介绍:
SLF Rate Cut takes effect as of today
Cuts to the interest rates banks have to pay to keep their local branches topped up with cash have taken effect today.
As of today, the overnight rates of the Central Bank's Standing Lending Facility, or SLF, sits at 2.75-percent.
This is down from the previous rate of 4.5-percent.
7-day lending rates now sit at 3.25-percent, down from 5.5-percent.
In making the move, the People's Bank of China says the move to cut its SLF rates will reduce spikes in the interbank lending market.
The Standing Lending Facility is a policy tool the PBoC uses to inject cash into the banking system.
Observers are suggesting the move to cut the SLF rates could be a signal of further interest rate cuts on the way for businesses.
Innovative, Small Businesses in China Receives Multibillion-dollar Tax Cuts
New government figures say Chinese firms have managed to save around 37-billion US dollars through tax cuts though the first 3-quarters of this year.
In a bid to bolster corporate spending, the corporate income tax rate in China has been slashed from 25 to 15 percent.
This has saved high-tech companies in China close to 16-billion dollars.
The government says the tax breaks brought in this year have also saved small businesses over 10-billion dollars.
This year's tax reductions are part of the Chinese government's broader goal of spurring innovation to generate new jobs.
A series of preferential policies for companies involved in research and development are expected to be rolled out next year.
New IKEA Store to Open in Central China
IKEA has signed a new agreement worth some 625-million U.S. dollars to build a new outlet in central China.
The 300-thousand square meter IKEA is going to be built in the Yanghu Economic Zone in Hunan's capital, Changsha.
The massive facility is due to be finished by 2019.
IKEA hopes to attract over 20 million customers a year in Changsha.
The Swedish company expects the new store will create 5-thousand jobs.
IKEA currently has 18 stores in 15 Chinese cities.
It entered the Chinese market 6-years ago.
Foxconn to Build New Processing Base in Northwest China
Apple's main supplier Foxconn is planning to build a new processing base in northwest China.
The contract electronics maker signed a cooperation deal today, Friday, with a local radio and TV network firm agreeing to establish a base in Lanzhou of Gansu Province.
The new base will focus on the combination of new information technology, including cloud computing, and big data.
The deal aims to encourage entrepreneurship and innovation in Gansu, boosting local economic growth.
Earlier in September, Foxconn signed an agreement with Gansu's provincial government pledging to build long-term cooperation.
Taiwan based Foxconn has expanded rapidly with over 30 industrial gardens up and running across China, since it was launched in the Chinese mainland in 1988.
China's Steel Prices Hit Record Lows
Steel Prices in China are languishing at record lows following sluggish economic growth in the first half of the year.
Benchmark steel rebar prices on the Shanghai Futures Exchange hit a record low of 1,733 Chinese yuan. Down almost 30%.
Globally, China is both the biggest producer and consumer of steel. The slump has seen one of China's largest steel providers, Tangshan Songtin Iron & Steel halt production.
The China Iron and Steel Association forecasts that steel production will contract almost 3 percent next year.
For more on this, CRI's Lincoln Van der Westhuizen spoke to Terrill L. Frantz, Assistant Professor of Management & Director of Global Development at Peking University's HSBC Business School.
Back anchor:
Terrill L. Frantz, Assistant Professor of Management & Director of Global Development at Peking University's HSBC Business School speaking with CRI's Lincoln Van der Westhuizen.
Chilean Firm Offers Course for Importing from China
A Chilean consulting firm is offering a special course for potential importers of Chinese goods.
The two-day course, being held next week, aims to help business owners in Chile navigate Chinese websites and place their orders.
Presentations will be made by Customs and shipping agents as part of the course which will also offer an introduction to Chinese culture.
The firm says the course will be offered again next month.
A free-trade agreement between China and Chile was signed a decade ago, facilitating trade exchanges between companies.
South Korea's Consumption Propensity Falls to Record Low
The amount South Korean consumers are willing to spend declined to a record low in the third quarter of this year due to slowing income growth.
The figure stood at 71.5 percent, the lowest level for 12 years.
Household expenditure reduced 0.5 percent year on year to 3057 U.S. dollars in the July-September period, the first decline in 2 and a half years.
Household monthly income averaged over 3800 U.S. dollars during the third quarter, up 0.7 percent from the same period of last year, the lowest growth since the third quarter of 2009.
Consumers reduced spending on worries about economic slowdown while preparing for life after retirement.
Residence costs surged 23.5 percent during the quarter on the back of higher home rental, while food costs increased 2.7 percent because of higher vegetable and meat prices.
Average wages in Spain falls to lowest level since 2007
Figures from Spain's Finance Ministry show that the country's average wage has fallen to its lowest level since 2007.
The figure now stands at over 18 thousand euros, or around 20 thousand U.S. dollars.
The highest salaries were to be found in the capital city of Madrid, while the lowest were recorded in the rural region of Extremadura.
The salaries showed little fluctuations from 2008 to 2011, but began to fall after the implementation of labor reforms in 2012.
The finance ministry said the fall was less to do with lower salaries for existing jobs, but that newly created jobs now offered much lower pay than before the crisis.
Meanwhile, the report also said the biggest earners in the country still saw their salaries continue to grow.
Gender discrimination in earnings in the highest-paid sectors was also notable, with women only accounting for 18 percent of those earning 10 times the minimum wage.
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