Kyle Jin's profile

Kyle Jin (Jin Hao 金壕）was born in China and is a Korean descent. At the age of 18, he started studying and living in the United States.

Kyle graduated from the School of Business at Virginia Commonwealth University and the McIntire School of Commerce at the University of Virginia.

In 2015, he returned to China and founded Only Investment Group based in Hong Kong and Mainland China. The company's main activities include cross-border capital operations, investments, international trade, and more.

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China's trade surplus totaled $104.84 billion in December, according to information from the country's customs. In November, the surplus was smaller, at $97.44 billion. The surplus was forecast at $99.8 billion.

In December, China's exports rose 10.7% on the year (compared to a forecast of a 7.4% increase), while imports increased 1% (compared to a forecast of a 1.2% decrease).

For the whole of 2024, China's trade surplus was $992.2 billion; exports totaled $3.58 trillion, and imports totaled $2.59 trillion.

“The data showed that there was noticeably stronger growth in volume than in value for some export categories in 2024, indicating that price competition remains intense. This will undoubtedly fuel further criticism of China for ‘exporting deflation’. Sectors where this is clearly evident include autos, steel and home appliances,” said Lynn Song, chief China economist at ING.

“After accounting for changes in import prices and seasonality, import volumes have recovered month on month. We expect them to continue to grow in the near term. The Ministry of Finance said at a press conference last week that the fiscal deficit will widen significantly this year. We believe that the increase in fiscal spending, much of it likely to still be directed towards investment, will boost construction activity and increase demand for industrial commodities in the coming months,” said Zichun Huang, China economist at Capital Economics.

(Notice on Matters Related to the Activation of the Registration Function for Importers and Exporters of Imported Food Products "Unified Management Subsystem for Customs Administrative Correspondence (Version 3.0)")

Announcement [2024] No. 105

In order to further optimize the registration work of importers and exporters of imported food and promote the construction of "Smart Customs", the General Administration of Customs has launched the registration management function of "Unified Management Subsystem for Customs Administrative Correspondence (Version 3.0)" for imported food importers and exporters, and hereby announces the relevant matters as follows:

1. Foreign exporters or agents of imported food and food importers can submit deposit applications to the customs through the "single window" for international trade or "Internet + Customs". Food importers can also submit a “Consignee Registration Application Form” in paper form and relevant materials to the customs office of their place of residence to apply for registration.

2. After the foreign exporter or agent of imported food is approved for registration, the customs will issue a unified 18-digit code to the foreign exporter or agent of imported food for customs clearance business. After the food importers pass the registration process, they can use the unified social credit code to handle customs clearance.

3. Before the implementation date of this announcement, for foreign exporters or agents of imported food who have been registered with the customs, the customs will proactively issue a unified 18-digit code to the foreign exporter or agent of imported food, and the original company registration number will no longer be used; for those who have been registered with the customs, food importers use the unified social credit code, and the original company registration number is no longer in use.

4. When importing food, food importers must declare the "Customs Import Commodity Declaration Form of the People's Republic of China" to the customs as a "domestic recipient". When filling in the "Business Qualification" declaration item, "508-Overseas Imported Food". The "Business Qualification Number" column of "Export Agent Registration" shall be filled in with the 18-digit unified code of the exporter or overseas agent of imported food, and the "Business Qualification Number" column of "509-Importer Registration of Imported Food" shall be filled in with the Unified Social Credit Code of the food importer.

5. The registration information of foreign exporters or agents and importers of imported food can be checked through the "List of Administrative Counterparties with Specific Qualifications" column of the "China Customs Import and Export Credit Information Disclosure Platform".

This announcement shall come into effect from September 5, 2024.

SHANGHAI/SINGAPORE (Reuters) - China decided to keep its benchmark lending rates (LPR) unchanged on Tuesday, in line with market expectations.

The decision to keep the LPRs unchanged came amid a narrowing of lenders’ interest margins that has hampered continued easing efforts, after China cut a series of rates the previous month.

The one-year lending rate was kept at 3.35 percent, while the five-year LPR was left unchanged at 3.85 percent.

In a Reuters survey of 37 market participants this week, all respondents expected both rates to remain unchanged.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences mortgage pricing.

China surprised markets in July by cutting key short- and long-term interest rates, its first such broad move in nearly a year, signaling authorities’ intent to boost economic growth.

The sequence of cuts also showed that the People’s Bank of China’s monetary framework had changed, making the short-term rate the main signal guiding markets, traders and analysts said.

China’s bank lending fell more than expected last month to its lowest level in nearly 15 years, dragged down by weak credit demand and seasonal factors, raising expectations that the central bank could take further easing measures.

(Reporting by Winni Zhou in Shanghai and Tom Westbrook in Singapore; Editing by Tom Westbrook)