TOP 10 ECONOMIC EVENTS

<正>1 Slower Economic Growth China’s economy grew 9.1 percent in the third quarter of this year, tapering off from 9.7 percent in the first quarter and 9.5 in the second. The slowdown is a result of voluntary quality-oriented growth moderation and came along with the ease of inflation pressures. The     

Resilience Amid Challenges

The growth,scale and scope of the novel coronavirus outbreak in China has be-come one of the most talked about global subjects.The virus is first and foremost a domes-tic health issue for China,with an increasing international potential.President Xi Jinping is leading a national effort to contain the outbreak while scientists and doctors in China and around the world are working to find a vaccine and/or cure.     

QUALITY OVER QUANTITY

Over the many years of accelerated economic growth in China,there has been a general tendency in m any corners to fetishize GDP growth rates as paramount indicators of economic developm ent The simple logic of "bigger is better" has always been an easy sell to citizens and investors alike,and particularly in the wake of China’s joining the WTO,it has been the story above all others,arguably,that has captivated international attention,along with the persistent concern that at some point,those rates would decline and then,perhaps,all bets would be off.     

New Threat to World Economy

The aggregate amount of money and credit in the global economy has risen sharply over the past 30 years,with its growth rate and stock far exceeding that of the real economy or real assets of the world.This is the view of Xiang Songzuo,professor at the Huazhong University of Science and Technology,whose opinion was first published in a recent article in China Business News.Xiang said this situation is a real threat to the world economy.Excerpts of his article are reprinted below:     

MARKET WATCH

TO THE POINT:China's CPI and PPI growth rates dropped rapidly in November,an alarming sign of the deepening downside risks of the Chinese economy.The crisis also affected the country's exports,which fell for the first time since June 2001.Meanwhile,the economic slowdown has put brakes on foreign fund inflows with FDI declining continuously. Property markets have lost further steam before the government's sta-bilization policies take effect.German company Siemens defies the economic slowdown to enjoy spectacular growth in China.     

Holding Steady

正Economy posted better-than-expected growth in the third quarter,though challenges remain The Chinese economy maintained a growth rate of 6.7 percent in the third quarter,keeping the country on track to meet the government’s target of 6.5-to7-percent growth for the year.The figure is the same as the rates registered in the frst and second quarters     

Implications of The ‘New Normal’

<正>Slowing growth rates in both developed and emerging economies will pose challenges in 2015 The global economy faces an uncertain future in 2015,marked with the prospect of weak growth.Challenges include a potential rate hike by the Federal Reserve,low bulk commodity prices in the international market and growing risksamong emerging economies.These trends     

MARKET WATCH

TO THE POINT: In the first quarter, both the Chinese property and stock markets enjoyed rapid growth. Since the beginning of the year, the benchmark Shanghai Composite Index has jumped more than 20 percent. The Bank of Communications, China's fifth largest bank, will soon be listed on the Shanghai A-share market, giving it the ability to throw its hat into the bullish ring. Housing prices have also increased substantially despite harsh regulative measures and the property market is seeing rapid foreign and domestic investment growth, with money from abroad pouring in the fastest. China Life, which returned to the Shanghai A-share market last year, left its competitors far behind in 2006, seeing its net profit more than doubled from the year before. U.S. software guru Microsoft is forming a partnership with China's computer giant Lenovo Group on the construction of a research and development (R&D) facility. It will be Microsoft's first ever R&D center partnership worldwide. In an attempt to narrow the trade gap with the United States, China is seeking the procurement of a variety of imports from the United States worth $12 billion. China's total trade surplus with the United States was $144 billion in 2006.     

'Too Big to Fail' Meets Its Match

The five biggest Chinese banks posted weak profit growth in the first quarter of the year—the result of economic slowdown, surging bad loans, market-oriented reform on interest rates and increasing challenges from online investment products. The five listed state-owned commercial banks—namely the Industrial and Commercial Bank of China, China onstruction Bank,Agricultural Bank of China, Bank of China and Bank of Communications—colloquially known as the Big Five, all reported a net profit growth of less than 2 percent in the first quarter of the year, down from an average of about 10 percent from the same period last year, according to figures from their quarterly financial reports to bourses.     

UN Landmark Convention of Rights of Disabled People——Interview with Zhang Guozhong of the China Federation for Disabled Persons

The 61st UN General Assembly adopted the Convention on the Rights of Persons with Disabilities in New York City on December 13,2006. This is the first legally binding international convention on the protection of the rights of disabled persons, the first of its kind in the history of the United Nations. It is also the latest efforts of the international community to protect and promote human rights and development of persons with disabilities. On March 30,2007, China signed the Convention. The following is an interview with Mr. Zhang Guozhong of the International Department of the China Federation for Disabled Persons, who witnessed the whole process of the negotiations on the Convention:     

平遥国际摄影大展——中外文化交流的盛会——中共山西省委常委、宣传部长、2003平遥国际摄影大展组委会主任申维辰访谈录

Pingyao is a symbol of civilization in human history: Its city, listed as a World Heritage Site, is the best-preserved an-cient city of the Han ethnic group with its unique structure and historical landmarks packed with philosophical meanings and showing a brilliant civilization. The "Rishengchang" is where the first Qing money shop in China was located; the "Ming-Qing Street", still bustling today, is a showcase of the glory of Shanxi mer-chant culture in the golden days of yore.Pingyao p…     

MARKET WATCH

TO THE POINT:The Chinese Government raised refined oil prices for the first time in 10 months after shortages of gasoline and diesel were exposed.The Chinese over-the-counter derivatives trade bloomed in the first three quarters and the debut of forward rate agreement trading starting on November 1 is likely to add fuel to the market.Following HSBC,the London-based Standard Chartered Bank decided to set up its first village bank in rural China with Inner Mongolia as its first choice. The Bank of Communications became the first Chinese commercial bank in history to invest in a trust company, and much more such alliances are expected in the future. Meanwhile,by the end of October,all listed companies in the mainland yuan-denominated A-share market had issued their quarterly reports.Finally,we also look at the iron and steel sector in this issue with highlights from the top three steel companies' reports.     

Is It Time to Cancel GDP Growth Targets?

At a recent high-level economic symposium,the question of whether or not countries should set GDP growth targets became a hot topic of debate.Some economists pointed out that all of the world's developed countries and the majority of middleincome countries have abandoned GDP growth rates as a target of macroeconomic control.Should China follow suit?The practice of using GDP as a key measure of economic development is not flawless,and some experts therefore suggest it be abandoned.However,others believe the GDP index still has a role to play in China's economy,that doing away with it would impact wide-ranging aspects of Chinese society,and that identifying a substitute index is problematic.     

Off to a Good Start

正China logged stable growth in the first quarter along with positive structural changes The Chinese economy expanded 6.8 percent in the first three months of this year on robust domestic consumption and a strong service sector,laying a sound foundation for sustained,healthy growth for all of 2018,according to the     

Slowed Exports Growth

The first half of 2010 is showing that the impacts of the financial crisis are still lingering.Zhao Jinping,a researcher at the Development Research Center of the State Council,says that the possible implementation of exit strategies in developed countries may deal a heavy blow to a global rally,and it will certainly result in slowed exports growth for China.Zhao published his opinion in the China Economic Times.The first part was published in issue No.33.Edited excerpts of the second part follow:     

An Internet 'Davos'

正The first World Internet Conference,held in the small town of Wuzhen,hopes to bring the movers and shakers of the online world closer Wuzhen Town of Zhejiang Province is a typical southern waterfront town with rows and rows of whitewal ed houses reflected in the rivers running right through its center.The landscape is like a tranquil scene portrayed in traditional Chinese ink painting.     

MARKET WATCH

The National Bureau of Statistics has released economic data for the first half of 2011. Crisis-stricken foreign trade continues to recover.Investment in fixed assets and retail sales are holding up, becoming the main growth engines of the economy. Mean while, yuan-denominated new loans are decreasing as the country aims to calm inflationary jitters. The once-booming auto markets are slackening off with sales dramatically slowing in the first half of this year.     

15th Beijing International Book Fair

The 15th Beijing Intemational Book Fair(BIBF)is to be held in Tianjin on September 1-4.It is the first time that the fair is held outside of Beijing. The change of venue is because the book fair coincides with the closing of the Beijing Olympic Games and the open-     

MARKET WATCH

TO THE POINT:The Chinese economy kept up its steady and fast growth in the first three quarters,the gov- ernment has claimed.But small real estate developers will be suffering from cash flow problems when the govern- ment tightens control in this sector.To encourage imports, China is considering cutting taxes on the import and leas- ing of aircraft to bring the country into line with internation- al standards.The fast food giant KFC will dump Nestle for Mengniu Dairy as its milk product supplier.     

ECONOMY

<正>Software Sector The software and information technology sector sustained stable growth in the first quarter of the year, with its revenue from software-related business rising 11.6 percent year on year to over 2 trillion yuan($302 billion), according to the Ministry of Industry and Information Technology.