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China to cut housing loan rates for first-home buyers

PotentialhomebuyerslookatpropertymodelsinHuaian,Jiangsuprovince.[PhotobyChenLiang/ForChinaDaily]BEIJING--China'scentralbankannouncedonFridaythatitwouldcuttheloaninterestratesofthehousingprovidentfundforfirst-homebuyersby0.15percentagepoints。

New moves to stabilize real estate announced

China has announced several new measures to lower home purchase prices and boost rational demand, which industry experts believe will help further stabilize the domestic property market.

Production, new orders increase in September

China's factory activity returned to expansionary territory in September as production and new orders increased, reflecting that the nation's economic recovery is gaining momentum amid a better COVID-19 situation domestically and intensified macroeconomic policy support, officials and experts said.

US stocks end September down 9.3%, worst month since March 2020

Wall Street closed out a miserable September on Friday with the S&P 500's worst monthly skid since March 2020, when the coronavirus pandemic crashed global markets.

Economic recovery gains momentum in September

China's factory activity returned to expansion territory in September as production and new orders increased, reflecting that the nation's economic recovery is gaining momentum amid a better COVID-19 situation domestically and intensified macroeconomic policy support, officials and experts said.

ChiNext Index closes lower Friday

BEIJING, Sept. 30 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, lost 1.89 percent to close at 2,288.97 points Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares close lower Friday

BEIJING, Sept. 30 (Xinhua) -- Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.55 percent to 3,024.39 points.The Shenzhen Component Index closed 1.29 percent lower at 10,778.61 points.

Local carmakers ramp up aftersales service

GAC Aion showcases electric models at the Guangzhou auto show in 2020. [LI FUSHENG/CHINA DAILY]Car buyers are more satisfied with Chinese marques aftersales service this year than before, according to a J.D. Power study.The annual China Customer Service Index Study measures customer satisfaction based on six factors, including service team, service quality as well as service facilities.The study this year was based on responses from 37,176 vehicle owners of 47 automotive brands in 70 major cities, who purchased their vehicles between December 2017 and May 2021.Respondents said they are more satisfied with service charges this year, mainly due to the dealers more accurate cost estimates.They also praised the progress Chinese carmakers made in car repair and maintenance, adding that they are showing professionalism in details.Trumpchi, a brand of Chinese carmaker GAC, ranks highest among Chinese domestic brands, scoring 773 out of 1,000 points, followed by Geely at 770 and Chery, 762.Customer service satisfaction with volume brands, both Chinese and international ones, stands at 755 points this year, two points less than 2021, according to J.D. Power."With the improvement of digital service tools, the connection between automakers and customers extends from the vehicle purchase and aftersales service to the whole vehicle life cycle," said Ann Xie, general manager of the digital retail consulting practice at J.D. Power China."Automakers need to go from behind the stage to face customers, establish a systematic customer experience management and form a service synergy with dealers, which will become the key to success with customer service satisfaction in the future," she said.Of premium brands, Audi ranks highest in customer service satisfaction with a score of 786. Land Rover ranks second with a score of 772.Sino-Japanese joint venture GAC Honda ranks highest in customer service satisfaction among mass market brands for the second conse...

ChiNext Index lower at midday Friday

BEIJING, Sept. 30 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, went down 0.94 percent to 2,311.07 points in the morning session Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares lower at midday Friday

BEIJING, Sept. 30 (Xinhua) -- Chinas major stock indices ended lower in the morning session Friday, with the benchmark Shanghai Composite Index down 0.21 percent to 3,034.85 points.The Shenzhen Component Index lost 0.55 percent to 10,859 points at midday.

US Dow plunges further into bear territory amid hawkish Fed fears

WASHINGTON, Sept. 29 (Xinhua) -- The U.S. Dow Jones Industrial Average took a nosedive on Thursday, plunging further into bear territory on inflation and fear of more interest rate hikes.The sell-off occurred in all the major stock indices, with the Dow dropping 458 points and at one point hitting the lowest point this year.The Nasdaq finished the trading day down 314 points, and the S&P 500 ended the trading day down around 78.5 points.The moves were a continuation of the markets downward trajectory in recent weeks, as all three indices have tanked as jittery investors sold off their positions.The past month has seen the Dow drop over 2,500 points, and it remains unknown how much the markets will continue to fall.While markets rallied somewhat Wednesday, analysts were wary that the move was an indication of a forward trend."(We) remain skeptical that the calmer mood in markets on Wednesday marks an end to the recent period of elevated volatility or risk-off sentiment," UBS Mark Haefele wrote in a Thursday note, as quoted by NBC."For a more sustained rally, investors will need to see convincing evidence that inflation is coming under control, allowing central banks to become less hawkish," Haefele opined.Indeed, the worst inflation in 40 years and the Feds aggressive actions led to all the market turmoil.Prices are higher, and Americans are having problems making ends meet. Gas prices are also at elevated levels.In a bid to tamp down inflation, the U.S. Federal Reserve has hiked interest rates five times since March this year, boosting the Feds benchmark interest rate to a range of 3-3.25 percent.But investors and economists fret that the moves could lead to an overly steep rise in unemployment by years end - and that also has investors worried.Desmond Lachman, senior fellow at the American Enterprise Institute, recently estimated that since the start of the year, declining equity and bond market prices have resulted...

China's manufacturing PMI up in September

File photo: Caixin Global BEIJING, Sept. 30 (Xinhua) -- The purchasing managers index (PMI) for Chinas manufacturing sector came in at 50.1 in September, up from 49.4 in August, data from the National Bureau of Statistics showed Friday.A reading above 50 indicates expansion, while a reading below reflects contraction."As policies and measures to stabilize the economy continue to take effect this month, and the negative effects of heat waves wane, the manufacturing PMI has bounced back to the expansion territory," the bureaus senior statistician Zhao Qinghe said.The sub-index for production reached 51.5 in September, up 1.7 points from the previous month. Demand continued to improve, as the sub-index for new orders rose 0.6 points from August to 49.8.Fridays data also showed the PMI for Chinas non-manufacturing sector came in at 50.6 in September, down from 52.6 in August.

China's tax and fee cuts, deferrals help stabilize macroeconomy

AnemployeecountsChineseone-hundredyuanbanknotesattheBankofChinaHongKongLtdheadquartersinHongKong.[Photo/VCG]BEIJING-China'scombinedtaxandfeesupportpolicieshavehelpedeasetheburdenonmarketentitiesandstabilizethemacroeconomy,officialdatashowedonThursday。

ChiNext Index opens higher Friday

BEIJING, Sept. 30 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, was up 0.11 percent to open at 2,335.54 points Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares open higher Friday

BEIJING, Sept. 30 (Xinhua) -- Chinese stocks opened higher on Friday, with the benchmark Shanghai Composite Index up 0.03 percent to open at 3,042.17 points.The Shenzhen Component Index opened 0.05 percent higher at 10,925.01 points.

Meta to freeze hiring to tighten budget: report

File photo Facebook-parent Meta put out word to employees on Thursday that it will freeze hiring to cut costs as it endures tough economic times, The Wall Street Journal reported.Meta chief Mark Zuckerberg revealed a planned pause in hiring during a weekly all-hands meeting, the Journal reported, saying the move came as the social media titan planned to cut expenses by at least 10 percent.Meta declined to comment on the report, instead referring AFP to remarks Zuckerberg made in July when the company reported its first quarterly revenue drop and a plunging profit.Zuckerberg said during an earnings call that teams would shrink in order to "reallocate our energy" as it battled a turbulent economy and the rising phenomenon of TikTok.Meta had long delivered seemingly endless upward growth, but reported early this year its first decline in global daily users."This is a period that demands more intensity, and I expect us to get more done with fewer resources," Zuckerberg told analysts during an earnings call.Big tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on marketing budgets, and Apples data privacy changes, which have reduced leeway for ad personalization.Snap and e-commerce colossus Amazon are among tech firms that have announced workforce cuts this year.

Tokyo stocks open lower

Tokyo stocks opened lower on Friday, extending falls on Wall Street where higher US Treasury yields, inflation and rising recession fears returned.The benchmark Nikkei 225 index was down 0.58 percent, or 153.51 points, at 26,268.54 in early trade, while the broader Topix index dropped 0.43 percent, or 8.04 points, to 1,860.76.

German economy forecast to shrink 0.4 pct in 2023

Photo: APBERLIN, Sept. 29 (Xinhua) -- Germany is set to enter a recession in 2023, with a decline in gross domestic product (GDP) of 0.4 percent, according to a joint forecast published by leading economic institutes in the country on Thursday.In the spring, the institutes were still predicting that Europes largest economy would grow by 3.1 percent. However, the new forecast "mainly reflects the extent of the energy crisis," according to RWI Leibniz Institute for Economic Research, the Halle Institute for Economic Research (IWH), the Kiel Institute for the World Economy, and the ifo Institute.A "significant part" of Germanys gas supply has been lost since the start of the Russia-Ukraine conflict, increasing the risk that "remaining supply and storage volumes will not be sufficient to meet demand during the coming winter."Gas prices in Europe have tripled, since Russian supplies to Germany via the Nord Stream 1 pipeline have been repeatedly reduced, and finally stopped altogether. After explosions caused four major gas leaks at both Nord Stream 1 and 2, the situation is unlikely to resolve quickly.To secure its supply, Germany has been seeking new trade partners, and is also ramping up its use of coal and nuclear power. Despite the planned nuclear phase-out at the end of the year, Minister for Economic Affairs Robert Habeck has retained the option of operating two nuclear power plants in the first quarter of 2023.Driven by skyrocketing energy prices, inflation in Germany jumped to a new record of 10 percent in September, according to preliminary data from the Federal Statistical Office (Destatis). Rising producer prices and continuing supply chain interruptions caused by the COVID-19 pandemic have further fueled consumer prices.Inflation in Germany is expected to rise even further in the coming months, before averaging 8.8 percent next year, according to the joint forecast. The European Central Banks target inflation of a...

Strong dollar good for US, bad for world: NYT

File photoNEW YORK, Sept. 29 (Xinhua) -- The U.S. Federal Reserves determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries, pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession, reported The New York Times (NYT) on Monday."Those interest rate increases are pumping up the value of the dollar -- the go-to currency for much of the worlds trade and transactions -- and causing economic turmoil in both rich and poor nations," said the report."For the rest of the world, its a no-win situation," said Eswar Prasad, an economics professor at Cornell and author of several books on currencies.At the same time, he said, the Fed has no choice but to act aggressively to control inflation. "Any delay in action could make things potentially even worse," he added."Policy decisions made in Washington frequently reverberate widely," said the report, noting that the United States is a superpower with the worlds largest economy and hefty reserves of oil and natural gas, and "when it comes to global finance and trade, though, its influence is outsize."

Central bank set to boost market confidence

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing. [Photo/IC] China's central bank is expected to prioritize stabilizing market confidence in the coming quarter, keeping monetary policy accommodative for economic recovery while fending off any rapid weake

Chinese regulators relax mortgage rate floor for first homes in some cities

CranesareseenataconstructionsiteofahousingcomplexinBeijing。

Survey shows trade to ride out stiff odds

Employees work on the production line of an export-bound electronics manufacturer in Hai'an, Jiangsu province. [ZHAI HUIYONG/FOR CHINA DAILY] China's foreign trade is expected to maintain momentum this year despite various challenges like high raw material and energy costs, a survey released on T

Exports to EU rise as winter nears

An employee checks electric heaters at a manufacturer in Ningbo, Zhejiang province. [WANG GANG/CHINA NEWS SERVICE] Chinese makers of heating appliances, including electric blankets and electric heaters, have seen explosive growth in exports to Europe as the continent heads into winter in the thro

China on threshold of top 10 most innovative economies: WIPO

A staff member introduces a minimally invasive orthopedic surgery robot to visitors at the 2022 World Artificial Intelligence Conference (WAIC) in East China's Shanghai, Sept 1, 2022. [Photo/Xinhua] GENEVA -- China has moved up to 11th place in the 2022 Global Innovation Index (GII) and firmly re

China expects sustained consumption recovery

Customers buy vegetables at a supermarket in Mengzi, southwest Chinas Yunnan Province, May 11, 2022. (Photo: Xinhua)BEIJING, Sept. 29 (Xinhua) -- Chinas consumer market is in a sound trend of development and is likely to see continuous recovery in the next stage, a spokesperson with the Ministry of Commerce (MOC) said Thursday.The countrys retail sales of consumer goods rose 5.4 percent year on year in August, up 2.7 percentage points from July, MOC spokesperson Shu Jueting told a regular press conference.Big-ticket consumption saw sustained growth. For example, major companies retail sales of automobile and home appliance products climbed 15.9 percent and 3.4 percent year on year, respectively last month, continuing the upward trend since June, Shu said.Shu also highlighted the steady expansion of online consumption and the gradual recovery of service consumption, noting that online retail sales of physical goods went up 5.8 percent year on year in the first eight months of 2022, while catering revenues logged 8.4-percent year-on-year growth in August.Chinas policies on stabilizing growth and promoting consumption have effectively boosted the consumer market recently, Shu said, adding that more efforts will be made to further promote consumption recovery.The ministry will focus on promoting consumption in key fields including automobile, green and intelligent home appliance as well as catering and accommodation, among others.It will create new scenarios of consumption through digital empowerment and the integration of business, tourism, culture and sports, make good use of consumption platforms, such as consumption festivals and expos, and promote the development of new business forms, Shu said.Measures will also be taken to build county-level commercial systems, improve the supply chain for agricultural products, and accelerate the development of centers for international consumption.

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