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Chinese yuan strengthens to 6.7135 against USD Monday

BEIJING, Jan. 16 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 157 pips to 6.7135 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.In Chinas spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

ChiNext Index opens lower Monday

BEIJING, Jan. 16 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, was down 0.1 percent to open at 2,490.71 points Monday.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 Monday

BEIJING, Jan. 16 (Xinhua) -- Chinese stocks opened higher on Monday, with the benchmark Shanghai Composite Index up 0.1 percent to open at 3,198.52 points.The Shenzhen Component Index opened 0.09 percent higher at 11,612.36 points.

Lock-up shares worth over 177 bln yuan to become tradable-Xinhua

BEIJING, Jan. 15 (Xinhua) -- Lock-up shares worth about 177.03 billion yuan (around 26.3 billion U.S. dollars) will become eligible for trade on Chinas bourses next week.From Jan. 16 to 20, more than 27.43 billion shares will become tradable on the Shanghai and Shenzhen bourses, according to data from financial information provider Wind.Under Chinas stock market rules, major shareholders must wait for one to two years before they are permitted to sell their shares.Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 1.01 percent to 3,195.31 points. The Shenzhen Component Index closed 1.19 percent higher at 11,602.3 points.

Beijing targets 2023 GDP growth of over 4.5 pct

Photo taken on Sept. 17, 2020 shows a view of downtown Beijing, capital of China. (File photo: Xinhua)BEIJING, Jan. 15 (Xinhua) -- Beijing has set a GDP growth target of over 4.5 percent for 2023, the citys acting mayor Yin Yong said Sunday, as he delivered the government report at the annual session of the Beijing Municipal Peoples Congress.The Chinese capital also set goals for other major economic indicators in 2023, including a surveyed urban unemployment rate of 5 percent or less and consumer price index (CPI) growth of about 3 percent, according to the government work report.Beijing is projected to achieve positive economic growth and maintain steady growth of per capita disposable income in 2022, with a CPI increase of 1.8 percent and a surveyed urban unemployment rate of 5 percent or less, Yin said.According to the report, Beijing will in 2023 place emphasis on restoring and expanding consumption. It will promote the planning and construction of logistics bases, strengthen building of new consumption landmarks and support consumption in housing improvement, new energy vehicles and elderly care servicesTo leverage the key role of investment in optimizing the supply-side structure, Beijing will further promote 100 infrastructure projects, 100 projects for improving peoples livelihood, and 100 projects for scientific and technological innovation and hi-tech industries, Yin said.Beijing will comprehensively deepen reform and opening up to boost market confidence, Yin said, adding that the capital city will speed up docking with international trade rules such as the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and upgrade the China (Beijing) Pilot Free Trade Zone. It will also support the development of micro, small and medium-sized enterprises.

Lock-up shares worth over 177 bln yuan to become tradable

BEIJING, Jan. 15 (Xinhua) -- Lock-up shares worth about 177.03 billion yuan (around 26.3 billion U.S. dollars) will become eligible for trade on Chinas bourses next week.From Jan. 16 to 20, more than 27.43 billion shares will become tradable on the Shanghai and Shenzhen bourses, according to data from financial information provider Wind.Under Chinas stock market rules, major shareholders must wait for one to two years before they are permitted to sell their shares.Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 1.01 percent to 3,195.31 points. The Shenzhen Component Index closed 1.19 percent higher at 11,602.3 points.

China's weekly coastal bulk freight index declines

Aerial photo taken on March 2, 2022 shows a view of the container terminal of Qinzhou Port in south Chinas Guangxi Zhuang Autonomous Region. (File photo: Xinhua)SHANGHAI, Jan. 15 (Xinhua) -- Chinas coastal bulk freight index went down in the week ending on Jan. 13, 2023, according to the Shanghai Shipping Exchange (SSE).The composite index for coastal bulk freight fell 1.3 percent week on week to 1,019.26, said the SSE.The coal sub-index went down 1.5 percent to 982.51, SSE data showed.The SSE initiated the index in 2001, under the guidance of the Ministry of Transport, to reflect the fluctuations of the Chinese coastal transport market.

China's weekly export container shipping index down

Aerial photo taken on April 6, 2021 shows a view of the automated container terminal of Shanghais Yangshan Port in east China. (Photo: Xinhua)SHANGHAI, Jan. 15 (Xinhua) -- Chinas index of export container transport declined in the week ending on Jan. 13, according to the Shanghai Shipping Exchange.The average China Containerized Freight Index (CCFI) went down 4.3 percent to 1,201.55 from the previous week, according to the exchange.The sub-index for the Korea service led the decrease with a week-on-week drop of 10.1 percent.Bucking the trend, the sub-reading for the Australia/New Zealand service rose 1 percent from a week earlier.The CCFI tracks spot and contractual freight rates from Chinese container ports for 12 shipping routes across the globe, based on data from 22 international carriers.The index was set at 1,000 on Jan. 1, 1998.

Provinces set GDP targets generally above 5%, stress consumption in recovery from epidemic

A total of 23 Chinese provinces, municipalities and autonomous regions have released their GDP growth targets for 2023 as of Friday, with most falling between 5-7 percent, which experts said shows improved confidence and expectation across the country in the economic recovery from the epidemic.Trucks wait to load containers at a container terminal in Rizhao, East Chinas Shandong Province, March 28, 2022. (Photo: Xinhua)In line with the priorities highlighted by the recent Central Economic Work Conference which was held in Beijing on December 15 and 16, the economic work plans of the provinces this year generally emphasize boosting consumption. A Chinese expert noted that Chinas consumption growth is expected to exceed six percent this year.The "two sessions" held by various provinces and autonomous regions have successively released local economic growth targets for 2023 over recent days. As of Friday, 23 provinces have released data, ranging from 4 to9.5 percent, Securities Times reported on Saturday.Among these, South Chinas Guangdong Province, East Chinas Shandong Province and other major economic powerhouses have set targets above 5 percent. Hainan Province, with a strong consumption advantage, set its target to 9.5 percent.The goals of the developed areas are instructive for this years economic work and performance, Tian Yun, an independent macro analyst, told the Global Times on Saturday.Shanghai, which leads the Yangtze River Delta region whose regional GDP accounts for nearly a quarter of the countrys total, has set the GDP target above 5.5 percent. Guangdong, largest province by GDP, is above 5.The Central Economic Work Conference last month placed emphasis on "expanding domestic demand." It also proposed that "the recovery and expansion of consumption should be given priority."Provinces, municipalities and autonomous regions have placed their focus on the expansion of domestic demand, especially t...

China unveils measures to boost development of smaller businesses

BEIJING, Jan. 14 (Xinhua) -- China has released a document to support the development of micro, small and medium-sized enterprises (MSMEs), detailing specific measures to promote the high-quality development of these firms, according to the Ministry of Industry and Information Technology.Photo taken on Nov. 2, 2021 shows a sock factory equipped with intelligent devices and digitalized system in Zhuji, east Chinas Zhejiang Province. (File photo: Xinhua)The document, issued by the State Council, contained 15 measures that aim at stabilizing the growth and improving the competitive edge of the MSMEs in the country.Seven of these measures seek to help MSMEs tide over difficulties through policy support, easier financing and demand expansion, among others.In particular, large enterprises and platform institutions are encouraged to release procurement lists targeting MSMEs and carry out cross-border matchmaking activities, in order to create more business opportunities for these enterprises.The document also outlined eight measures to help build up the core competitiveness of smaller businesses.Efforts should be made to enhance talent cultivation, step up direct financing support for quality MSMEs and strengthen the application and protection of intellectual property rights of these firms, the document said.

China's power battery output surges in 2022

BEIJING, Jan. 14 (Xinhua) -- Chinas installed capacity of power batteries logged steady growth in 2022 amid a boom in the countrys new energy vehicle (NEV) market, industry data shows.A technician installs batteries onto a new energy vehicle at the production line of Kaiyi Auto in Sanjiang New Area of Yibin, southwest Chinas Sichuan Province, July 20, 2022. (Photo: Xinhua)The installed capacity of power batteries for NEVs totaled 294.6 gigawatt hours last year, surging 90.7 percent year on year, according to the China Automotive Battery Innovation Alliance.About 183.8 gigawatt hours of lithium-ion batteries were installed in NEVs in 2022, up 130.2 percent from a year earlier and accounting for 62.4 percent of the total.In December alone, the installed capacity of power batteries increased 37.9 percent year on year to hit 36.1 gigawatt hours, data shows.China sold about 6.89 million NEVs in 2022, skyrocketing 93.4 percent year on year. NEV production soared 96.9 percent from a year earlier to about 7.06 million units, data from the China Association of Automobile Manufacturers shows.Auto sales rose 2.1 percent year on year in 2022 to hit 26.86 million units in the worlds largest automobile market, the association said.

Oil prices score weekly rise of over 8 pct amid China demand hopes

(File photo: AP)NEW YORK, Jan. 13 (Xinhua) -- Oil prices, boosted by improved demand outlook in China, rose on Friday, bringing both the U.S. and the global crude benchmarks to gain more than 8 percent for the week.The West Texas Intermediate (WTI) for February delivery climbed 1.47 U.S. dollars, or 1.9 percent, to settle at 79.86 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 1.25 dollars, or 1.5 percent, to settle at 85.28 dollars a barrel on the London ICE Futures Exchange.For the week, the WTI rose 8.3 percent, while Brent gained 8.5 percent, based on the front-month contracts.The rally came as traders were bullish about the demand prospects in China amid the countrys efforts to optimize its epidemic response."Oil is on an upward track as volume comes back," partly driven by expectations of strong Chinese oil demand, Phil Flynn, senior energy analyst at The PRICE Futures Group, said Friday in a note."Everyone is looking at Chinese mobility indicators and they point upward, indicating recovering oil demand and supporting prices," said UBS analyst Giovanni Staunovo.Analysts at Commerzbank Research also voiced their confidence, noting that "oil prices look set to climb further as demand in China, the worlds second-largest market, is likely to revive."Bloomberg News reported that Chinese oil consumption is expected to hit a record this year, bolstering the global demand outlook and aiding prices.Daily demand will climb by 800,000 barrels a day in 2023, according to the median estimate of 11 China-focused consultants surveyed by Bloomberg News. That would take consumption to a record high of about 16 million barrels a day, the survey showed.Providing additional support to oil markets was positive U.S. data released this week.A preliminary survey of U.S. consumer sentiment index rose to 64.6 in January, hitting a multi-month high and up 8.2 percent from Decembers reading of 59.7, ...

ChiNext Index closes higher Friday

BEIJING, Jan. 13 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, gained 1.41 percent to close at 2,493.13 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 higher Friday

BEIJING, Jan. 13 (Xinhua) -- Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 1.01 percent to 3,195.31 points.The Shenzhen Component Index closed 1.19 percent higher at 11,602.3 points.

Tokyo shares close lower on strong yen

Tokyo stocks closed lower Friday on a stronger yen against the dollar, and with falls of Uniqlo operator Fast Retailing stock weighing on the market.The benchmark Nikkei 225 index fell 1.25 percent, or 330.30 points, to end at 26,119.52, while the broader Topix index slid 0.27 percent, or 5.10 points, to 1,903.08.

ChiNext Index higher at midday Friday

BEIJING, Jan. 13 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, went up 0.5 percent to 2,470.85 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 higher at midday Friday

BEIJING, Jan. 13 (Xinhua) -- Chinas major stock indices ended higher in the morning session Friday, with the benchmark Shanghai Composite Index up 0.56 percent to 3,181.09 points.The Shenzhen Component Index gained 0.55 percent to 11,529.13 points at midday.

China remains world's biggest auto market for 14 consecutive years: industry association

A Hozon Auto stand at the fifth Haikou International New Energy and Intelligent Automobile Exhibition in Haikou, Hainan Province, China, January 6, 2023. (Photo: CFP)China has remained the top market worldwide in terms of auto production and sales for 14 consecutive years, according to data published by the China Association of Automobile Manufacturers (CAAM) on Thursday.Automobile production and sales in the country reached 27.021 million and 26.864 million in 2022 respectively, increasing by 3.4 percent and 2.1 percent year on year, said Chen Shihua, deputy secretary-general of CAAM.Chen emphasized that in the past year, the countrys automobile industry has withstood a series of risks, and managed to keep growth momentum thanks to measures aimed to stabilizing the market and boosting consumption.The production and sales of new energy vehicles was one of the main factors contributing to growth. The countrys auto market sold more than 6.8 million new energy vehicles (NEV) in 2022, with their market share rising to 25.6 percent of total sales.Chinas NEV industry has benefited from the countrys twin green goals of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060.CAAM estimated that the Chinese automobile market will continue its upbeat growth momentum in 2023 thanks to Chinas pro-consumption measures."With the implementation of supporting policies and the easing of a chip shortage, the domestic auto market will exhibit stable and positive development in the new year," Chen said.(Compiled by Yu Dian)

China's foreign trade up 7.7 pct in 2022 to new high

Chinas annual foreign trade value topped 40 trillion yuan (about 5.94 trillion U.S. dollars) for the first time in 2022, as the country works to better coordinate epidemic response with economic and social development amid complex and severe domestic and international situations, official data showed Friday.Graphic: Peoples Daily appTotal goods trade reached a record 42.07 trillion yuan, up 7.7 percent year on year, topping the world for six consecutive years, according to the General Administration of Customs (GAC).Exports rose 10.5 percent to 23.97 trillion yuan, and imports went up 4.3 percent to 18.1 trillion yuan.Chinas foreign trade delivered breakthroughs in scale, quality, and efficiency last year, which is a hard-won feat considering headwinds in demand, supply, and expectations, GAC spokesperson Lyu Daliang said.In 2022, China rolled out policies dynamically to bolster growth, including that of foreign trade.The package of policies and their follow-up measures to shore up economic recovery have paid off, unleashing the vitality of trade entities, said Lyu. Specifically, authorities have sought to ramp up financial and fiscal support to foreign trade firms, increase export tax rebates, explore new markets, stabilize industry chains, and smooth logistics.Thanks to these efforts, foreign trade by private firms jumped 12.9 percent to account for 50.9 percent of the total, crossing the 50 percent mark for the first time, GAC data showed.Chinas vast export market and competitive edge in manufacturing also contributed to the trade growth, said Lyu. The country takes up 14.7 percent of the global export market, leading the world for 14 consecutive years, Fridays data showed.The countrys imports and exports with ASEAN, the European Union, and the United States gained 15 percent, 5.6 percent, and 3.7 percent, respectively. Trade with Belt and Road countries climbed 19.4 percent to account for 32.9 percent of its total foreign trade, whi...

Chinese shares open higher Friday

BEIJING, Jan. 13 (Xinhua) -- Chinese stocks opened higher on Friday, with the benchmark Shanghai Composite Index up 0.22 percent to open at 3,170.35 points.The Shenzhen Component Index opened 0.38 percent higher at 11,509.21 points.

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