China’s 2012 GDP revised to 51.95 trillion yuan – Xinhua | English.news.cn China’s gross domestic product (GDP) growth for 2012 has been revised to 51.95 trillion yuan (8.52 trillion U.S. dollars), 52.8 billion yuan higher than the preliminary reading released in September, the National Bureau of Statistics (NBS) said Wednesday.
Primary industries took up a 10.1-percent share in the GDP structure, while secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent respectively, remaining unchanged from readings of the preliminary verification.
China Asks Systemically Important Banks to Comply With Disclosure Rules – WSJ.com China’s banking regulator said Wednesday that it has asked the nation’s large commercial banks to disclose their off-balance-sheet exposures, in an effort to align its regulations with international practices.
The guideline applies to the Chinese banks identified by FSB as systemically important, as well as other banks with on- and off-balance sheet assets worth at least 1.6 trillion yuan ($264 billion), the CBRC said.
Carson Block backs China short calls as buyers circle – Market Extra – MarketWatch “Investors seemed to forget the lessons of 2011 by the time we got into 2013,” said Block, the founder of Muddy Waters Research and the man who became famous in the investing world two-plus years ago when a research report he wrote help set in motion the collapse of Sino-Forest Corp., a Toronto-listed firm that managed forest land in China.
China’s World: Beijing Should Scrap the GDP Target – WSJ.com Here’s another idea: Scrap the national GDP target altogether. It would send a powerful message that Beijing is serious about shifting the drivers of growth.
The target is a relic of the Stalinist planned economy, the basis on which the government planned the allocation of scarce resources for industrial production. Its continued existence is testament to how far China has to go to fully embrace a market economy, one that operates according to market signals.
China’s Toxic Debt Doctors Prepare for Surgery – Regulators eager to resolve China’s local government debt conundrum are setting standards for an emerging class of asset management companies (AMCs) responsible for settling bad loans without Beijing’s help.
One standard, issued in early-December by the China Banking Regulatory Commission (CBRC), set the floor for each local AMC’s registered capital at 1 billion yuan. It was the first financial parameter of its kind since CBRC and the Ministry of Finance started promoting these debt restructuring vehicles in May 2012.
Chinese Consumers Bought Over 20 Million Vehicles In 2013 As Foreign Automakers Jockey For Market Share China’s 2013 auto sales figures are incomplete until next week, when the December figures will be released by the China Association of Automobile Manufacturers. But as of November, Chinese have exceeded U.S. sales in every month of 2013 by as much as double the number of vehicles purchased in the world’s second-largest auto market.
China is importing more US-built cars|Business|chinadaily.com.cn According to the latest information from the US Department of Commerce, 1.9 million vehicles were exported from the US in 2012. China was among the top five markets for light vehicles made in the US, a list that also includes Canada, Mexico, Germany and Saudi Arabia.
Robots replacing low-end workers in China｜Markets｜Business｜WantChinaTimes.com As Chinese plants lay off workers in the wake of rising labor costs, producers of industrial robots have found their domain expanding, according to Guangzhou’s 21st Century Business Review, citing the example of the Asea Brown Boveri (ABB) Group.
Speculative investment hurting China’s economy: report｜Markets｜Business｜WantChinaTimes.com The preference of Chinese investors to plow their money into financial markets rather than in the physical economy poses a great challenge for the country, which is trying to reinvent its manufacturing sector, reports the Chinese-language Economic Information Daily.
The sizable profits to be made from financial asset speculation in a market with ample liquidity and growing foreign capital attracted by an appreciating currency have pulled money away from investments in business, the paper said.
Oil-Tanker Data Show China Shift – MoneyBeat – WSJ Although China’s economic growth has diminished since the early post-financial-crisis period, when massive government stimulus made the country the last great hope of exporting nations, its gross domestic product growth has maintained a level above 7.5% that is enviable in most developed countries. It imported 255 million barrels of oil in the first 11 months of 2013, or 5.6 million barrels a day, up 3.2% on year. Its steady demand combined with the U.S.’s declining need for imports thanks to its energy boom have skewed the global flow of both oil and products.
Shenzhen to ease access – BUSINESS – Globaltimes.cn Shenzhen’s government aims to further relax the restriction of access to domestic and overseas financial institutions and plans to encourage more private capital to enter the financial services industry, Shanghai Securities News reported Wednesday.
Guangdong Starts Electricity Sales Pilot Involving Open Bidding – Late last year the southern province started to allow large industrial consumers of electricity and generators to determine the price together through open bidding. The move gained nationwide attention since it dealt with the nation’s rigid power pricing mechanism. It was designed to minimize resistance from monopolistic state power grid.
Bank of China Chooses London to Sell Yuan-Denominated Bonds – MoneyBeat – WSJ China took another step towards broadening the use of its currency outside its shores Wednesday, with state-run Bank of China set to become the third Chinese lender to sell yuan-denominated bonds in London.
Bank of China, the country’s fourth-largest lender and the sole yuan clearing bank in Hong Kong, Wednesday opened the sale of three-year bonds, with early signs suggesting a yield of 3.50%, one of the banks working on the deal said. The sale is expected to be concluded Thursday morning.
Bitcoin Banned by Alibaba’s Taobao After China Tightens Rules – Bloomberg Taobao Marketplace, one of the main platforms that link buyers and sellers on Alibaba, will bar from Jan. 14 the sale of Bitcoin and related products, including mining software and hardware for the virtual currency, the company said on its website yesterday.
Baidu in 2014: Can It Keep Rolling? (BIDU) China’s leading search engine raced back into investor fancy last year. Game-changing acquisitions and accelerating growth projections work wonders on discarded former market darlings. The stock soared 77% last year, and that’s pretty remarkable since it was trading lower for 2013 at its midpoint. However, now that Baidu is armed with new toys that will increase its presence in mobile and online video, it will be interesting to see if it can live up to heightened expectations.
BoCom sees 2014 growth at 7.8% – BUSINESS – Globaltimes.cn China’s economy is expected to grow by around 7.8 percent in 2014, as both domestic and external demand will be sufficiently stable to maintain the overall economic growth momentum, Bank of Communications (BoCom) said Wednesday in its annual forecast for the country’s economy.
But the economy still faces downward pressure, including challenges arising from the central government’s pledge to de-leverage and rebalance the economy for longer-term sustainability, which might put short-term growth at risk, Lian Ping, chief economist with Shanghai-based BoCom, told reporters in Beijing Wednesday, while releasing the outlook report.
Anhui Conch to Step Up Acquisitions With Record Cash Level – Bloomberg Anhui Conch Cement Co. (914), China’s biggest cement producer by market value, plans to add as much as 30 million metric tons to capacity through acquisitions amid a government drive to consolidate production.
Rural Mobile Commerce Service MMB Launches Low-cost Smartphone Q1 Maimaibao (MMB.cn) started in 2006 as a m-commerce retailer targeting at the rural China. It offers more than 50,000 items, from apparel to digital devices, and daily transactions are 20,000, according to the company intro.. As one of the biggest of this kind, MMB has developed its own logistics service to serve customers who buy through WAP pages and don’t have any online payment account. The company is funded by investors including Tencent and reached partnership with the latter on mobile shopping.
China’s Meizu plans to launch smartphones in US market in Q3 Chinese phone-maker Meizu unveiled its latest flagship phone, the MX3, last September, but it’s getting a fresh wave of coverage today as the company makes its debut at CES in Las Vegas. Meizu also revealed today that it will launch for the first time in the US market in Q3 of 2014.
Huawei talks up global goals at CES – Business – Chinadaily.com.cn Colin Giles, executive vice-president of Huawei Consumer Business Group, said Huawei’s goal this year is to deliver 80 million smartphones, a 28 million increase over last year’s number.
According to Giles, Huawei’s global brand awareness increased by 110 percent from 25 percent in 2012 to the current 52 percent. Over the past 18 months, Huawei’s brand awareness increased three to four times in countries such as Spain, Germany, Italy, the United Kingdom, France and Japan. In the US, it rose from 9 percent to 22 percent.
Mobile Video Contest Co-Hosted by China Mobile and Youku Tudou Breaks New Records, Generating More than 100 Million Yuan in Mobile Box Office Sales – Yahoo Finance An annual mobile video contest co-organized by by China Mobile Ltd. (NYSE: CHL; 0941 HK), and Youku Tudou Inc., China’s leading Internet television company, broke new records in 2013 with 110 million yuan in mobile box office sales and one single title garnering more than 5 million yuan from mobile video-on-demand sales, which is a new record in China.
Bank of China Limited : Bank of China London Branch issues RMB-denominated bonds | 4-Traders On 8th January 2014, Bank of China London Branch will issue RMB-denominated bonds, providing UK and European investors with an additional high quality RMB product.
China Life Insurance Stock Rating Upgraded by Deutsche Bank (LFC) | North Fork Vue China Life Insurance (NYSE:LFC) was upgraded by Deutsche Bank from a “sell” rating to a “hold” rating in a research note issued on Monday, TheFlyOnTheWall.com reports.
SAIC Motor Corporation Limited : SAIC Motor 2013 Sold 5.1mn Cars | 4-Traders SAIC Motor posts that it sold more than 5.1 million complete cars in 2013, up 13.7% year on year. The company became the first Chinese automaker with an annual sales volume of over 5 million units.
Netizens React On Weibo To Mysterious Death Of Bai Zhongren, President Of China Railway Group Ltd. (601390) The story quickly spread through China’s major papers, but Chinese netizens were even quicker to call bluff in turn on the media report, pointing out that since China Railway Group Ltd. is a state-owned enterprise, the theory doesn’t make sense. Most executives of state-owned enterprises are bureaucrats and Communist Party officials who only assume the leadership of these companies for a few years before moving on to other posts.
Chinese company interested in rail link | Nuneaton News China Railway Group has expressed it wants involvement in the line in North Warwickshire.
The project attracting Chinese interest is the proposal, put forward six months ago, to restore the 11.7 kilometres (7.3 miles) Stonebridge Railway, together with a link to the planned HS2 Birmingham Interchange station and ‘people mover’ connections to Birmingham Airport, the existing Birmingham International Station and the National Exhibition Centre.
Moving further into West Africa’s frontier market – MarketWatch China is a huge investor in Sierra Leone. According to the country’s Ministry of Mines and Mineral Resources, China’s Kingho Energy Group Co., Ltd (private) will spend more than $6 billion in the development of mineral resources there. These projects include the construction of a railway and a deep-water port.
China State Const. Eng. Corp Ltd : Strategic Cooperation Agreement Signed | 4-Traders On December 25 2013, a strategic Cooperation Agreement on Qingyang Red Star Macalline Project was signed between China Construction Seventh Engineering Division Corp. Ltd. (CSCEC Seventh Bureau) and Gansu Wanhui Real Estate Ltd. The total contract price is 2 billion yuan.
Red Star Macalline Project, located in Qingyang City, Gansu Province, covers a total building area of approximately 900,000sqm. Being made up of large shopping malls, residences, office buildings and hotels, the Project will become a local landmark upon completion. (from CSCEC Seventh Bureau)
RPT-Fitch Upgrades China State Construction International to ‘BBB’; Outlook Stable | Reuters Fitch Ratings has upgraded China State Construction International Holdings Limited’s (CSCI) Long-Term Issuer Default Rating (IDR) and senior unsecured rating to ‘BBB’ from ‘BBB-‘. The Outlook on IDR is Stable. The rating action follows Fitch’s reassessment of the credit profiles of CSCI’s parent companies.
Bank of China Limited : China : Bank of China Achieves Customer-Centric Transformation with IBM | 4-Traders Bank of China and IBM have successfully completed the launch of the Bank s next generation global online banking platform, providing 100 million customers with a fully integrated experience spanning branch, phone, mobile and web banking. The Bank leveraged IBM s business consulting expertise to revolutionize all aspects of its online banking strategy including site redesign, improved functionality and interactivity as well as implementation of more personalized services.
SinoShip News – BOCOM Finance Leasing completes first ship charter deal in FTZ Bank of Communications (BOCOM) Finance Leasing has signed shipbuilding contract with China Shipping Industry for the construction of three 9,400 teu containerships.
The ships will be leased to CMA CGM under a long term bareboat chartering contract upon completion. The deal is also the first ship charter deal BOCOM operated through its SPV in the Shanghai Free Trade Zone.
Athabasca Oil loses its third executive since May The company is suffering from a shortage of capital as it waits for Alberta government sign-off on the Dover oilsands project it shares with PetroChina. Once final approval is granted, it expects to sell its 40 per cent share of the project to PetroChina for $1.3 billion.
China State Const. Eng. Corp Ltd : CSCEC Wins the Bid for RJZQ-1 Section of Ruichang-Jiujiang Railway | 4-Traders On December 29, 2013, China State Construction Engineering Corporation Ltd. won the bid for RJZQ-1 Section between Ruichang and Jiujiang Railway Station Project with the contract value reaching nearly 1.9 billion yuan.
Bank of Communications Co Ltd : BoCom Settled at Horgos Int’l Border Cooperation Center | 4-Traders Bank of Communications’ central sub-branch at Sino-Kazakhstan Horgos International Border Cooperation Center opened on January 6, marking BoCom has settled at the center as one of the first financial institutions.
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