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    • Bank of Finland

2017

  • 22 Dec 2017  

    ​BOFIT Weekly Review 51/2017

    • Russian industrial output decreased; consumption continues to make a comeback

    • Another cut in the key rate from the CBR

    • CBR takes over Promsvyazbank

    • Alexei Ulyukayev, Russia's former economy minister, convicted of soliciting bribes

    • People's Bank of China tightens monetary stance a bit

    • China's leaders lay out areas of economic emphasis for next three years

    • Chinese taking on more debt to buy apartments; housing prices flat

  • 15 Dec 2017  

    ​BOFIT Weekly Review 50/2017

    • Strict 2018 spending rules approved for Russia's federal budget and pension fund

    • Yamal peninsula LNG production comes on stream

    • CBR becomes sole owner of Otkritie Bank

    • IMF sees complexity and opacity of China's financial system as threats to financial stability

    • China's new financial market regulator begins operations

    • European Union, United States and Japan align their China trade policy

  • 8 Dec 2017  

    ​BOFIT Weekly Review 49/2017

    • Russia reaches agreement with OPEC and other oil-producing countries on keeping cuts in place

    • The fastest recovery phase for Russia's government budgets is over

    • Finland at 100: Finnish-Russian trade recovering, while Russia's share of exports is low compared to history

    • Finland at 100: China's significance as a trading partner continues to rise

    • Trade policy disputes impair China's relations with the West

  • 1 Dec 2017  

    ​BOFIT Weekly Review 48/2017

    • Recovery in fixed investment in Russia slows

    • Russian FDI on the rise

    • Russia's 2018−20 monetary policy guidelines stress the role of inflation expectations

    • China's Silk Road Project targets countries of Central and Eastern Europe (CEE)

    • China lowers import duties on consumer goods

    • Coal will still account for over half of Chinese power generation in 2030

  • 24 Nov 2017  

    ​BOFIT Weekly Review 47/2017

    • Recovery in Russian output stalls

    • Russia posts record grain harvests

    • Proposed changes to Russian legislation could reduce economic transparency

    • Chinese debt levels continue to rise

    • China tightens regulation of asset management products

    • Outward FDI growth of Chinese firms stalls this year

  • 17 Nov 2017  

    ​BOFIT Weekly Review 46/2017

    • Russian GDP growth slows

    • Slowing growth in Russian foreign trade

    • State enterprises and the state may generate around 40 % of Russian GDP

    • China opens up financial sector to foreign entities

    • China's economic growth slowed as expected in October

    • Rapid growth in Chinese goods imports continued in October

  • 10 Nov 2017  

    ​BOFIT Weekly Review 45/2017

    • Brisk rise in Russian industrial producer prices

    • CEFC China Energy actively investing in Russia, but goods trade remains the focus of economic relations

    • Russia ranks higher in World Bank Doing Business survey than in most comparisons

    • Few surprises emerge from Trump-Xi meetings

    • China's current account surplus shrinks; foreign currency reserves increase

  • 3 Nov 2017  

    ​BOFIT Weekly Review 44/2017

    • Russian central bank continues accommodating monetary policy

    • United States revises its economic sanctions regime for Russia

    • Nearly a fifth of Russian workers classed as working poor

    • First time since 2004, Chinese government issued a small amount of sovereign dollar debt

    • Slight acceleration in pace of Chinese wage growth this year

    • China's fight against air pollution intensifies, bringing new problems for industry and growth targets

  • 27 Oct 2017  

    ​BOFIT Weekly Review 43/2017

    • Russians moving to mobile banking

    • Russian budget revenues expected to rise on favourable economic forecast and planned tax hikes

    • Ruble strengthening returns

    • China’s top central banker lays out risks to the economy

    • Chinese GDP growth remains steady

    • China’s new communist party line-up takes shape

  • 20 Oct 2017  

    ​BOFIT Weekly Review 42/2017

    • Russia posts uneven economic performance in September

    • Changes planned for Russian public sector spending structure already next year

    • Russia wants to spur e-commerce

    • President Xi Jinping sets out China's goals in opening address to party congress

    • Growth in Chinese goods imports remains strong

    • Rise in Chinese producer prices accelerates

  • 13 Oct 2017  

    ​BOFIT Weekly Review 41/2017

    • Russian export earnings and imports continue to recover rapidly, even if the fastest pace has slowed

    • Moderate net outflow of private capital from Russia

    • Russian GDP forecasts increased in recent months

    • Russian inflation hits historical lows

    • Central bank governor wants to speed up the opening of Chinese economy

    • China to lower bank reserve requirements in January

    • IMF raises its growth forecast for China, but warns of rising debt problems

  • 6 Oct 2017  

    ​BOFIT Weekly Review 40/2017

    • Russia's public sector finances recover this year; tightening expected next year

    • Much of Russia's GDP growth spurt last spring came from inventories

    • CIS countries have had to relax foreign exchange policies in recent years

    • European Union Chamber of Commerce in China wants to see promised reforms implemented

    • China has the most industrial robots

    • Chinese tourism continues to grow rapidly; emphasis shifting to domestic tourism

  • 29 Sep 2017  

    ​BOFIT Weekly Review 39/2017

    • BOFIT sees Russian economy continuing moderate growth in coming years

    • Russia has plenty of college graduates, but spends little on education

    • BOFIT expects China's growth to slow; financial market worries on the rise

    • China's indebtedness still continues to rise

    • S&P lowers China's credit rating

  • 22 Sep 2017  

    ​BOFIT Weekly Review 38/2017

    • Russian economy showing more signs of recovery

    • B&N Bank now under CBR administration

    • CBR lowers key rate; announces around 4 % inflation target for coming years

    • Fixed investment subdues Chinese economic growth

    • EU Commission proposal for increased oversight of corporate acquisitions gets mixed reception

    • China shuts down cryptocurrency-related activities

  • 15 Sep 2017  

    ​BOFIT Weekly Review 37/2017

    • Chinese CEFC to acquire 14 % stake in Russian oil giant Rosneft

    • Russia introducing new import restrictions on public sector and SOE procurements

    • Impact of support measures for Russian monotowns hard to determine

    • Yuan appreciated substantially against the dollar

    • Margins of China's big banks narrow

    • Chinese inflation accelerated in August

  • 8 Sep 2017  

    ​BOFIT Weekly Review 36/2017

    • Corporate profits in Russia decline to more conventional levels

    • Changes in area and country structure of Russian goods imports show some stabilisation

    • Rapid growth in Finland-Russia trade

    • China's key party congress set to kick off on October

    • Finland-China trade soared in the first half

    • Trade with North Korea has little economic significance for China and Russia

  • 1 Sep 2017  

    ​BOFIT Weekly Review 35/2017

    • Central Bank of Russia takes over Otkritie Bank

    • Recovery in Russian fixed investment

    • Russia lowers import duties under its WTO commitments, while devising new barriers to imports

    • China's housing markets may be cooling

    • Chinese firms get new guidelines on investment abroad

    • Summer harvest of China's grain crops better than last year

  • 25 Aug 2017  

    ​BOFIT Weekly Review 34/2017

    • Russia's industrial output recovery varied boldly in recent months

    • Recovery of Russian government budget revenues has brought rebalance

    • Russia's regional budgets and social funds benefit most from recovery in government budget revenues

    • IMF warns debt driven high growth raises risk of hard landing for the Chinese economy

    • China's augmented public sector deficit stays around 10 % of GDP

  • 18 Aug 2017  

    ​BOFIT Weekly Review 33/2017

    • Russian growth accelerates

    • Moscow launches ambitious housing programme

    • Wages in Russian industry recover to pre-recession top levels

    • After a strong first half, China's economic numbers dip in July

    • China seeks to be the world leader in artificial intelligence

    • CPC tries to elevate its role in China's state-owned enterprises

  • 11 Aug 2017  

    ​BOFIT Weekly Review 32/2017

    • Brisk growth in Russian goods trade continues

    • Russia has the most barriers to trade for European exporters

    • Industrial output in Russian regions rises, while consumption gradually recovers

    • Tightened capital controls dampen Chinese capital exports, but fail to fix true problems

    • Robust growth in Chinese foreign trade

  • 4 Aug 2017  

    ​BOFIT Weekly Review 31/2017

    • Russian central bank keeps key rate unchanged

    • Number of employed all-time high in Russia

    • Increase in area of land classed as Russian arctic – with much less budget funding

    • Trump signs new Russian sanctions bill

    • Housing prices continue to rise in China

    • Small steps forward in reform of Chinese state-owned enterprises

    • Despite orders to cut overcapacity in steel production, China's first-half output increases anyway

  • 28 Jul 2017  

    ​BOFIT Weekly Review 30/2017

    • Russian economy gradually recovers

    • High variation in growth trajectories among Russia's manufacturing branches

    • Russia releases 2011–13 GDP figures produced with new methodology

    • Most recent GDP growth forecasts agree with China's official growth targets

    • China drops FDI restrictions; European Chamber wants more market access

    • Foreign direct investment from China and to China contract

  • 21 Jul 2017  

    ​BOFIT Weekly Review 29/2017

    • New Russian budget rule frames government spending; sovereign funds to be combined

    • This year's IMF Article IV consultation provides important recommendations to Russia

    • Russian federal budget revenues and spending recover, but are still at a low level

    • China's second-quarter economic growth still robust

    • China's National Financial Work Conference raises debt issue to top-priority status

    • Chinese debt levels continue to rise; households piling on debt

  • 14 Jul 2017  

    ​BOFIT Weekly Review 28/2017

    • Russia’s deposit insurance agency is given the administration of Yugra Bank

    • Capital outflows from Russia paused

    • Recovery in Russian export earnings and imports continued in second quarter

    • Funding deficit threatens pension system; China must move ahead with reforms

    • Yuan use as a reserve currency unchanged; use in international payments declines

    • Consumer price inflation holds steady in China

  • 7 Jul 2017  

    ​BOFIT Weekly Review 27/2017

    • EU and Russia extend sanctions

    • Russia's finance ministry proposes continuing the pension funding practice of last years

    • Life expectancies in Russia up sharply, but gap between men and women remains huge

    • 20th anniversary of Hong Kong's handover to China; integration with mainland continues

    • Foreign institutional investors can now invest in mainland China bond markets via Hong Kong

  • 30 Jun 2017  

    ​BOFIT Weekly Review 26/2017

    • Ruble exchange rate turned to drop

    • Russian bank lending turning to growth

    • Russia seeks to increase food supply independence through trade and agriculture policies

    • China's fixed investment ratio drops slowly

    • China's state-owned enterprises embellish financial data while resisting capacity cuts

    • Mainland China exchanges shrug off MSCI index inclusion; foreign investors in wait-and-see mode

  • 22 Jun 2017  

    ​BOFIT Weekly Review 25/2017

    • Russia's central bank lowers key rate and revises forecast up slightly

    • Despite promising signs, the basis of Russia's economic recovery remains fragile

    • US drafts changes to economic sanctions imposed on Russia

    • Chinese A-shares to be added to the MSCI EM index

    • Wages in China's public-sector last year increased faster than in the private sector

    • Environmental problems constitute a huge burden on the Chinese economy

  • 16 Jun 2017  

    ​BOFIT Weekly Review 24/2017

    • Russia prepares to raise public sector wages

    • Car sales revive in Russia, while other sales remain weaker

    • Russia has not yet dipped into its oil funds this year

    • Officials reveal falsification of statistical reporting in two Chinese provinces

    • China posts fairly stable growth numbers in May

    • Chinese foreign trade enjoyed buoyant growth in first five months of 2017

  • 8 Jun 2017  

    ​BOFIT Weekly Review 23/2017

    • Despite falling stock and oil prices, the ruble has appreciated this year

    • Investment sluggish in Russia

    • President Putin evaluates economic programme proposals

    • Trade policy differences overshadow EU-China summit

    • Asian trade policy on hold

    • The big push of Finnish firms to invest in their Chinese affiliates came in 2015

  • 2 Jun 2017  

    ​BOFIT Weekly Review 22/2017

    • Russia's government budgets started to grow again; government drafted supplementary budget

    • FDI inflow to Russia boosted by the sale of Rosneft stake

    • Rapid growth in Finnish-Russian trade

    • Moody's lowers China's sovereign credit rating for the first time in three decades

    • Despite the lack of foreign interest, China moves to open its bond markets to the world

    • China's change in exchange rate mechanism raises eyebrows

  • 24 May 2017  

    ​BOFIT Weekly Review 21/2017

    • Domestic demand in Russia recovers

    • Russian youth unemployment near European average

    • Arms sales still a minor share of Russian exports

    • China's current account surplus dwindling

    • Restrictions on apartment deals in Chinese cities slowed sales growth in April

    • Tighter regulation of online news providers in China

  • 19 May 2017  

    ​BOFIT Weekly Review 20/2017

    • Russian GDP growth remains positive

    • Brisk growth in Russian foreign trade

    • EBRD continues financing freeze on Russian projects

    • Rate of China's output slowed in April

    • United States and China announce limited measures to promote more open markets

    • China's Silk Road project moves ahead

  • 12 May 2017  

    ​BOFIT Weekly Review 19/2017

    • Inflation slows in Russia

    • Russian defence industry continued to show fast growth last year

    • Russian authorities reconsidering the idea of virtual currency

    • Rates rise as China attempts to quell rising indebtedness

    • Central government increases scrutiny of local government borrowing arrangements

    • Slight drop in Chinese share prices

  • 5 May 2017  

    ​BOFIT Weekly Review 18/2017

    • Russian central bank lowers key rate again

    • Change in the law pushes millions of Russians into Mir payment cards

    • Russian defence spending has increased rapidly

    • China announces tax cuts but corporate taxation overall remains high

    • China's business environment increasingly challenging to American firms

    • Lower growth of car production in China

  • 28 Apr 2017  

    ​BOFIT Weekly Review 17/2017

    • New information on Russian industrial output

    • Russian government and businesses have cut back on investments

    • Russia announces changes in banking supervision and restructuring troubled banks

    • IMF concerned about sustainability of China's financial system; China changes its tune on financial risk

    • China keeps the yuan-dollar exchange rate steady

    • Industrial prices rising quickly in China

  • 21 Apr 2017  

    ​BOFIT Weekly Review 16/2017

    • Russia's economic recovery: waiting

    • Russian ruble continues to strengthen

    • Russian federal budget revenues get a big boost from higher oil prices

    • Industrial output and government spending spurs Chinese economic growth in Q1

    • IMF raises its growth outlook for China, but warns of dangers ahead

    • Robust 1Q growth in Chinese goods imports

  • 13 Apr 2017  

    ​BOFIT Weekly Review 15/2017

    • Russian foreign trade and capital outflow increased sharply in first quarter

    • Russian central bank and economy ministry expect sluggish recovery in coming years

    • In Russian labour markets wages adjust downwards relatively easily

    • Xi-Trump meeting diminishes fears of deteriorating relations

    • Rising housing prices in China bring both growth and increased risk to real estate markets

    • China establishes new testing area in Hebei province

  • 7 Apr 2017  

    ​BOFIT Weekly Review 14/2017

    • Russian GDP figures confirm economic recovery in final months of 2016

    • Russia and Turkey limit bilateral food trade

    • Ukraine receives its fourth IMF loan tranche

    • No big surprises during president Xi's visit to Finland

    • Lower costs help boost profits of Chinese banks

    • New data on yuan as reserve currency

  • 31 Mar 2017  

    ​BOFIT Weekly Review 13/2017

    • BOFIT forecast sees Russian economy returning to growth

    • CBR lowers key rate by 25 basis points

    • No decision yet on extending Russian oil production cuts

    • BOFIT forecasts managed slowdown in China's growth, but debt and sluggish reform cloud outlook

    • OECD recommends China focus on economic reforms

  • 24 Mar 2017  

    ​BOFIT Weekly Review 12/2017

    • Russian economic situation remains weak

    • CBR opens representative office in Beijing

    • European Commission invites comments on EU-Gazprom gas dispute

    • Guangdong, China's largest province, has an economy as big as Spain's

    • PBoC again slightly raised rates used in its financial market operations

    • China's filings of international patent applications jump last year

  • 17 Mar 2017  

    ​BOFIT Weekly Review 11/2017

    • Several factors affect decline in Russian household income and spending

    • Number of passenger cars on the road in Russia rises from 26 million to 45 million in just ten years

    • No big changes in China's 2017 fiscal policy

    • No big changes at the start of the year in China's economic situation

    • China foreign trade revived in the first two months of the year

  • 10 Mar 2017  

    ​BOFIT Weekly Review 10/2017

    • Despite stable oil prices, the ruble strengthens and Russia's stock markets fall

    • Fixed investment by Russia's large and mid-sized firms still in low territory

    • China yet to abandon strict GDP growth target

    • Growing worries that the China Manufacturing 2025 programme may distort markets

    • Mobile payments catch on in China; PBoC developing own virtual currency

  • 3 Mar 2017  

    ​BOFIT Weekly Review 9/2017

    • Russia revises industrial output data

    • Russian government sector still dealing with austerity

    • Finnish exports to Russia finally on the rise

    • Wage growth slows; Chinese wage levels already high among emerging economies

    • China establishes itself as major arms exporter and importer

    • Exports to China outperformed Finnish exports overall in 2016

  • 24 Feb 2017  

    ​BOFIT Weekly Review 8/2017

    • Russian government revenues and spending continued to decline in real terms last year

    • Procurements of public sector and state-owned enterprises in 2016 exceeded 30 % of Russian GDP

    • Russian social security system – expensive and rigid

    • Chinese inflation accelerates

    • Chinese still borrowing like there's no tomorrow

    • China's current account surplus fell below 2 % of GDP in 2016

  • 17 Feb 2017  

    ​BOFIT Weekly Review 7/2017

    • Varying performance in Russian manufacturing branches last year

    • Growth returns to Russian goods trade

    • Slight reduction in foreign debt of Russian banks and other firms

    • FDI spending of Chinese firms hit record in 2016

    • Reliability of China's output statistics raise questions

  • 10 Feb 2017  

    ​BOFIT Weekly Review 6/2017

    • Official figures indicate Russian economy contracted only mildly in 2016

    • CBR holds key rate unchanged; policy outlook slightly adjusted

    • Industry recovers in Russia's federal districts, while retail sales continue to contract

    • PBoC tightens monetary stance; policy toolbox needs clarity

    • China's currency reserves fall below USD 3 trillion

    • Consensus growth forecasts adopt China's growth targets

  • 3 Feb 2017  

    ​BOFIT Weekly Review 5/2017

    • Bank profitability improved in Russia, even with a decline in corporate borrowing

    • CBR to buy forex on the market for the finance ministry

    • Russia drops in TI corruption rankings

    • Economies of China and US deeply intertwined

    • International acceptance of the yuan faces headwinds

    • Birth and urbanisation rates up in China last year

  • 27 Jan 2017  

    ​BOFIT Weekly Review 4/2017

    • Russian output recovers, but consumption slump drags on

    • Russian oil production hits post-Soviet record; growth in output expected to slow

    • Extraordinary budget measures in Russia boosted federal revenues and expenditures in late 2016

    • Growth of Chinese economy continued to slow as expected last year

    • Chinese credit stock continues to rise faster than output

    • Central bank of China boosts liquidity of money markets ahead of New Year's holiday week

  • 20 Jan 2017  

    ​BOFIT Weekly Review 3/2017

    • Tepid growth outlook for Russia

    • Russia's Reserve Fund shrank by 70 % last year

    • Russian imports exceed the level of a year ago

    • Chinese smog alerts and other pollution problems back in the news

    • China's foreign trade surplus shrank last year by USD 85 billion

  • 13 Jan 2017  

    ​BOFIT Weekly Review 2/2017

    • Costs to firms from regulatory practices discussed in Russia

    • No changes in Russian social entitlements for the time being

    • Russian inflation slowed substantially in 2016

    • After a bumpy start, most of 2016 was smooth sailing for mainland China’s stock exchanges

    • China’s currency reserves fell to $3 trillion last year

    • Chinese producer prices up 5.5 % y-o-y in December

  • 6 Jan 2017  

    ​BOFIT Weekly Review 1/2017

    • New data show distinctly milder recession in Russia than earlier reported

    • Russian employment numbers rose, while unpaid leave and part-time work increased

    • Center for Strategic Research report finds little progress in economic reforms

    • Even with no major shifts in Chinese economic outlook in December, the discussion on 2017 economic growth targets takes a new tone

    • China adds several currencies to its currency index

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