ECONOMY
China to judge local governments by their debt: Xinhua | Reuters China will soon rate the performance of local governments partly by how much debt they incur, as Beijing tries to wean the country off heavy government investment, state media said.
The central organization department, which oversees the appointment of senior party, government, military and state firm officials, said debt will be key when evaluating performances, according to the state news agency Xinhua.
China’s service sector may exceed manufacturing for first time – Xinhua | English.news.cn In the first nine months of the year, value-added output of the service sector reached 17.6 trillion yuan (1.17 trillion U.S. dollars), slightly more than 17.51 trillion yuan for manufacturing, data from the National Bureau of Statistics showed.
China opens key economic meeting – Chinadaily.com.cn China’s Central Economic Work Conference opened on Tuesday to review the country’s economic work in 2013 and map out economic plans for 2014.
This year’s meeting comes about one month after the the Communist Party of China Central Committee unveiled a landmark plan to comprehensively deepen reforms.
Dense smog boosts shares in environment-related firms – BUSINESS – Globaltimes.cn Fujian Yuanli Active Carbon Co, which makes active carbon products, and air purifier manufacturer Cnlight Co soared by 10.48 yuan and 9.46 yuan, respectively, on Monday.
China Raises Ship-Scrapping Subsidy 50% to Trim Overcapacity – Bloomberg The government will grant 1,500 yuan ($247) per gross ton for shipping companies to replace obsolete ships, according to a statement on the transport ministry website yesterday. The award applies to vessels scrapped in the years 2013 through 2015.
China November Home Sales Rise to 2-Year High, Defying Curbs – Bloomberg The value of homes sold rose 19 percent to 720.4 billion yuan ($119 billion) last month, the highest since December 2011, from 604.8 billion yuan in October, according to the difference between the National Bureau of Statistics data for the first 11 months and first 10. Housing sales in the January-November period surged 31 percent from a year earlier to 5.9 trillion yuan, according to the data.
China’s supercomputer technology used to monitor smog – Xinhua | English.news.cn The simulation model will be developed using the technology of Tianhe-1A, which ranked as the world’s fastest supercomputer from November 2010 to June 2011, and the model’s data will be revised in light of actual observation data from other monitors, said Meng Xiangfei, a researcher with the National Supercomputer Center (NSC) in Tianjin.
TCM Still Struggling to Find Cure for Its FDA Woes – In November, the traditional Chinese medicine (TCM) Fuzheng Huayu Tablets passed the second phase of the U.S. Food and Drug Administration’s (FDA) clinical testing.
Before this, only one TCM drug had cleared the second of the three phases needed for a medicine to hit the U.S. market. That was Compound Salvia Droplet Pills (CDSP), made by the Tasly Group of Tianjin. CDSP has still not passed FDA’s third phase.
Hong Kong listings revival offers sovereign wealth path to China – FT.com Sovereign wealth funds, led by Norway’s $810bn oil fund, are using Hong Kong’s new listings revival to achieve a long-held goal of ramping up exposure to China.
It was one of the main cornerstone investors ahead of the initial public offering of Cinda, the Chinese former bad bank set up to manage distressed debt in the late 1990s.
PBOC Said to Be Talking to Major Banks about Deposit Insurance – The central bank has been consulting executives of major banks about creating a deposit insurance mechanism and may announce a draft plan early next year, a source close to the situation said.
Advocates have called for such a system for years, saying it is the cornerstone of further financial reform. Without it, they argue, the government will be held as hostage to banks who may act irresponsibly because they know the government will not let them fail and hurt tens of millions of depositors.
Smog makes you funnier and smarter, Chinese media claims – Telegraph In a controversial and widely mocked comment piece entitled, “Five unexpected gains the haze has brought”, a journalist from state television channel CCTV argued that while Chinese people might “hate” the pollution, it was not a “completely useless” phenomenon.
For while filthy air was a dangerous “enemy”, it was simultaneously bringing “major benefits” including making people more united, more sober, more equal, more humorous and better informed.
COMPANIES
Why Not To Get Excited About Apple’s China Mobile Deal – Forbes **It’s almost sad to see how necessary this is for Apple** It is easy to see how a superficial analysis can lead one to conclude that it is a big deal. After all, China Mobile has over 700 million customers and is the last major telecommunications carrier that has held out in not carrying the iPhone. Take a look at the following and make a judgment for yourself.
Suning makes it easier for Chinese parents to get overseas childcare products **Smart move, but what does this say about Chinese standards enforcement?** When it comes to their kids, many Chinese simply don’t trust domestic brands. After Chinese milk and baby formula was found to be contaminated with melamine in 2008 and toys covered in lead-based paint were traced to China in 2007, their fears are not unfounded. Safety concerns over childcare products led to a massive surge in demand for foreign-made baby goods.
Google Scraps Plan to Build Hong Kong Data Center – China Real Time Report – WSJ While we see tremendous opportunity and potential in Hong Kong…we will not be moving ahead with this project,” Taj Meadows, Asia-Pacific policy communications manager, told The Wall Street Journal on Tuesday, citing cost and the difficulty in acquiring spacious land in Hong Kong to build a facility.
Mr. Meadows declined to comment when asked whether the decision might be because of Hong Kong’s proximity to China, where Google has faced challenges in expanding its business following its run-ins with the Chinese government over censorship in 2010. Tensions between the U.S. and China have heightened in recent months following revelations by National Security Agency contractor Edward Snowden that the U.S. agency collects sensitive data
Dezan Shira & Associates Reports Strong Asia Growth | China Briefing News **Featuring digital bogeyman, Chris Devonshire-Ellis** Dezan Shira & Associates has just concluded its annual meetings, held this year in Shenzhen, China with 36 senior staff flying in from all over Asia and the United States. The firm employs several hundred lawyers, tax experts, accountants and auditors across 18 offices throughout Asia, and is renowned internationally for its work with assisting foreign mid-cap multinationals to establish their operations in Asia, including due diligence, legal establishment and tax planning issues, as well as on-going administration support in accounting, tax filing, payroll, audit, compliance and M&A services.
PRESS DIGEST -China – Dec 9 – Yahoo Finance On Dec. 6, China Life Insurance Co Ltd held the opening ceremony for the listing of its e-commerce subsidiary, the industry’s first e-commerce company.
Interesting Made-in-China Wearables Manufacturers in China offer a huge variety of such devices. Examples of fashion electronics include USB bracelets and pendants, spy hats, and MP3 and camera sunglasses.
Here is a selection of made-in-China smart watches and other wearable tech.
Posted from Diigo.
China Stocks Watch 