Economy/Resources - 173. page
State Oceanic Administration: Half of Ocean Waste Water Discharge Outlets Exceed Pollution Level
According to the State Oceanic Administration, the latest statistics show that, out of 156 ocean waste water discharge outlets in China, 78 of them, or 50 percent exceed the allowable level of pollution, especially in phosphorus, suspended solid waste, and the chemical oxygen demand level. In addition, seawater encroachment and soil salinization both worsened compared with 2012.
Source: Xinhua, January 10, 2014
http://news.xinhuanet.com/politics/2014-01/10/c_118922927.htm
Vice Minister of Finance: Current Economy Unsustainable
Wang Baoan, Vice Minister of Finance, wrote an article at Qiushi on challenges the China’s economy faces. He summed up the problems into “four highs” and “four lows:” high input, consumption, pollution and speed; and low output, efficiency, efficacy and tech content.
China’s Local Government Debt Climbed to 17.9 Trillion Yuan
China’s National Audit Office (NAO) announced on Monday that, by the end of June 2013, local government debt had increased to 17.9 trillion yuan, soaring 67 percent over the figure for three years ago.
According to the NAO’s last figure, for the end of 2010, the total debt of local governments in China was 10.7 trillion yuan. China’s local governments cannot borrow directly from banks. Their debt is built up mainly by establishing some financial entities and using these entities to borrow money for infrastructure projects. Government debt also includes financial guarantees for some projects.
If the debt of the central government is included, the Chinese government’s overall debt is 30.3 trillion yuan, accounting for 53.3 percent of GDP. Some analysts worry that the economic slowdown could lead to an increase in bad debts, thus putting pressure on large state-owned banks. The NAO report also points to an over-reliance on land related fiscal revenue as a cause of the rapid increase in local government debts.
Source: Voice of America, December 30, 2013
http://www.voachinese.com/content/china-local-government-20131230/1820431.html
People’s Daily: China’s First Commodity Exchange Opened Its Doors
NDRC: International Investments below US$1 Billion No Longer Require Approval
SOE’s Debt for November Year to Date Increased 14.5 Percent
On December 20, People’s Daily published an article about the financial status of State Owned Enterprises (SOEs). The financial reports from SOEs showed that November year to date sales and profits were up 11.3 and 8.2 percent respectively compared to the same period last year. However their total debt was close to 60 trillion yuan (US$9.8 trillion), up 14.5 percent. The industries that saw growth in their profits include power, electronics, building construction, auto, and transportation. The industries that saw a decline in their profits include non-ferrous metals, coal, chemicals, and light industries.
Source: People’s Daily, December 20, 2013
http://ccnews.people.com.cn/n/2013/1220/c141677-23895718.html
Control of Local Government Debts to Be a Top Priority in 2014
According to the China Central Economic Work Conference, China’s highest-level economic conference, held from Dec 10 to 13, one of the top six priorities for next year will be the control of local government debts.