China will cap rare earth output at 140,000 metric tons by 2020, the Ministry of Industry and Information Technology announced Tuesday, citing plans to protect strategic resources. The country produced around 100,000 tons of the minerals last year, accounting for 85 percent of global production.
Third quarter growth expected to be in line with first half based on power consumption
China’s third quarter GDP growth is expected to be in line with the 6.9 percent growth for the first half of 2016 based on data for electricity consumption, according to analysts cited by Securities Daily. Power usage in September, August and July saw increases of 6.9 percent, 8.3 percent, and 8.17 percent respectively from a year earlier, according to the National Energy Bureau. Third quarter power consumption expanded faster than that of the first half of the year, signaling a pick up in economic activity.
Finance Ministry investigating local government debt and PPP investment
The Finance Ministry is investigating debt at companies serving as local government financing platforms, according to an unnamed source in a report by the 21st Business Herald. Local governments are required to report their public-private partnership investments by October 24.
The third list of PPP project was released by the Finance Ministry on Oct. 13, reported Shanghai Securities Journal. So far, 516 projects totaling more than 1.17 trillion yuan have been approved, double the number of projects in the second list. The amount of investment rose 80 percent.
财政部再查地方债务 首次摸底PPP项目等 财政支出规模
Government backs companies facing anti-dumping investigations
China will support companies facing anti-dumping investigations, China Ministry of Finance spokesman Shen Danyang told the press yesterday. Chinese firms should use existing laws to defend their own interests amid a rise in trade protectionism, Shen said.
The European Commission plans to grant China the status of a market economy but faces opposition from Italy, Portugal, Spain and eastern European countries who are concerned such a status will undermine steel and solar panel industries in Europe.