China Retail Sales Growth Picks Up
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A rundown of the news making headlines in and around China:
Retail sales: China’s total retail sales, a key indicator for consumption, grew 4.8% year-on-year last month, the fastest pace since the January-February period, according to official data published Friday. Over 90% of spending was on consumer goods other than automobiles. The tail end of October saw the beginning of the Singles’ Day online shopping festival, an annual phenomenon that causes a surge in activity on the country’s major e-commerce platforms, which pull out all the stops with promotions to attract users. Retail sales for the first 10 months of the year rose 3.5% year-on-year to 39.9 trillion yuan ($5.6 trillion). By comparison, real estate development remained grim, with investment in the sector falling 10.3% in the first 10 months.
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- China’s retail sales increased by 4.8% last month and 3.5% in the first 10 months, with 90% spending on consumer goods excluding automobiles.
- Zijin Mining Group is facing illegal mining and security issues at its Colombian gold mine, jeopardizing a nearly $1 billion investment.
- Geely’s EV brand Zeekr will absorb Lynk & Co. to consolidate in China's crowded market, with the government fostering NEV demand as part of the green transition.
- Zijin Mining Group
- Zijin Mining Group faces significant challenges at its Colombian gold mine, where rogue miners backed by a local drug gang have been plundering resources, threatening its nearly $1 billion investment. Since late 2022, illegal mining and violence have surged. While a Wall Street Journal report estimated over 3.2 tons of gold were looted in 2023, Zijin is still determining the precise amount. This situation underscores the financial risks of investing in regions with weak security.
- Zhejiang Geely Holding Group
- Zhejiang Geely Holding Group Co. Ltd. is streamlining its operations by having its premium electric vehicle brand Zeekr take control of sister brand Lynk & Co. This move aims to reduce product overlap and enhance competitiveness in China's crowded EV market. This consolidation is part of broader industry trends, expecting significant reduction in new-energy vehicle brands by 2030, largely due to high losses and concentrated profits among a few market leaders.
- Zeekr
- Zeekr, a premium electric vehicle brand under Zhejiang Geely Holding Group, will take control of its sister brand Lynk & Co. This move is part of efforts to streamline operations, prevent product overlap, and enhance competitiveness in China's crowded EV market, which currently has up to 137 domestic NEV brands. The consolidation aligns with predictions that significant brand reductions will occur by 2030.
- Lynk & Co
- Zhejiang Geely Holding Group Co. Ltd.'s premium electric-vehicle brand, Zeekr, is set to take control of its sister brand, Lynk & Co., as part of an effort to streamline operations and reduce product overlap. This move is in response to the anticipated consolidation in China's electric vehicle market, where a significant number of new-energy vehicle brands are expected to disappear by 2030, as competition intensifies.
- January-February 2024：
- China's total retail sales grew at the fastest pace since this period.
- July 2024：
- A scandal about tainted cooking oil blew up in China.
- As of July 2024：
- There were as many as 137 domestic NEV brands in China.
- August 2024：
- Probe results were released with punishments focused around two trucks registered in North China's Hebei province.
- November 14, 2024：
- Zijin Mining Group Co. Ltd. acknowledged illegal mining and violence at the Buriticá mine in Colombia had surged since the second half of 2022.
- November 14, 2024：
- President Xi Jinping arrived in Peru for a state visit and attended the 31st APEC Economic Leaders' Meeting.
- November 15, 2024：
- Official data published, showing China's retail sales grew 4.8% year-on-year in October 2024.
- November 15, 2024：
- China's top graft buster announced the removal of former agriculture minister Tang Renjian from public office and expulsion from the Communist Party for corruption.
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