Economy/Resources - 190. page
Xinhua: Quick Risk Management Required after U.S. QE4
November Year to Date Profit for State Owned Enterprises Down 7 Percent
According to data released by the Ministry of Finance on December 14, 2012, November year to date profit for State Owned Enterprises was 1.94 trillion yuan (US$310 billion), down seven percent compared to the same period last year.
The revenue for November year to date was 37.94 trillion yuan (USD$6.08 trillion), up 10.9 percent from the same period in 2011 and 11.8 percent from October. The industries that showed the largest increase in profit included electric power, tobacco, electronics, light industry, and the auto industry. The industries that showed the sharpest decrease in profits include the chemical industry, nonferrous metals, transportation, construction material, and mechanical areas.
Source: Xinhua, December 15, 2012
http://news.xinhuanet.com/fortune/2012-12/15/c_114034861.htm
China Holds Central Economic Work Conference
China will hold a Central Economic Work Conference on December 15 and 16, 2012, to determine the direction for its economic policies in the upcoming year.
Many policy experts believe that the target for economic growth will remain at 7.5 percent with a focus on maintaining stability while improving quality and productivity. It is expected that the urbanization of rural areas will drive economic growth in the mid to long term. There will also be personnel shifts at the upper management level in the Central Bank, the Ministry of Finance, the Ministry of Commerce, and the National Development and Reform Commission, as well as in some entities dealing with financial regulation.
Source: Huanqiu, December 13, 2012
http://china.huanqiu.com/politics/2012-12/3374586.html
China Review News: Low-Cost and High Return Will Gradually Disappear in China
On December 9, 2012, China Review News published an article discussing the transformation of China’s economy over the next decade. Over the next ten years, China will gradually lose the advantage it has of a high rate of return on capital because of low-cost. According to the article, China’s huge consumption potential can gain new impetus for China’s economy. However, the transformation of the direction of China’s economy should focus more on key technology development, technology upgrades, and product upgrades.
Source: China Review News, December 9, 2012
http://www.zhgpl.com/doc/1023/3/5/6/102335601.html?coluid=53&kindid=0&docid=102335601&mdate=1209080504
Government Policy Results in Blind Development of Wind and Photovoltaic Power Industry Sectors
On December 9, 2012, China Review News published an article analyzing why the development of the wind power and photovoltaic industry sectors in China are slowing down.
According to the article, the government’s “one size fits all” policy is one of the most direct causes of the excessive and blind development of these two sectors. Any enterprise that invests in these two sectors can obtain very generous government funding support and policy support. Attracted by such direct benefits, investors have completely ignored the risks and any possible vicious competition.
Source: China Review News, December 9, 2012
http://www.zhgpl.com/doc/1023/3/5/6/102335616.html?coluid=53&kindid=0&docid=102335616&mdate=1209081902
People’s Daily: Government Taxes and Fees Take Seventy Percent of the Cost of Housing
National Bureau of Statistics: November CPI up 2 Percent Compared to the Same Period Last Year
According to statistics reported by the National Bureau of Statistics of China, the November CPI was up 2 percent when compared to the same period last year. The CPI grew 2.1 percent among urban residents and 1.9 percent in the countryside. The report said that the price of food went up 3 percent while the price of non-food items went up 1.6 percent. The price for consumables was up by 1.9 percent and the service sector was up 2.3 percent.
Compared to October, the November CPI was 0.1 percent higher. The CPI in urban areas went up by 0.1 percent, while the countryside went up by 0.2 percent; the price of food was up by 0.4 percent and non-food prices were flat. The price of consumables was up by 0.3 percent while the prices in the service sector were down by 0.3 percent.
Source: Xinhua, December 9, 2012
http://news.xinhuanet.com/fortune/2012-12/09/c_124068137.htm