BBC NEWS | 2010/01/10 | 10:05:34 GMT
China’s exports rose 17.7% in December, state media has reported, suggesting the country has overtaken Germany as the world’s largest exporter. The rise, compared to a year earlier, breaks a 13-month decline in trade as a result of the global downturn. Xinhua said total exports for 2009 were $1.2tn (£749bn), but total foreign trade over the year was down 13.9%. Correspondents say the figures will lead to new demands from China’s competitors that it devalue the Yuan. Last year saw a continuing decrease in China’s trade as the global economic downturn led to a fall in demand for its products. But in the last few weeks of the year, there was a far greater rise than forecasters had expected, with foreign exports reaching $130.7bn, up 17.7% on the previous December.
China’s General Administration of Customs (GAC) said exports overall in the year were $1.2tn, down 16% from in 2008, while imports were 11.2% down from a year earlier at $1.01tn. The politically sensitive total trade surplus was down 34.2% to $196.1bn, a fall of almost a third. The figures suggest China will surpass Germany’s export total for the whole of 2009, although this will not be confirmed until Germany’s full-year data is published in February. Continue reading
Reuters | BEIJING | Mon Dec 28, 2009 | 4:02pm IST
Beijing will not relax its efforts to sell Chinese products overseas in 2010 and seek a bigger share in the global market, China’s vice trade minister said on Sunday. China, which may have replaced Germany to be the world’s largest exporter in 2009, is a “big trading nation” but not yet, a “powerful trading nation,” vice commerce Minister Zhong Shan said. “China’s exports in 2010 will grow, and there’s no doubt about that,” Zhong said, declining to provide detailed forecasts. China’s exports were hit hard by the global financial turmoil, falling 18.8 percent in the first 11 months from a year earlier. But the market share for Chinese products has increased in 2009 as sales from other countries have fallen even more deeply, Zhong told a forum at the University of International Business and Economics in Beijing.
Other countries have blamed China’s unofficial policy of repegging the Yuan to the dollar since the summer of 2008 for making its products artificially competitive. China will feel pressure on its Yuan policy but will maintain “basic stability” Zhong said, in a reiteration of long-standing government policy. He said export growth is vital for China to drive economic growth and create jobs Continue reading
BBC NEWS | 2009/12/11 | 08:04:19 GMT
China has shown further signs of economic recovery with factory output surging and its export slump easing. Industrial output in November rose to its strongest position since June 2007, rising 19.2% from a year earlier. Consumer prices also grew year-on-year in November for the first time in 10 months. The index rise of 0.6% beat analysts’ expectations of 0.4%. November’s year-on-year fall in exports of 1.2% was the slowest of 2009, although growth had been expected. Imports rose 26.7% in November from a year earlier. This meant the country’s trade surplus – the difference between imports and exports – narrowed to $19.9bn in November compared with $24bn in October.
“China’s trade is certainly recovering thanks to tariff cuts and efforts to keep the currency rate stable,” said Yi Xianrong at the China Academy of Social Sciences. Analysts said they expected exports to start growing in the coming months. There was further good news on domestic retail sales, which the Chinese government is actively trying to stimulate. The National Bureau of Statistics (NBS) said that sales were up 15.8% in November compared with the same time last year. The latest data on output, exports and sales generally exceeded the expectations of economists. “This is a strong set of figures,” said Lin Songli at Guosen Securties in Beijing. Continue reading
Bloomberg | November 24, 2009 | 04:23 EST
China should consider raising interest rates to help prevent excessive liquidity in the financial system from creating asset-price bubbles, World Bank economist Louis Kuijs said. The “pros of higher interest rates seem to outweigh the cons,” the lender’s senior Beijing-based economist said in an e-mailed note today. The comments were first posted on his blog on the World Bank’s Web site on Nov. 19. Unprecedented lending by Chinese banks and a benchmark one- year lending rate at a five-year low of 5.31 percent have helped to fuel the nation’s economic rebound this year. The loose fiscal and monetary policies could lead to an asset bubble similar to Japan’s in the 1980s, according to BNP Paribas.
“Some are reluctant to tighten monetary policy because of low inflation, the traditional trigger for monetary policy action,” Kuijs said. “However, the recent global financial crisis has shown the dangers of neglecting asset-price increases in monetary and financial policy making.” In countries where capital inflows are a big problem, interest-rate increases may be counter-productive because extra money from Continue reading
ANI | Sun, Nov 22 | 10:45 AM
The Prime Minister, Dr. Manmohan Singh, is likely to use his four-day visit to Washington commencing from today, to firmly and emphatically reiterate and re-emphasise to the American leadership, that New Delhi does not see a role for China in South Asia, nor will it tolerate attempted third party guardianship initiatives in the region by Beijing. Placing its strong objection to the reference made to South Asia in the joint statement issued by Presidents Barack Obama and Hu Jintao in Beijing this week, the Indian Government has ensured that both the United States and China retreat from their proposed mediating efforts on ties between India and Pakistan. According to sources, China has indicated its appreciation and respect for the Indian position for only having bilateral and direct talks with Pakistan and brooking no interference from outside. “On China, we have a bilateral relationship with countries and we are not interested in a guardianship role with any, and nor will we accept a guardianship role by any country,” said a source. Foreign Secretary Nirupama Rao has said: “The Chinese have said that they respect our position and support direct talks between India and Pakistan.” The Chinese establishment seems to have been told that India will not accept any “guardianship role” by any country. Continue reading
November 21, 2009 | 6:01 AM | abc news
President Obama hailed his recently concluded Asia trip a success, saying the trip helped to facilitate “a new era of American engagement.” In his weekly address, taped earlier this week while in Seoul, South Korea, the president said that a major focus of the trip was to support and encourage economic recovery in the United States. “As we emerge from the worst recession in generations, there is nothing more important than to do everything we can to get our economy moving again and put Americans back to work, and I will go anywhere to pursue that goal,” President Obama said. In facilitating the economic recovery, the president said that international trade is an important component. “We … need to place a greater emphasis on exports that we can build, produce and sell to other nations – exports that can help create new jobs at home and raise living standards throughout the world,” the president said. Furthermore, the president said that by increasing our exports to Asia by 5 percent, the U.S. could create hundreds of thousands of jobs. Looking forward, President Obama pointed to a forum on job creation with U.S. business leaders on Dec. 3 as a continuation of his commitment to focus on job creation. The president said that while progress has been made, there is more that remains to be done. “I will not let up until businesses start hiring again, unemployed Americans start working again and we rebuild this economy stronger and more prosperous than it was before,” President Obama said. Continue reading
NYT | SHARON LaFRANIERE |November 20, 2009
Like parents everywhere, mothers and fathers in Namibia, an impoverished southern African nation, worry about college costs and opportunities for their children. The Chinese government has stepped forward to help — for a select and powerful few. So far this year, the Beijing government has secretly awarded scholarships to study in China to the offspring of nine top officials, including to the daughter of Namibia’s president, Hifikepunye Pohamba. Two young relatives of Namibia’s former president and national patriarch, Sam Nujoma, also received grants. The disclosure of the scholarships, first revealed by a feisty Namibian newspaper, has unleashed a wave of fury from the nation’s civil society groups and youth organizations. In a country where five in six high school graduates do not go on to college, many find it unconscionable for well-paid government leaders to accept overseas university scholarships for their children. “Only senior people in government knew about the scholarships,” said Norman Tjombe, director of the nonprofit Legal Assistance Center. “No chance was given at all to the general public.”
The controversy has reignited a simmering debate in Namibia over deals with the Chinese government, already under scrutiny by Namibian prosecutors. Inquiries there and in other developing countries in Africa and Asia have cast a fresh light on how China sometimes uses its treasure chest of foreign loans and aid to create elite alliances and ease the approval of no-bid contracts. Even some within Namibia’s governing Swapo party are asking whether China is trying to buy influence with their nation’s political leadership to gain access to mineral Continue reading