors from home and abroad. According to the organizers, exhibitors came from more than 30 countries as well as from 13 Chinese provinces and municipalities.

Smartphone shipments to increase in 2020

China's smartphone shipments will rise in 2020, buoyed by the increasing popularity of 5G phones, according to the global market intelligence firm International Data Corporation (IDC). Shipments of smartphones in China are estimated to edge up 0.7 percent year-on-year in 2020, as 5G phones spread across the market and give hesitant consumers the final nudge to switch models, said the IDC. The IDC expects 5G phone shipments to lead 5G network users in the short term, while one in every five phones will be connected to the faster and stabler network by 2021.

COMPANIES AND MARKETS

EY expects A-share IPOs to remain robust

Management consultancy EY expects IPOs on China's A-share market to remain robust in 2020, as proactive fiscal policies and flexible and appropriate monetary measures will drive the capital market upward. EY said in a newly released report that 5G technology is also expected to drive the IPOs of innovative tech companies. In 2019, 200 companies are expected to be listed on the A-share market, raising 252.8 billion yuan ($36.1 billion), with deals and proceeds up 90 percent and 82 percent year-on-year, respectively, according to the EY report. EY attributed the record-high proceeds since 2012 to the early success of the science and technology innovation board (STAR) and mega IPOs which have raised more than 10 billion yuan in funds.

Xiaomi expands presence in Kenya

China's smartphone maker Xiaomi expanded its presence in Kenya over the weekend by opening its second retail shop. Kevin Zheng, manager for the Africa region, said in Nairobi that the Mi Home shop will make available to local consumers smartphones and smart digital products from the Xiaomi brand. "In the future, we plan to open more retail outlets both in Kenya and the rest of Africa in order to meet the growing demand for quality electronic products," Zheng said. Zheng added that its retail stores are ideal for consumers looking for affordable products because they stock a wide variety of Xiaomi products ranging from laser projectors, robot vacuum, cameras, TVs and many other ecosystem products.

Bonds worth $557b issued in November

The value of bonds issued in China last month totaled 3.9 trillion yuan ($557 billion), up from 3.1 trillion yuan in October, official data showed. Treasury bond issuance stood at 402.2 billion yuan, while local government bond issuance was 45.79 billion yuan, according to the People's Bank of China. Financial bonds issued last month were valued at 600 billion yuan, and corporate debenture issuance was 908.4 billion yuan. By the end of November, total bonds outstanding reached 97.6 trillion yuan, showed the data.

BMW Brilliance set to recall 312,281 vehicles

BMW Brilliance Automotive Ltd, a joint venture between the BMW Group and Brilliance China Automotive Holdings Ltd, will recall 312,281 vehicles in China due to defective fuel tanks, China's market regulator has said. The recall involves models including the series of 316i, 316Li, 318i, 318Li, 320i, 320Li, 328i, 328Li, 330i, 330Li and 335Li, which were manufactured between April 22, 2011 and July 31, 2016. The flaw with the fuel tanks could cause oil leaks and increase risks.

AROUND THE WORLD

Latin America to post slow growth next year

The Latin American economy will accelerate slowly in 2020 due to decreased concerns over global political and commercial risks, according to experts. After showing almost zero growth in 2019, the region's economy could grow between 1.0 percent and 1.3 percent next year, said Alfredo Coutino, director of Latin America Economic Research at Moody's Analytics. "The big risks that could change regional prospects are external, like the intensification of the tariff war," Coutino said, pointing to US President Donald Trump's tweets earlier this month saying that the United States would "restore" the tariffs on steel and aluminum imports from Brazil and Argentina.

South Korea sees fall in ICT product exports

South Korea's export of the information and communications technology (ICT) products fell for 13 straight months in November on weak demand for locally-made chips, display panels and mobile phones, a government report showed. The ICT exports tumbled 21.8 percent from a year earlier to $14.31 billion in November, continuing to dip for the 13th consecutive month since November last year, according to the Ministry of Trade, Industry and Energy. Imports in the ICT sector reduced 6.9 percent to $9.09 billion, sending the trade surplus to $5.22 billion.

Cuba banks on tourism for economic uptick

Cuba is looking to increase exports by 3.7 percent next year, Cuban Minister of Economy Alejandro Gil said. Gil made the remarks during the fourth session of the ninth National Assembly of People's Power, Cuba's single-chamber parliament. He said that the government plans to grow exports in a number of sectors including tourism, the country's economic engine, which brings in $2.5 billion a year. The government's strategy for 2020 is to attract 4.5 million visitors for a growth of 4.7 percent.

China Daily - Agencies