China market (update 2): To cap emissions and have 20% energy from zero-emission sources by 2030
12 November 2014: China to cap emissions and have 20% energy from zero-emission sources by 2030
China and US strike deal on carbon cuts in push for global climate pact by Lenore Taylor, Guardian Australia political editor, Tania Branigan in Beijing and agencies, theguardian.com, Wednesday 12 November 2014 06.54 GMT; "Barack Obama aims for reduction of a quarter or more by 2025, while Xi Jinping sets goal for emissions to fall after 2030...The United States and China have unveiled a secretly negotiated deal to reduce their greenhouse gas output, with China agreeing to cap emissions for the first time and the US committing to deep reductions by 2025... The pledges in an agreement struck between President Barack Obama and his Chinese counterpart, Xi Jingping, provide an important boost to international efforts to reach a global deal on reducing emissions beyond 2020 at a United Nations meeting in Paris next year.... China, the biggest emitter of greenhouse gases in the world, has agreed to cap its output by 2030 or earlier if possible. Previously China had only ever pledged to reduce the rapid rate of growth in its emissions. Now it has also promised to increase its use of energy from zero-emission sources to 20% by 2030...." http://www.theguardian.com/environment/2014/nov/12/china-and-us-make-carbon-pledge
4 November: Macau Casino Revenue Drops Record 23% as Austerity Bites By Billy Chan Nov 4, 2014 1:29 PM GMT+0800; "Macau’s casino revenue plunged by the most since the city started monthly records in 2005, as China’s crusade against corruption prompted gamblers to cut back on lavish spending...."
http://www.bloomberg.com/news/2014-11-04/macau-casino-revenue-plunge-record-23-as-austerity-bites.html
1 November: anti-corruption hits demand?
Chinese govt officials told to shun mahjong Published on Oct 29, 2014; The commentary was the latest in a series of state-issued broadsides against official extravagance, as Chinese President Xi Jinping attempts to improve the Communist Party's image in response to widespread anger over endemic corruption. Chinese officials have held secret sauna parties and have been hiding alcohol in plastic water bottles as they seek to get around a crackdown on extravagance, according to the People's Daily last year. "Constant reports of saunas held at farm houses" were evidence of a growing culture of "low-key extravagance" that was damaging the new President's anti-corruption drive, it reported. The Chinese government on Monday issued a ban on private clubs in historical buildings and parks, which are often frequented by officials, state-run media reported. The campaign against graft has been blamed for falling sales of luxury items, and has hit business at expensive hotels and restaurants. - See more at: http://www.straitstimes.com/the-big-story/asia-report/china/story/chinese-govt-officials-told-shun-mahjong-20141029#sthash.xtRmSRYR.dpuf
Xinhua Insight: Who are the winners of China's anti-corruption drive? English.news.cn | 2014-10-14 21:56:01 | Editor: Fu Peng; Now after more than 22 months since late 2012, the campaign is still going strong and likely to continue. Tens of "tigers" above the ministerial level have fallen, including a former member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC)Central Committee. Xinhua reported earlier this month that restaurant owners in several places have demanded local governments pay their debts, which accumulated in the form of IOUs and at the cost of taxpayers. Even the hairy crab, a high-end delicacy mainly enjoyed by government officials, saw its first price cut in 12 years in September and can now be easily bought by ordinary people. http://news.xinhuanet.com/english/china/2014-10/14/c_133716535.htm
China and US strike deal on carbon cuts in push for global climate pact by Lenore Taylor, Guardian Australia political editor, Tania Branigan in Beijing and agencies, theguardian.com, Wednesday 12 November 2014 06.54 GMT; "Barack Obama aims for reduction of a quarter or more by 2025, while Xi Jinping sets goal for emissions to fall after 2030...The United States and China have unveiled a secretly negotiated deal to reduce their greenhouse gas output, with China agreeing to cap emissions for the first time and the US committing to deep reductions by 2025... The pledges in an agreement struck between President Barack Obama and his Chinese counterpart, Xi Jingping, provide an important boost to international efforts to reach a global deal on reducing emissions beyond 2020 at a United Nations meeting in Paris next year.... China, the biggest emitter of greenhouse gases in the world, has agreed to cap its output by 2030 or earlier if possible. Previously China had only ever pledged to reduce the rapid rate of growth in its emissions. Now it has also promised to increase its use of energy from zero-emission sources to 20% by 2030...." http://www.theguardian.com/environment/2014/nov/12/china-and-us-make-carbon-pledge
4 November: Macau Casino Revenue Drops Record 23% as Austerity Bites By Billy Chan Nov 4, 2014 1:29 PM GMT+0800; "Macau’s casino revenue plunged by the most since the city started monthly records in 2005, as China’s crusade against corruption prompted gamblers to cut back on lavish spending...."
http://www.bloomberg.com/news/2014-11-04/macau-casino-revenue-plunge-record-23-as-austerity-bites.html
1 November: anti-corruption hits demand?
Khor Reports: We recently spoke to China market specialists. The problem there is not just the shadow financing / LC problem (the big players still have financing access). There is also significant concern of constrained demand growth as the China anti-corruption drive hits gifting in the food sector including restaurant meals and mooncakes. For example, it is noted that it was the first time in many years that "hairy crab" prices fell. China watchers point out that the country's oil & fats annual increase was in a higher range of 1.5-2 million tonnes but it is now down to a 1 million tonnes increase. Do view Desmond Ng's presentation from the recent MPOC POTS KL conference which forecasts China palm oil demand for 2014 at 5.62 million tonnes, down from 2013 and the slowest since 2008, and from which the chart below is extracted. The recent peak of over 60% of palm oil imported by "traders" is also consistent with information from our chats with China-based traders in the middle of the year - they also mentioned the increased size of shipments by traders up to that point.
source: Latest development, challenges and outlook of palm oil market in China by Desmond Ng, MPOC Shanghai, POTS KL 2014, October 2014
Newslinks:
Chinese govt officials told to shun mahjong Published on Oct 29, 2014; The commentary was the latest in a series of state-issued broadsides against official extravagance, as Chinese President Xi Jinping attempts to improve the Communist Party's image in response to widespread anger over endemic corruption. Chinese officials have held secret sauna parties and have been hiding alcohol in plastic water bottles as they seek to get around a crackdown on extravagance, according to the People's Daily last year. "Constant reports of saunas held at farm houses" were evidence of a growing culture of "low-key extravagance" that was damaging the new President's anti-corruption drive, it reported. The Chinese government on Monday issued a ban on private clubs in historical buildings and parks, which are often frequented by officials, state-run media reported. The campaign against graft has been blamed for falling sales of luxury items, and has hit business at expensive hotels and restaurants. - See more at: http://www.straitstimes.com/the-big-story/asia-report/china/story/chinese-govt-officials-told-shun-mahjong-20141029#sthash.xtRmSRYR.dpuf
Decrease in mooncake bribery: survey(Xinhua) 13:20, September 11, 2014; BEIJING, Sept. 11 -- More than half of respondents to a survey on subtle corruption during China's Mid-Autumn festival believe there has been less use of public funds to buy traditional snacks this year, according to results published on Thursday. Some 54.6 percent of those polled by the China Youth Daily felt that there had been a marked drop in spending of public funds on mooncakes, while 76.7 percent said they have noticed the top anti-graft body's ban on this practice. Where respondents have received mooncakes, 49.4 percent said they bought them themselves, 32 percent got them from relatives or friends, 27.4 percent from employers, 6.7 percent from clients, and 4.5 percent from their subordinates. http://english.peopledaily.com.cn/n/2014/0911/c90882-8781306.html
Xinhua Insight: Who are the winners of China's anti-corruption drive? English.news.cn | 2014-10-14 21:56:01 | Editor: Fu Peng; Now after more than 22 months since late 2012, the campaign is still going strong and likely to continue. Tens of "tigers" above the ministerial level have fallen, including a former member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC)Central Committee. Xinhua reported earlier this month that restaurant owners in several places have demanded local governments pay their debts, which accumulated in the form of IOUs and at the cost of taxpayers. Even the hairy crab, a high-end delicacy mainly enjoyed by government officials, saw its first price cut in 12 years in September and can now be easily bought by ordinary people. http://news.xinhuanet.com/english/china/2014-10/14/c_133716535.htm