After the release of major macroeconomic data last week, this week it can be seen that industrial electricity consumption and foreign investment indices are showing stabilized growth, while the government is strengthening financial services towards small and micro enterprises, so as to stabilize employment, encourage entrepreneurship and introduce promoting information consumption to promote higher-value related industries to drive steady economic growth.
From the industry perspective, the coal industry this week released information displaying that the industry is still in a weak period of adjustment. Inner Mongolia coal enterprises in YTD July saw profits fall sharply. The Linfen, Shanxi coal funding crisis is also a concern. From another perspective, the recent data releases regarding the transport sector are showing positive signals. Last week an increase in the annual railway investment objectives was released and bonds issued, this week many highway construction projects are announced.
MOF: July central fiscal revenue growth of 8.8%, local fiscal revenue growth of 13.5% YoY
August 13th Ministry of Finance released data: In July national public revenue was 1.1849 trillion yuan, an increase of 11%. Included in this figure, central fiscal revenue was 604.9 billion yuan, an increase of 8.8%, local financial revenue was 580 billion yuan, an increase of 13.5%. In YTD July the national fiscal income was 8.0439 trillion yuan, an increase of 8%. Included in this figure, central fiscal revenue was 3.836 trillion yuan, an increase of 2.6%, while local fiscal revenue was 4.2079 trillion yuan, an increase of 13.5%.
State Department: Small and micro enterprises to receive increased financial services policy support
The State Council issued requirements: Small and micro enterprises will see increased financial services policy to ensure that small and micro enterprises loan growth is not less than the average level of loans, and the incremental level is not lower than the previous year. The local people's government equity participation units have also been asked to assist with small and micro-enterprise financing services to establish a sound guarantee system, along with the creation of small and micro enterprise credit risk compensation funds.
July total electricity consumption of 495 billion kwh grew by 8.8%
The National Energy Board announced on August 14th that in July the total electricity consumption was 495 billion kwh, an increase of 8.8%. Industrial electricity use was 360.9 billion kwh, an increase of 8.1%. In YTD July the national total electricity consumption was a cumulative 2.9901 trillion kwh, an increase of 5.7%.
The State Council issued the program to encourage internet based consumption over the scale of 3.2 trillion by 2015
August 14th, the State Council issues the program to promote e-consumption (Internet, e-commerce consumption). By 2015, the scale of information consumption should be over 3.2 trillion yuan, an average annual increase of more than 20%. Of which, new Internet-based information will reach 2.4 trillion yuan, an average annual increase of 30% or more.