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Economy/Resources - 203. page

More Chinese eggs in Hong Kong Tainted

Hong Kong found more Chinese eggs containing an excessive amount of the industrial chemical melamine, the Hong Kong government said, as a new food safety problem on the mainland expanded. Hong Kong will inspect all eggs from China in the coming week and will expand the scope of inspection to meat and Animal offal. 60% of eggs in Hong Kong are imported from Mainland China.

Source: Xinhua, October 26, 2008

Sinopec Third Quarter Net Profits Tumbled

Sinopec booked third-quarter net profit of 8.3 billion yuan, down by 38.7% from 13.41 billion yuan a year earlier, Xinhua reported. Sinopec posted 17.64 billion yuan of net profits for the first three quarters, a 63.7% fall comparing to the same period last year. Sinopec attributes the fall to higher crude prices that have pushed its refining business deep into the red. In the first 6 months of 2008, it has received government subsidies of 45.1 billion yuan in total including fiscal subsidies, import subsidies and import tariff rebates for crude oil. Cash flow for the first three quarters was 3.427 billion, down 103.4% from the same period last year.

Source: Xinhua, October 29, 2008

Lin Yifu: It’s Inappropriate for China to Bottom-fish U.S. Market

Lin Yifu, deputy director and executive economist of World Bank, warns that “developing countries will see dramatic decrease in exports due to the recession in developed countries’ economy, and will face shortage of investment money.” He does not agree with the suggestion that China should utilize the foreign reserve to bottom fish the U.S. market. He believes it’s not the right time to send money to the United States at the moment. He says China should use the foreign currency to acquire resource, or help China’s products enter the world market, and acquire new technology. Lin had the above comments while he went back to China for a conference on October 26.

Source: Xinhua, October 27, 2008

Millions to Lose Jobs; Tough Job Markets for College Graduates

As many as 9,000 factories in Dongwan, Shenzheng, and Guangzhou are facing closing down and 2.7 million workers will lose jobs, reported United Daily News. In the mean time, 6 million college graduates are challenged with tough job market as many colleges received cancellation of on-campus job affairs notice from the businesses. There have been increases in students enrolled in the graduate degree study or competing over the limited spots to study overseas.

Moreover, public servant positions, the ones with more job security, are facing the worst competition ever. As of October 26, over 970,000 applications were accepted, 200,000 higher than the year before. Average ratio is 73 applicants competing for 1 position. The most competitive position is the one with Chinese Association of the handicapped which have 4723 applicants competing for 1 position.

United Daily News, October 25, 2008
Xinhua, October 27, 2008-10-26

China Optimistic in the International Financial Crisis

President Hu stated on October 24 that the good development trend in Chinese economy is in itself an important contribution to the international market stability and world economic development.

Xinhua reported that government think tanks in China are confident of China’s ability to handle the crisis in spite of a reduced 9.9% of the economic growth in the first three quarters. China is actively expanding in Africa and Latin America and China exports more home items than luxury items. Effective November 1, tax rebate rates will increase for textiles, toys and other high valued added items. Comparing to the same period last year, Retail sales of consumer goods for the first three quarters went up by 22%, an increase of 6.1 percentage points. Actual utilization of foreign funds went up by almost 40%, an increase of 29 percentage points.

Source: Xinhua, October 24, 2008

State Administration of Taxation: September Tax Income Took Deep Dive

The State Administration of Taxation disclosed that the state tax income growth rate was 2.5 percent in September, a significant drop compared with 33.5 percent reported in the first half of this year and over 20 percent for the past ten years. The drop was mainly driven by the slow economy which has caused decrease in business profits and taxes including value added taxes, sales tax and stamp duty, according to the Administration of Taxation. It is predicted that the fourth quarter will continue to see the decreasing trend or even the negative growth.

Source: Sina, October 18, 2008