China Blue Book
China Blue Book is a series of Fitch China Research Initiative publications dedicated to providing comprehensive, in-depth research and inisght into the key credit aspects of corporate sectors in China.
China Theme Park Industry Blue Book
Leading theme park operators’ profitability and cash flow generation are likely to restore to pre-pandemic levels in 2023 amid strong recovery momentum, but capex pace would affect free cash flow and deleveraging trajectories.
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China Express Delivery
China’s express-delivery sector will transit from a labour-intensive industry to a capital-and-technology intensive one, as key participants cut unit costs and improve efficiency through scale expansion and technological advancement.
China Corporate Bond Market
The China Corporate bond market has been evolving rapidly in recent years. The latest issue of China Corporate Bond Market Blue Book is an update to our last edition published in May 2015 which presents our observations on key market developments.
China Home Appliance
M& to Drive Funding Needs as Companies Hunt Additional Growth
China Private Education
China’s private education sector, which consists of private schools and private education service institutions, has experienced rapid growth, underpinned by strong government support, rising middle-class demand, low university admission rates and migrant families whose children are not eligible to enrol in local public schools.
China Infrastructure Investment
China’s 1Q18 total fixed-asset investment (FAI) increased by 7.5% yoy to CNY10.1 trillion, down from 9.2% in 1Q17. The sharp slowdown in infrastructure growth was the main reason, which was a result of stricter financial policy imposed by the Chinese government since mid-2017.
China Local Government
This report includes summary profiles of 30 of the 31 mainland Chinese provinces, municipalities and autonomous regions.
China New Energy Vehicle - Government Policy Drives Market Development
China has become the world’s largest new energy vehicle market by annual production and sales volume, says Fitch Ratings. China’s strong demand comes from massive public sector deployment and generous government stimulus policies that spur retail demand.
China Airline Sector
China's airline sector is a strategic, competitive industry with structural growth prospects.
China Pharmaceutical Manufacturers
Fitch Ratings expects China’s pharmaceutical sales through hospitals and retail pharmacies to maintain a healthy growth. This momentum is underpinned by rising medical demand from an ageing population; continuing urbanisation; broadening medical insurance coverage; and improving public access to medical treatment.
China Pharmaceutical Distributors and Retail Pharmacies
Intensifying competition, stricter regulations and declining drug prices will pressure margins of Chinese pharmaceutical distributors, while rising labour and rental costs will constrain retail pharmacy profitability, leading to further consolidation of the highly fragmented sector, says Fitch Ratings.
China Big Five Automakers
This is Fitch Ratings' 'Blue Book' on China's Big Five Automakers.
China Automotive Sector
China’s urbanisation, rising household income, and the “Chinese dream” of car ownership are key factors that will keep spurring growth in the nation’s auto sector. Automakers – both local and Sino-foreign joint ventures – need to hone their product, pricing and marketing strategies to succeed.
China Coal
This is Fitch Ratings' China Coal Blue Book.
China's Corporate Bond Market
China’s local bond market, ranking third globally after the U.S. and Japan, operates in a so-called “three-fiefdom” regulatory environment involving multiple government authorities.
China's Big Five IPPs
The Big Five independent power producers – Huaneng, Datang, Huadian, Guodian and CPI – control about half of China’s total installed generation capacity in approximately equal parts, and rank among the biggest producers in nearly every Chinese province.
China Power Sector
The power industry is one of China’s most highly regulated sectors because of its vital role in the nation’s security and economy. It operates largely under a centrally planned model; Beijing controls the industry through regulatory measures, and by retaining ownership in key assets along the value chain through SOEs.