Daily News-20190813

 |  Xinhua/ China Daily

Today's point:

1.Macro:

China's FDI inflow rises 7.3% in Jan-July

2.Industries:

China's excavator sales expand faster in July

3.Trade:

China to review anti-dumping duties on optical fibers from India

4.Companies:

CNPC to spread global reach with crude oil pipeline in West Africa

 

 

Quick view

1.China's FDI inflow rises 7.3% in Jan-July

Foreign direct investment (FDI) into the Chinese mainland expanded 7.3 percent year-on-year to 533.14 billion yuan in the January-July period, the Ministry of Commerce announced Tuesday.

In US dollar terms, FDI inflow grew 3.6 percent year on year to $78.8 billion during the period, the ministry said.

FDI in July alone reached 54.82 billion yuan, up 8.7 percent year-on-year.

During the past seven months, a total of 24,050 new foreign-funded enterprises were founded.

Investment in high-tech industries climbed 43.1 percent year-on-year to account for 29.3 percent of the total FDI, among which the high-tech service sector received 97.39 billion yuan, up 63.2 percent.

China's pilot free trade zones saw FDI inflow up 14.6 percent year-on-year during the seven-month period, accounting for 14.2 percent of the total FDI.

Western China registered the fastest growth of FDI compared with other regions, with the figure up 25.2 percent year-on-year to reach 39.94 billion yuan.

Foreign investment from Germany and the Republic of Korea climbed quickly in the first seven months, posting growth of 72.4 percent and 69.7 percent year-on-year, respectively.

MOC data showed that FDI from the European Union rose 18.3 percent compared with the same period last year.

FDI from countries participating in the Belt and Road Initiative grew 5 percent in the first seven months of 2019.

(source: Xinhua)

 

2.China's excavator sales expand faster in July

People visit the Volvo stand during the ninth International Trade Fair for Construction Machinery, Building Material Machines, Construction Vehicles and Equipment, also known as Bauma China 2018, in Shanghai, Nov 27, 2018. [Photo/IC]

Sales for China's major excavator producers posted faster growth last month, data from an industry association showed.

The country's 25 leading excavator makers sold a total of 12,346 excavators last month, up 11 percent year-on-year, according to the China Construction Machinery Association.

The pace of growth accelerated from the 6.6 percent increase in June.

In breakdown, 10,190 excavators were sold in the domestic market, jumping 9.1 percent year-on-year, while exports of the equipment climbed 20.7 percent to 2,156.

China's major manufacturers sold a total of 149,553 excavators in the first seven months of this year, up 13.9 percent from the same period last year. During the period, excavator exports surged 35.7 percent from a year ago to 14,491.

Sales of digging machines are an indicator of the vitality of an economy as demand is usually backed by growth in mining and infrastructure development.

China sold a total of 203,420 excavators in 2018, surging 45 percent year-on-year, the association said.

(source: Xinhua)

 

3.China to review anti-dumping duties on optical fibers from India

China's Ministry of Commerce (MOC) on Tuesday announced a decision to review anti-dumping duties on single-mode optical fibers from India which are due to expire.

The review was made in response to applications by domestic producers who said harms on the local industry would continue should the duties be scrapped.

The reinvestigation will start on Wednesday and end within a year.

Single-mode optical fibers from India are subject to anti-dumping duties ranging from 7.4 percent to 30.6 percent, according to an MOC ruling on Aug 13, 2014.

Single-mode optical fibers are used to make telecommunications equipment.

(source: Xinhua)

 

4.CNPC to spread global reach with crude oil pipeline in West Africa

People visit the China National Petroleum Corporation stand during an expo in Chongqing, Aug 23, 2018. [Photo/IC]

China National Petroleum Corp, the country's largest oil and gas producer in terms of output, has signed a contract with the government of Benin in West Africa to build and operate a crude oil pipeline in the region, the company said in a statement recently.

The 1,980-kilometer pipeline, which will start from the Agadem oilfield in neighboring Niger and end at the port of Seme Terminal in Benin, is the biggest investment in a cross-nation oil pipeline that CNPC has made in Africa, the company said.

The project will further facilitate the transportation of crude from Niger to the international market and promote the social and economic development of Benin, said Wang Yilin, chairman of CNPC.

Li Li, energy research director at ICIS China, a think tank focusing on energy trends, said the deal will help Niger better export its crude resources and is also in accordance with the company's aim to further enhance its global oil and gas resource allocation capacity.

"After CNPC launched an oil refinery with annual throughput capacity of 1 million metric tons in Zinder in southern Niger in 2011, the new deal illustrates the importance of Africa as a strategic destination for CNPC investment," she said.

"This is in accordance with the company's globalization strategy under the Belt and Road Initiative, as CNPC is also stepping up its equivalent overseas equity oil and gas production to meet the surging demand for oil and gas."

CNPC has vowed to come up with more than 100 million tons of equivalent overseas equity oil and gas production by 2020, especially from markets in Central Asia, Russia, the Middle East and Africa. At the same time, CNPC will also achieve balance in domestic and equivalent overseas equity oil and gas production.

CNPC started oil and gas business in Niger in 2003. It now operates two exploration and development projects, and a joint venture refinery in the country, while also providing oilfield services.

Li believes that as the biggest gas-consuming nation worldwide, China is likely to import more oil and natural gas from abroad.

CNPC currently has 92 overseas oil and gas cooperation projects in 34 countries. Additional equivalent recoverable reserves for the company during the 2016 to 2018 period reached 230 million tons, with the annual growth in equivalent overseas equity oil and gas production reaching 10 million tons, it said.

(source: China Daily)

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