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IFF Newsletter Issue 124
TIME：2024-05-23
From the Editor
Chinese authorities released a slew of economic data in the past week, whcih painted a mixed picture of China's economy. Factory output grew 6.7% in April from a year earlier, official data showed on Friday. The country's retail sales grew 2.3% in April from a year earlier, down from a 3.1% increase in March. Fixed-asset investment rose 4.2% in the first four months of the year. Home prices, meanwhile, extended decline in April. And the country's fiscal revenue fell 2.7% in the first four months of 2024.
In other news, Singapore’s economy grew at an annualised rate of 2.7% in the first quarter of 2024. U.S. factory output dipped 0.3% in April from March, according to official data. Canada’s annual inflation slowed to a three-year low of 2.7% in April, data from Statistics Canada showed on Tuesday.
The IFF Global Finance Award 2024 is open for applications. For detailed information, please see application flyers on the IFF official WeChat account or contact the award secretariat at [email protected].
IFF Global Green Finance Award is open for applications
The International Finance Forum (IFF) announced on May 15 that the fifth IFF Global Finance Award is open for applications.
The IFF Global Green Finance Award includes the Annual Award and the Innovation Award to recognize and reward global organisations and institutions that help promote global green transition, environmental governance, emission reduction, climate adaptation and sustainable development.
The awards are open for submissions from entities working in areas such as green policy design, strategies for green transition, green financial service and technology innovations. The submission deadline is September 15.
The 12-strong jury of the Award is chaired by IFF Co-Chair Han Seung-soo, President of the fifty-sixth session of the Untied Nations General Assembly. IFF board member Jenny Shipley, former Prime Minister of New Zealand and IFF Vice Chair Erik Solheim, former director of the UN Environment serve as co-chair of the Jury.
“We are very pleased to award this prize to those who have come up with innovative ideas that could help build our society climate-resilient and ecologically sound,” said Han.
Established in 2020, the annual Award aims to recognize the efforts by institutions to cut carbon emission and direct funds and investment towards sustainable development projects to promote sustainable development practices.
The final results of the award will be announced at the awards ceremony during the IFF Annual Meeting in November.
For more information, please contact the IFF Global Green Finance Award Secretariat at [email protected].
IFF Co-Chair Han Seung-soo attends World Water Forum in Bali
IFF Co-Chair and former Prime Minister of the Republic of Korea Han Seung-soo opened the Bandung Spirit Water Summit on Tuesday as part of the 10th World Water Forum in Bali from May 18 to 25.
Han attended the meeting in his capacity as Chairman of the High-Level Experts and Leaders Panel on Water and Disaster (HELP), which he co-founded.
The summit attracted wide attention. French President Emmanuel Macron and Japanese Emperor Naruhito made video addresses.
Tuesday’s meeting focused on global collaborative efforts to find solutions for water issues in small and outlying islands.
IFF VP Zhu Xian speaks at China Media Group’s ESG event
IFF Executive Vice President and Secretary General Zhu Xian spoke at the China Media Group (CMG)’s event on foreign companies’ environmental, social and governance (ESG) actions in China, which was aired on Saturday.
Zhu said IFF has been promoting and implementing the sustainable development goals via the IFF Global Green Finance Award established in 2020 with the aim of rewarding entities that have made significant contribution to green finance, particularly climate finance and biodiversity.
Zhu congratulated the release of CMG’s report on foreign companies’ ESG actions in China and thinks the report will play a positive role in promoting sustainable development by foreign firms in China.
China’s April factory output expands 6.7%
China’s factory output grew 6.7% in April from a year earlier, official data showed on Friday.
Industrial output rose 0.97% in April from a month earlier, data from the National Bureau of Statistics showed.
In the first four months of the year, factory output rose 6.3% year on year, according to the data.
China’s retail sales grow 2.3% in April
China’s retail sales grew 2.3% in April from a year earlier, down from a 3.1% increase in March, data from the National Bureau of Statistics showed on Friday.
Sales rose 4.1% in January-April from the same period last year.
Catering sales increased 4.4%, down from a 6.9% growth in March while merchandise sales rose 2% compared to a 2.7% increase in the previous month.
China’s fixed-asset investment rises 4.2% in Jan.-Apr.
Investment in fixed-asset in China rose 4.2% in the first four months of the year compared to the same period last year, data from the National Bureau of Statistics showed on Friday.
In April alone, fixed-asset investment dipped 0.03% from March.
Investment in the property market kept sliding in the first four months. Money that went into the sector fell 9.8% in the January-April period.
China’s home prices extend decline in April
China’s home prices extended decline in April, data from National Bureau of Statistics showed on Friday.
New home prices fell 2.5% in China’s four biggest cities or first-tier cities from a year ago whereas prices in second- and third-tier cities dropped 2.9% and 4.2% year on year respectively.
Prices for existing homes in fell 8.5% in first-tier cities in April from a year ago while those in second- and third-tier cities dropped at annual rates of 6.8% and 6.6% respectively.
China’s central bank announced on the same day that minimum mortgage down payment ratios will be lowered by 0.25%.
The official Xinhua news agency reported that the country will allow local governments to buy some homes at reasonable prices to provide affordable housing.
China’s fiscal revenue falls 2.7% in first four months
China’s fiscal revenue dropped 2.7% in the first four months of 2024 from a year earlier, official data showed on Monday.
Fiscal expenditure rose 3.5% in the January-April period year on year, data from the Ministry of Finance showed.
In April alone, fiscal revenue fell 3.7% from a year earlier while spending grew 6.1%.
Excluding last year’s high base and tax cut policies, fiscal revenues in the first four months rose 2%.
China’s urban unemployment rate stood at 5% in April, according to official data.
The average urban unemployment rate in the first four months of the year was 5.2%, data from the National Bureau of Statistics showed.
Newsletter
International News
Singapore’s economy grew at an annualised rate of 2.7% in the first quarter of 2024, official data showed on Thursday.
The growth rate, quickest growth in 18 month, was in line with advanced estimates by the Ministry of Trade and Industry (MTI).
The economic growth in the first quarter was primarily driven by the finance and insurance, transportation and storage and wholesale trade sectors, according to MTI.
U.S. factory output dipped 0.3% in April from March, according to official data.
Manufacturing output dropped at an annualized rate of 0.5%, data from the Federal Reserve showed.
Canada’s annual inflation slowed to a three-year low of 2.7% in April, data from Statistics Canada showed on Tuesday.
The deceleration in consumer price index (CPI) was led by food prices, services and durable goods, according to the agency.
Prices for food purchased from stores rose 1.4%, down from March’s increase of 1.9%.
The prices drop was moderated by gasoline prices, which rose 6.1% in April compared to March’s rise of 4.5%.
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