Chinas economy : a collection of surveys
To finance these investments, local governments have issued large amounts of debt, which have accumulated rapidly and now exceed a third of local output in eight provinces and in two provinces exceed half of it. Moreover, to circumvent borrowing limits, innovative ways to borrow have emerged and the illegal practice of guarantees is continuing.
China's factory activity contracted in July, a private survey shows
This has prompted the central government to curb such practices. However, the county level is mandated to deliver crucial public services such as education, environmental protection, health and social protection — with many of these mandates remaining unfunded. Recentralising some of these responsibilities to the central government, which is better funded, would ensure that wages of teachers, doctors and nurses are paid in every locality. This is an increase of nearly four folds compared to end In contrast to perception, it is not SOEs in industries plagued by overcapacity that shouldered most debt, but services firms in construction, real estate and transportation industries.
Many of these SOEs are in fact local government investment vehicles, implementing urban construction projects. In late , the authorities made it clear in a new document that they will let ailing SOEs and local government investment vehicles exit the market.
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Local protectionism has long prevented the integration of product markets across China. Local governments have protected their market to keep the tax base within their jurisdiction and to stimulate local production of goods and services. Most measures are in residential construction, service procurement, tendering, insurance and medical goods and services. They relate to choosing specified service providers and excluding outside firms from participation in local tenders. This has prompted the central government to order all local governments to undertake self-investigation of measures hindering competition and to eliminate them within a year.
Subindices for new orders and production both returned to expansionary territory, while the gauge for new export orders rose slightly even though it was still in contractionary territory, wrote Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin.
In particular, the measure for future output rose in July, signalling that confidence rose among businesses, he added. Policies such as tax and fee reductions designed to underpin the economy had an effect," he said. On Wednesday, data from the Chinese statistics bureau showed official manufacturing PMI contracted for three straight months, coming in at Even though both the official and unofficial PMI surveys point to modest improvement for the Chinese manufacturing sector with downward pressure easing, headwinds still remain, said Julian Evans-Pritchard, senior China economist at Capital Economics.
The readings "still appear consistent with a renewed slowdown in year-on-year growth in industrial output and broader economic activity," Evans-Pritchard said in a note on Thursday.
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While the People's Bank of China has opted not to cut benchmark interest rates like the U. Federal Reserve, the Chinese central bank has continued to roll out piecemeal monetary loosening measures — including an expansion of its re-lending facility that provides cheap funding to regional banks, noted Evans-Pritchard.
The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. The Caixin indicator, features a bigger mix of small- and medium-sized firms.
China’s economy will just about escape deflation in , survey says | The Star Online
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