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More New Policies Unleashed in the Ever-Changing Economy

More New Policies Unleashed in the Ever-Changing Economy

Renee Mu, Currency Analyst

This daily digest focuses on market sentiment, new developments in China’s foreign exchange policy, changes in financial market regulations and Chinese-language economic coverage in order to keep DailyFX readers up-to-date on news typically covered only in Chinese-language sources.

- Another increase in Gasoline consumption taxes is on the way in China.

- Chinese real estate firms shift to domestic financing from issuing dollar-dominated bonds.

- The insurance sector in 2015 maintained strength in growth; health care insurance increases.

- China’sfirst free trade zone in the Midwest region, Chongqing, is awaiting approval.

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Sina News: China’s most important online media source, similar to CNN in the US. They also own a Chinese version of Twitter, called Weibo, with around 200 million active usersmonthly

- China’s Finance and Tax Departments are making plans to increase the gasoline consumption tax again. The scale of tax increases will be linked to oil prices: the lower the oil price is, the higher the unit tax on the gasoline and diesel prices will be. Local analysts said the increase in gasoline prices is to designed to meet structural reform targets. A lower oil price will reduce the incentive to develop renewable energy and unconventional oil and gas resources. While the increased consumption tax is not necessarily good news for petrol companies as the increased price may reduce demand, and they won’t benefit from the increased tax income.

- Overall tone on the stock market from Sina News: Positive.

Hexun News: Chinese leading online media of financial news

- Within a growing theme of a rising dollar and low yuan interest rates, Chinese real estate firms have begun to change their financing structure by reducing dollar-denominated debtssignificantly. The total overseas financing in 2015 was $25 billion, falling by over 60% year over year. At the same time, domestic financing increased to 1.36 trillion yuan, which doubled the amount from the previous year. In 2016, real estate companies continue that strategy by redeeming their dollar-denominated debts before maturity and issuing new yuan bonds. As of January 18, 20 firms in housing sector have issued a total amount of 92 billion yuan bonds this year.

- The Chinese banking system has entered a digital growth era and faces increasing credit risks according to a report released by China Banking Association on January 24. Approximately 40% of banks predict that the bad debt ratio will increase to between 1% and 3% in the next three years. The default risk in the industries with excess capacity has risen significantly. However, banks’ ability to deal with losses has become weaker, as 90% of banks reported a lowered provision coverage ratio (a major indicator to evaluate banks’ ability to withstand future losses; the higher the ratio, the better).

- Overall tone on the stock market from Hexun News: Positive.

China Stock News:Chinese leading online media of financial news

- The growth of Chinese insurance sector maintained strength in 2015according to the statement announced at the top insurance regulatory conference. The average rate of return of insurance companies in 2015 was 7.56%. The total revenue from insurance premium increased by 20% compared to last year, to 2.4 trillion yuan. Also, the composition of different types of insurance is moving towards the target, with fastes growth being seen in in agriculture and health care insurance. Chinese households traditionally have high savings rates, mainly to cover health care and education costs. Thus, development in private health care insurance will help to release stored capital in the long run and, in-return, bring additional momentum to domestic consumption.

- Chinese fifth free trade zone, Chongqing, has finished early preparation and is awaiting approval. It will also be the first free trade zone in the Midwest region. The current four zones, Shanghai, Fujian, Tianjin and Guangzhou, are all located in the Eastern-coastal area. As China is promoting the One-Belt-One-Road strategy, they need to establish a center to connect China with the Middle East and Central Asia. Chongqing is located along the upper reaches of Yangtze River, making this an ideal point for a trade route. Cities along the Yangtze River are crucial for Chinese economy as they have taken up roughly half of the overall GDP.

- Overall tone on the stock market from China Stock News: Positive.

Written by Renee Mu, DailyFX Research Team

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.