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The most important word for Chinese economic policy in 2022 is “stability,” according to a senior economic official of China’s Communist Party.
There are many hidden risks in the economy and the financial sector, and China can’t return to the old growth path, Han Wenxiu, executive vice minister of the party’s central financial and economic affairs commission, said in an online event Saturday. Han was explaining the economic plans for 2022, which the Communist Party released Friday.
The property sector is large, has a long supply chain, and accounts for a high proportion of the economy, fixed-asset investment, local governments’ income and financial institutions’ loans, Han says. It holds key significance in the economy and for financial stability and risk prevention, and China needs to explore a new development model for industry, he said without elaborating.
“All regions and agencies must take responsibility to uphold economic stability, actively introduce policies that can help stabilize the economy, and be cautious in imposing measures that will have a contractionary effect,” Han said.
To ensure the economy grows in a reasonable range next year, the government will take measures to stimulate activity and the confidence of market entities, senior official Ning Jizhe said at the event. It will also deepen the enforcement of fair competition policies and strengthen anti-monopoly regulations, he said.
Meanwhile, consumption and investment still face multiple barriers, said Ning, who heads the statistics bureau and is a vice-chairman of the National Development and Reform Commission. “Domestic demand remains insufficient,” he said, adding that the government “must fully explore the potential of domestic demand in 2022.”
While consumption of goods has grown, the expansion of services such as tourism, transportation or entertainment have been “hurt badly” because they involve contact with and concentration of people, he said. However, the government plans to continue its policies to control any outbreak of Covid-19, he said.
The government will implement policies to boost demand for major goods such as cars and home appliances and accelerate the building of e-commerce infrastructure and delivery networks in rural areas, Ning said. It will also expand effective investment in programs like new infrastructure, new urbanization, hydro-power and transportation, and speed up progress in 102 major projects in the 14th five-year plan, he said.
(Updates to add comments from Han Wenxiu and Ning Jizhe.)
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.
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.
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.
