According to the data reported by the National Bureau of Statistics, consumer price index grew 2.7 percent year-on-year in July, up from 2.5 percent from the previous month. The core CPI, which excludes food and energy prices, rose 0.5 percent year-on-year last month, 0.4 percentage points lower than in June. The year-on-year growth in food reached at 13.2% in July, while in nonfood prices dropped for the second straight month to zero in July, versus 0.3 percent in June.
Compensation Mechanism in the Banking Industry to be AdjustedAt the beginning of the year, the Ministry of Finance issued detailed rules to define the compensation mechanism for state-owned financial enterprises. The increase of the total wages of financial enterprises shall be determined reasonably by taking into account economic benefits, labor productivity and other factors, with the focus on implementing the national macro policies and serving the real economy. In other words, the compensation of state-owned financial enterprises will be affected by net profit growth going forward.
Chinese Companies Ranked High on Fortune 500 List: Sinopec Group Ranked Second, Followed by State Grid and China National PetroleumThis year's Fortune Global 500 companies hit a record of USD33 trillion in revenues, close to the combined GDP of China and the United States. Walmart remained the world’s largest company for the seventh consecutive year, Sinopec Group still ranked second. State Grid rose to the third place and China National Petroleum ranked fourth, while Royal Dutch Shell has fallen to fifth.
The month of July is traditionally an off-season for China’s auto market, but according to the production and sales reports released by some auto companies recently, many of them recorded a double-digit year-on-year growth in July. According to the data collected by China Association of Automobile Manufacturers on key auto companies, the sales volume of the entire industry was estimated to reach 2.08 million units in July, down 9.6% from the previous month, while up 14.9% from the same period last year.
Li Auto IPOed in US, Xpeng Financing Deal; Auto Industry Transformation and Upgrading to be ContinuedElectrification, intelligentization, and sharing are driving the transformation and upgrading of the auto industry. The new-energy vehicles have become the best carrier of intelligentization, which is also one of the key reasons for the current influx of many new auto makers. At present, NIO, Xpeng Motors and Li Auto have been seen as the leading companies in China's new energy auto industry.
Evergrande Becomes China’s Largest Auto Maker by Market CapOn August 4, the stock price of Evergrande (00708.HK) once soared to HKD37.70, though the closing price fell back to HKD34.80, it still exceeded the total market value of HKD300.672 billion (RMB270.695 billion), surpassing BYD (002594.SZ) of RMB225.818 billion and SAIC (600104.SH) of RMB214.976 billion and making Evergrande the biggest company by market cap in China’s auto industry. The share price of Evergrande was up more than 452% in less than two months, from HKD6.3 on June 10, 2020.
长安汽车7月销量同比增长38.47%,销量增速优于行业平均水平
Changan Automobile Sales Rises 38.47% Year-on-Year in July, Sales Growth Better than Industry AverageOn August 8, the production and sales report disclosed by Changan showed that the output in July reached 169,600 units, a year-on-year growth of 32.42%; sales volume was 164,900 units, up 38.47% from a year earlier. In the first seven months of this year, Changan produced 989,200 vehicles, up 3.82 percent year-on-year, while the cumulative sales volume was 995,900 units, up 6.04% year-on-year. According to the forecast released by the China Passenger Cars Association (CPCA), retail sales at major manufacturers rose 6 percent in July from a year earlier, meaning that Changan's sales growth slightly outpaced the industry.