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This is a discussion on CNY News within the Analytics and News forums, part of the Trading Forum category; China's Bold Reforms Are Bad News For Markets China has unveiled its most sweeping reform agenda in more than 30 ...

          
   
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    China's Bold Reforms Are Bad News For Markets

    China has unveiled its most sweeping reform agenda in more than 30 years, but the market impact is likely to be net-negative.

    A key meeting of Communist Party leaders wrapped up mid-week and the leaders then issued a statement which said little. The financial media and China bears had a field day bagging the meeting. Meanwhile China bulls groaned but urged patience as further announcements on reform might still be forthcoming.
    Fast forward to Friday and the state news agency, Xinhua, released a 20,000 word document from the meeting. It was a bombshell as it went above and beyond the expectations of a even the most ardent China optimist.
    Let’s go through the key items:

    Market reform

    • Accelerate yuan convertibility and interest rate reform.
    • Push pricing reform for oil, gas, power, water, transportation, telecom & other sectors.
    • Allow local governments to expand financing channels for construction projects, including the issuance of bonds.
    • Set up free-trade zones in more areas.
    • Improve treasury yield curves to reflect market supply and demand.

    Property reform
    • Push through legislation for a property tax and go ahead with further reforms at “an appropriate time”.

    SOE reform
    • 30% of profits from state assets will go toward public finances, principally social security. That’s up from 15%.
    • Allow non-state involvement in government projects.
    • Proactively pursue a “mixed ownership economy”.

    Population reform
    • Relax the one-child policy. Couples may have two children if either of the parents was an only child.
    • Accelerate so-called Hukou (residentship) reform. This will allow people in rural areas easier means to move into urban areas.
    • Study policies to delay the retirement age.

    Political reform
    • Abolish re-education labor camps.
    • Place more emphasis on management of resource consumption, overcapacity, debt and the environment.
    • Change policy of judging performance of officials primarily by growth rates achieved.
    • Strengthen anti-corruption measures.

    Legal reform

    • Reduce the power of local governments over the court system and move towards an independent and fair judiciary.



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    PBoC Signals Exit From FX Intervention; Vows Faster Yuan Reform

    The People's Bank of China will end normal intervention in the currency market and quicken the process of full yuan convertibility, Governor Zhou Xiaochuan reportedly wrote in a guidebook that details the reforms agreed upon during last week's Communist Party meeting. The central bank will "basically" exit from regular foreign exchange intervention, he said in the book.

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    China HSBC Manufacturing Index Slides To 50.4

    An index measuring manufacturing activity in China came in with a score of 50.4 in November, flash survey results from HSBC and Markit Economics revealed on Thursday.

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    China Manufacturing Retains Growth Momentum In November

    China's manufacturing activity maintained relatively steady growth momentum in November, two separate surveys of company purchasing managers have revealed. Final results of the survey by Markit Economics and HSBC showed that the purchasing managers' index, a gauge of the factory sector performance, posted 50.8 in November, little changed from October reading of 50.9.

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    China Non-Manufacturing Growth Moderates

    China's non-manufacturing activity growth eased in November amid weaker new order inflow, survey results published by China Federation of Logistics and Purchasing (CFLP) and the National Bureau of Statistics revealed Monday. The non-manufacturing purchasing managers' index, that measures activity across services and construction, fell to 56 in November from 56.3 in October.

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    China Service Sector Growth Eases Modestly, HSBC/Markit Survey Shows

    A gauge of China's service sector performance declined slightly in November, signaling a slight slowdown in business activity, a survey by Markit Economics and HSBC revealed Wednesday. The seasonally adjusted headline services business activity index edged down to 52.5 in November from 52.6 in October. However, the reading above 50 indicated continued expansion of activity in the sector.

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    China CPI +3.0% On Year In November

    Consumer prices in China were up 3.0 percent on year in November, the government said on Monday.

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    China Manufacturing Growth Eases In December

    China's factory sector activity slowed in December as output growth weakened and employment contracted further, preliminary results of a survey published by Markit Economics revealed Monday. The headline HSBC purchasing managers' index fell to a three-month low of 50.5 in December from 50.8 in November. However, the above-50 reading indicates expansion of the sector.

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    China Industrial Profits Rise 13.2%

    Industrial profits in China were up 13.2 percent on year in the period of January to November, the National Bureau of Statistics said on Friday - coming in at 5.33 trillion yuan.

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    China Manufacturing PMI On Tap For Wednesday

    China will on Wednesday see December results for its manufacturing purchasing managers' index, highlighting a light day for Asia-Pacific economic activity.

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