Your daily digest of the biggest business news in China, translated and summarized every day.
China steel demand to ease in 2015
A leading Chinese steel industry body predicts a modest increase in steel demand for 2015 as economic growth slows down in China reports Caixin.
According to the report, the China Metallurgical and Industry Planning and Research Institute believes demand for steel products will reach 720 million tonnes next year, up 1.4 per cent from this year. At the same time, the steel industry will produce 834 million tonnes of crude steel, an increase of 1.71 per cent from the year before.
The institute also predicts China will import 1 billion tonnes of iron ore next year, an increase of 6.4 per cent from 2014. The head of the institute and the deputy chair of the government-backed China Iron and Steel Association, Li Xinchuang says he thinks $60 per tonne would be the floor price for iron ore.
“If it crashes through the $60 barrier, many small and medium sized producers would become unviable. The supply and demand dynamic could be distorted again and the price for iron ore would go up,” Mr Li told Caixin.
MIIT approves China Minmetals rare-earth conglomerate plan
China Minmetals, a major Chinese producer of nonferrous metals, said the Ministry of Industry and Information Technology had given 'in principle' support for a plan to establish a rare-earth conglomerate.
In a bid to consolidate an industry that has been plagued with illegal practices, China's State Council, or cabinet, approved a MIIT plan to establish 6 rare-earth conglomerates in August this year.
Three other companies -- Baogang Group, Chinalco and Xiamen Tungsten -- have already received approval from MIIT for their consolidation plans.
Two other companies -- Guangdong Rare Earth Corp and Ganzhou Rare Earth Group have also been encouraged to consolidate smaller players into larger rare earth companies.
Daily turnover on China's A-shares exceeds 900 billion yuan
Turnover on China's Shenzhen and Shanghai stockmarkets broke records yesterday as the benchmark Shanghai index rose to a three-year high.
A total of 914.9 billion yuan worth of shares were traded in Shanghai and Shenzhen, this equates to an average of 3.8 billion yuan in trades being conducted every minute.
The value of shares traded on the Shanghai bourse was 529.4 billion yuan.
The Shanghai Composite index has gained 14 percent over the past month.
Chinese outbound tourism booms
The number of outbound mainland Chinese tourists exceeded 100 million in the year to November, according to China’s Ministry of Tourism.
Trips to ‘Oceania’, which includes Australia, accounted for only 1.1 per cent of all outbound tourist flows.
The data tallies with Australian Bureau of Statistics numbers that show shot-term trips from China have grown from 234,000 in 2003-04 to 769,000 in 2013-14.
Asia accounted for 89.5 per cent of all outbound tourist travel, Europe 3.5 per cent; Africa 3 per cent and the Americas 2.7 per cent.
The number of visitors to South Korea and Japan grew fastest in the past year, with growth rates exceeding 40 per cent.
The number of mainland Chinese travelling abroad this year, excluding trips to Hong Kong and Macau, is more than ten times the 8.5 million people who travelled abroad in 1998.