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    • Bank of Finland

2018

  • 21 Dec 2018  

    ​BOFIT Weekly Review 51/2018

    • Modest growth in Russian industrial output continues

    • CBR raises key rate and announces resumption of the fiscal-rule forex buying in January

    • Ukraine gets new IMF programme

    • China celebrates 40 years of economic reform

    • China’s economic growth continues to slow

  • 14 Dec 2018  

    ​BOFIT Weekly Review 50/2018

    • Russia and OPEC agree on new production limits

    • Fixed investment growth in Russia accelerated in the third quarter

    • The third unit of the natural gas liquefaction plant in Yamal went into operation in November

    • Growth of China’s foreign trade slowed sharply in November; trade talks confront new problems

    • Rise in Chinese prices remains modest

    • Even with slowing growth, Hong Kong economy continues doing well

  • 7 Dec 2018  

    ​BOFIT Weekly Review 49/2018

    • Ruble rate holds steady despite falling oil prices and Kerch Strait skirmish

    • Russia approves 2019 federal budget and social fund budgets

    • China and the US agree to postpone tariff hikes to give negotiators time to resolve trade disputes

    • China and United States defend WTO reforms, but still far apart on agreement content

    • Markets reacted cautiously to Trump-Xi truce

  • 30 Nov 2018  

    ​BOFIT Weekly Review 48/2018

    • Dry summer reduces Russian harvest

    • Robust increase in Russian government revenues, substantial budget surpluses

    • A fifth of foreign debt of Russian banks and other businesses denominated in rubles

    • EU steps up oversight of investment inflows from China

    • Labour strife on the rise in China

    • China enjoys another year of bountiful harvests

  • 23 Nov 2018  

    ​BOFIT Weekly Review 47/2018

    • Russian economic growth slows in the third quarter, with signs of a possible pick-up in October

    • Price regulation disrupts Russian fuel markets

    • Russia and Turkey celebrate progress in Black Sea gas pipeline project

    • Rise in Chinese housing prices moderates

    • Large differences among Chinese provinces in terms of living standards and economic growth

  • 16 Nov 2018  

    ​BOFIT Weekly Review 46/2018

    • As the ruble weakens, Russian import spending growth lags export earnings growth

    • Significant drop in oil prices could lead to new production limits

    • CBR’s monetary policy programme for 2019−21 sees good bank liquidity ahead

    • Retail sales in China slide below GDP growth target

    • Stock of Chinese bank loans soars

    • Robust growth in Chinese commodity imports continues

  • 9 Nov 2018  

    ​BOFIT Weekly Review 45/2018

    • National Welfare Fund holds 76 billion dollars; assets expected to rise before the end of the year

    • Wage growth varies considerably across sectors in Russia

    • Russia’s ranking improves slightly and China’s considerably in World Bank’s Doing Business index

    • Slowing growth in Chinese purchasing power

    • China posts current account deficit for January-September; currency reserves decline

    • PBoC issues yuan bonds in Hong Kong

  • 2 Nov 2018  

    ​BOFIT Weekly Review 44/2018

    • Central Bank of Russia keeps key rate at 7.50 %

    • Higher export prices drive up industrial producer prices in Russia

    • Eurasian Economic Union is taking steps to harmonize external tariffs and lower internal barriers

    • Growth in Chinese car sales stalls

    • FDI outflows of Chinese firms still below 2016 level

  • 26 Oct 2018  

    ​BOFIT Weekly Review 43/2018

    • Russian unemployment falls and wages continue to rise; real incomes contracted in August-September

    • Russia was ranked the 43th most competitive country by the World Economic Forum this year

    • IMF estimates that the government sector and public sector firms account for a third of Russia’s GDP

    • Officials in China seek to calm markets spooked by slowing growth

    • Little progress in core reform of China’s state enterprises

  • 19 Oct 2018  

    ​BOFIT Weekly Review 42/2018

    • Net exports lifted Russian economic output numbers in the second quarter; domestic demand slack

    • The role of the US dollar as a payment currency is under discussion in Russia

    • Poor health lowers Russia’s ranking in human capital comparisons

    • Rise in global oil prices erodes China’s foreign trade surplus

    • China’s stock markets plunge increases financial market risk

    • China eases air pollution measures

  • 12 Oct 2018  

    ​BOFIT Weekly Review 41/2018

    • IMF expects only modest Russian growth in coming years; decelerating growth in China

    • Growth in Russian imports stalls; capital outflows increase

    • FIFA World Cup boosted Russia’s tourism exports in summer

    • Trade dispute gives impetus to long-stalled economic reforms in China

    • China’s central bank continues monetary easing

    • Chinese active in filing patent applications, even if few have much commercial value

  • 5 Oct 2018  

    ​BOFIT Weekly Review 40/2018

    • BOFIT forecasts low growth for the Russian economy in coming years

    • Russian oil production hits peak in September

    • Retirement age hike approved in Russia

    • Latest BOFIT forecast sees China’s slowing growth exacerbating economic problems

    • Chinese indebtedness relatively higher than in the Euro Area or the United States

  • 28 Sep 2018  

    ​BOFIT Weekly Review 39/2018

    • Russian industrial output and retail sales continue relatively strong growth in August

    • Growth in Finnish-Russian trade subsides

    • US-China interest rate spread narrows

    • UnionPay launches European expansion; foreign card issuers still find access to the Chinese market difficult

    • Finnish first-half goods trade deficit with China balanced by services trade surplus

  • 21 Sep 2018  

    ​BOFIT Weekly Review 38/2018

    • CBR raises the key rate by 0.25 percentage points and prolongs the suspension of currency-buying under the fiscal rule through December

    • IMF’s annual Article IV consultations with Russia stress ongoing need for reform

    • Russia’s fourth large natural gas liquefaction unit started production

    • US-China trade war escalates; American firms operating in China suffer

    • Large Chinese banks report improved profitability

    • No evidence of an impact from recent stimulus measures in China’s July-August investment figures

  • 13 Sep 2018  

    ​BOFIT Weekly Review 37/2018

    • Russian oil companies see major improvements in earnings

    • Russian state plays an ever-increasing role in directing investment

    • Russian oil production expected to increase slightly in coming years

    • China's goods trade surplus with the US widened in August

    • Falling prices make foreign investors wary about mainland China stock markets

  • 7 Sep 2018  

    ​BOFIT Weekly Review 36/2018

    • Changes in structure of fixed investment in Russia

    • Russia modifies rules on repatriation of foreign trade earnings

    • Russian export volumes up significantly in recent years

    • China's official statistics getting more suspect

    • China cuts income taxes

    • Local governments in China encouraged to boost growth

  • 31 Aug 2018  

    ​BOFIT Weekly Review 35/2018

    • Russia's public finances in overall balance

    • CBR suspends foreign currency purchases tied to the fiscal rule until the end of September

    • Caspian Sea states make progress in jurisdiction of territorial waters

    • US-China trade talks produce no results; new round of import tariffs takes effect

    • EU could remove its import restrictions on Chinese solar panels

    • Higher rents yet to appear in China's official inflation numbers

  • 24 Aug 2018  

    ​BOFIT Weekly Review 34/2018

    • Russian economic growth remains sluggish

    • Tax code revisions impact Russia's oil sector

    • Russia approves changes in taxation on consumption and corporations

    • Rise in Chinese apartment prices moderates

    • Big trouble for China's P2P platforms

    • China want to make the Pearl River Delta a world-class urban centre

  • 17 Aug 2018  

    ​BOFIT Weekly Review 33/2018

    • Ruble struggles and Russian share prices slide as US adds sanctions, oil prices fall and emerging markets face problems

    • Higher oil prices drove growth in earnings from Russian goods exports in first half

    • Lower fixed investment depresses Chinese growth

    • China's trade surplus continues to narrow

    • Bank loans gain popularity as regulators have limited the access to other credit sources in China

  • 10 Aug 2018  

    ​BOFIT Weekly Review 32/2018

    • Nationwide increases of manufacturing output and retail sales in Russia

    • Russia approves laws establishing domestic tax havens

    • Russia rises to 75th place in the World Bank's logistics performance ranking for 2018

    • China's central bank seeks to cushion depreciation pressures on the yuan

    • Increased uncertainty halts planned issuance of CDRs in China

    • Local governments in China struggle with access to finance

  • 3 Aug 2018  

    ​BOFIT Weekly Review 31/2018

    • Russian central bank still keeps key rate unchanged at 7.25 %

    • Oil revenues continue increasing for the Russian government

    • Household borrowing up in Russia

    • IMF wants China to continue with reforms

    • China concerned about slowing growth

    • Stakes escalate in China-US trade dispute

  • 27 Jul 2018  

    ​BOFIT Weekly Review 30/2018

    • Russian Megafon plans to delist from London stock exchange

    • Russia's near-term plans for government sector finances taking shape

    • Changes in financing of Russian housing construction

    • Yuan depreciation continued in July

    • PBoC grants commercial banks credit to buy corporate bonds

    • More Chinese companies make Fortune Global 500 list

  • 20 Jul 2018  

    ​BOFIT Weekly Review 29/2018

    • Russian economy continues mixed performance

    • Russian and U.S. presidents met in Helsinki

    • FIFA World Cup provides small boost to Russian economic growth

    • Official figures show Chinese economic growth slowing only marginally in the second quarter

    • Stock of bank lending continues to grow, even as China's shadow banking sector lending declines

    • Banks still the largest issuers of green bonds in China

  • 13 Jul 2018  

    ​BOFIT Weekly Review 28/2018

    • Russian import growth slows further; net flow of foreign liabilities turns negative

    • Russian inflation remains subdued, but inflation expectations are rising

    • Large hikes in revenue and spending of Russia's preliminary budget framework

    • United States and China impose import tariffs on each other; intensification of trade dispute looms

    • China and Russia impose most trade and investment barriers on European firms

  • 6 Jul 2018  

    ​BOFIT Weekly Review 27/2018

    • Russian oil fund topped up with last year's oil revenues

    • CBR injects more money into troubled banks

    • Revised Rosstat figures give a significantly brighter view of recent industrial output growth

    • Hardest aspects of US planned restrictions on Chinese investment fall away, but trade war still on

    • China's negative list cut to 48 branches restricted or banned to foreign investors

    • Chinese market jitters emerged in June

  • 29 Jun 2018  

    ​BOFIT Weekly Review 26/2018

    • Slow recovery in Russian consumption continues; good increases in industrial output

    • OPEC and Russia agree to keep production pact in place

    • Recent Russian market swings fairly modest compared to other emerging markets

    • PBoC lowers bank reserve requirement ratios on higher economic uncertainty

    • Profits of European firms in China rise despite more challenging operating environment

  • 21 Jun 2018  

    ​BOFIT Weekly Review 25/2018

    • CBR keeps key rate unchanged, tightens guidance

    • Russian government submits proposals to the Duma on raising the retirement age and VAT hike

    • Russian GDP forecasts cut after new US sanctions

    • China and the United States back on the brink of a trade war

    • Rising opposition to ZTE's deal with the US

    • New faces on the PBoC's monetary policy committee

  • 15 Jun 2018  

    ​BOFIT Weekly Review 24/2018

    • Russian president visits China

    • Changes is Russia's currency reserve composition

    • FDI inflows to Russia remain at low levels

    • Slowdown in Chinese growth more broad-based in May

    • China further reduces import duties on consumer goods

    • China imported a record amount of crude oil in the first five months of this year

  • 8 Jun 2018  

    ​BOFIT Weekly Review 23/2018

    • Russian fixed investment continue reasonable recovery, with further weight on oil and gas

    • Russia's goal of halving poverty would not require massive amounts of funds

    • Growth in Finnish-Russian trade cooled in 1Q18

    • Yuan appreciation continues this year

    • PBoC extends range of acceptable collateral from banks in medium-term borrowing

    • Sluggish first-quarter growth in Finland-China trade

  • 1 Jun 2018  

    ​BOFIT Weekly Review 22/2018

    • Russia's government sector deficit shrinks, the reserve fund will increase

    • EU and Gazprom resolve long-running gas dispute

    • Russia to require unique identifiers for many consumer products next year

    • Tighter regulations affect income generation of China's insurance sector

    • New rules require Chinese insurance companies to reveal their ownership structures

    • US threatens further tariffs on China

    • Despite underdeveloped markets, mainland China shares now included in MSCI indices

  • 25 May 2018  

    ​BOFIT Weekly Review 21/2018

    • No large economic policy changes expected from Russia's new cabinet

    • Reasonable recovery in Russian domestic demand; growth in output slower

    • Russian Duma approves new counter-sanctions bill

    • American sanctions affecting Russian firms

    • Threat of imminent US-China trade war subsides again

    • Chinese firms increasingly missing bond payments as financing opportunities tighten

    • Over 500 million Chinese have been lifted out of poverty in recent decades

  • 18 May 2018  

    ​BOFIT Weekly Review 20/2018

    • Price tags on Putin's new economic initiatives revealed

    • Rapid growth in Russian goods trade continued in first quarter

    • Growth of Russia's defence industry slowed last year

    • Moderate slowdown in China's economic growth continues

    • Chinese inflation remained modest in March and April

    • Robotisation of China zooms along

  • 9 May 2018  

    ​BOFIT Weekly Review 19/2018

    • Putin's newest May Decree sets out typical government target and task list through 2024

    • Sale of Rosneft stake to CEFC cancelled

    • Foreign bank lending to Russia has declined notably

    • China shows large current account deficit for January-March

    • China-US trade dispute worsens as lists of demands lengthen

    • China still has a long way to go to achieve full deregulation of bank deposit and lending rates

  • 4 May 2018  

    ​BOFIT Weekly Review 18/2018

    • Russian central bank keeps the key rate unchanged at 7.25 % p.a.

    • Russian defence spending declines, but remains substantial

    • Russian tourism abroad up in 2017

    • IMF GFSR: Complex corporate arrangements obscure risk assessment of China's financial sector

    • Higher foreign investor quotas for Chinese stock markets

    • China eases operating possibilities of foreign firms in the financial sector

  • 27 Apr 2018  

    ​BOFIT Weekly Review 17/2018

    • Russian government receives abundant excess oil revenues

    • Proposal on stricter import control for Russian state-owned enterprises

    • Russian household consumption recovers

    • Housing price rise in China's big cities lower than national average

    • Despite the aim of curbing financial market risks, the Chinese continue to pile on debt

    • Renewed efforts to rein in local government debt in China

  • 20 Apr 2018  

    ​BOFIT Weekly Review 16/2018

    • Russia's economic recovery stumbles again

    • Russia and the US holding off on new sanctions

    • IMF expects the Russian economy to grow by 1.7 % this year

    • China continues to report implausibly stable growth

    • Despite a larger surplus with the US, China's goods trade surplus contracted overall in the first quarter

    • China lowers its bank reserve requirement by one percentage point

  • 13 Apr 2018  

    ​BOFIT Weekly Review 15/2018

    • Russian markets dive after US imposes more sanctions

    • Russia's import recovery slows; outflows of private capital increase slightly

    • Russian natural gas production grew briskly last year

    • President Xi repeats his commitment to reform and easier access to China's markets

    • China launches trading of yuan-denominated oil futures on Shanghai futures exchange

    • China seeks to increase soy production

  • 6 Apr 2018  

    ​BOFIT Weekly Review 14/2018

    • More light on developments in the Russian economy last year

    • Russian central bank plans to start "bad" bank

    • Profits of Russian firms have supported out-of-pocket funding for investments; bank borrowing has been low

    • Profits of China's biggest banks surged last year

    • China-US trade policy dispute heats up

    • Every fifth international patent application now comes from China

  • 29 Mar 2018  

    ​BOFIT Weekly Review 13/2018

    • Latest BOFIT Russia forecast sees gradual economic recovery continuing

    • Muted market reaction in Russia to expulsion of Russian diplomats

    • Central Bank of Russia lowers key rate by 0.25 % and signals plans to keep cutting

    • Russian economy started to recover again in January-February

    • BOFIT China forecast sees lower GDP growth in coming years due to larger economic imbalances

    • US takes hard line on China trade policy

    • Guo Shuqing to head newly created banking and insurance regulator and serve as PBoC party secretary

  • 23 Mar 2018  

    ​BOFIT Weekly Review 12/2018

    • Number of people employed in Russia declined last year; labour force also shrank

    • Russian government places two Eurobond issues

    • Putin wins Russian presidential election as expected

    • Chinese economy powers ahead in first two months of 2018

    • People’s National Congress endorses numerous high-level appointments

    • Yi Gang named PBoC governor

  • 16 Mar 2018  

    ​BOFIT Weekly Review 11/2018

    • Russian oil production expected to remain at current levels also this year

    • Uneven development in Russian regions last year

    • Russia and China score low in the OECD services trade index

    • National People's Congress blesses party's constitutional supremacy with almost no dissent

    • China broadens capital tools for banks and lightens provisions for non-performing loans

    • Rapid growth in Chinese R&D spending

  • 9 Mar 2018  

    ​BOFIT Weekly Review 10/2018

    • Russian investments focused increasingly on oil & gas last year

    • CBR prepares strategy paper on improving access to banking services in 2018–2020

    • Gas dispute between Russia and Ukraine continues to flame

    • The official GDP growth target continues to dictate China's economic policy

    • Assessing true condition of China's public sector finances remains challenging

    • China may introduce retaliatory measures as the US goes ahead with steel and aluminium import tariffs

  • 2 Mar 2018  

    ​BOFIT Weekly Review 09/2018

    • Foreign currency sovereign credit ratings on Russia upgraded

    • Improvement of Russia's government sector finances at all budget levels

    • Strong growth in Finnish-Russian trade

    • China's financial regulator takes over the country's third largest insurance company

    • More joining the ranks of China's consumer class

    • Finnish goods exports to China rising much faster than exports generally

  • 23 Feb 2018  

    ​BOFIT Weekly Review 08/2018

    • Russia's fiscal sector strengthened in 2017

    • Russian retailer Magnit sold to state-owned bank VTB

    • Russia loses more educated people than receives

    • Big differences in regional economic growth rates

    • Restrictions diminished outward FDI flows from China last year

  • 16 Feb 2018  

    ​BOFIT Weekly Review 07/2018

    • CBR lowers key rate; oil, ruble and stock markets down in recent weeks

    • Machinery, equipment and vehicles drove the growth of Russian goods trade

    • Wide variations in Russian manufacturing branches last year

    • China's current account surplus fell to 1.4 % of GDP last year

    • Market turbulence rocks China, too

    • China's January inflation slowdown was broad-based

  • 9 Feb 2018  

    ​BOFIT Weekly Review 06/2018

    • Russian economic recovery slow last year

    • Role of the Russian state in banking sector continues to expand

    • Fast growth in household lending in 2017

    • China's new initiatives to protect the environment

    • Beijing's population growth stopped last year

  • 2 Feb 2018  

    ​BOFIT Weekly Review 05/2018

    • Primary production up in Russia; manufacturing hardly at all

    • US refrains from imposing new sanctions on Russia, but Power Machines goes on the sanctions list

    • Sharp drop in births in Russia

    • Did structural economic change in China come to a halt last year?

    • Rise in housing prices in China slowed last year

    • Yuan strongest against dollar since August 2015 mini-devaluation

  • 26 Jan 2018  

    ​BOFIT Weekly Review 04/2018

    • Relatively slow growth outlooks for Russian economy

    • Improved Russian federal budget performance; deficit shrinks

    • Russian foreign debt turned to slight growth last year

    • Forecasts of major international institutions see China sustaining strong growth in coming years

    • Lower growth in China's debt ratio

    • Borrowing becomes more expensive in China

  • 19 Jan 2018  

    ​BOFIT Weekly Review 03/2018

    • Russian foreign trade continues to recover; capital outflows up slightly

    • Russian currency reserves rose by 55 billion dollars last year

    • Concerns over Russia's regional budget deficits

    • China's latest GDP growth figures in line with expectations

    • New cases of fudged statistics at provincial and local levels

    • Growth rate in Chinese imports outstripped exports last year; trade surplus shrank

  • 12 Jan 2018  

    ​BOFIT Weekly Review 02/2018

    • Russia depletes its second oil fund

    • State gives small income hikes and tiny tax reliefs to Russians

    • Sistema to pay damages to Russian oil giant Rosneft in Bashneft deal

    • China's central bank re-adjusts its exchange rate mechanism

    • New limits on China's financial markets

    • China posts moderate consumer price inflation in 2017; producer prices climb

  • 5 Jan 2018  

    ​BOFIT Weekly Review 01/2018

    • Ruble rise halted in 2017

    • Russia doubles oil pipeline transmission capacity to China

    • Uneven growth outlooks for countries in CIS region

    • Yuan strengthened against the dollar and weakened against the euro in 2017

    • Weakness in mainland China stock markets last year relative to stock markets globally

    • Reduced sales tax discount on small vehicles cools car sales in 2017

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