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China’s Economic News: Jan-Aug FAI Up, but Property Down

Economic growth in China

China industrial firms’ Jan-Aug profits fall 2% YoY

China’s sizable industrial firms saw their gross profits decline by 2.1% on year to total Yuan 5.53 trillion ($772 billion) over January-August, as against the 1.1% on-year dip for the first seven months, according to the latest data released by the country’s National Bureau of Statistics (NBS).

China’s Jan-Aug FAI up 5.8%, but property down 7.4%

Over January-August, China’s fixed asset investment (FAI) increased by 5.8% on year to Yuan 36.7 trillion ($5.2 trillion), according to the latest release by China’s National Bureau of Statistics (NBS) on Friday morning. Within the total, that in the domestic property market declined by 7.4% on year to Yuan 9.1 trillion.

China to extend purchase-tax waiver on NEVs to end-2023

China’s Ministry of Industry and Information Technology (MIIT), Ministry of Finance (MOF) and State Taxation Administration made a joint announcement on September 26 that new-energy vehicles (NEVs) purchased over January 1-December 31 2023 will be exempted from purchase taxes, to further support the development of the sector and boost automobile consumption.

CISA deems China’s steel internationalization ‘promising’

China’s steel industry has been on the path of internationalization with a promising future, in spite of challenges and difficulties, Luo Tiejun, vice chairman of China Iron & Steel Association (CISA), told delegates attending the 1st China Steel Overseas Development Forum held in Hangzhou in East China’s Zhejiang province on Se

Source from mysteel.net

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