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February 01 , 2017
  • The Associated Press：China Manufacturing Activity in January Close to 2-Year High
    The Associated Press reports: "Chinese manufacturing expanded in January at close to its fastest pace in two years as heavy government spending and a bank lending boom helped to keep economic activity steady headed into 2017, a survey showed Wednesday. The National Bureau of Statistics' purchasing managers index showed manufacturing growth at 51.4 on a 100-point scale on which numbers above 50 indicate an expansion. That was down only slightly from November's two-year high of 51.7. Forecasters expect growth to weaken further this year as regulators try to cool what analysts warns is a dangerously fast run-up in debt and rising housing costs. The International Monetary Fund is predicting this year's growth will slow to 6.5 percent. The latest data show a 'relatively strong start to the year,' Julian Evans-Pritchard of Capital Economics said in a report. 'The more important question is whether or not the current strength will be sustained,' said Evans-Pritchard. 'We doubt that it will be given how reliant the recent recovery has been on support from monetary and fiscal policy that is now being withdrawn.' Manufacturers have been battered by a slump in global demand for Chinese goods and steadily declining domestic economic activity...Chinese leaders have used repeated infusions of credit to prevent a sharper slowdown, which has temporarily set back efforts to reduce reliance on trade and debt-supported investment."
  • Forbes：Open For Foreign Business: China's New Open-Door Policy
    Forbes comments: "On January 17, 2017, the same day China's President, Xi Jinping, defended globalization at the World Economic Forum in Davos, its Premier, Li Keqiang, signed China's action plan to make the world's second-largest economy a force, in a little-noticed Notice issued by the State Council. Call it China's New Open-Door Policy. The title isn't heady: 'Some Measures to Expand China's Openness and Aggressively Utilize Foreign Investment Capital.' The concept is anodyne: 'Use of foreign capital is an important element in our nation's fundamental policy of openness and its open economic model.' And the prescription isn't new: Take openness a step further, level the competitive playing field, work harder to attract foreign capital.'...'We (China) must promote a new level of openness using the guiding principle of development through openness.' The State Council says it wants China to upgrade its capital base, foster innovation and develop the talents of its labor force. To do this, China will need foreign investment and know-how...But is it just posturing? I don't think so, for three reasons. First, the policy pronouncement was not written for foreign readers...Second, it coincides with President Xi's speech at Davos, but the backstory is an ongoing debate over whether China is prepared to assume a role of leadership on the global stage...Finally, the outcome of this Notice ultimately will depend on what other options for growth China will have. It will also depend on what other investment options foreign capital has."
  • The Wall Street Journal：Mystery Surrounds Whereabouts of Chinese-Born Tycoon
    The Wall Street Journal reports: "Hong Kong police waded into a mystery surrounding the whereabouts of a Chinese-born billionaire on Wednesday, saying they had asked mainland authorities for more information after determining the businessman crossed the border into China. The police probe came after speculation the billionaire, Xiao Jianhua, a finance tycoon who had been living in Hong Kong, had been abducted by Chinese law-enforcement agents. The reports rekindled concerns over threats to the independence of the city's legal system, which bars such operations. Many in Hong Kong were rattled last year when local bookseller Lee Bo, a British citizen, was seized by Chinese agents and taken to the mainland...Disquiet over Mr. Xiao's fate is likely to spread further if it emerges that Mr. Xiao, a well-connected businessman, was subject to the same treatment as Mr. Lee, the bookseller, in a city long celebrated as a capitalist sanctuary. Mr. Lee returned after three months and gave few details of his absence beyond saying he had gone to the mainland voluntarily to assist in an investigation. Concern around Mr. Xiao's whereabouts was reported to Hong Kong police on Saturday, though police declined to say by whom. It set off a whirlwind of speculation. Some Chinese media, including the website of the state-run Securities Daily newspaper, dismissed as rumors reports that he had been abducted."
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