MNI China Press Digest May 15: Exports, Cars, Life Insurance

Highlights from Chinese press reports on Monday:

• Guangdong exported CNY1.68 trillion of goods and services over January to April, an increase of 5.4% y/y, according to data from the Guangdong Branch of the General Administration of Customs. The export sector benefited from the border reopening with Hong Kong, with mechanical and electrical products up 2.3% y/y accounting for 66% of the regions total exported value. New growth areas have increased strongly with lithium batteries and solar batteries up 35.4%, and 102.4%. Guangzhou‘s customs area exported over 11,000 new energy vehicles, up 316.1% y/y, which has become a new growth point for foreign trade. (Source: 21st Century Herald).
• China’s car exports increased 70% y/y in April, according to the China Association of Automobile Manufacturers (CAAM). Xu Haidong, deputy chief engineer at CAAM, said China’s increased competitiveness, with better quality control and customer service, had driven the growth. In future, he expects China’s manufacturers to set up localised manufacturing and service centers in destination countries. In Q1, China exported 1.07 million vehicles, up 58.1% y/y, more than Japan exported in Q1 2022. (Source: 21st Century Herald).
• China needs reforms to develop a high-quality life insurance industry, according to Ma Xueping, chief accountant of the China Banking and Insurance Regulatory Commission. Ma said China needs better pension and medical insurance to deal with its aging population, and must build a competitive unified marketplace where firms can form comparative advantages. The industry can use big data and AI, and focus on attracting long-term, high-quality debt sources. (Source: 21st Century Herald).