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Global News
Eyes on China
2018-10-19

Oct 19 (LTIT) -Further detailed tax reduction policies will be issued soon to support employment and strengthen economic growth momentum, ensuring the annual goal of reducing more than 1.29 trillion yuan ($187 billion) in taxes and fees for both corporates and households, the Ministry of Finance said on Thursday. The ministry plans to issue specific guidance to improve policies for export tax rebates. In addition, details of special expense deductions for individual income tax are being studied, said Yuan Haiyao, deputy head of the ministry's Department of Tax and Policy. "We are studying further cuts to taxation and the greater reduction of administrative fees, to lower corporates' costs and stimulate market vitality," he said. During the national tax cut campaign, the Chinese government's fiscal revenue growth decelerated to 2 percent in September, the slowest pace this year, in a move to ease the burden on corporates and offset external headwinds, according to data issued by the ministry on Thursday. Last month, fiscal revenue reached 1.3 trillion yuan, compared with 1.1 trillion yuan in August. But the year-on-year growth rate slipped by 2 percentage points within a month, the ministry reported at a news conference. The expansion of tax income also retreated to the year's slowest pace in September, down to 6 percent from 6.7 percent in August, as the previously issued tax reduction policies, especially for value-added taxes, have started to take effect. The Chinese economy has seen some changes recently based on stable foundations, in the face of some new issues and challenges, along with notable changes in the external environment, according to ministry official Yuan. Under the circumstances, "many market players are expecting further and stronger measures to reduce taxes and administrative fees", he added. In terms of fiscal expenditure, it increased by 11.7 percent year-on-year in September to 2.26 trillion yuan, compared with a growth rate of 3.3 percent in August. The total fiscal spending during the first three quarters accounted for 77.8 percent of the annual budget, according to the ministry. Faster growth in government expenditure is a "counter-cyclical factor" to ensure economic stability, acting as a cushion to offset downside risks, said Ming Ming, an analyst with CITIC Securities. "Fiscal policy may not be constrained by the pressure of fiscal balance or the standard of fiscal deficit, which means bond issuance is necessary when it is required (by the economic situation)," said Ming. During the first three quarters, local governments issued 1.25 trillion yuan of special-purpose bonds to support infrastructure construction, accounting for 92.4 percent of the annual quota. Outstanding local government debt increased to 18.26 trillion yuan by the end of September, said the ministry.

Market Futures Prices & Performances
2018-10-12

Oct 12 (LTIT) - Industrial metals prices fell on Thursday, caught by a global stock market sell-off, with lead hitting its lowest in more than two years, but the market had mostly recovered by the close of trading. Benchmark LME lead sank to its lowest since September 2016 at $US1876 but ended the session 4.7 per cent higher at $US1999 per tonne. Aluminium touched a two week low, ending 1.3 per cent down at $US2020. A global measure of equity prices fell to a one-year low on Thursday as investors feared an escalating US trade war with China and risks from a recent climb in interest rates. This has overpowered positive supply and demand signals for metals, Deutsche Bank analyst Nick Snowdon said. The US-China trade dispute has reduced demand for riskier assets and helped push the London Metal Exchange (LME) index of industrial metals down 15 per cent since June. "There's a divergence between very supportive near-term micro fundamental trends (for metals) and much greater uncertainty at the macro level," Snowdon said. Lead has fallen some 7 per cent since October 2 and is down nearly 30 per cent from a high in February. A break below technical levels, including its August low, had triggered selling and intensified pressure from financial investors betting on lower prices, a trader in London said. Supporting prices are stock drawdowns. Inventories in LME warehouses at 116,375 tonnes are down around 20 per cent this year and near 9-year lows. Stocks in Shanghai Futures Exchange warehouses have slipped more than 70 per cent this year to just over 11,000 tonnes. The global refined lead market will, however, flip to a surplus of 50,000 tonnes next year after a deficit of 123,000 tonnes in 2018, the International Lead and Zinc Study Group (ILZSG) said this week. Lead is likely to hold up, consultants Wood Mackenzie said in a note. "Refined supply will still exceed demand to 2021, but not to the extent that prices tank substantially," analyst Giles Lloyd wrote. LME copper was barely changed at $US6242 a tonne after touching its weakest since September 20. It was holding above its technically important 50-day moving average at $US6098. In two signals of a tight market, cash copper has flipped from a discount to a premium of $US11.75 over the three month contract and stocks in LME warehouses fell further to 170,100 tonnes, the lowest since mid-2016. Zinc traded 0.8 per cent lower at $US2606, nickel ended a touch lower at $US12,675 after touching a one-week low and tin ended 1.3 per cent higher at $US19,275.

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