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MNI China Press Digest Nov 1: PMI, Stocks, Foreign Business

MNI picks key stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Friday:

  • China’s PMI will likely remain within expansionary territory for the remainder of Q4, after reaching 50.1 in October, the first time above the breakeven handle in five consecutive months, experts interviewed by 21st Century Business Herald said. The government’s incremental policies will ease insufficient demand during the final quarter, the experts added. Wen Tao, an analyst at the China Logistics Information Center, noted October’s PMI result was traditionally lower than in September, highlighting the effectiveness of recent macro policies to stabilise growth.
  • China’s stock market is likely to continue rising should institutional funds increase investment once additional policies are fully implemented and price signals verified, China Securities Journal reported, citing Qin Peijing, chief strategy analyst of CITIC Securities. The total transaction volume of the A-share market reached CNY36.26 trillion, a monthly record high and up from CNY15.14 trillion in September, the newspaper noted. While People’s Bank of China data showed overseas investors held CNY3.13 trillion Chinese stocks in September, rising CNY658 trillion from August and exceeding CNY3 trillion for the first time since Oct 2023.
  • European firms are increasingly optimistic regarding China’s economy, according to the China Council for the Promotion of International Trade, noting their October survey showed 41.67% of enterprises believed China's 2024 market prospects were good, up 14.17 percentage points m/m. Sun Xiao, spokesperson for the Council, noted 20% of foreign firms planned to increase investment in China, up 2.07 pp m/m, with companies from Europe rising 2.5 pp. Nearly 50% of foreign-invested enterprises said China's attractiveness had recently increased, up 2.04 pp from the previous month, Sun added.
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MNI (BEIJING)

Highlights from Chinese press reports on Friday:

  • China’s PMI will likely remain within expansionary territory for the remainder of Q4, after reaching 50.1 in October, the first time above the breakeven handle in five consecutive months, experts interviewed by 21st Century Business Herald said. The government’s incremental policies will ease insufficient demand during the final quarter, the experts added. Wen Tao, an analyst at the China Logistics Information Center, noted October’s PMI result was traditionally lower than in September, highlighting the effectiveness of recent macro policies to stabilise growth.
  • China’s stock market is likely to continue rising should institutional funds increase investment once additional policies are fully implemented and price signals verified, China Securities Journal reported, citing Qin Peijing, chief strategy analyst of CITIC Securities. The total transaction volume of the A-share market reached CNY36.26 trillion, a monthly record high and up from CNY15.14 trillion in September, the newspaper noted. While People’s Bank of China data showed overseas investors held CNY3.13 trillion Chinese stocks in September, rising CNY658 trillion from August and exceeding CNY3 trillion for the first time since Oct 2023.
  • European firms are increasingly optimistic regarding China’s economy, according to the China Council for the Promotion of International Trade, noting their October survey showed 41.67% of enterprises believed China's 2024 market prospects were good, up 14.17 percentage points m/m. Sun Xiao, spokesperson for the Council, noted 20% of foreign firms planned to increase investment in China, up 2.07 pp m/m, with companies from Europe rising 2.5 pp. Nearly 50% of foreign-invested enterprises said China's attractiveness had recently increased, up 2.04 pp from the previous month, Sun added.