China Economy Forum

[mike2000]

[The original post by Martin at Chinese Defence Forum]

Alibaba's market cap passes Wal-Mart as shares hit new high | Fortune

"Alibaba's market cap passes Wal-Mart as shares hit new high
by Tom Huddleston, Jr.
October 28, 2014

View attachment 142823
Photo by Hong Wu—Getty Images

The Chinese e-commerce company’s shares hit a record high on Tuesday following rumors of a marriage with Apple Pay.

Wal-Mart’s status as the world’s largest retailer is on shaky ground today after a bump in Alibaba’s share price drove the Chinese e-commerce giant’s market capitalization to $251 billion, compared with roughly $246 billion for Wal-Mart.

Alibaba’s BABA stock touched a record high in early Tuesday trading, and were lately hovering around the $100 mark, in the wake of CEO Jack Ma’s recent comments about a possible marriage between Apple’s AAPL new mobile payments system, Apple Pay, and his own company’s Alipay. (Ma made the suggestion at a tech conference on Monday and Apple CEO Tim Cook immediately voiced his approval of the idea.)

Shares of Alibaba are up more than 2% this afternoon and they have gained more than 4% since the start of the week, propelling the Chinese company’s total share value past that of Wal-Mart WMT , which reported another quarter of lackluster U.S. sales numbers in August. The U.S. retailer’s own shares, which are down around 0.5% on Tuesday, have lost more than 3% of their value since the start of the year.

Alibaba, meanwhile, is a little more than a month removed from launching its record IPO, which raised about $25 billion on September 18. The company’s shares have gained in value since that point, reaching as high as $100.50 apiece on Tuesday, and its market cap has gained more than $80 billion since the pre-IPO pricing of Alibaba shares valued them at $68."

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Google, Alibaba Largest Internet Firms By Market Capitalization - Investors.com

"Google, Alibaba Are Largest Internets By Market Cap
By BRIAN DEAGON, INVESTOR'S BUSINESS DAILY
Posted 10/29/2014

Google (NASDAQ:GOOGL) has the largest market capitalization of all Internet companies, followed by China e-commerce giant Alibaba Group (NYSE:BABA), as represented on U.S. stock markets.

Market cap is what the market thinks a public company is worth. It's the total value of the company's outstanding common stock, not including preferred shares. The valuation fluctuates depending on stock price.

Google's market cap is near $380 billion, which puts it neck-and-neck with Microsoft (NASDAQ:MSFT) for No. 2 among all tech companies. No. 1 in tech, and overall, is Apple (NASDAQ:AAPL), near $638 billion.


View attachment 142824

Alibaba's market cap is near $244 billion.

Facebook (NASDAQ:FB) has the third-largest market cap among Internet companies, near $200 billion. Facebook stock was down 6% Wednesday afternoon, after the company reported Q3 earnings that had some disappointments."

Wow... This alibaba is a giant beast.
But Apple is in another league altogether.

 

[Keel]

What Does Alipay Gain From Apple Pay Deal?
November 3, 2014

Alibaba Group's chairman Jack Ma and Apple's chief executive officer Tim Cook jointly announced last week that Alibaba and Apple will work together on payment services.

Apple Pay plans to enter the Chinese market via Alipay and become a payment method for Chinese Apple users. But more importantly, Apple will help Alipay to expand into the international market.

In the future, major U.S. department stores like Kohls, Macys and Dillards will be able to support payment via Alipay. In addition, those three department store companies will become the import partners of Alibaba to provide products to Chinese consumers through channels on Alibaba.

Ma revealed during the announcement that imports of goods will be an important part of Alibaba's overseas strategy and China can import a lot of things from America.

In mid-October, Alibaba announced a strategic deal with Costco. With the cooperation, Costco will open a flagship store on Tmall.com, Alibaba's B2C e-commerce site, and provide Chinese consumers with food and health products.

Financial terms of the Apple and Alibaba deal were not released.

• http://www.alibaba.com
• http://www.apple.com

 

[TaiShang]

Yunda sets up German center
Source:Agencies-Global Times

Shanghai-based express delivery company Yunda announced Wednesday it has set up another overseas transshipment center in Germany in a bid to further meet the increasing online trading needs between China and the EU.

Yunda has already set up similar delivery and logistics service centers in Los Angeles and Seattle in the US this June.

The EU is the second-largest destination for China's e-commerce exports in 2013, accounting for 15.3 percent of the total exports generated through China's e-commerce platforms, while the US is the largest with a share of 16.6 percent, according to a report by Beijing-based market research firm Analysys International issued in August.

In 2013, the international e-commerce trading volume stood at 2.7 trillion yuan ($441.6 billion), up 28.8 percent year-on-year.

 

[TaiShang]

China's start-ups surge amid administration streamlining

The number of newly registered companies has continued to climb since the government took steps to streamline the process in March.

About 2.5 million new companies were registered during the March-October period, an increase of 56.2 percent from the same period last year, data from the State Administration for Industry and Commerce showed Thursday.

The registered capital of these new companies totaled 12.97 trillion yuan (2.1 trillion U.S. dollars), up 90.21 percent year on year.

China lifted restrictions on minimum registered capital on March 1, a move aimed at encouraging start-ups and energizing the economy.

By the end of October, there were 67.48 million registered market entities in China, with registered capital totaling 129.97 trillion yuan.

 

[cirr]

Here is a startup which is worth 40-50 billion USD and set to make 1 billion USD profit this year

China’s Xiaomi makes big profit from cheap smartphones

THE AUSTRALIAN

NOVEMBER 07, 2014 12:00AM

CHINESE smartphone maker Xiaomi, which was founded just four years ago, is already among the world’s largest smartphone makers.

Now a confidential document viewed by The Wall Street Journal shows that Xiaomi’s net profit nearly doubled last year, making it a lucrative business in an industry where most players selling cheap handsets struggle to break even.

Xiaomi, which a few months ago surpassed Samsung as the biggest smartphone vendor in China by shipments, presented the document to banks in its recent pitch to raise $US1 billion ($1.16bn) in loans for overseas expansion or acquisition.

A table in the document showed that Xiaomi’s net profit last year rose 84 per cent to 3.46 billion yuan ($660m) from 1.88 billion yuan in 2012. Its revenue more than doubled to 27 billion yuan. Another table included a forecast of a 75 per cent net profit increase this year. A Xiaomi spokeswoman declined to comment.

Xiaomi’s rapid growth and strong earnings are also part of broader changes in the smartphone market where Chinese players are greatly increasing their presence, challenging the dominance of Samsung and Apple.

Over the past year, some of China’s top smartphone vendors, such as Lenovo and Huawei, have been expanding overseas, posing a threat to Samsung in Asia, Latin America and other emerging markets.

Xiaomi’s cheapest phone, the Redmi 1S, starts at 699 yuan, and its latest flagship model, the Mi4, starts at 1999 yuan.

A possible explanation for Xiaomi’s ability to squeeze out so much profit while selling affordable phones is its inexpensive but efficient marketing tactics.

While established competitors spend heavily on TV commercials and other traditional forms of advertising, Xiaomi’s marketing has centred on social media and internet forums where many users post comments, complaints and requests.

In China, Xiaomi has expanded rapidly over the past few years by selling its phones online, relying on word of mouth among China’s more than 600 million internet users.

According to the document, Xiaomi spent 876 million yuan, or 3.2 per cent of its revenue, on sales and marketing expenses last year. Its spending in 2012 was 416 million yuan, or 3.9 per cent of its revenue.

Even though the company sells smartphone applications, other software and services, 94 per cent of its revenue came from handset sales last year, according to the document.

“Xiaomi has done a great job of growing smartphone shipments and profits simultaneously,” said Strategy Analytics analyst Neil Mawston.

As competition intensifies at home, Xiaomi has expanded overseas in Asian emerging markets such as India. Xiaomi is currently seeking another round of equity fundraising. In August 2013, Xiaomi said it raised a fourth round of funding that valued the firm at $US10bn, more than double its June 2012 valuation of $US4bn.

Xiaomi — pronounced “sheow-me” — was founded in 2010 by Lei Jun, an entrepreneur who has been compared by Chinese media to Steve Jobs. Just a year into its existence, the company was already successful in creating a buzz around its products, starting with its social networking app called MiTalk, which attracted seven million users in two months.

When Xiaomi launched its first smartphone, the Mi1, in late 2011, the first batch of shipments — 100,000 units — sold out in less than three hours. Xiaomi also runs its own mobile-app store, called the Mi Market, and offers a host of smartphone services such as games, social networking and cloud storage.

Xiaomi’s share of the global smartphone market rose to 5.3 per cent in the third quarter, making it the third-largest smartphone maker after Samsung and Apple, according to a market-research firm IDC.

 

[cirr]

China's largest uranium mine reports more deposit

(Xinhua) 18:39, November 06, 2014

BEIJING, Nov. 6-- Chinese geologists have found more uranium deposits in China's largest uranium mine, Xinhua learned on Thursday.

Geological exploration around the western areas of the Daying uranium mine, located in Erdos City in north China's Inner Mongolia Autonomous Region, had been ongoing for more than six months this year, said Cheng Liwei, director of the China Central Geological Survey Fund Management Center.

The belt of uranium at the Daying mine is now thought to be 20 kilometers longer than originally estimated, making the mine the 14th largest in the world, said Cheng.

"Compared with a preliminary survey in 2012, this new discovery represents a uranium deposit increase of about 60 percent," Cheng said.

Uranium is the only commercially available fuel source for nuclear power plants.

 

[TaiShang]

Here is a startup which is worth 40-50 billion USD and set to make 1 billion USD profit this year

China’s Xiaomi makes big profit from cheap smartphones

THE AUSTRALIAN

NOVEMBER 07, 2014 12:00AM

CHINESE smartphone maker Xiaomi, which was founded just four years ago, is already among the world’s largest smartphone makers.

Now a confidential document viewed by The Wall Street Journal shows that Xiaomi’s net profit nearly doubled last year, making it a lucrative business in an industry where most players selling cheap handsets struggle to break even.

Xiaomi, which a few months ago surpassed Samsung as the biggest smartphone vendor in China by shipments, presented the document to banks in its recent pitch to raise $US1 billion ($1.16bn) in loans for overseas expansion or acquisition.

A table in the document showed that Xiaomi’s net profit last year rose 84 per cent to 3.46 billion yuan ($660m) from 1.88 billion yuan in 2012. Its revenue more than doubled to 27 billion yuan. Another table included a forecast of a 75 per cent net profit increase this year. A Xiaomi spokeswoman declined to comment.

Xiaomi’s rapid growth and strong earnings are also part of broader changes in the smartphone market where Chinese players are greatly increasing their presence, challenging the dominance of Samsung and Apple.

Over the past year, some of China’s top smartphone vendors, such as Lenovo and Huawei, have been expanding overseas, posing a threat to Samsung in Asia, Latin America and other emerging markets.

Xiaomi’s cheapest phone, the Redmi 1S, starts at 699 yuan, and its latest flagship model, the Mi4, starts at 1999 yuan.

A possible explanation for Xiaomi’s ability to squeeze out so much profit while selling affordable phones is its inexpensive but efficient marketing tactics.

While established competitors spend heavily on TV commercials and other traditional forms of advertising, Xiaomi’s marketing has centred on social media and internet forums where many users post comments, complaints and requests.

In China, Xiaomi has expanded rapidly over the past few years by selling its phones online, relying on word of mouth among China’s more than 600 million internet users.

According to the document, Xiaomi spent 876 million yuan, or 3.2 per cent of its revenue, on sales and marketing expenses last year. Its spending in 2012 was 416 million yuan, or 3.9 per cent of its revenue.

Even though the company sells smartphone applications, other software and services, 94 per cent of its revenue came from handset sales last year, according to the document.

“Xiaomi has done a great job of growing smartphone shipments and profits simultaneously,” said Strategy Analytics analyst Neil Mawston.

As competition intensifies at home, Xiaomi has expanded overseas in Asian emerging markets such as India. Xiaomi is currently seeking another round of equity fundraising. In August 2013, Xiaomi said it raised a fourth round of funding that valued the firm at $US10bn, more than double its June 2012 valuation of $US4bn.

Xiaomi — pronounced “sheow-me” — was founded in 2010 by Lei Jun, an entrepreneur who has been compared by Chinese media to Steve Jobs. Just a year into its existence, the company was already successful in creating a buzz around its products, starting with its social networking app called MiTalk, which attracted seven million users in two months.

When Xiaomi launched its first smartphone, the Mi1, in late 2011, the first batch of shipments — 100,000 units — sold out in less than three hours. Xiaomi also runs its own mobile-app store, called the Mi Market, and offers a host of smartphone services such as games, social networking and cloud storage.

Xiaomi’s share of the global smartphone market rose to 5.3 per cent in the third quarter, making it the third-largest smartphone maker after Samsung and Apple, according to a market-research firm IDC.

For China, it is a start-up. For many others, it is national giant. LOL. The scale of China's economy!

 

[TaiShang]

Bank of China sole clearing bank for Shanghai-HK stock connect

Bank of China (BOC), one of the country's big four lenders, was designated by the Hong Kong Securities Clearing Company Limited as the sole clearing bank for the Shanghai-HK stock connect, the bank said Monday in a statement.

Bank of China (Hong Kong) will be the clearing bank in Hong Kong, while the BOC Shanghai bank will serve as the clearing bank on the Chinese mainland, BOC said in the statement.

Earlier in the day, the securities watchdogs of the Chinese mainland and Hong Kong announced in a joint statement that the Shanghai-Hong Kong stock connect will start stock trading on Nov. 17.

The pilot program will enable investors in Hong Kong and the mainland to trade eligible shares listed on the other's market through local securities firms or other brokers.

The pilot program will operate between the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited, China Securities Depository and Clearing Corporation Limited and Hong Kong Securities Clearing Company Limited.

According to the pilot program, Hong Kong Securities Clearing Company Limited will be allowed to open a special renminbi bank account at a mainland bank, which will be dedicated to business involving the stock connect.

China Securities Depository and Clearing Corporation Limited will also be allowed a special bank account at a Hong Kong bank to deal with business related to the stock connect.

The Shanghai-Hong Kong stock connect will enhance capital market connectivity between the Chinese mainland and Hong Kong.

It will also promote the internationalization of the Chinese currency, the renminbi (RMB), and development of Hong Kong as an offshore RMB business center, as mainland investors will be able to participate in the Hong Kong stock market using RMB.

 

[TaiShang]

China spends less on imports

Price slumps in the global commodity market continued to allow China to spend less while importing more, helping China save on enormous import bills, latest customs data showed.

In the first ten months of this year, China imported 252.6 million tonnes of crude oil, an increase of 9.2 percent from a year earlier, according to data released by the General Administration of Customs (GAC) on Saturday.

The average price of crude oil imports stood at 4,731.2 yuan (US$769) per tonne, down 2.4 percent from a year earlier.

In October alone, China imported 24.1 million tonnes of crude oil, a decrease of 12.7 percent from the previous month. But the import value in October fell by a larger margin of 16.8 percent from that in September to 17.05 billion U.S. dollars, GAC data showed.

Global commodity prices, especially crude prices, fell sharply in October, continuing a four-month run of declining prices, banking giant HSBC said in its latest report.

"Prices have fallen as a result of both strong supply and weakening demand," the HSBC report said.

HSBC indicators suggest that the IMF commodity price index is likely to have fallen by 7 percent in October, bringing the decline over the past three months to 16 percent.

The most recent fall was in large part due to lower oil prices, although there was weakness across other energy commodities and metals too, HSBC said in the report.

Customs data also showed that China's iron ore imports in the first 10 months jumped 16.5 percent from a year earlier to 778.4 million tonnes. But the import value contracted 5.3 percent year on year to 82 billion U.S. dollars.

In the first 10 months, the average price of iron ore imports tumbled 19.8 percent year-on-year to 646.9 yuan.

China has been one of the top net importers of crude oil and iron ore, which made up 11.3 percent and 5.4 percent of China's total imports in 2013 respectively.

If crude oil and iron ore prices stay at current levels for the rest of the year, China could save around 4.5 billion U.S. dollars per month compared to a year ago, according to a Merrill Lynch report.

China's coal imports reported a similar story. Coal imports contracted 7.7 percent to 243 million tonnes in the first 10 months. But the coal import value plunged 20.6 percent from a year earlier to 18.8 billion U.S. dollars.

The average price for coal imports was 475.6 per tonne, down 15.3 percent from a year ago, GAC data showed.

 

[Keel]

China to Set Up Maritime Arbitration Centre in Hong Kong
Nov 11, 2014

The China Maritime Arbitration Commission (CMAC) will set up an arbitration centre in Hong Kong to provide arbitration services for international maritime disputes.

This is the first of such a centre outside the mainland, the Hong Kong government said in a release.

The Department of Justice (DoJ) welcomed the establishment of the CMAC Hong Kong Arbitration Centre (CMAC HK).

"Being the sole maritime arbitration institution in Mainland China, CMAC's presence in Hong Kong would further enhance Hong Kong's role in the resolution of maritime disputes, and thereby reinforce our position as a leading centre for international legal and dispute resolution services in the Asia Pacific region," a spokesperson from the DoJ said.

The CMAC, being a permanent arbitration institution specialising in the resolution of foreign and domestic maritime disputes, was set up in 1959 under the China Council for the Promotion of International Trade. It focuses on resolving maritime, admiralty and logistics disputes as well as other contractual and non-contractual disputes through arbitration. Apart from its headquarters in Beijing, CMAC has so far only established three sub-commissions in Shanghai, Chongqing and Tianjin.

The inauguration ceremony of the CMAC HK will be held at the Hong Kong Convention and Exhibition Centre on 19 November.

 

[TaiShang]

"Being the sole maritime arbitration institution in Mainland China, CMAC's presence in Hong Kong would further enhance Hong Kong's role in the resolution of maritime disputes, and thereby reinforce our position as a leading centre for international legal and dispute resolution services in the Asia Pacific region," a spokesperson from the DoJ said.

Smart policy to put HK up in front. This, hopefully, makes less sour grapes there.

 

[bobsm]

Apec summit: Chinese trade pact plan backed by leaders

The Chinese leader said agreement on the new free trade area was "historic"

Asia-Pacific leaders meeting in China have agreed to move towards a new free trade zone strongly backed by Beijing.

The Free Trade Area of the Asia-Pacific (FTAAP) is seen by some as a rival to a US trade pact, which excludes China.

The Apec summit near Beijing agreed to launch a study into the FTAAP.

Chinese leader Xi Jinping, who earlier urged Asia-Pacific nations to accelerate economic ties, described the endorsement of the pact as a "historic" decision.

The US is currently negotiating a separate Trans-Pacific Partnership (TPP), which is considered part of Washington's "pivot" towards Asia - ensuring continued US influence in the region in response to growing Chinese power.

The TPP involves 12 countries, but not China or Russia.

Mr Obama has rejected suggestions by Chinese commentators that the TPP is a way of countering Chinese influence.

In an interview with China's Xinhua state news agency, he said the US was in no way trying to contain China.
US President Barack Obama (left), Chinese President Xi Jinping (centre) and translator (right) in Beijing, 11 November 2014 President Obama (left) later had talks with Chinese President Xi Jinping at the Zong Nan Hai leaders' compound

In its final communique, Apec - the 21-nation Asia-Pacific Economic Co-operation forum - said the study into the establishment of the FTAAP would last two years.

"Currently, the global economic recovery still faces many unstable and uncertain factors," the Chinese leader said earlier.

"Facing the new situation, we should further promote regional economic integration and create a pattern of opening up that is conducive to long-term development."

Mr Obama and Mr Xi later began talks at a garden compound near Beijing's Forbidden City.

"When the US and China are able to work together effectively, the whole world benefits," Mr Obama said.
Grey line
US President Barack Obama (L) stands with Chinese President Xi Jinping as they pose for a photo as he arrives for the Asia-Pacific Economic Cooperation The US and China pushed separate wide-reaching trade agreements at the summit
Rival pacts

Trans-Pacific Partnership

12 Pacific Rim countries

Backed by US, includes Japan, excludes China and Russia

Could account for more than a third of world economic output

Free Trade Area of the Asia-Pacific

Longer-term project, first proposed in 2004

Backed by China, includes major economies

China says would provide greater economic boost than TPP

Carrie Gracie: US-China great game
Grey line

Separately, the US and China said they had made a "breakthrough" on eliminating tariffs on their technology products.

US Trade Representative Michael Froman told reporters in Beijing that the deal could lead to the "swift conclusion" of wider talks on global cuts in technology tariffs. This could lead to a drop in the price of products such as GPS devices, semiconductors and medical equipment.

Mr Froman said the agreement in Beijing "shows how the US and China work together to both advance our bilateral economic agenda but also to support the multilateral trading system".

On the sidelines of the summit, Australian PM Tony Abbott met Russian President Vladimir Putin to discuss the downing of the Malaysia Airlines plane in eastern Ukraine in July.

Australians were among the 298 people who died on Flight MH17. Western nations say it was caused by a missile fired by pro-Russian rebels. Moscow says Ukrainian government forces were responsible.

Kremlin spokesman Dimitri Peskov said the two leaders had agreed on the need for a genuine investigation into what happened.

BBC News - Apec summit: Chinese trade pact plan backed by leaders

-------------------------------
Looks like Beijing got what it wanted, even as US Pressures China to Kill Asia-Pacific Free Trade Agreement Talks | The Diplomat

 

[Keel]

Smart policy to put HK up in front. This, hopefully, makes less sour grapes there.

Yeah, indeed
China is advancing not only in economy, science and technoloy, environmental consciousness but also in
bringing the rule of law to the fore

 

[bobsm]

Mexico to compensate winner of voided rail tender - BNamericas

Mexico to compensate winner of voided rail tender

By Business News Americas staff reporter - Tuesday, November 11, 2014

Mexico's transport ministry SCT said it will compensate the China Railway Construction Corporation-led consortium that won the Mexico City-Querétaro high speed passenger train tender, which was voided last week.

International news agencies reported this week that the Chinese government and CRCC are exploring legal options following the decision by President Enrique Peña Nieto's administration to cancel the tender process after the SCT awarded it on November 3.
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The CRCC-led group, which also includes four Mexican companies – Constructora y Edificadora Gia, Prodemex, GHP Infraestructura Mexicana and Constructora Teya – was the sole bidder with a 50.8bn-peso (US$3.75bn) offer.

"In accordance with the public works and related services law, when a tender is canceled after being awarded, we will look at the costs incurred in the presentation [of the bid] and will negotiate the damages that all of this may have meant," SCT general director for rail and multimodal transport, Pablo Suárez Coello, was quoted as saying by Milenio newspaper.

The SCT previously said the tender – which was canceled after local media raised concerns about possible conflicts of interest involving the group's Mexican companies – will be relaunched "with the goal of providing more time and facilitating the involvement of a higher number of train manufacturers."

The high speed train will cover 210km between the Buenavista station in Mexico City and downtown Querétaro city, reaching speeds of up to 300km/hour.

 

[TaiShang]

FDI into China rises 1.3% in October | The BRICS Post


Foreign direct investment (FDI) into the Chinese mainland rose 1.3 per cent in October from a year earlier, standing at $8.53 billion, China’s Ministry of Commerce said on Tuesday.

For the first 10 months, FDI into China from Japan fell 42.9 per cent. On Monday, weak economic data posted by the government showed Japan fell into recession in the third quarter.

FDI from the United States into China also fell 23.8 per cent from a year earlier. Meanwhile, FDI from South Korea and Britain increased 26.4 per cent and 32.4 per cent, respectively.

The growth rate was lower than the 1.9 per cent growth in September, after a 14 per cent slump seen in August.

For the first ten months, FDI into China, which excludes investment in the financial sector, totaled $95.88 billion, down 1.2 per cent from the same period last year, with the decline pace narrowing from the 1.4 per cent registered in the first nine months, the ministry said.

The service sector attracted $53.12 billion, 6.6 per cent higher compared with the same ten months in 2013.

Growth of FDI into the manufacturing sector in the January-October period declined 15.1 per cent year on year to $32.52 billion, the Commerce Ministry said.

For the first nine months, China’s GDP rose 7.4 per cent year on year to reach 42 trillion yuan ($6.84 trillion).

Gerry Rice, spokesperson of the International Monetary Fund (IMF), said in September this year the IMF has “recommended the (Chinese) authorities could accept a range of 6. 5 to 7 per cent for growth target in 2015.”

Earlier this year, China has rejected a World Bank report that suggests it might pass the United States this year to become the biggest economy measured by its currency’s purchasing power.

“Even when the Chinese economy is finally coronated as No.1, all that GDP will be spread pretty thin around more than a billion people. On a per-capita basis, China is still No.99 in the world. In any case, China will be the world’s largest economy sooner or later, but do ordinary Chinese people really care? At the end of the day, it is the yuan in their pocket that really matters,” said an editorial in China’s state-run Xinhua in September.

“This does not change China’s status as a middle-income, developing country. More importantly, China remains dogged by a host of problems: overcapacity, financial risk, lukewarm manufacturing, lack of global brands and innovative capabilities,” it added.