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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Press Digest April 28: Consumption, Steel, Bad Loans
Highlights from Chinese press reports on Friday:
- Chinese lenders recorded a surge of bad mortgages in 2022 as some developers failed to deliver new houses and the overall economy faced difficulties, China Business Network reported Friday. According to annual reports of 12 listed banks, newer mortgages underwater jumped by CNY47 billion in 2022, compared to only CNY3.3 billion in 2021. As one of the safest assets for lenders, the higher bad loan rate raises concerns, the report said. Outstanding mortgages of 25 listed banks rose 2% y/y in 2022, much lower than 11% in 2021. Several banks have said previously they will focus mortgages in large cities to reduce risk.
- China steel mills face increasing challenges as domestic steel price continue to fall while iron ore prices remain elevated, according to People’s Day. In a quarterly press conference, officials from China Iron and Steel Association said the current inventory of major steel companies are higher than the same period last year, which has lead to a 71.49% y/y fall in profits in Q1 to CNY16 billion. Officials suggested the companies should adjust production according to the market demand and control inventory.
- The Labor Day holiday, April 29 to May 3, will push consumption to recover further and perform better in Q2, Shanghai Securities News reported. Data on tourism, hotel booking and transportation all point to a robust scenario and authorities will work on plans to boost consumption, the report said. Both domestic and outbound tourism will see a rebound and railway passengers are expected to jump 20% y/y from April 27 to May 8 – a new record.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.