Economy

China’s state planner unveils steps to boost private investment

Published

1 year ago

July 24, 2023

National Development and Reform Commission says it wants to attract more private capital for major projects.

China’s state planner has unveiled measures to spur private investment in infrastructure and strengthen financing for private projects.

The latest announcement on Monday comes after China last week released guidelines aimed at making the private sector “bigger, better and stronger” amid a flagging post-pandemic economic recovery.

The National Development and Reform Commission (NDRC) said in a statement that it wants to attract more private capital to participate in the construction of major projects.

The NDRC said a list of sectors ranging from transport, water, clean energy and advanced manufacturing to agriculture will be open to private investors, according to the statement. More specific details on this will be provided later, it added.

Over the past several weeks, investors have been betting on more stimulus measures to prop up an economy that has started to rapidly lose momentum following the initial post-COVID bounce. However, some piecemeal steps announced by the authorities have underwhelmed markets.

In the guidelines released last week, China said it will create a “traffic light” system to make clear the areas in which private investors can invest.

“Significance of improving private investment should be fully recognised” and the NDRC will strive to keep the proportion of private fixed-asset investment among all investment at a “reasonable level”, the statement said.

Private fixed-asset investment shrank by 0.2 percent in the first six months from a year earlier, in contrast with an 8.1 percent rise in investment by state entities, official data showed last week, highlighting weak private sector confidence.

The NDRC also pledged to strengthen financial support for private-invested projects.

A special fund from the central government budget will be set up by the NDRC to give annual support for 20 cities with high private investment growth and strong policy implementation, the statement said.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

14 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

21 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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