Icbccss&p500usd Discussion Threads

[briarberry] 19/12/2009 14:06

China's economy is continuing to grow despite the global recession, helped by a massive government stimulus package of $585bn.

But doubts remain whether such strong growth can be sustained by public spending alone.

17% rebates on white goods for rural residents

[briarberry] 11/11/2009 12:59

China's new Yuan-denominated loans in October were down 51 percent from September, the People's Bank of China, the central bank, announced Wednesday.

Growth of the new yuan loans slowed to 253 billion yuan ($37.06 billion) from September's 516.7 billion yuan ($75.68 billion), according to the central bank.

Yuan loans outstanding at the end of October were 34.19 percent higher than a year earlier, almost the same as September's reading of 34.2 percent.

The broad M2 measure of money supply, which covers cash in circulation and all deposits, was up 29.42 percent in October from a year earlier to 58.62 trillion yuan, the central bank said.

Annual growth of the narrow M1 measure of money supply, which covers cash in circulation plus current corporate deposits, accelerated to 32.03 percent from 29.3 percent in September.

Yuan lending in the first 10 months totaled 8.92 trillion yuan, far exceeding the government's target of 5 trillion yuan for this entire year.

[briarberry] 09/11/2009 14:15

Nov. 9 (Bloomberg) -- China's passenger-car sales rose 76 percent last month as economic growth and government stimulus measures spurred demand in the world's largest auto market so far this year.

October sales of cars, sport-utility vehicles and multipurpose vehicles climbed to 946,400 units, the China Association of Automobile Manufacturers said in an e-mailed statement today. In the first 10 months, sales rose 45.2 percent to 8.19 million.

[briarberry] 31/10/2009 20:19

China-ASEAN Free Trade Area on track

The Chinese Vice Premier has reaffirmed his country's commitment to going beyond the China-ASEAN Free Trade Area (CAFTA) which is set to come into effect on January 1, 2010 in developing comprehensive economic cooperation in the Asian region.This agreement will provide a zero-tariff policy on 90 per cent of the products traded between China and ASEAN countries including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Once CAFTA takes effect, it will be Asia's biggest free trade zone and cover a population of 1.9 billion with a trade volume of US$4.5 trillion and a combined GDP of US$6 trillion.

[briarberry] 25/10/2009 13:49

BEIJING, Oct. 23 (Xinhua) -- China Construction Bank, one of the country's top four lenders, announced Friday its net profit in the third quarter rose 18.56 percent year on year to 30.3 billion yuan (4.4 billion U.S. dollars).


BEIJING, Oct. 25 (Xinhua) -- China Vanke, the country's largest property developer by market value, said Sunday that it raked in a net profit of 2.96 billion yuan (433.38 million U.S. dollars) in the first three quarters of this year, up 29.9 percent year on year.

[briarberry] 20/10/2009 19:20

The next bubble ???

China M1 Money Supply, YoY, September + 29.5% (record increase)

China M2 Money Supply, YoY, September + 29.3% (record increase)(an increase of 870 billion yuan in September)

China's Official Foreign Exchange Reserves are back up to new record highs

In September, new loans rose to 516.7 billion yuan ($75.8 billion), up 34 percent year-on-year. (not as fast as they were increasing)



Does China remind anyone of the rush to modernise seen in the USA during the roaring 1920s ???

[briarberry] 20/10/2009 13:24

October 15 – Bloomberg: "China's electricity consumption rose 10.2 percent in September, the most since June last year, as the domestic economy recovered."

[briarberry] 20/10/2009 11:39

China Telecom profit falls 34%; revenues rise

China Telecom said fixed-line subscribers fell by 4.97 million in the three months ended September to 194.39 million, while broadband subscribers rose 2.4 million to 51.45 million. Its cellular-subscriber base rose 7.5 million during the quarter to 42.53 million

[briarberry] 19/10/2009 12:40

I don't know enough about China/Chinese markets

maybe someone else will post who has an insight ?

[hyper al] 19/10/2009 11:44

briarberry

Do you think that will help China related stock on AIM and other markets?

[briarberry] 19/10/2009 11:37

China's new Nasdaq-style stock market for smaller companies is set to hold a launching ceremony Friday.

[briarberry] 14/10/2009 13:31

China's central bank reported Wednesday that new bank lending rose to a record 8.65 trillion yuan ($1.27 trillion) in January-September, up 149 percent over the same period of last year.

In September, new loans rose to 516.7 billion yuan ($75.8 billion), up 34 percent year-on-year.

As is typical for China, a lending binge in the first half of the year dropped off sharply in July. But credit remains ample, and China's leaders have indicated they intend to continue stimulus policies to ensure the recovery remains on track.

[briarberry] 14/10/2009 13:23

Oct. 14 (Bloomberg) -- Rio Tinto Group, the world's third- largest mining company, said third-quarter iron ore production rose to a record on demand from steelmakers in China.

Production of iron ore, the biggest contributor to earnings in the first half, climbed 12 percent to 47.5 million metric tons in the three months to Sept. 30, from 42.4 million tons a year earlier, London-based Rio said today in a statement. Output rose 5 percent from the previous quarter, it said.

Imports by China, the world's biggest buyer, jumped 30 percent to a record last month on increased steel production. Rio today raised its full-year output forecast by as much as 7.5 percent as shipments to China remained high.

[briarberry] 14/10/2009 12:52

China - A real sign of recovery ? Although will have to wait and see what happens once the stimulus runs out...


SHANGHAI (AP) -- The slump in China's exports eased in September in a sign global trade is improving and bolstering the government's efforts to sustain an economic recovery.

Exports from the world's third-largest economy in September fell 15.2 percent year-on-year to $115.9 billion, the slowest decline in nine months, the customs agency said Wednesday. Imports declined by 3.5 percent to $103 billion -- the smallest drop since imports started to slide in November last year.

Both drops were improvements over August, when exports contracted 23 percent and imports fell 17 percent.

[briarberry] 13/10/2009 12:00

October 9 – Bloomberg (Sophie Leung): "China's banking regulator said it's too soon for the government to start winding down stimulus efforts even as growth in the world's third-largest economy accelerates to more than 8%. 'It's far too early to talk about an exit strategy,' Liu Mingkang, chairman of the China Banking Regulatory Commission, told a banking conference... The economy 'may face a bumpy road ahead.'"

October 5 – Bloomberg (Rob Delaney): "Chinese central bank official Yi Gang said the strength of lending in the country isn't a cause for concern and will stabilize, reflecting the government's reluctance to rein in economic stimulus measures. 'I think overall, the situation will converge to a sustainable level,' Deputy Central Bank Governor Yi told Bloomberg... 'In August, it was already not too much. June and August were pretty flat.'"

[briarberry] 13/10/2009 11:57

Oct. 13 (Bloomberg) -- Passenger car sales in China in September rose 83.6 percent from a year earlier to 1.015 million units, the China Association of Automobile Manufacturers said in an e-mailed statement today.

[waldron] 17/9/2009 05:52

China's controversial Polish contract

By Rob Broomby
BBC News, Warsaw

At a dusty building site on the fringes of Warsaw, globalisation has just taken its latest twist - and it's one which will send tremors through Europe's construction industry.

Two decades after the fall of communist rule, a Polish government with an almost fundamentalist commitment to the free market has awarded contracts for two large motorway sections to a Chinese state-owned company that won the job with a dramatic knock-down bid.

It is the first time the Chinese have won such a contract in Poland and it is believed to be a first within the EU.

But instead of just cutting the price, they slashed it to pieces, offering to build the road for 60% less than the guide price - saving taxpayers millions, but leaving many wondering how they can do it so cheaply without pain.

Work is already under way on the interchange where the Lodz-Warsaw motorway will arrive in the Polish capital.

Stopping the traffic to allow heavy construction lorries to turn, Artur - clad in a hard hat and luminous jacket - says he is "very surprised".

"The Chinese probably work cheaply," he says.

Social fears

The Chinese Overseas Engineering Group (Covec), has told the Polish authorities it will employ EU workers, but fears persist that it will ship in cheap labour from China to complete the job.

"Of course they can bring Chinese workers with them to help with the construction," says Andrzej Maciejewski of the Polish Roads Agency (GDDKIA) that awarded the contract.

But "first of all, they will hire the workers from our market," he adds.

He also says that Covec will have to obey Polish and EU employment laws, and comply with working hours and minimum wage regulations.

" It's a good challenge for Europe to have lower-cost workers "
Hanna Gronkiewicz-Waltz Mayor of Warsaw
But nevertheless the fear that the Chinese company will practice wage dumping is very real.

Andrew Kureth, editor of the Warsaw Business Journal, has watched Chinese firms in action in Poland.

"The Chinese companies are bringing in their own workers from abroad," he says.

He cites a Chinese company building an apartment block next to his home using only Asian workers.

"If that continues to happen I think there is a possibility there will be a social outcry here."

With many Polish builders working in the UK and perceived by some to be undercutting UK pay rates, it is ironic that their jobs at home could now be filled by Chinese workers.

A spokesman for the the European Investment Bank, which is lending much of the money, said that for the bid to be legal, proper procurement procedures would have been followed.

'Chinese effect'

There are also indications that the Polish authorities are using Chinese bidders to drive down costs.

When Warsaw felt the bids for its new underground train line were too high, it got the Chinese to bid.

The Chinese did not win that time, but their competitors slashed their prices drastically in response.

It has been called the "Chinese effect", says Michael Dembinski of the British-Polish Chamber of Commerce.

"We need to look at the scale of this," he says.

"If the Chinese bring over tens of thousands of labourers there will be unease about this."

"If it's a question of a couple of hundred skilled engineers, that's not going to be too much of an issue."

The mayor of Warsaw, Hanna Gronkiewicz-Waltz, formerly Vice President of the European Bank for Reconstruction and Development, says the company will probably employ a mixture of Chinese and local workers.

"It's a good challenge for Europe to have lower-cost workers," she says.

Asked to comment on the fact that a government committed to free market principles has awarded a contract to a Chinese state-owned company, she is unapologetic.

"Countries in the West should reform their economies," she says.

A spokesman for the European Internal Market Commissioner said they were not investigating the contract and there was "insufficient information to see if it was within the rules or not".

This might be the first motorway contract for the Chinese in the EU but it is unlikely to be the last.

But with tension mounting in the UK, in particular, over the employment of foreign contract labour, the authorities in Warsaw and Brussels will need to tread very carefully.

Story from BBC NEWS:

[briarberry] 14/9/2009 11:55

China Moves to Retaliate Against U.S. Tire Tariff

By KEITH BRADSHER - Published: September 13, 2009

HONG KONG - China unexpectedly increased pressure Sunday on the United States in a widening trade dispute, taking the first steps toward imposing tariffs on American exports of automotive products and chicken meat in retaliation for President Obama's decision late Friday to levy tariffs on tires from China.

...
China exported $1.3 billion in tires to the United States in the first seven months of 2009
...
a trade relationship in which the United States buys $4.46 worth of Chinese goods for every $1 worth of American goods sold to China.
...
Exports to the United States, at 6 percent of China's entire economic output, account for 13 times as large a share of the Chinese economy as exports to China represent for the United States economy.

[briarberry] 12/9/2009 16:02

September 8 – Bloomberg (Jacob Greber): "China's passenger-car sales surged a record 90% last month, as tax cuts and government subsidies spurred demand, bringing the nation closer to overtaking the U.S. as the world's largest auto market."

September 11 – Bloomberg: "China's power generation rose to a record in August... Power output increased for a third month, gaining 9.3% to 344.3 million megawatt-hours... Power generation had climbed 4.8% in July and 5% in June after contracting for three straight months."

September 11 – Bloomberg: "China's industrial production grew at a faster pace in August, signaling a strengthening recovery in the world's third-biggest economy. Output gained 12.3% from a year earlier, after climbing 10.8% in July, the statistics bureau said..."

[briarberry] 08/9/2009 17:46

China has announced its first sale of government bonds in yuan outside the mainland.

The government will sell 6bn yuan ($880m; £534m) of bonds in Hong Kong to "improve the international status of the yuan," the finance ministry said.

The sale is a milestone as China opens up its financial markets and promotes its currency as a world benchmark.

[briarberry] 08/9/2009 12:45

China has unveiled the design of what will be its largest locally-made commercial aircraft.

The jet, a single-aisle C919 with up to 190 seats, will only be ready for test flights in 2014 and delivery in 2016.

China has become the world's second-largest market - and fastest growing - for commercial aircraft.