The Christian Democrats’ score, sharply down on the 41% of the vote it collected in the previous 2013 elections, was widely seen as disappointing and is likely to leave Merkel diminished on the domestic political stage.
Tattoos and piercings are emblems of tribal allegiances
The re-emergence of the North-South divide in the United States supplies further evidence of the way in which the English-speaking zone is being overtaken by tribalism.
This fresh evidence of tribal divergence follows on the heels of the determination of the previous United States presidential dynasties to fight their supplanter, President Donald Trump.
The continuing politicking of the Clinton, Bush and Obama families campaigning seamlessly against the victorious candidate is classic tribal activity in that it cuts across constitutional political transitional processes, writes our roving reporter National Press Club president Peter Isaac.
The advent too of the presidency as a presidential family collective is still further evidence of this tribal drift.
The magnetic pull of tribal resurgence though is most evident now in the United Kingdom..
There the continuing Scottish secession agitation seeking to break away from England remains the most obvious example in the English-speaking zone.
The UK tribal factor became more evident now that any remaining economic underpinning of this breakaway movement has evaporated with Scotland’s bankrupt banks now being controlled from London.
The retribalizing of the English-speaking zone is taking place through stealth, and very largely because the institutions that exist to monitor such a development remaining mute about it.
University socio-political faculties deliberately choose to ignore this increasingly manifest development for fear of upsetting politicians and thus their own funding..
Universities refuse to see such every day and human evidence of tribalisation as the tattooing and other examples of self-adornment and self-mutilation of the entire socio-economic spectrum from show-biz types (pictured) to the industrial and administrative middle class.
This practice once confined to practitioners of virile callings, notably sailors, is now exploding into the elites, notably females whose tattoos are now so much bolder than those once displayed by sea farers, and those in other such danger-prone occupations..
Only Australia according to a covert European evaluation of tribally-inspired fractionalisaton possesses the equivalent of the United States 19th century melting pot, and was thus free of the threat of this resurgence.
New Zealand in contrast has deliberately nurtured tribalism through its parliamentary electoral system, a state of affairs now being actively challenged by the New Zealand First Party and also by Dr Don Brash’s Hobson’s Pledge movement
Official action within New Zealand to curb its tribally-based gangs is deliberately muted in order to appease an elitist political class.
This views and even encourages these anti-social collectives replete with their tribal markings and paraphernalia as evidence of repression inflicted on adherents during and after the imperial era, and thus living emblems of a collective guilt.
Canada is another example.
The largest English-speaking nation geographically must appease its French-speaking minority regions, and must do so with increasing emphasis and intensity.
Tribalisation in this English-speaking zone is now taking the form of a pulling away from a concerted national collective direction and instead reverting to an atavistic romantic blend centred on a notion of an oppression-stoked grandeur of times past.
Another element pointing to the institutionalised pandering to tribalism in the English –speaking zone remains the Westminster Green Paper on broadcasting and its stated need for mass access i.e. customisation to cater to these sectorised and evolving tribal patterns.
In other words Whitehall is accommodating and acknowledging this accelerating tribalisation drift and is accordingly setting about installing the policies needed to appease it.
Universities and other publicly-funded institutions indicate a deliberate and harmonised complicity in ignoring in spite of the evidence this gathering tribal momentum
Indeed, academic institutions supposed to measure the growth of the practical expression of the tribal instinct are often filled with individuals themselves emblematically part of it.
These are their operatives consciously or unconsciously succumbing to the resurgent tribal pull in the form of neck and sleeve arm tattoos and expandable ear lobe insertion devices among the other physical adornments associated with traditional tribal allegiances.
| From the MSCNewsWire reporters' desk || Wednesday 13 September 2017 |||
Writes Allan Golombek a Senior Director at the White House Writers Group for Real Clear Markets.
The scene in the Hamburg supermarket was stark. Row after row of empty shelves, dotted by a few products made domestically. Edeka supermarkets, the largest supermarket chain in Germany, emptied one store of every last imported good on a weekend. They were making a point. Rather than a protest against openness and diversity, it was an object lesson in the benefits we all derive from those two values. It was a defense of tolerance, but also a reminder that openness to goods and services, people and ideas is not just something we engage in to help others, but to help ourselves, directly and every day.
It is not surprising that this case for openness was made in Hamburg, a city that used to serve as a major port of departure for German immigrants to the United States, and the place widely believed to be responsible for the development of the hamburger, one of many foreign dishes that achieved enormous international popularity. Stripping the shelves of foreign-made products didn’t just demonstrate the advantage of drawing people from around the world through liberal immigration policies, as valuable as that is. It also illustrated the indispensable advantage of being free to import, utilizing resources and skills that can be found around the globe. While pro-trade politicians often try to sell free trade as a way of encouraging exports to create jobs, far more important is the fact that it makes it possible to import, enhancing choice – which is the economic purpose of working in the first place..
The ghost town image of the Edeka supermarket helped make it clear just how much we benefit from imports, of food and other goods, and how important they are to us. In the United States, the amount of imported food continues to increase as Americans consume more products that are either not locally available or not grown fast enough to meet demand. Americans import a wide variety of foods, literally from fish to nuts. Some are not grown in the United States, such as bananas and coffee. Many are made a lot more cheaply in other countries. Many are seasonal, and many new entirely to Americans (as pizza, bagels and felafel once were). Rather than a source of economic decline, two of the driving forces behind the growth of food imports are the desire to cut back on the cost of one’s food budget, and rising incomes spurring a wider desire for choice. Next time you sit down to a meal or grab a snack, ask yourself if it would be available to you if it wasn’t for global trade. No lamb from New Zealand, salmon from Norway, or pasta from Italy.
And next time you hear a politician criticize NAFTA, bear this in mind: The two largest sources of agricultural imports to the United States are its trading partners, Mexico and Canada. That includes most sugar and tropical products, such as coffee, cocoa, and rubber, and animals and animal products, including beef and veal. If your doctor has told you to eat your veggies, bear in mind that Mexico dominates vegetables imported into the United States, supplying peppers, cucumbers, tomatoes, corn, pinto beans, broccoli, and cabbage to name a few. Canada supplies carrots, cauliflower, asparagus, mushrooms and potatoes. NAFTA is good for you, physically as well as economically. And if you’re worried about the trade deficit with China, bear in mind that it includes billions of dollars worth of seafood each year, including farm-grown tilapia, shrimp, salmon and catfish.
The value of eating globally, not locally, undermines the core arguments of a growing anti-trade movement: Locavorism, which is based on the flawed premise that a diet of locally grown food offers environmental, economic and social benefits. In fact, the opportunity to import food extends our food supply chain, enhances competition and choice, delivers lower prices, and provides greater variety – the spice of life, literally as well as figuratively.
Over the years, we have been shaping a global diet. The brief removal of imported food from a supermarket’s shelf in Hamburg demonstrates its economic and cultural value to us.
Allan Golombek is a Senior Director at the White House Writers Group.
| A RealClearMarkets release || August 25, 2017 |||
Paris – Total is pleased to announce that the Boards of Total and A.P. Møller – Mærsk have both approved the acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S (Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S, by Total in a share and debt transaction.
Under the agreed terms, A.P. Møller – Maersk will receive a consideration of $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil’s debt. Total will issue to A.P. Møller – Maersk A/S, 97.5 million of shares, based on the average Total share price on the 20 business days prior to August, 21 (signing date) which will represent 3.75% of the enlarged share capital of Total. Underpinning this share based partnership, subject to Total shareholders’ approval, Total has also offered the possibility of a seat on its Board of Directors to A.P. Møller Holding A/S, main shareholder of A.P. Møller – Mærsk.
The proposed transaction is subject to the applicable legally required consultation and notification processes for employee representatives and to approvals by the relevant regulatory authorities. The transaction is expected to close in first quarter 2018 and has an effective date of 1st July 2017.
The combination with Maersk Oil offers Total an exceptional overlap of upstream businesses globally which will enhance Total’s competitiveness and value in many core areas, in particular through some high quality growing assets and through the delivery of synergies. Specifically the transaction will bring the following benefits to Total:
Around 1 billion boe of 2P/2C reserves, 85% of which are in OECD countries (more than 80% in the North Sea), contributing to Total’s continuous balancing of country risks of its portfolio to enhance shareholder value The addition of 160 kboe/d of mainly liquids production in 2018, acquired at an average price of 46 k$/boepd, offering high margins with an estimated free cash flow break-even of less than $30 per barrel and growing to more than 200 kboe/d by the early 2020’s further strengthening Total’s leading production growth outlook Total expects to generate operational, commercial and financial synergies of more than $400 million per year, in particular by the combination of assets of Total and Maersk Oil in North Sea, an area of excellence for both companies The transaction is immediately accretive to both earnings and cash flow per share underpinning Total’s dividend profile.
At closing of the transaction, in order that Total’s shareholders benefit from the accretive impact of the acquisition of Maersk Oil on earnings and cash flow, the Board of Directors of Total will consider removing the discount offered on the scrip dividend.
Commenting on the transaction, Patrick Pouyanné, Chairman and CEO said, “This transaction delivers an exceptional opportunity for Total to acquire, via an equity transaction, a company with high quality assets which are an excellent fit with many of Total’s core regions. The combination of Maersk Oil’s North Western Europe businesses with our existing portfolio will position Total as the second operator in the North Sea with strong production profiles in UK, Norway and Denmark, thus increasing exposure to conventional assets in OECD countries. Internationally, in the US Gulf of Mexico, Algeria, East Africa, Kazakhstan and Angola there is an excellent fit between Total and Maersk Oil’s businesses allowing for value accretion through commercial, operating and financial synergies.
We are also very pleased that we will have a new anchor point in Denmark which will host our North Sea Business Unit and supervise our operations in Denmark, Norway and the Netherlands. We intend to build on the strong operational and technical competencies of the Maersk Oil teams in the same way we managed to do it in Belgium with the teams of Petrofina in the refining & chemical businesses."
Patrick Pouyanné concluded : “This transaction is immediately accretive to both cash flow and earnings per share and delivers further growth over coming years. It is in line with our announced strategy to take advantage of the current market conditions and of our stronger balance sheet to add new resources at attractive conditions. By adding such a portfolio of growing conventional offshore North Sea assets, we confirm our strategy for value creation of, on the one hand, playing to our core strengths in order to grow further and, on the other hand, to constantly seek to lower our break-even by delivering significant synergies. This transaction will deepen and accelerate this strategy significantly, as Total will become a 3 Mboe/d major by 2019 to the benefit of all Total shareholders.”
Key Themes of Transaction - Acquisition transforms Total’s North West Europe outlook.
This transaction will make Total the second largest operator in the NW Europe offshore region which is the 7th largest oil and gas producing region globally. Post completion, Total will operate over 500 kboe/d (gross) production in this region.
The transaction strengthens Total’s existing North Sea offshore producing business in UK and Norway. The addition of Maersk Oil’s world class assets, including the operated UK gas field Culzean (49.99% Working Interest), close to the Elgin-Franklin hub operated by Total, and its stake in the giant Johan Sverdrup oil development (8.44% Working Interest) in Norway will bolster Total’s production profile in these countries.
The transaction adds a new production hub with Maersk Oil’s operatorship and 31.2% ownership of the DUC producing assets in Denmark with net production in 2018 estimated at around 60 kboe/d. Maersk Oil has been the leading operator in Denmark for almost 50 years. The pooling of Total’s and Maersk Oil’s technology and operating expertise will optimize the long term value potential of the DUC assets to the benefit of Denmark and Total shareholders.
The transaction also will strengthen other core Total regional businesses due to clear complementary positions between Total and Maersk Oil including:
consolidating Total’s US Gulf of Mexico presence with the Maersk Oil interest in the Jack development in the Wilcox formation
becoming the second largest IOC in Algeria by production
complementing Total’s leading East Africa position via Maersk Oil’s Kenya assets
strengthening of Total’s Kazakh business via addition of operated production
benefiting of potential upsides in Angola and Brazil
pooling of Total and Maersk Oil geological and operational expertise in Middle East - North Africa Region.
To listen to Chairman and CEO Patrick Pouyanné’s live webcast at 13:00 today (London time) please log on to total.com or call +44 (0) 20 3427 1909 in Europe or +1 212 444 0896 in the United States (code: 5091367). For the replay, please visit the website or call +44 (0) 207 984 7568 in Europe or +1 719 457 0820 in the United States (code: 5091367).
This new customised scam gives the old fashioned con artist the full leverage of the electronic funds transfer era.
A new wave of money transfer fraud techniques is on its way to New Zealand. It is the President scam, so called because it is centred on the departure from secure procedures triggered by a very senior official in the targeted organisation intervening and giving the appearance of wanting the fraudulent transfer to take place.
Under the President modus operandi someone poses as the boss of an organisation. They then conjure up an exception of some kind and which requires an instant transfer of money. The controlling officer, the one at the receiving end of the email or telephone call, then instructs the operations person concerned to implement the transfer. Or transfers it personally.
Inherent in this confidence trick is the artificial flap and the urgency it generates, an urgency designed to wash away any remaining security steps, especially any suspicion about the entity on the other end of the money transfer.
The theme of the President scam is that it differs from other transfer frauds in that it is designed to be implemented and completed in minutes rather than hours.
However the preparatory spade-work by the perpetrator will take much longer and involves a close study of the voice and verbal pattern of the senior official, the President, who is being mimicked. It will also require an evaluation of the vulnerability of the authorisation chain and especially of the individual who will press the button on the transfer.
These weak links may include for example a command chain noted for an informal i.e careless approach to established procedures.
Also an organisation in which the boss, the President, is known for making procedural short cuts. A boss who is feared in this context represents a weak link because line staff will want to avoid incurring their ire and so be more willing to take the procedural short cut.
There are of course a number of variants on the President scam.
These include the scam artists impersonating suppliers who claim that if a certain payment is not immediately made, that they will cause, for example, a production line to close down.
A particularly nasty twist is when a known adviser, perhaps the head of an organisation’s firm of accountants appears to be ringing in, urgently advocating the settlement of this or that account before the sky falls in.
In Europe where the President scam was developed and refined there can often be a conspiratorial aspect to the impersonation in which the scam artist seeks to impersonate elements of the forces of law enforcement, and seeks the covert assistance of someone connected with money transfers on the grounds of patriotism.
The money transferred under the President scam moves quickly through the hot money arteries, bouncing around countries with low banking surveillance, before being laundered, and often factored through commodities and other merchandise.
The history of the preceding waves of electronic scamming indicates that the International fraud artists turn their attention to New Zealand when they have picked the eyes out of the low hanging fruit in the northern hemisphere.
This time, as we shall see, is about now. Neither can we claim that the President technique has not already been applied to New Zealand. It may have been intercepted. Or the victim organisation has shut up about it.
Anyone involved in money transfer knows that by its very existence any chain of authorisation is vulnerable just because humans are involved.
So we have to hold onto something solid. In this case documentary credit instruments represent the best banking landmark. This means, in this context, sight documents.
Why? Because seeing is believing. Any departure, any exception, from authorised procedure must be verified by “sighting” the individual, the President, the CEO, or the CFO who is demanding the implementation of the exception to standard practice i.e. the money transfer.
The reason that sight procedures (never in this connection ever to be confused with citing or even “site” procedures)apply now is just because unlike previous waves of point to multi point stacked scams, the President formula relies on a high degree of customisation.
This means for example that an email used in the scam will be customised around the known habits of the President and also around the known personality of the target, the officer of the organisation authorised to make the transfer.
This email may, for example, have a holiday home telephone number. “Ring me for verification.” The person at the other end of the line will be the impersonator, perhaps with a nasty cold in order to cover up any discrepancy in tonality.
It is this customisation that makes the President scam so dangerous to New Zealand organisations.
Organisations should now evaluate the wisdom of displaying and generally publicising the names of their treasury people, especially on their web sites. They are the point of departure for practitioners of the President scam.
As practitioners turn their attention to southern latitudes we find that only in the simplicity of direct sight, the face-to-face encounter, is there an antidote to this curious yet so far extremely successful blend of the old fashioned confidence trickster merged now with the speed of light of a numerical transfer.
How vulnerable are New Zealand medium to large organisations to this new threat?
Until now the publicised victims of electronic scams of all stripes have been individuals, householders.
The first wave was the Nigerian one in the fax era. Then followed a medley centred on phishing or bank impersonation. Dismayingly the banks insist on using emails to send out their promotional material which means that they cannot collectively state that any email from a trading bank is by definition a false one.
It is in this year’s wave, the telephone calls from Microsoft accredited agent impersonators that we find the direction of this new scam.
As this particular Microsoft scam developed it was observed that recipient caller display bars began to show New Zealand telephone numbers.
Though replies indicated that the caller display numbers elicited no response.
Another pointer is the arrival in the Auckland area especially of criminal gangs working over ATMs.
We are entering the era in which organisations will have to start becoming reticent about their financial authorisation chains in terms of who staffs them.
Similarly with IT structures in which any unanticipated request for tests should be flatly ignored.
At least, until the sight verification.
| From the MSCNewsWire reporters' desk - European Correspondent || Tuesday 22 August 2017 |||
Brexit and Ireland Britain's troubled relationship with the island next door is a problem again.
Theresa May's government has urged the European Union to allow British businesses to continue to enjoy the benefits of the free trade of goods into Europe after Britain has left the EU. Brexit secretary David Davis said:"These papers will help give businesses and consumers certainty and confidence in the UK's status as an economic powerhouse after we have left the European Union".
The Government is to publish more details of its negotiation plans for Brexit later this week. "We've published recently just in the last few days a number of papers that set out our thinking on some of those key issues for the future relationship".
Slovenia's prime minister Miro Cerar told the Guardian newspaper in an interview that not enough progress had been made to move onto discussing a trade deal, in a blow to the government, who want to begin trade talks alongside negotiations over the UK's withdrawal.
"There are so many hard topics on the table, hard issues there, that one can not expect all those issues will be solved according to the schedule made in the first place".
The European Council will decide in October if "sufficient progress" has been made in discussions so far.
"That is our aim and we are confident that we are working at a pace to be able to get to that point".
Britain is pressing Brussels to begin early talks on a long-term trade deal as part of the negotiations over the terms of Brexit.
But sources said it was up for negotiation whether ECJ rulings will apply in the two or three year transition period after 2019.
A New Zealand/UK dual national with more than 25 years' experience, Falconer will lead trade policy and the development of negotiation capability and will serve as an ambassador for Dr Fox's Department for International Trade. "So, never mind Theresa May's foolish red line; we will have the ECJ in all but name".
The proposal, unveiled in The Times today, could allow Theresa May to square the circle of getting Britain out from under the control of the ECJ while protecting free trade in the EU's single market.
The Liberal Democrat Brexit spokesman Tom Brake MP said: "David Davis promised us "the row of the summer" over the Brexit timetable, only to capitulate weeks later to the EU's preferred timetable after a disastrous general election for his party which vastly undermined their negotiating position".
| A Hightech Beacon release || August 21, 2017 |||
New Zealand will host APEC in 2021, with Leaders’ Week to be held in Auckland from November 8 to 14, Foreign Minister Gerry Brownlee says.
“With Auckland also set to host the America’s Cup, 2021 will be a big year for the country’s biggest city,” Mr Brownlee says.
“We are announcing the dates as early as possible to provide some clarity for planning, which is already under way.
“APEC 2021 will be the largest event ever hosted by the New Zealand government and is a wonderful opportunity for New Zealand to shine on the international stage.
“APEC will bring world leaders to New Zealand and create significant opportunities to promote our economic interests with trading nations including China, the US and Japan.
“The Asia-Pacific is the fastest growing economic region in the world and APEC is its leading economic forum.
“APEC member economies account for almost half of all global trade, and more than 70 per cent of New Zealand’s goods and services are exported to APEC economies.
“It is expected that APEC will attract up to 22,000 international attendees to the 12 significant APEC-related events held throughout the year, with around 10,000 attendees expected for Leaders’ Week.
“While Auckland is confirmed to host the Leaders’ Week, we intend to spread meetings and events across other large cities, including Christchurch, to showcase the very best of New Zealand’s capability, innovation, culture and amazing landscapes,” Mr Brownlee says
A total of 92 percent of New Zealanders do not want their nation to follow President Donald Trump’s lead and withdraw from the Paris Climate Change Agreement set in 2015.
Moreover, six in ten Kiwi’s believe we should work harder with other countries to achieve the goals of the accord after the US withdrawal in June.
This is the outcome of a Climate Change survey released today by Pure Advantage, a national organisation comprised of business leaders who believe the private sector has an important role to play in creating a greener, economically stronger New Zealand.
New Zealanders are even more united in their commitment to the Paris Accord than Australians at 87 percent support, Pure Advantage chief executive Simon Millar says.
“Our survey showed seven in ten Kiwis are comfortable with the carbon reduction targets that have been set by New Zealand as a signatory to the Paris Agreement, yet 20 percent think they could be even higher.
“Millennials are significantly more likely to support carbon reduction. This next generation of Kiwi consumers, business owners and decision-makers want to see New Zealand leading the world, and working even harder to accelerate our efforts towards a zero-carbon future.
“Two-thirds of people believe we should be a world leader in solving climate change and also support measurement of economic growth in New Zealand (GDP) to include the impact of growth on the environment.
Despite our clean and green global brand, New Zealand is trailing many countries in our carbon reduction efforts to sustain this reputation and our performance on the international stage is well below world leading. Since 2011 the United Kingdom has had lower emissions per person than New Zealand,” Millar says.
These findings relate directly to those recently announced by Parliamentary Commissioner for the Environment Dr Jan Wright who said that climate change is the environmental issue of our time and that New Zealand’s total emissions are climbing, while in many other countries they are falling.
The survey shows that large numbers of Kiwis are speaking out about climate change and wanting the country to do more about it, yet we are laggards on progress and the Government is yet to lay out a clear plan for how we will achieve the targets we have set, let alone increasing our ambitions. Steady as she goes is not the way forward, bold action is.
New Zealand is one of 196 countries to have signed the Paris Agreement and committed to voluntarily take steps to address climate change. The Accord set the goal of reducing greenhouse gas pollution to zero in the second half of the century. New Zealand has set a target of reducing greenhouse gas emissions by 30 percent below 2005 levels by 2030.
Pure Advantage is a not-for-profit that investigates and communicates opportunities for green growth. Its trustees include Sir Stephen Tindall, Katherine Corich, Phillip Mills and Rob Morrison.
CHINA’S manufacturing activity eased slightly last month amid hot weather and flooding.
The official Purchasing Managers’ Index, which measures vitality in the sector, slowed to 51.4 in July from June’s 51.7, the National Bureau of Statistics said yesterday.
Though slower than the market’s expected 51.6, it remained in expansionary territory for a 12th consecutive month.
A reading above 50 indicates expansion, while a reading below reflects contraction.
Zhao Qinghe, the bureau’s senior statistician, said the July reading had remained between 51 and 52 over the past seven months. The slower expansion was partly due to hot weather nationwide and flooding in some areas, Zhao said.
External demand also weakened, with the sub-index for new export orders falling to 50.9 from 52 in June.
However, input and output prices both rose with companies’ increased purchasing, Zhao said.
Chen Zhongtao, an analyst with the China Logistics Information Center, called the July reading a seasonal fluctuation.
“It’s difficult to avoid volatility at such a relatively high level,” Chen said, noting that the PMI has hovered above 51 for 10 months in a row.
The structural upgrade of the manufacturing sector continued. High-tech and equipment manufacturing led the expansion in July, with their sub-indexes higher than the overall sector’s PMI.
In contrast, the sub-index for oil processing and coking, as well as the non-metal mineral products industry, stayed below 50 for the third month in a row, affected by overcapacity and restructuring.
“The shift between the old and new momentum of growth is accelerating,” Chen said.
The Australia and New Zealand Banking Group attributed the overall weakening to weather conditions, and said the slowdown was temporary.
“Hot weather and flooding in some parts of China temporarily disrupted business activity and dragged the overall index lower,” Betty Wang, ANZ’s senior China economist, said in a note. “The continuous ascent in prices suggests to us a longer industrial recovery. We may see a rebound in upcoming months.”
Despite the slower manufacturing expansion, firms continued to increase purchases with stronger confidence in their future growth, according to Zhao.
The sub-index for the quantity of purchases rose to 52.7 from 52.5 in June, while that for expectations on production and business operations climbed to 59.1 from 58.7, the third consecutive month of increase.
Yesterday’s figures also showed the non-manufacturing PMI moderated to 54.5 from 54.9.
Zhao said a contraction of activity in road transport, real estate and residential services overshadowed faster expansion in postal services, broadcasting and Internet sectors.
“The PMI drop in July was a normal fluctuation and did not show much about the cyclical trend of China’s economy,” CITIC Securities said in a note. “The positive economic outlook remained unchanged.”
For China’s macro-economic policy-makers, the pressure of supporting growth is gradually lessening, according to CITIC Securities.
It predicted no changes to China’s monetary policy stance, which has been set as prudent and neutral for 2017.
Yesterday’s data came after a slew of economic indicators that showed China’s economy steadily stabilizing and improving.
Official statistics put China’s GDP growth at 6.9 percent in the first two quarters of the year, up from 6.8 percent in the fourth quarter of 2016, beating market expectations.