The Sunday Mail
Manyika Kangai
China’s GDP Expands
China’s economy got off to a steady start in the first quarter of 2022 despite challenges from an increasingly complex international environment and resurgences of Covid-19 cases at home. The country’s Gross Domestic Product (GDP) grew 4,8 percent year-on-year to 27,02 trillion yuan (about US$4,2 trillion) in the first three months, picking up pace from a 4-percent increase in the fourth quarter last year, according to data from the National Bureau of Statistics (NBS) released on Monday.
China’s Retail Sales Up
China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, went up 3,3 percent year-on-year in the first quarter (Q1) of this year, according to official data released by the National Bureau of Statistics (NBS) on Monday. The country’s retail sales of consumer goods totalled around 10,9 trillion yuan (about US$1,7 trillion) during this period. Retail sales in urban areas went up 3,2 percent year-on-year, while those in rural areas increased 3,5 percent year-on-year. Online consumption remained a bright spot, with online retail sales rising 6,6 percent year-on-year to reach about 3,01 trillion yuan (about US$471 billion).
China’s Pig Inventory Posts Steady Rise
China’s populations of live pigs and breeding sows increased steadily during the first quarter of the year, according to data from the National Bureau of Statistics released on Monday. The country’s live pig inventory rose 1,6 percent year-on-year to reach 422,53 million at the end of March, including 41,9 million breeding sows. In the first quarter, China’s output of pork, beef, mutton and poultry reached 23,95 million tonnes, up 8,8 percent year-on-year. The country produced 15,6 million tonnes of pork during the period, up 14 percent from a year ago. China has introduced a three-level early-warning system to raise the alarm for excessive ups and downs in hog prices.
China Adopts Law on Futures and Derivatives
Chinese lawmakers voted to adopt a law on futures and derivatives to better protect investors’ interests and develop the futures market in favour of the real economy. The law, to take effect on August 1,2022, was approved at a session of the Standing Committee of the National People’s Congress, China’s top legislature, on Wednesday. China’s financial derivatives market is one of the largest in the world posting record-setting trading volume and turnover in 2021, which stood at 581,2 trillion yuan (about US$90,8 trillion) and over 7,5 billion lots, according to data from the China Futures Association.
China’s SOEs Record Growth in R&D Spending
China’s centrally administered State-Owned Enterprises (SOEs) spent more on Research and Development (R&D) to boost innovation-driven development in the first three months of 2022, according to the country’s top state-owned assets regulator the State-Owned Assets Supervision and Administration Commission of the State Council. The central SOEs’ total R&D input from January to March expanded 18,9 percent year-on-year to 151,42 billion yuan (about US$23,8 billion). SOEs raked in 9 trillion yuan (about US$1,41 trillion) in combined revenues, up 15,4 percent year-on-year and their net profits grew 13,7 percent to 472,3 billion yuan (about US$74,1 billion).
Manyika Kangai is dedicated to helping African businesses realise the full potential of the vast opportunities China presents. He has over 15 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback: +27743487997/www.muvambi-sa.co.za
