China’s industrial profits rose 10.2% in January-February period compared to the same period last year, data from the National Bureau of Statistics showed on Wednesday. The growth reversed a 2.3% decline in 2023. China will continue to promote currency swaps and strengthen monetary cooperation with other Asian economies to maintain regional financial stability, central bank’s governor said on Wednesday. China’s President Xi Jinping met with US business representatives in Beijing on Wednesday.
Boeing CEO Dave Calhoun will step down by the end of this year as part of a management shakeup. Australia’s consumer sentiment eased in March according to a survey on Tuesday. South Korea’s retail sales grew 13.7% in February as demands rose during the Lunar New Year holiday. China-made electric vehicles will make up more than a quarter of the EV sales in the EU this year according to research from the European Federation for Transport and Environment (T&E).
China’s industrial profits rise 10.2% in Jan-Feb
China’s industrial profits rose 10.2% in January-February period compared to the same period last year, data from the National Bureau of Statistics showed on Wednesday.
The growth reversed a 2.3% decline in 2023, according to the data.
In the first two months of the year, profits of the state-owned enterprises edged up 0.5% while those of the joint stock companies rose 5.3%. Foreign enterprises saw their profits growing 31.2% while those of the private firms grew 12.7%.
The equipment manufacturing sector saw profits rising 28.9% year on year.
China to continue promote currency swaps, central bank governor
China will continue to promote currency swaps and strengthen monetary cooperation with other Asian economies to maintain regional financial stability, central bank’s governor said on Wednesday.
Speaking at the Boao Forum for Asia, Pan Gongsheng governor of the People’s Bank of China (PBOC) said bilateral currency swaps can facilitate trade and investment and strengthen the financial safety net in Asia.
He said the PBOC would continue to deepen monetary cooperation with Asian economies.
Pan also called on Asian countries to jointly push for the quota reform of the International Monetary Fund.
President Xi meets US executives in Beijing
China’s President Xi Jinping met with US business representatives in Beijing on Wednesday.
Xi told US business leaders that China is planning and implementing a series of major steps for comprehensively deepening reform and steadily fostering a market-oriented , law-based and world-class business environment, which will create broader development space for foreign businesses.
Xi said world economic recovery and settling international and regional issues would require coordination and cooperation between China and the United States.
US executives attended the meeting included CEOs of Blackstone and Qualcomm according to the official Xinhua news agency.
China’s rail passenger trips grow 36.2% in Jan-Feb
China’s rail passenger trips jumped 36.2% in January-February compared to the same period last year, official data showed.
More than 693 million rail trips were made during the period, the Ministry of Transport said.
The country’s freight volume dipped 0.r5% in the same period from a year earlier according to the data.
China to boost imports of high-quality consumer goods
China will continue to promote high-level opening up and boost imports of high-quality consumer goods, an official from the Ministry of Commerce said on Wednesday.
The country imported 1.95 trillion yuan worth of consumer goods last year, according to Xu Xingfeng, director of the ministry’s department for market operation and consumption promotion.
Xu said the ministry would further facilitate the level of import trade and give full play to the platform of consumer exhibitions.
Boeing CEO to step down amid safety crisis
Boeing CEO Dave Calhoun will step down by the end of this year as part of a management shakeup.
The company also said board chair Larry Kellner and Stan Deal, head of the company’s commercial planes business are also leaving.
The shakeup came after a series of safety crises including a panel on a 737 Max 9 Alaska Airlines jet blew out mid-air.
Australia consumer sentiment eases in March
Australia’s consumer sentiment eased in March according to a survey on Tuesday.
The Westpac-Melbourne Institute index of consumer sentiment fell 1.8% in March from February when it rose 6.2%.
The index reading of 84.4 meant pessimists outnumbered optimists.
South Korea’s February retail sales grow 13.7%
South Korea’s retail sales grew 13.7% in February as demands rose during the Lunar New Year holiday.
Revenue for online retailers rose 15.7% last month while sales of offline retailers expanded 11.5%.
Retail sales reached 14.7 trillion won (US $10.9 billion) last month, data from the Ministry of Trade, Industry and Energy showed.
China-made EV to make up a quarter of European market this year
China-made electric vehicles will make up more than a quarter of the EV sales in the EU this year according to research from the European Federation for Transport and Environment (T&E).
The share of vehicles made in China in the region would rise to just over 25% in 2024 according to its research.
About 19.5% of EV cars sold in the bloc in 2023 were made in China according to the research.
Spain’s public debt rises 4.7% in 2023
Spain's public debt increased 4.7% in 2023 from a year earlier to 1,574 billion euros (1,912 billion U.S. dollars), according to the country’s central bank.
Spain's public debt-to-GDP ratio fell 4% in 2023 to 107.7%, partly due to the 2.5 percent growth in Spain's economy, the Bank of Spain said on Wednesday.
The growth is also one of the highest rates in the eurozone, Economy Minister Carlos Cuerpo said on Tuesday.
