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MNI China Press Digest Oct 28:Profits, EU EVs, Foreign Capital

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

Highlights from Chinese press reports on Monday:

  • Profits of industrial enterprises above a designated size declined by 27.1% y/y in September, due to high-base effects and following August's 17.8% drop, Yicai.com reported, citing National Bureau of Statistics data. High-base levels and a limited rebound of industrial goods prices will impact profit recovery in Q4, said Wu Chaoming, vice president at the Chasing Institute. Recent policy support needs time to benefit profitability and companies’ willingness to add leverage remains weak, said Wu, noting private firms’ asset and liability growth rates have hit historical lows.
  • Foreign capital remains an important builder for China’s financial market, according to Lou Jiwei, former Minister of Finance. Speaking at the Global Wealth Management Forum in Shanghai, Lou was confident China can attract foreign financial institutions, with the Shanghai International Financial Centre able to optimise the global financial landscape. An open and high level financial system was an important part of Chinese modernisation, Lou continued, adding that major economies’ monetary-policy adjustments had increased the risk of disorderly international capital flows.
  • Beijing and Brussels agreed to continue negotiating on EV anti-subsidy measures during a recent leadership call, 21st Century Business Herald reported. Industry experts said the EU showed positive sentiment by initiating the call, which also increased chances the European team will travel to China for the next round of talks. Discussions can continue after Brussels imposes the final ruling on Oct 30 even if the two sides do not find a consensus before, experts added.
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MNI (SYDNEY)

Highlights from Chinese press reports on Monday:

  • Profits of industrial enterprises above a designated size declined by 27.1% y/y in September, due to high-base effects and following August's 17.8% drop, Yicai.com reported, citing National Bureau of Statistics data. High-base levels and a limited rebound of industrial goods prices will impact profit recovery in Q4, said Wu Chaoming, vice president at the Chasing Institute. Recent policy support needs time to benefit profitability and companies’ willingness to add leverage remains weak, said Wu, noting private firms’ asset and liability growth rates have hit historical lows.
  • Foreign capital remains an important builder for China’s financial market, according to Lou Jiwei, former Minister of Finance. Speaking at the Global Wealth Management Forum in Shanghai, Lou was confident China can attract foreign financial institutions, with the Shanghai International Financial Centre able to optimise the global financial landscape. An open and high level financial system was an important part of Chinese modernisation, Lou continued, adding that major economies’ monetary-policy adjustments had increased the risk of disorderly international capital flows.
  • Beijing and Brussels agreed to continue negotiating on EV anti-subsidy measures during a recent leadership call, 21st Century Business Herald reported. Industry experts said the EU showed positive sentiment by initiating the call, which also increased chances the European team will travel to China for the next round of talks. Discussions can continue after Brussels imposes the final ruling on Oct 30 even if the two sides do not find a consensus before, experts added.