ChinaScope Daily Dim Sum

Thursday, September 13, 2012

China’s Aug Fiscal Revenue Up 4.2 Percent YoY to CNY 786.3 Bn

Source: Ministry of Finance, ChinaScope Financial (Data)

+ According to the data released by the Ministry of Finance (MOF) on September 11, China’s fiscal revenue in August was CNY 786.3 billion, up CNY 31.7 billion, or 4.2 percent year-on-year; central government’s revenue decreased 6.7 percent year-on-year to CNY 376.5 billion, while local governments’ revenue climbed 16.8 percent year-on-year to CNY 409.8 billion.

+ In August, China’s fiscal expenditure was CNY 902 billion, up CNY 94.3 billion, or 11.7 percent year-on-year. In the January-August period, China’s fiscal revenue increased 21.8 percent year-on-year to CNY 7.24 trillion, of which CNY 243 billion were for low-income housing, up 34 percent year-on-year.

In line with the cyclical pattern of China’s fiscal spending, a deficit of CNY 115.7 billion was incurred in August.

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Wednesday, September 12, 2012

Ping An Insurance: Direct Written Premium Up 12 Percent YoY in Jan-Aug

Source: Company Disclosure, ChinaScope Financial (Data)

+ Ping An Insurance (Group) Co. of China Ltd. (2318: HKG; 601318: SHA) announced today that in the January-August period, direct written premium of the company’s four wholly-owned subsidiaries amounted to CNY 160.88 billion, up 11.88 percent year-on-year.

+ Between January and August, the direct written premiums of the four subsidiaries were: CNY 91.9 billion (Ping An Life Insurance Co., Ltd.), CNY 64.66 billion (Ping An Property and Casualty Insurance Co., Ltd.), CNY 146 million (Ping An Health Insurance Co., Ltd.), and CNY 4.17 billion (Ping An Annuity Insurance Co., Ltd.).

DWP growth of Ping An (601318: SHA)’s life insurance line continued to grow in August and growth of p&c stayed at a relatively high level. The company’s firm position in the p&c market provides Ping An with strong growth fundamentals despite industry downturn.

Aug Auto Sales Volume Up 4.48 Percent MoM to 1.5 Mn

Source: China Association of Automobile Manufacturers, ChinaScope Financial (Data)

+ According to data released by China Association of Automobile Manufacturers, China produced 1.50 million automobiles in August, up 4.48 percent month-on-month or 7.78 percent year-on-year. Automobile sales volume was close to 1.50 million, up 8.40 percent month-on-month or 8.26 percent year-on-year. In the January-August period, automobile output increased 5.19 percent year-on-year to 12.47 million, identical to the sales volume.

+ In August, sales volume of passenger vehicles increased 8.81 percent month-on-month to 1.22 million. In the first eight months, sales volume of passenger vehicles was 9.95 million, up 7.98 percent year-on-year; while the sales volume of commercial vehicles over the same period was down 8.85 percent year-on-year to 2.52 million vehicles. The year-on-year growth rate of automobile output and sales volume in the first eight months went up by 0.35 and 0.56 percentage points respectively on January-July.

Despite the seasonal pattern of weak sales in August, automobile growth was a relative strong 8.81 percent YoY. This might be due to high dealer inventory which has led to discounts and government subsidies to high-efficiency cars.

SUV sales continue to outperform other models; growth of SUV passenger vehicles was 25.23 percent YoY in August.

NDRC Up Adjusts Prices of Refined Oil on Sep 11

Source: National Development and Reform Commission, ChinaScope Financial (Data)

+ The National Development and Reform Commission (NDRC) announced on September 10 that prices of gasoline and diesel will increase by CNY 550 and CNY 540 per metric ton respectively on September 11.

+ The average retail price of 90 octane gasoline will rise by CNY 0.41 per liter, and that of 0 octane diesel will increase by CNY 0.46 per liter.

Yesterday’s adjustment of the NDRC benchmark oil price was the fourth and so far the largest price adjustment of 2012.

Outstanding CNY Loans Increase CNY 703.9 Bn in Aug

Source: People's Bank of China, ChinaScope Financial (Data)

+ Data released by the Central Bank on September 11 shows total social financing in the January-August period was CNY 10.07 trillion, up CNY 691.5 billion year-on-year. In August, total social financing was CNY 1.24 trillion, up CNY 188.5 billion month-on-month, or CNY 166.6 billion year-on-year.

+ In August, outstanding CNY loans increased CNY 703.9 billion, CNY 155.5 billion higher than in August 2011; outstanding foreign currency loans increased CNY 74.3 billion, up CNY 36.7 billion year-on-year. Although entrusted loans expanded by CNY 104.6 billion, its growth was CNY 36.3 billion lower year-on-year. Trust loans, on the other hand, increased CNY 118 billion, up CNY 100.4 billion year-on-year.

Total social financing in August was up CNY 188.5 billion on the previous month, mainly driven by rises in trust and CNY loans, providing a nascent sign that effort to stimulate China’s economy is being intensified.

Tuesday, September 11, 2012

NBS: Real Estate Investment CNY 4.37 Tn in Jan-August, Up 15.6 Percent YoY

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Source: National Bureau of Statistics, ChinaScope Financial (Data)

+ According to data released by the National Bureau of Statistics (NBS) on September 9, total investment in real estate development for the January-August period was CNY 4.37 trillion, up 15.6 percent year-on-year in nominal terms, 0.2 percentage points higher than that for the January-July period. Investment in residential properties from January to August grew 10.6 percent year-on-year -- 0.1 percentage points lower than that for the January-July period – to CNY 3 trillion, accounting for 68.6 percent of total real estate investment.

+ In the first eight months, the construction of 907.55 million square meters of residential properties was started, down 11.1 percent year-on-year. The construction of 358.01 million square meters of residential properties was completed, up 20.4 percent year-on-year.

+ In the same period, real estate developers purchased 236.24 million square meters of land, down 16.2 percent year-on-year, compared to a 24.3 percent decline in the January-July period. Land transaction value amounted to CNY 480 billion, down 7.6 percent year-on-year, compared to a 16.9 percent drop in the first seven months of this year.

Both real estate investment and construction increased slightly on July, reflecting some return of developer confidence.

August Exports USD 177.98 Bn, Up 2.7 Percent YoY

Source: General Administration of Customs, ChinaScope Financial (Data)

+ According to the data published by the General Administration of Customs on September 10, China’s August exports went up 2.7 percent year-on-year to USD 177.98 billion, and imports decreased 2.6 percent year-on-year to USD 151.31 billion. Trade surplus in August stood at USD 26.67 billion.

+ In the first eight months of 2012, China’s exports were USD 1.31 trillion, up 7.1 percent year-on-year; imports were USD 1.19 trillion, an increase of 5.1 percent year-on-year; trade surplus was USD 120.6 billion, up 31.8 percent year-on-year.

China’s export growth increased slightly in August, providing a bright spot in the slew of recent downcast economic data. Import however, decreased further in August reflecting weak domestic demand.

The trade surplus expanded further in August amidst week import demand.