China's Economic News

Discussion in 'China' started by Martian, Aug 6, 2010.

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    China's SANY beats #2 Komatsu in profitability! Closes in on #1 Caterpillar!

    [​IMG]
    SANY SY2000C large-tonnage hydraulic excavator

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    SANY SCC 2500 300-ton-capacity crawler crane

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    Asia's largest-tonnage SANY SR360 Rotary Drilling Rig

    China

    "Sany Heavy Jumps
    By Bloomberg News
    Mar 18, 2011 4:00 AM ET
    ...
    Sany Heavy Industry Co., China’s biggest maker of machinery for handling concrete, jumped 7.6 percent after profit more than doubled last year.
    ...
    Sany Heavy surged 7.6 percent to 27.80 yuan, the most in three weeks, after saying net income for 2010 jumped 113 percent to 5.6 billion yuan ($851.7 million). China’s machinery exports will likely strengthen as the Japanese temblor reduces competition while imports will slow from Japan on supply constraints, Citigroup Inc. said March 14."

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    For comparison, Komatsu's net income for 2010 was $415 million (or 33.6 billion yens; exchange rate is $1 = 81 yens).

    Komatsu Limited - Wikipedia, the free encyclopedia
    "Komatsu is the world's second largest manufacturer of construction equipment and mining equipment after Caterpillar. However, in some areas (Japan, China), Komatsu has a larger share than Caterpillar. It has manufacturing operations in Japan, Asia, Americas and Europe."

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    Sany Heavy Industry Jan. Beat Alien Peers in Excavator Sale - Investors.com

    "Sany Heavy Industry Jan. Beat Alien Peers in Excavator Sale
    Posted 03/21/2011 06:52 AM ET

    SHANGHAI, Mar 21, 2011 (SinoCast Daily Business Beat via COMTEX) -- Sany Heavy Industry Co., Ltd. (shse:600031), a well-known engineering machinery manufacturer in China, sold 1579 Sany heavy machinery in January, beating foreign rivals and taking the top position among home peers, in terms of the data by the China Construction Machinery Association.

    Sany Heavy Industry started to be on the strong growth since Sany Heavy Machinery Co. was injected in in September 2009, and the company outperformed Caterpillar Inc. in terms of market share in China in the same year.

    Sany Heavy Industry general manager Dai Qinghua discloses that the gross margin of each excavator stands at around 30 percent and that would be able to grow further. Excavator sales this year are estimated to bring about CNY 5.4 billion profit to the Shanghai traded company calculated at CNY 18 billion sales income the company plans to achieve in 2011.

    Sany excavator profit growth is expected to be 40 percent and sales would exceed 230,000 units this year, according to the latest research report by Founder Securities."
     
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    SANY 203-foot concrete pump truck on its way to save Fukushima's No. 4 reactor

    http://www.autoblog.com/2011/03/25/meet-th...himas-no-4-rea/

    "Meet the 203-foot truck on its way to save Fukushima's No. 4 reactor
    by Zach Bowman (RSS feed) on Mar 25th 2011 at 2:00PM

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    SANY 203-foot concrete pump truck

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    SANY 203-foot concrete pump truck being loaded for shipment to Japan.

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    SANY 203-foot concrete pump truck with stabilizer legs deployed

    Japan has turned to its neighbor across the water for help in cooling the number four reactor at the Tokyo Electric Company's nuclear power plant in Fukushima. So far, scientists and engineers have used everything from helicopters to fire trucks to get sea water to the reactor's fuel rods in order to prevent a meltdown, but according to China Realtime Report, a Wall Street Journal blog, a new solution is in the works. A 203-foot long concrete pumper truck has been called up from Chinese heavy equipment manufacturer Sany.

    Instead of directing a stream of concrete up a sky scraper, this $1 million truck that was originally on its way to a Saudi client will now be used to pump sea water over the 141-foot reactor group in order to keep everything cool. Even at that height, the truck will still be able to remain 14 meters, or about 46 feet, away. Sany says that the truck left port in China on March 20 and has safely reached Japan, though there's no word on whether or not it has begun operations at Fukushima.

    Tokyo Electric Company originally offered to purchase the truck, but Sany is donating it and a full support team free of charge, and this isn't the first time that the construction equipment manufacturer has lent a hand in international disaster efforts. The company also donated a giant crane to assist in the evacuation of the Chilean miners who were trapped in a mine last year.

    Unfortunately, the very latest update from Japan is that Fukushima's No. 3 reactor is leaking water with 10,000 times the normal level of radiation, which may indicate a breach of the reactor's core. If that's the case, there's no telling how the Sany pump truck will be used when it arrives on site, or if it will be needed at all."

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    A truck-mounted concrete pump manufactured by China’s Sany Group is employed in the construction of a power plant in Arkansas. Sany says it has sent one of its longest truck-mounted pumps to aid with containment efforts at the quake-damaged Fukushima nuclear reactor in Japan. (Photo courtesy of SANY Group)

    http://www.capitalvue.com/home/CE-news/ins...63/post/1337741

    "Sany Heavy Provides Aid to Tokyo Electric Power Co.
    Monday 2011-03-21 16:32

    March 21 -- Sany Heavy Industry (600031) will donate a 62-meter concrete pump truck to Japan to prevent further radioactive material leakage of the Fukushima Nuclear Power Plant, reports Xinhua, citing a company filing. The pump truck is worth one million US dollars and will arrive at Osaka harbor next Wednesday. Tokyo Electric Power Company will use the pump truck to pump water into the damaged reactor units at Fukushima Nuclear Power Plant.

    At present, Sany is the world’s largest concrete pump truck manufacturer, with annual capacity of 4000 sets."
     
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    China Has Overtaken North America As World’s Largest LCD TV Market

    [​IMG]
    Haier LCD TV

    China Has Overtaken North America As World’s Largest LCD TV Market

    "China Has Overtaken North America As World’s Largest LCD TV Market
    By Jonathan Sutton • Wednesday, 23 March 2011, 12:05 am UTC

    North America is no longer the largest market for sales of LCD TV displays in the world. The throne now belongs to China, according to the most recent data from Korean market research and consulting firm Displaybank. Within the Chinese LCD television market, LED-backlit models enjoyed healthy growth last year, but shipment of 3D-capable sets remained sluggish.

    Each month, Seoul-headquartered Displaybank updates its Monthly LCD TV Supply Chain report that monitors the global shipments of flat-screen televisions. Its latest publication subtitled “Chinese Brands†revealed that in 2010, the demand for LCD TVs in China stood at 39 million units, constituting 21% of the worldwide market share. As a result, the region has surpassed North America (which claimed a 19% share last year) as the world’s biggest LCD TV market.

    Local TV manufacturers dominated the scene in China: the top six Chinese companies – Haier, Konka, Changhong, Skyworth, TCL and Hisense – made up three-quarters of the total LCD TV market share in China.
    Given the nation’s thirst for flat-panel LCD televisions, it is hardly surprisingly to discover that these six TV makers are responsible for 15% of the global TV panel shipment in 2010.

    In terms of supplying TFT LCD panels to these six Chinese TV brands, Taiwanese corporation Chimei Innolux (CMI) led with a 32% share, followed by Korean HDTV manufacturers LG and Samsung at 21% and 18% respectively. More than half of the LCD panels used in TVs sold by the six Chinese firms came from Taiwan (representing a year-on-year increase of five percentage points), whereas Korea-based vendors accounted for 39% of the panels (which is down 3pp Y/Y).

    Technology-wise, the proportion of TFT LCD panel modules equipped with LED backlight unit (BLU) grew strongly from 1% in 2009 to 11% last year. However, shipment of LCD panels boasting 3D capabilities remained low – only 30,000 units of such modules were acquired by Chinese TV makers in 2010. Looking forward though, Displaybank expects consumer demand for 3D TV sets to rise sharply in China this year due to a concerted push by the industry."
     
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    China became world's largest construction market in 2010

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    China spent more on construction in 2010 than any other country. Pictured: Chinese workers put the finishing touches on a nearly-completed ultramodern commercial and residential building complex in Beijing on May 5, 2010. (UPI/Stephen Shaver)

    China became world's largest construction market in 2010

    "China became world's largest construction market in 2010
    by Shie Ai-ju and Staff Reporter
    2011-03-04

    During the period of the easy monetary policy of the Chinese government over the past two years, the prices of raw material and labor increased, as did the country's construction expenditure -- reaching US$1 trillion in 2010. By contrast, the construction market in the United States declined during the economic slowdown: investment in construction totaled only US$983 billion last year, lower than the US$1.5 trillion recorded in 2005.

    Even as China surpassed Japan to become the world's second-largest economy last year, it also took the title of the world's largest construction market. More significantly, its share in the global market is expected to expand further.

    The Global Construction 2020 report published March 3 predicted that China would account for one-fifth of the global construction industry by 2020, compared with the current 14%.

    Graham Robinson, director of Global Construction Perspectives, said that the trend marks a turning point for the construction industry.

    Last year, spending on housing construction accounted for 57% of China's total construction expenditure. However, with the Chinese government's recent attempts to prevent a housing bubble, growth in housing construction spending is expected to slow down over the next decade. However, there will be growth from spending on railroads, roads and power infrastructure.

    In the next decade, global construction expenditure is expected to reach US$97.7 trillion. In addition to China, India will also invest significantly in construction and is expected to soon overtake Japan to become the third-largest construction market in the world."
     
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    China's recent important victories at the WTO

    [​IMG]
    Among the small handful of WTO disputes involving China, China has won important WTO rulings. The inescapable conclusion is that China obeys WTO rules and other nations are complaining without merit. Competition does not guarantee equal outcomes, only equal opportunities.

    China Wins WTO Case Against U.S. - WSJ.com

    "Trade Body Rules in Beijing's Favor
    By JOHN W. MILLER
    MARCH 12, 2011

    WTO Judges Say U.S. Illegally Imposed Double Duties on Chinese Exports Limits Trading Partners' Room to Maneuver

    BRUSSELS—The World Trade Organization handed an important victory to China, ruling that the U.S. illegally imposed both antidumping and antisubsidy duties on some Chinese exports in 2007.

    The trade body's surprise decision sets a precedent in limiting the ability of China's trading partners to impose punitive duties on its exports.


    China, the world's biggest exporter and its second biggest economy, faces its biggest wave of trade disputes at the WTO since it joined the Geneva-based organization in 2001.

    [​IMG]
    A security guard walks among the containers at Yangluo Container Port on the Yangtze River in Wuhan in central China's Hubei province. (Photo credit: European Pressphoto Agency)

    Led by the U.S. and the European Union, China's trading partners are fighting what they say is an export machine often lubricated by state subsidies and aggressive dumping of goods below cost on foreign markets. And they complain it's a one-way street: China had $1.6 trillion of exports in 2010, with a trade surplus of $184.5 billion.

    China has reacted to the trade legal war by hiring teams of consultants and expert counsel in Geneva, Brussels and Washington. It has become difficult for a reporter covering trade to find a lawyer not retained on some level by China or one of its exporters.

    The WTO recently issued two significant rulings against China, finding that it improperly imposes export tariffs on raw materials in order to protect domestic supplies, and ordering China to bust a state-backed monopoly on processing some credit-card payments.

    The most recent case dates back to the U.S. imposing punitive tariffs of up to around 20% on Chinese steel pipes, tires, and laminated woven sacks in 2007. A year later, China complained to the WTO that the U.S. had acted illegally. In October, the WTO rejected those claims.

    Beijing appealed, arguing the U.S. couldn't legally impose two different classes of punitive duties—antidumping and antisubsidy— on the same goods. Antidumping duties punish dumping, the selling of goods below cost in a foreign country, while the latter compensate for government aid, such as grants and low-interest loans.

    Typically, antidumping duties are levied on countries that are not designated as "market economies," because some subsidies are assumed in those countries. Instead, the WTO permits importers to calculate probable cost of the good using another country as a reference. For China, it is often another emerging economy such as Turkey or Mexico. Most countries, the U.S. included, don't consider China a market economy, and therefore usually don't apply antisubsidy duties. The EU has never imposed antisubsidy duties on China. Beijing has been campaigning hard for market-economy status from both the U.S. and EU because it would make it harder for those countries to levy antidumping duties.

    In its 232-page report, the WTO's judges said that the U.S. couldn't apply both kinds of duties.

    "The Appellate Body's decision on the 'double remedies' issue is likely to cause concern" among U.S. manufacturers and labor unions who lobby the government to impose duties, said Simon Lester, founder of WorldTradeLaw.net LLC, a Washington consulting firm.

    U.S. Trade Representative Ron Kirk reacted angrily to the ruling by the WTO. "I am deeply troubled by this report," he said."It appears to be a clear case of overreaching by the Appellate Body." The U.S., he added, is "reviewing the findings closely in order to understand fully their implications."

    The U.S. must now comply with the ruling by removing some of the duties and change its methodology for future cases.

    U.S. trade officials pointed out that the WTO panel upheld some parts of the U.S. case, including the finding that certain banks that gave loans to the exporters were "state bodies."

    China welcomed the ruling. The panel, a government statement said, "has conclusively established that the United States acts unlawfully in the methods by which it calculates and imposes countervailing duties on imports from China."

    Write to John W. Miller at john.miller@dowjones.com"

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    China Wins Duties Case Against EU in WTO Courts | 2point6billion.com - Foreign Direct Investment in Asia

    "China Wins Duties Case Against EU in WTO Courts

    "Dec. 7, 2010 – In a case that displays China’s increasing engagement with international bodies, the World Trade Organization ruled last Friday that the European Union’s antidumping duties on Chinese steel fasteners such as screws and bolts work against WTO regulations.

    “We recommend that the dispute settlement body request the European Union to bring its measure into conformity with its obligations,” it said.


    [​IMG]

    China brought the case to the WTO in July 2009 after the EU imposed tariffs, ranging from 26.5 percent up to 85 percent, on some imports of Chinese steel and iron fasteners.

    The WTO disputed calculations that the EU undertook to determine whether Chinese goods were being “dumped” below the cost that they took to be made.

    The EU has repeatedly argued that it has the authority to make such calculations that are based on statistics from other nations, because China does not qualify as a market economy.

    China’s Ministry of Commerce welcomed the ruling, saying “China urges the EU to respect the WTO ruling and quickly end the practices.”

    China joined the WTO in 2001 and since then has played an increasingly large role in WTO litigation. In the past, China has also won some cases against the United States for its own tariffs against Chinese imports, but Friday’s WTO decision was China’s first win against the EU.

    Due to China’s role as the global source of low-cost manufacturing, roughly a quarter of anti-dumping duties globally have been directed towards Chinese exports over the last decade, according to the Financial Times.

    Both sides to the case have 60 days to appeal the ruling."

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    China gets WTO backing in chicken import row with US | China business news

    "China gets WTO backing in chicken import row with US
    Posted by CBN on Jul 29th, 2010

    China has notched up a victory against the United States after a World Trade Organization (WTO) panel ruled in China’s favor in a dispute over the ban on imports of Chinese chicken, sources close to the matter said on Wednesday.

    The ruling is expected to come into effect soon and will help open up the US market for finished chicken breast exports, the sources said. The nation is already a major exporter of chicken products to Japan.

    The WTO said in June, in an interim ruling, that the US decision was in violation of its rules and regulations.


    Commerce Ministry officials said China got the final ruling from the WTO on Tuesday, but the trade body did not disclose the result and other details, citing confidential reasons.

    “It (final ruling) will be announced in one or to two months, and the result is actually China wins,” said an unnamed source.

    In April 2009, China lodged an appeal with the WTO against Section 727 of the Omnibus Appropriations Act of 2009, included in US laws from March 2009. China argued that the Section 727 runs against rules of the global trade arbitrator and consequently the WTO set up a dispute settlement panel in July 2009.

    Under the Section 727, the United States effectively prohibits the establishment or implementation of any measures that would allow poultry products to be imported from China.

    “Such rules are nothing but trade protectionist measures as they block China’s chicken product exports to the US,” said Ma Chuang, deputy secretary-general of the China Animal Agriculture Association.


    Ma expressed confidence that once the ruling comes into effect it will boost exports of finished chicken products. “We expect to start seeing modest annual export volumes of 100,000 to 150,000 tons of finished chicken products valued at around $500-750 million roughly. It will in no way impact US poultry farmers or manufacturers of finished products,” he said.

    In 2009, China exported poultry products worth $870 million or 291,272 tons, compared with $860 million in 2008. It imported 799,600 tons of chicken products globally in 2008."
     
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    Africans welcome China's growing economic power

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    The Beijing summit of the Forum on China-Africa Cooperation in November 2006 brought together more than 40 leaders and heads of state from Africa. (Photo credit: Xinhua)

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    "China’s total trade with Africa in 2008 surpassed the US$100 billion trade target set for 2010 at the 2006 Forum on China-Africa Cooperation (FOCAC)."

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    China-Africa friendship

    http://europe.chinadaily.com.cn/china/2011...nt_11888573.htm

    "China to forgive half of Africa rail debt
    Updated: 2011-01-20 10:58
    By Wang Qingyun (chinadaily.com.cn)

    Chinese Vice-Minister of Commerce Zhong Shan signed an agreement with counterparts from Zambia and Tanzania in Lusaka, Zambia's capital, on Jan 19, to forgive 50% of the debt from China to build and operate the Tanzania-Zambia railway.

    The Chinese government took the action because of the traditional friendship between China and Africa, and Chinese people want to do their best to support African people's development, said Zhong at the signing ceremony. He also said the Chinese government hopes the railway will operate with less debt and boost the regional economy and benefit the two countries.

    China helped construct the Tanzania-Zambia railway at the request of the leadership of Tanzania and Zambia in 1970, and handed it over after its completion in 1976. The Chinese government provided an interest-free loan of 988 million yuan to complete the project, and continued to provide such loans and technicians to ensure its operation.

    [The 1,860-km railway, which took over 50,000 technicians and workers seven years to complete in 1975 and was handed over to Zambia and Tanzania in 1976, was one of China's largest foreign aid projects and is considered as the emblem of China-Africa friendship.]"

    http://af.reuters.com/article/nigeriaNews/...E72O1J420110327

    "Africans welcome China's growing economic power
    Sun Mar 27, 2011 10:30pm GMT

    LONDON, March 27 (Reuters) - The prospect of growing Chinese economic clout is welcomed in all African countries, in contrast to other parts of the world where attitudes are either negative or divided, a poll showed on Sunday.

    Asked how they view the possibility of an economically far stronger China, around four in five Nigerians and Kenyans said they looked forward to such an outcome, according to the survey of more than 28,000 people in 27 countries commissioned by the BBC World Service.

    "All African countries view China's increasing economic power positively," the survey report said.


    Sub-Saharan Africa was also home to the very few countries worldwide where most people would be happy about China boosting its military might.

    China is investing large amounts of money and technical expertise in African countries, seeking a reliable source of raw materials to sustain its economic growth.

    Globally, half of all respondents favoured the prospect of a wealthier China and only a third believed it would be unwelcome. The split was little changed from the previous poll in 2005.

    However, in North America, the majority would view such a development warily, and more so than six years ago.

    Unfavourable views of China's economic influence rose in neighbouring Japan, South Korea and Russia.

    Overall, people expected China will be a more important economic partner to their respective countries than the United States or the European Union in 10 years.

    Interviews were conducted between December and February. (Reporting by Olesya Dmitracova)"
     
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    Creating World-Class Companies

    Creating World-Class Companies -- Beijing Review

    "Creating World-Class Companies
    By LAN XINZHEN
    UPDATED: March 6, 2011 (NO. 10 MARCH 10, 2011)

    China sets the bar high for its central SOEs to become competitors with major global enterprises

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    POWER PROVIDER: A rotor is installed at the Three Gorges power plant. China Gezhouba (Group) Corp., a central SOE responsible for this project, is best known for building the largest hydropower hub on the Yangtze River (ZHENG JIAYU)

    China's centrally administrated state-owned enterprises (SOEs), or central SOEs, have been playing an integral role in China's economic and social development. Major projects like the Qinghai-Tibet Railway, the Three Gorges Project and electricity transmission from west to east China, west-to-east electricity and gas transmission, and south-to-north water diversion have all been realized with the expertise and hard work of these enterprises.

    "Over the course of the 12th Five-Year Plan (2011-15), we will use every resource at our disposal to create a batch of large enterprises and groups that will compete with multinationals in the international market," said Shao Ning, Vice Chairman of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, at a press conference on February 22 in Beijing.

    This target was proposed on the basis of central SOEs' role in China's development and the country's overall development strategy, said Shao.

    Through decades of reform and development the vitality and competitiveness of central SOEs have been greatly boosted. Some of them are close reaching world advanced status while some have already become world leaders.

    In 2010, 30 central SOEs have been ranked among the Fortune Global 500, 20 more than in 2005. Sinopec, State Grid and PetroChina even ranked among the top 10.

    Economic backbones

    The development quality and economic returns from central SOEs improved many-fold during the 11th Five-Year Plan (2006-10).

    When SASAC, the investor, supervisor and manager of central SOEs, was established in 2003, China had 197 central SOEs. After years of reorganization and integration, the number of central SOEs has shrunk to 121.

    SASAC's data show, from 2006 to 2010, total assets of central SOEs increased from 10.5 trillion yuan ($1.6 trillion) to 24.3 trillion yuan ($3.7 trillion), with an average annual growth rate of 18.2 percent. Their assets in 2010 accounted for more than 60 percent of the country's GDP. From 2006 to May 2010, taxes paid by central SOEs totaled 5 trillion yuan ($761 billion).

    By the end of 2009, 156.13 billion yuan ($23.8 billion) of state-owned shares had been transferred to the country's Social Security Fund, accounting for 41 percent of the fiscal revenues of the fund.

    Central SOEs in petroleum and petrochemical, electric power, food and transportation industries have actively followed the country's economic operating schedule and have done plenty of work to ensure steady and rapid economic development, said Shao.

    Central SOEs' capability of sci-tech research and development and indigenous innovation has improved during the 11th Five-Year Plan. From 2006 to 2009, central SOEs' investment in technology, growing at an average annual 28.5 percent, accounted for 2.1 percent of their revenues.

    By the end of 2009, the number of total patents held by central SOEs had reached 76,138, 21,266 of which were patents for inventions. Meanwhile, 46.2 percent of state key laboratories have been established in central SOEs. Central SOEs have also designed the world's fastest multiple unit trains and conducted the first trial project of ultra-high voltage and the first trial project of direct coal liquefaction in China.


    Successful reform

    Shao attributes the central SOEs' rapid progress to the SOE reform initiated more than two decades ago.

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    STRONG SOE: An auto frame hangs over the assembly line at Donfeng Motor Corp.'s heavy truck manufacturing base in Shiyan, central China's Hubei Province. Dongfeng is one of China's largest state-owned auto makers (HAO TONGQIAN)

    China's SOEs were established as part of the country's planned economy in the past, and their internal structure, management system, social positioning and employees' spirit were totally different from companies facing market competitions.

    "It takes time to reform such a huge state-owned economic sector to meet the standard of the market economy," said Shao.

    Five major problems bottlenecking the development of SOEs have been tackled after the two-decade reform.

    First, fundamental changes have taken place in the layout structure of the state-owned economy. Second, the relationship between SOEs and the government has been changed; government and banks are no longer financially responsible for SOEs, forcing them to become independent subjects in market competition. At present, 52.88 percent of the total assets, 68.05 percent of the net assets and 59.65 percent of the revenues of central SOEs have been held by their listed companies. Third, a system that enables the competitive SOEs to prosper and eliminates inefficient SOEs has been established. Fourth, the state-owned assets supervision and administration system has been established at all levels. Fifth, market-oriented recruitment and employment as well as remuneration and incentives have been established preliminarily.

    If not for marketization reform SOEs could not survive, not to mention develop, said Shao.

    The key to SOE reform in the future will be integration of the SOEs with the market economy. Better forms of integration include public corporate reform based on the capital market, diversification of enterprises and capitalization of state-owned assets, said Shao.

    Five strategies

    "Focusing on the target—to become world-class multinationals—central SOEs need to carry out five main strategies, namely the strategy of transforming and upgrading, the strategy of sci-tech innovation, the strategy of internationalized operation, the strategy of strengthening enterprises through talented personnel, and the strategy of harmonious development," said Shao.

    Implementing the strategy of transformation and upgrading means the development model for central SOEs will more rely on sci-tech progress, quality improvement of the labor force and management innovation. State capital should be further concentrated and put into key areas, industrial layout further upgraded to the high end of the industrial chain and emerging strategic industries, and ownership structure further transformed by means of joint-stock reform, shareholder diversification and securitization.

    The strategy of sci-tech innovation requires that central SOEs will further increase investment in research and development (R&D) and establish the mechanisms of R&D investment, R&D, transformation and application of scientific and technological innovations. Central SOEs should also build R&D platforms to develop advanced technologies, make technological breakthroughs, develop a batch of cutting-edge products and create world famous brands.

    Central SOEs will be forced to think strategically and have a broad global vision, quicken their "going global" pace, expand their overseas business to improve their international market shares, optimize the industrial chain and value chain under the strategy of internationalized operation. At the same time, they must also master international competition rules, integrating themselves into the mainstream of the world economy.

    Implementing the strategy of strengthening enterprises through talented personnel means that both domestic and overseas talent resources should be fully developed and utilized. Central SOEs should promote the balanced development of the representatives of investor, executives, scientific and technological talent and skilled technicians in order to constantly optimize the talent structure and greatly enhance their competence.

    Implementing the strategy of harmonious development means that central SOEs need to realize harmonious development with society and environment in pursuing economic benefits. Central SOEs should establish and improve the mechanism of strategy making, governance optimization, integration, performance evaluation and communication for the fulfillment of corporate social responsibilities and serve as the role model in executing their social responsibilities.

    "Meanwhile, we will further improve central SOEs' corporate governance structure, and perfect the state-owned assets supervision and administration system, and further marketize central SOEs' internal system," said Shao.

    [​IMG]
     
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    Chinese dominance continues in machine tools

    Chinese dominance continues in machine tools

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    China is both the world's largest machine tool manufacturer and consumer. "By value, four out of every ten machine tools produced anywhere in the world last year went into a Chinese factory."

    World ranks of machine tool manufacturers:

    1. China -- "30% of total world production"
    2. Japan
    3. Germany
    4. Italy
    5. South Korea
    6. Taiwan
    7. Switzerland
    8. United States

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    2011 World Machine Tool Output & Consumption Survey

    [​IMG]

    THE WORLD SURVEY AT A GLANCE

    Machine-tool builders around the world generally started emerging from the recession, as 2010 total output by the 28 principal producing countries grows to $66.3-billion. That represents a 21% gain from 2009’s $54.7-billion, which had been a drop of one-third from 2008.

    Chinese dominance continues. China for years has been the largest consumer of machine tools, and in 2009 it became number-one producer, as well. For 2010 that leadership continues as the country makes substantial gains in shipments and increases its share to 30% of total world production. With a huge internal appetite, however, China keeps much of its output at home, and its machines are seen little in Western markets.

    Japan’s machine-tool-producing industry bounces back smartly after suffering a crippling 2009 decline of 59% (measured in yen). It regains number-two spot among producing countries. The German sector, which had not been hit as hard the previous year, shows a continuing drop of 5% and comes in third. The U.S. also suffers an ongoing slump and slips to eighth place, after Italy, South Korea, Taiwan and Switzerland.

    On the consumption side of the equation, China is estimated to have made further gains, via boosts in both imports and domestic production, and thus is far and away the world’s largest consumer of machine tools, installing $27.3-billion. By value, four out of every ten machine tools produced anywhere in the world last year went into a Chinese factory. Germany is next with $5-billion; the U.S. buys $2.7-billion.
     
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    Chinese Superbikes! Which one would you choose?

    [​IMG]
    Lifan LF200 GS Sport Bike

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    Zongshen ZS250GS Sport Bike
     
  10. Martian
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    Martian Captain SENIOR MEMBER

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    Macau ($49,745) is first Chinese enclave to surpass U.S. ($47,132) in per capita GDP

    List of nominal 2010 per capita GDP for select countries from IMF:

    Macau $49,745
    United States $47,132
    Singapore $42,653
    Japan $42,325
    Germany $40,512

    United Kingdom $36,298
    Hong Kong $31,799
    New Zealand $31,588

    Czech Republic $18,721
    Republic of China (Taiwan) $18,303
    Slovakia $15,906
    Hungary $13,210
    Poland $11,521
    Russia $10,521

    Reference: List of countries by future GDP (nominal) per capita estimates - Wikipedia, the free encyclopedia

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    Macau Venetian

    Macao's per-capita GDP reaches $49,745

    "Macao's per-capita GDP reaches $49,745
    (Xinhua)
    Updated: 2011-03-26 08:08

    MACAO - Macao's GDP for the whole year of 2010 reached 217.32 billion patacas ($27.16 billion), with per-capita GDP amounting to 398,071 patacas, the city's Statistics and Census Service (DSEC) said on Friday.

    According to the figures, Macao's GDP rose by 26.2 percent in real terms last year and economic growth for the fourth quarter of last year stood at 27.9 percent in real terms.

    Macao's per-capita GDP of 2010 rose by 94,079 patacas over 2009, an increase of 25.8 percent year-on-year.

    The DSEC said that revival of the world economy and the robust economic growth in the Chinese mainland created favorable conditions for a rapid rebound of Macao economy.

    As a result, gross gaming revenue and total visitor spending of last year soared substantially upon outstanding performance of the tourism and gaming sector.

    In respect of the GDP structure, the notable increase in exports of tourism and gaming services pushed up net exports of goods and services to surge by 66.8 percent, far higher than the level of economic growth, bringing its relative importance to GDP to rise apparently from 41.9 percent in 2009 to 55.4 percent in 2010, the DSEC said."

    ----------

    Note: 8 Macau Patacas = 1 U.S. Dollar

    From article: Macau's 2010 "per-capita GDP amount to 398,071 patacas."

    Calculation: 398,071 patacas / 8 patacas per U.S. dollar = $49,759 U.S. dollars (which is virtually the same as the headline $49,745)
     
  11. Martian
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    Martian Captain SENIOR MEMBER

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    China is "now the world’s second-largest importer behind the United States"

    New York Times excerpt: "Global Trade Information Services, which is based in South Carolina, expects China to pass the United States next year to become the world’s biggest importer."

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    "U.S. exports to China has reached a new record-high of $91.9 billion last year...on soaring Chinese demand."

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    "This chart displays China's percentage of foreign trade with each country. It includes both imports and exports for the 12 months from August 2009 - August 2010 (and 1992). The chart shows the top 28 countries.

    The USA currently has a bit over 14% of its trade with China. The highest is South Korea at 22.8%, and the lowest on this chart is Belgium at 2.9%. The average country now has 10% of its trade with China.

    When the same data is analyzed from 18 years ago, the most interdependent country was Japan at 5%. The average country then had 1.6% of its trade with China."

    As China Grows, So Does Its Appetite for American-Made Products - NYTimes.com

    "As China Grows, So Does Its Appetite for American-Made Products
    By DAVID BARBOZA
    April 7, 2011, 12:42 pm

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    (Source: U.S.- China Business Council)

    SHANGHAI — America’s huge trade deficit with China has raised concerns about American competitiveness and jobs moving overseas. But a new study offers a glimmer of hope to Americans: Last year, American exports to China soared 32 percent to a record $91.9 billion.

    A study by a trade group called the U.S.- China Business Council says China is now the world’s fastest-growing destination for American exports.

    While United States exports to the rest of the world have grown 55 percent over the past decade, American exports to China have jumped 468 percent.


    Most of those exports have come from California, Washington and Texas, which have shipped huge quantities of microchips, computer components and aircraft. But states that produce grain, chemicals and transportation equipment have also benefited.

    The trend seems like good news for the White House. Last year, President Obama announced a new initiative that aims to double American exports by 2014. A major focus of that effort is China, now the world’s second-largest importer behind the United States.

    Don Brasher, who runs Global Trade Information Services, which is based in South Carolina, expects China to pass the United States next year to become the world’s biggest importer. (For comparison’s sake, in 2010, the United States imported about $1.9 trillion worth of goods while China imported $1.4 trillion worth.)


    And while much of what China imports is used to make goods that are then re-exported, like the Apple iPhone, Mr. Brasher says a growing share of what China imports from the United States, including cotton and grain as well as aircraft and automobiles, is staying in China.

    “You know all those BMW X5 S.U.V.’s that are in China? They’re being imported from the U.S.,†Mr. Brasher said in a telephone interview Thursday. “They’re being made by a BMW factory in South Carolina.â€

    But analysts say they don’t expect the United States trade gap with China to shrink any time soon. Last year, China’s trade surplus with the United States was between $180 billion or $250 billion, according to various calculations.

    Still, the combination of a weakening American dollar and China’s growing economic clout is likely to bode well for American exports. With China short of water and arable land, exports of crops to China jumped to $13.8 billion last year.

    China is hungry for other resources as well, like recyclable metals and paper. Just ask New York. Last year, the state’s biggest export to China was “waste and scrap†— about $1 billion worth, according to the U.S.-China Business Council."
     
  12. Hashu
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    Hashu Lieutenant SENIOR MEMBER

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    good to see you buddy!
     
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  13. Martian
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    China now world's third-biggest tourist attraction

    China now world's third-biggest tourist attraction - People's Daily Online

    "China now world's third-biggest tourist attraction
    08:38, April 11, 2011

    China has overtaken Spain on the list of the world's top tourism destinations, becoming the third-largest attraction, a senior tourism official said at the weekend.

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    Foreign tourists don costumes similar to those worn by emperors during the Qing Dynasty (1644-1911) and dance at Jingshan Park at the center of Beijing last month. (Photo: China Daily)​


    Man Hongwei, director of the international coordination department at the China National Tourism Administration, said at a press conference that the number of international arrivals staying at least one night reached 55.66 million last year, up 9.4 percent on 2009.

    China's appearance in the top three was its first. It follows France, which had 78.95 million arrivals, and the United States, which had 60.88 million, according to the United Nations World Tourism Organization.

    The spending by outbound Chinese tourists ranked fourth-largest worldwide last year. The number of outbound travelers hit 57.39 million in 2010, which was up 20.4 percent year-on-year.

    The industry's total revenue maintained an annual average growth of 15 percent during the past five years, he said.

    Xu Daoming, general manager of the marketing department at the China Travel Service, said his company saw robust growth in inbound tourism last year.

    "The Shanghai Expo and the Asian Games in Guangzhou were major reasons for the increased momentum that moved the flagging inbound travel market out of the shadow of the international financial crisis," Xu said.

    Tourists from Hong Kong, Taiwan and Macao were joined by tourists from countries including Japan, Vietnam and India to drive up growth in 2010, he said. There has also been an obvious increase in the number of tourists arriving from Russia and the US.

    Zhao Huanyan, a tourism industry expert at the Shanghai Academy of Social Sciences, said that the reshuffle of the global tourism industry will benefit China's booming tourism sectors and those who understand the prospering tourism market in Asia.

    Zhou said luxury hotels such as those of the Hong Kong-based Shangri-la hotel group are a good example, employing strategies to open hotels in popular destinations on the Chinese mainland to accommodate in-bound visitors and in other countries and regions that are popular with Chinese travelers.

    Earlier, the UN World Tourism Organization forecast that China has the potential to pass France as the largest destination by 2015.

    But, despite the promise, Shao Qiwei, head of the National Tourism Administration of China, warned that the tourism industry is fragile and can be impacted by natural disasters, epidemic diseases and emergencies.

    He said, against such a backdrop, the tourism industry in the Asia Pacific region should strengthen cooperation to maintain the vitality of the region, which is the world's fastest-growing tourism destination as a whole.

    Source: China Daily"
     
  14. Martian
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    China's forex reserves pass US$3 trillion

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    Chinese currency reserves growth path (Source: EconomicData)

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    The rapid accumulation of Chinese currency reserves is a reflection of China's increased trade with the world; now at over 10% of total world exports.

    China's forex reserves pass US$3 trillion - Channel NewsAsia

    "China's forex reserves pass US$3 trillion
    Posted: 14 April 2011 1727 hrs

    BEIJING: China's foreign exchange reserves soared to a record US$3.0447 trillion at the end of March, the central bank said Thursday.

    The stockpile of foreign currency, already the world's largest, expanded 24.4 per cent from a year ago, the People's Bank of China said.

    The central bank had said previously its reserves stood at US$2.869 trillion at the end of 2010.

    China's forex reserves have ballooned in recent years, fuelled by strong foreign investment, large trade surpluses and inflows of "hot money" - short-term speculative funds in search of quick profits.

    - AFP/cc"
     
    Last edited: Apr 15, 2011
  15. Martian
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    Singapore may become second Chinese enclave to surpass U.S. in nominal per-capita GDP

    [​IMG]
    Singapore is poised to overtake the United States in nominal per-capita GDP this year.

    Last year, Macau (US$49,745) surpassed the United States (US$47,132) in nominal per-capita GDP. This year, Singapore is likely to join Macau and also surpass the United States.

    In early April, the IMF released its 2011 projections for U.S. and Singaporean nominal per-capita GDP (see List of countries by future GDP (nominal) per capita estimates - Wikipedia, the free encyclopedia):

    United States $48,666
    Singapore $48,286

    However, the Singaporean economy unexpectedly "rose at an annual rate of 23.5 percent last quarter from the previous three months...and compares with the 11.4 percent median estimate in a Bloomberg News survey of 14 economists. The central bank said separately it will allow the Singapore dollar to appreciate more."

    Between the twin effects of an unexpectedly surging Singaporean economy and a faster appreciation in the Singaporean dollar, I expect Singapore's per-capita GDP to significantly increase beyond the $380 gap that separates the United States and Singapore.

    Singapore Allows Further Currency Gains as GDP Grows Twice Estimated Pace

    "Singapore Allows Further Currency Gains as GDP Grows Twice Estimated Pace
    By Shamim Adam

    [​IMG]

    April 14 (Bloomberg) -- Singapore’s economy grew more than twice the pace economists estimated in the first quarter and the central bank said it would allow further gains in the currency in the third tightening of monetary policy in a year.

    The Singapore dollar jumped to a record after a trade ministry report showed gross domestic product rose at an annual rate of 23.5 percent last quarter from the previous three months. That’s up from 3.9 percent in the fourth quarter, and compares with the 11.4 percent median estimate in a Bloomberg News survey of 14 economists. The central bank said separately it will allow the Singapore dollar to appreciate more.

    The island’s dollar has climbed 10 percent over the past year, the best performer in Asia outside Japan, as policy makers used the currency as their main tool to fight inflation. Earnings at Singapore companies including lender DBS Group Holdings Ltd. and property developer City Developments Ltd. have surged after the economy’s expansion boosted demand for loans and spurred home prices to a record.

    “We were taken aback by the strength of the economy in the first quarter,†said Chua Hak Bin, a Singapore-based economist at Bank of America Merrill Lynch. “Still, the central bank’s tightening is less aggressive than in the past†and will result in a more modest appreciation in the currency than the past two decisions, reflecting the uncertainties in the global economy, he said.

    Currency Jumps

    The Singapore dollar jumped to S$1.2496 a dollar after the central bank’s semi-annual policy statement. It traded at S$1.2505 as of 8:59 a.m. local time.

    The Monetary Authority of Singapore revalued the currency in April 2010 and said in October it would steepen and widen the trading band while seeking a modest and gradual appreciation. The central bank guides the Singapore dollar against a basket of currencies within an undisclosed band.

    “Economic activity is likely to be sustained at a high level for the rest of the year, even as the underlying growth momentum moderates,†the central bank said. Today’s policy “adjustment takes into account the tighter policy stance adopted in April and October last year, which will continue to have a restraining effect on the economy and prices,†it said.

    The central bank will re-center the currency’s band upwards, while keeping it below the prevailing level of the nominal effective exchange rate, it said today. There will be no change to the slope or width of the band, it said."
     

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