HOME>NEWS CENTER>The 4th Board of Directors of IFF (2018-2023)
IFF Newsletter Issue 104
TIME：2023-12-28
From the Editor
The IFF wishes a very Happy, Healthy and Prosperous 2024!
China’s industrial profits jump 29.5% in November
China’s industrial profits rose 29.5% in November from last year, official data showed on Wednesday.
Profits of industrial firms in the first 11 months of the year fell 4.4% according to data from the National Bureau of Statistics.
NBS statistician Yu Weining ascribed the profit growth last month to returns on investments.
China’s FDI falls 10% in Jan-Nov
Foreign direct investment in the Chinese mainland fell 10% in the first 11 months of the year, data from the Ministry of Commerce showed.
China attracted 1.04 trillion yuan worth of investment from January to November, according to the ministry.
China has named a second batch of public investment projects under 1 trillion yuan investment plan to boost the economy.
The latest set of projects include flood control and disaster relief programs.
The government approved a 1 trillion yuan sovereign bond issuance plan in late October in an effort to support the economy.
The National Development and Reform Commission said that it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China has banned the export of rare earth processing technologies, the Ministry of Commerce announced.
The ban comes after the country introduced export permits for chipmaking rare earth gallium and germanium in August and several types of graphite since December 1.
China unveiled two plans to boost cooperation and development of the Guangdong-Hong Kong-Macao Greater Bay area.
One of the plans, issued by the country’s top economic planner, the National Development and Reform Commission, said Shenzhen’s Qianhai would play a leading role in developing the Greater Bay Area and broadening Hong Kong’s development space. The other plan aims to foster cooperation between Guangdong and Macao.
China’s electric vehicle (EV) maker BYD will build its first European new energy passenger vehicle factory in Hungary, the Hungarian government announced on Friday.
The plant will be near the southern Hungarian city of Szeged and is expected to provide thousands of jobs for the region.
The project is one of the most significant investments in Hungary’s economic history, said Minister of Foreign Affairs and Trade Peter Szijjarto.
Newsletter
International News
Japan’s industrial output dipped 0.9% from a month earlier, official data showed on Thursday.
Falls in autos and electronics production were major contributors to the drop.
Motor vehicle production fell 2.5% in November from the previous month, data from the Ministry of Economy, Trade and Industry showed.
Output of electrical machinery and information and communication electronics equipment dropped 3.5%.
Brazil on Friday passed a major consumption tax overhaul to simplify the country’s complicated tax system.
The reform will facilitate investment said Brazilian President Luiz Inácio Lula da Silva in a social media post.
The tax reform will merge the five levies into two value-added taxes with distinct federal and regional rates.
Germany’s crude steel production fell 4% in 2023 from last year, preliminary data from the German Steel Association showed.
This year is set to be one of the weakest years in terms of production according to the association.
Electric steelmaking which is energy intensive fell by 11% to a record low.
Canada’s real gross domestic product (GDP) for October remained unchanged for a third consecutive month, Statistics Canada said on Friday.
The country’s manufacturing sector and wholesale trade declined in October while mining activity and retail trade helped to offset GDP declines elsewhere, according to the agency.
Business sentiment in South Korea fell for the second month for January, a central bank survey showed on Thursday.
Local companies’ business sentiment index (BSI) stood at 68 for January, down from 69 for December. The index measures business sentiment for business conditions in the coming month. A reading below 100 means negative views on business prospects.
