Tag Archives: China

BEIJING, March 5 (Xinhua) — Transformation of the mode of development and economic restructuring are the most pressing tasks at present for the Chinese government, Premier Wen Jiabao said in a government work report Monday. These measures are the “key to solving the problems of imbalanced, uncoordinated, and unsustainable development” in China, said Wen in the report delivered at the …

BEIJING, March 5 (Xinhua) — Chinese shares closed lower on Monday after Premier Wen Jiabao announced an economic growth target of 7.5 percent for this year, the lowest since 2004. The benchmark Shanghai Composite Index closed at 2,445, down 15.69 points, or 0.64 percent, from the previous close. The Shenzhen Component Index dropped 73.5 points, or 0.71 percent, to end …

Entering the Year of Tiger, enterprises in the world’s largest coal producer, China, are more and more seeking overseas coal. The unexpectedly massive onslaught of snow and ice in the country’s northern reaches has caused coal shortages in the southeast and is strengthening the determination of Chinese firms to go after overseas resources. As transportation from inland mines to the southeast …

PBoC announced Tuesday that both base deposit and lending interest rates are raised by 25bps: While interest rates on demand deposits are kept unchanged, those on time deposits of two years or longer maturity are raised by 46-60bps. Our views: 1)This is a surprise to us and the market consensus. 2)This suggests that 3Q GDP growth in 3Q and September …

China’s activity data were just released. Both production (IP growth) and demand (investment and retail sales) data suggest China is on track for a soft landing. The market could gain more confidence in the resilience of the Chinese economy, and needs to put less hope on an imminent monetary policy easing (other than some possible measures to offset the RRR …

BEIJING, March 2 (Xinhua) — Chinese rating agency Dagong Global Rating Co. on Friday downgraded the local and foreign currency sovereign credit rating of Italy from A- to BBB with a negative outlook. The downgrade was a response to inevitable fiscal austerity and structural reforms that will negatively affect the growth of the debt-laden country, Dagong said. Meanwhile, an external …

BEIJING, March 2 (Xinhua) — China’s central bank said Friday that all companies qualified for foreign trade activities can conduct cross-border export settlement in yuan. The People’s Bank of China said in a statement on its website that China expanded cross-border trade settlement in yuan to cover all goods exporters in order to “meet market demand and make foreign trade …

Chinese U.S.-listed stocks are poised to advance this week, led by Sina Corp. (SINA), on prospects the government will roll out measures to boost growth in the world’s second-largest economy at an annual meeting next week. The Bloomberg China-US 55 index of the most-traded Chinese stocks in the U.S. was little changed at 108.47 by 12:57 p.m. in New York, gaining 0.9 percent …

BEIJING, March 1 (Xinhua) — A guideline to accelerate the transformation of the country’s foreign trade growth pattern was jointly issued on Thursday by 10 Chinese government agencies. The country aims to balance its foreign trade by increasing imports and optimizing the mix of its import tariffs, according to the publication on the Ministry of Commerce website. The guideline said …

HANGZHOU, March 1 (Xinhua) — China’s e-commerce continues its rapidly expansion as online sales turnover in 2011 surpassed 780 billion yuan (124 billion U.S. dollars), a year-on-year increase of 66 percent, according to a report released Thursday. The report shows that e-business has supported the country’s social development through reducing production costs, increasing employment opportunities and accelerating industrial transformation. The …