China Macroeconomics & Academia

Christopher Balding

Macroeconomics

The unexpected hike in last month’s PMI remains puzzling, keeping in mind the slow growth of the key industries, being driven by real estate and government spending.We again see only moderate growth in industry. Steel and blast furnace operating rates depict a rather muddled picture with the operating rates of Blast furnaces of Tangshan and Hubei increasing while the operating rates of National Blast furnaces along with steel plant capacity utilization declining by around 3%.This rather sudden…

The unexpected hike in last month’s PMI remains puzzling, keeping in mind the slow growth of the key industries, being driven by real estate and government spending.We again see only moderate growth in industry. Steel and blast furnace operating rates depict a rather muddled picture with the operating rates of Blast furnaces of Tangshan and Hubei increasing while the operating rates of National Blast furnaces along with steel plant capacity utilization declining by around 3%.This rather sudden…

POST PMI OF AUGUST IS VERY INTERESTINGThe PMI for August is out and intriguing. Compared to last month’s PMI of 49.9, this month’s PMI is .5 points higher at 50.4 so far the best this year. But like always, Chinese data is heavily manipulated and doesn’t actually represent what is happening in the economy. Nevertheless, the latest PMI release commensurate with our belief about impact of fiscal stimulus on the economy as the primary driver of current activity. In order to understand the broader…

  POST PMI OF AUGUST IS VERY INTERESTINGThe PMI for August is out and intriguing. Compared to last month’s PMI of 49.9, this month’s PMI is .5 points higher at 50.4 so far the best this year. But like always, Chinese data is heavily manipulated and doesn’t actually represent what is happening in the economy. Nevertheless, the latest PMI release commensurate with our belief about impact of fiscal stimulus on the economy as the primary driver of current activity. In order to understand the broader…

The Chinese economy always has potential to surprise because of its tendency to bounce back from economic decline. It is however, no surprise that this situation owes much of the credit to the government stimulus. After witnessing an inevitable slow down since the second quarter it was anticipated that the government would inject additional stimulus this notion may be materializing.As seen in July data, there was no pickup in activity despite the expectations of industry watchers but the new…

The Chinese economy always has potential to surprise because of its tendency to bounce back from economic decline. It is however, no surprise that this situation owes much of the credit to the government stimulus. After witnessing an inevitable slow down since the second quarter it was anticipated that the government would inject additional stimulus this notion may be materializing.As seen in July data, there was no pickup in activity despite the expectations of industry watchers but the new…

The start of third quarter didn’t bring any good news for the Chinese economy. With the manufacturing deteriorating and RMB barely able to maintain its position, July’s PMI stood at 49.9, a decline of 0.1 as compared to last month. This depicts the economic contraction that we have been talking about since the middle of second quarter.  While Caixin composite PMI remained strong at 51.9, we have difficulty seeing this reflected in the data.The last few months saw industries facing declining…

The start of third quarter didn’t bring any good news for the Chinese economy. With the manufacturing deteriorating and RMB barely able to maintain its position, July’s PMI stood at 49.9, a decline of 0.1 as compared to last month. This depicts the economic contraction that we have been talking about since the middle of second quarter.  While Caixin composite PMI remained strong at 51.9, we have difficulty seeing this reflected in the data.The last few months saw industries facing declining…

July Output in China Indicates Further Economic Weakening

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

President Xi Jinping has proposed a new management system for environmental monitoring agencies. This is positive news, but these reforms will only work if there is also serious reform of the local legal system.

President Xi Jinping has proposed a new management system for environmental monitoring agencies. This is positive news, but these reforms will only work if there is also serious reform of the local legal system.

China

Rizhao Port Co., Ltd. operates Rizhao ports in Rizhao, Shandong. The company handles, warehouses, and transports containers and bulk and general cargoes.

Qinhuangdao Port Company Limited loads, stores, transports port cargo. The Company's main products include liquid chemicals, iron ore and coal, oil and other cargo, containers and other products.

Dongguan Development Holdings Co., Ltd invests, develops, and operates toll collection for the Dongguan expressway.

Dongguan Development (Holdings) Co., (000828 CH)

Henan Zhongyuan Expressway Company Limited finances, operates, and maintains expressways and bridges in China. The Company collects tolls for the Zheng Luo Expressway and the Zhengzhou Yellow River Bridge.

Fujian Expressway Development Co., Ltd. constructs, maintains, manages, and provides toll collection services for the Quanxia Expressway and the Fuquan Expressway in Fujian Province, China.

Fujian Expressway Development Co, Ltd. (600033 CH)

Guangxi Wuzhou Communications Co., Ltd. constructs and manages transportation infrastructure facilities including highways, bridges, ports, and other related facilities. The Company manages the Pingwang Road, the Nanwu Road, the Jinyi Road, and the Jinglan Bridge in Guangxi.

Guangxi Wuzhou Communications (600368 CH)

Jiangxi Ganyue Expressway Co., Ltd. maintains, operates, and manages toll expressways, bridges, and other transportation facilities.  The Company manages the Changjiu Expressway, the Changzhang Expressway, the Changfu Expressway, and the Yinsanjiao Overpass.

Jiangxi Ganyue Expressway Co., (600269 CH)

Hubei Chutian Expressway Co., Ltd. maintains, operates, and develops toll expressways in Hubei province in China.

Beijing Capital International Airport Company Limited operates both aeronautical and non-aeronautical business in the Beijing airport.  The Company provides aircraft movement and passenger service facilities, safety and security services, fire-fighting services, and ground handling services.  In addition, Beijing Capital operates duty free and other retail shops and leases properties.

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Sichuan Haite High-tech Co., Ltd. maintains and repairs aircraft equipment including wireless equipment, instruments, electrical equipment, and power equipment.  The Company also develops and sells aircraft inspection equipment and technology.

The Sumitomo Warehouse Co., Ltd. operates warehousing and freight transportation businesses.  The Company provides integrated transportation services including marine, land, and air freight, and stores cargos in warehouses throughout Japan. Sumitomo Warehouse also operates a real estate leasing business.

Hutchison Port Holdings Trust is a port investor, developer and operator. The Company is also involved in transportation related services and logistics operations, including container storage and repair, container tracking, general and bulk cargo tranfer, warehousing, marine shuttle services and other related services.

Gujarat Pipavav Port Ltd. operates a marine shipping port.  The port loads and unloads container, bulk, and liquid cargo.

Gemadept Corporation is a shipping company.  The Company's business activities include port operations, 
container liner service, shipping and forwarding agency logistics, project cargo transport, real 
estate, and financial investment.

Westshore Terminals Investment Corp. operates a coal storage and loading terminal in British Columbia, Canada.

Yuexiu Transport Infrastructure Ltd., through its subsidiaries, invests in, develops, operates, and manages toll highways, expressways, and bridges in China.

Yuexiu Transport Infrastructure (1052 HK)

Ecorodovias Infraestrutura e Logistica SA is a road concession group in Brazil. The Groups concessionaires connect the main Brazilian ports to national production and consumption centers.

COSCO SHIPPING International (Hong Kong) Co., Ltd. provides shipping related services. The Company offers shipping, logistics, shipbuilding and ship repair services, ship trading agency services, marine insurance brokerage services, marine equipment and spare parts, coating products, and marine fuel and other related shipping products. COSCO International serves clients around the world.

Bintulu Port Holdings Berhad operates as a holding company. The Company, through its subsidiaries, provides port services. Bintulu Port Holdings serves customers in Malaysia.

Asian Terminals, Inc., through its subsidiaries, operates and manages port terminals in the Philippines. The company operates and manages the Manila South Harbor, the Inland Clearance Depot, the Port of Batangas, and the Port of General Santos, as well as off-dock container yards. It provides stevedoring, arrastre, warehousing, storage, carnage, container freight station, domestic cargo handling, passenger terminal, and other port related services for international shipping lines; and trucking, just-in-time delivery, brokerage, and maintenance and repair services. The company was formerly known as Marina Port Services, Inc. Asian Terminals, Inc. was incorporated in 1986 and is headquartered in Manila, the Philippines.

Sichuan Expressway Company Limited develops, invests in, and operates infrastructure projects including toll roads, bridges, tunnels, and ancillary facilities.

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Sichuan Expressway Co H (107 HK)

Early Look at September Activity

The unexpected hike in last month’s PMI remains puzzling, keeping in mind the slow growth of the key industries, being driven by real estate and...

Christopher Balding

Chinese PMI Data Mildly Surprising

POST PMI OF AUGUST IS VERY INTERESTINGThe PMI for August is out and intriguing. Compared to last month’s PMI of 49.9, this month’s PMI is .5...

Christopher Balding

Early Reading on Chinese August Data

The Chinese economy always has potential to surprise because of its tendency to bounce back from economic decline. It is however, no surprise that...

Christopher Balding

July Output in China Indicates Further Economic Weakening

The start of third quarter didn’t bring any good news for the Chinese economy. With the manufacturing deteriorating and RMB barely able to maintain...

Christopher Balding

Improving China's Environment

President Xi Jinping has proposed a new management system for environmental monitoring agencies. This is positive news, but these reforms will only...

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