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MNI China Press Digest Nov 8: Exports, CSRC, Sales Revenue

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 exports rose strongly by 12.7% y/y in dollar terms during October driven by a reduction in extreme weather, improvements to shipping and a low-base level from the same period last year, Feng Lin, executive director of the research and development department of Orient Jincheng said. Looking ahead, export performance will remain stable despite trade protectionism and geopolitical conflicts given China’s complete industrial system and a global recovery in electronic product demand, said Zhou Maohua, a macro researcher at Everbright Bank. Imports contracted by 2.3% y/y due to weak domestic demand, cautious import decisions from market entities and a high-base level, Zhou added.
  • China’s top securities regulator said it will facilitate cross-border investment and financing, expand the scope of investment targets of Stock Connect, optimise the mutual recognition arrangement of funds between the mainland and Hong Kong and support the launch of more cross-border ETF products, China Securities Journal reported citing a speech by Li Ming, vice chairman of the China Securities Regulatory Commission. The CSRC will also expand overseas listing channels, expand the opening of the futures market and further enhance the stability, transparency, and predictability of policies, Li added.
  • The national corporate sales revenue rose by 1.3 percentage points month-on-month in October, as additional pro-growth policies started to take effect, Economic Daily reported citing the value-added tax invoice data by the State Administration of Taxation. Capital market service revenue grew by 11.1% y/y amid increased stock market transactions last month, a rise of 14.4 pp from September. While second-hand housing sales revenue in Beijing and Shanghai rose by 11% and 12.8% y/y. Meanwhile, retail sales revenue increased by 8% y/y, up 5.4 pp from September.
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MNI (BEIJING) - Highlights from Chinese press reports on Friday:

  • China’s exports rose strongly by 12.7% y/y in dollar terms during October driven by a reduction in extreme weather, improvements to shipping and a low-base level from the same period last year, Feng Lin, executive director of the research and development department of Orient Jincheng said. Looking ahead, export performance will remain stable despite trade protectionism and geopolitical conflicts given China’s complete industrial system and a global recovery in electronic product demand, said Zhou Maohua, a macro researcher at Everbright Bank. Imports contracted by 2.3% y/y due to weak domestic demand, cautious import decisions from market entities and a high-base level, Zhou added.
  • China’s top securities regulator said it will facilitate cross-border investment and financing, expand the scope of investment targets of Stock Connect, optimise the mutual recognition arrangement of funds between the mainland and Hong Kong and support the launch of more cross-border ETF products, China Securities Journal reported citing a speech by Li Ming, vice chairman of the China Securities Regulatory Commission. The CSRC will also expand overseas listing channels, expand the opening of the futures market and further enhance the stability, transparency, and predictability of policies, Li added.
  • The national corporate sales revenue rose by 1.3 percentage points month-on-month in October, as additional pro-growth policies started to take effect, Economic Daily reported citing the value-added tax invoice data by the State Administration of Taxation. Capital market service revenue grew by 11.1% y/y amid increased stock market transactions last month, a rise of 14.4 pp from September. While second-hand housing sales revenue in Beijing and Shanghai rose by 11% and 12.8% y/y. Meanwhile, retail sales revenue increased by 8% y/y, up 5.4 pp from September.