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03 July 2014

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Macro View

A fragile recovery

Consumer China

Smartphones – dialling up the pressure

Our consumer and retailer surveys suggest that smartphone manufacturers at both ends of the market will find it harder to outperform amid slowing sales and intensifying competition.

Lenovo – sluggish strategic development raises concerns

Lenovo continues to record strong sales in China, but is struggling to make much headway in the premium market, while sluggish development of 4G handsets and its weak online marketing presence raise concerns over its future performance.

Samsung – competition intensifies

The South Korean giant faces increasing pressure, with our survey data showing declining popularity as competition ramps up in both the premium and lower-end markets.

Coolpad – banking on a low-cost 4G strategy

The domestic smartphone maker’s growing range of low-cost 4G handsets and its strategic partnership with online retailer JD.com should continue to drive further strong growth despite mounting competition.

Apple – rebounding popularity on strong brand image

Our surveys show that Apple’s popularity among Chinese smartphone buyers has rebounded since mid-2013, while heightened consumer expectations for a larger-screen iPhone 6 should boost future sales.

Financial China

China’s monetary policy shift

Recent targeted moves to boost base money supply suggest that China’s central bank is set on managing liquidity through direct measures aimed at specific sectors of the economy, rather than previously used market-wide injection tools such as rate cuts or RRR hikes

Selected financial charts

A selection of key financial data over the past fortnight.

Capital Intensive China

Fixed-asset investment – an uneven recovery

The recovery in fixed-asset investment growth seen in recent months has been uneven and limited in nature and may not be sustained.

Best of Chinese Commentators

Vocational reforms to boost online education

Analysts have been assessing the impact of and potential opportunities presented by proposals to promote the development of vocational education in China.

Lessons from the liquidity squeeze

A year on from the severe liquidity squeeze in June 2013, bankers and market participants have been debating the lessons learned and examining why there wasn't a repeat performance this year.

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