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Economy/Resources - 213. page

Stock Market: Down 50% in Six Months

On Tuesday, both Shanghai and Shenzhen stock exchanges ran landslide slumps. SSE (Shanghai Stock Exchange) Composite dropped 143.55 to near 3300, while the SSE (Shenzhen Stock Exchange) Component Index fall 841.52. More than 600 stocks ended limit-down. According to a report issued by Guotai Junan Securities, the leading security firm in China, it only took six months for the SSE Composite to dive from the peak of 6124 last October to 3308 this week, 50% shrinkage of the market value. The drop is not only historical in China, but very rare around the world. Previously, SSE Composite had a 40% downward swing from 2245 in June 2001 to 1350 in November, another 40% plunge from 1740 to 998 in 2004.

Source: Information Times, April 2, 2008
http://informationtimes.dayoo.com/html/2008-04/02/content_153174.htm

Senior official Warns Overheating Economy and Comprehensive Inflation

In the most recent issue of Qiushi journal, the core publication of Central Committee of Chinese Communist Party, a senior official authored an article on the risk of an “overheating economy” and “comprehensive inflation.” Xie Fuzhan, the chief of State Statistics Bureau, pointed out that China need to focus on quality and curb the “impulse of expanding investment projects.” The article suggested strengthened macroeconomic control, strict housing regulation, and tight monetary policy. To ease the expectation of price rises, Xie proposed to increase the supply for basic necessities.

Source: Xinhua, April 2, 2008
http://news.xinhuanet.com/fortune/2008-04/02/content_7906294.htm

China Faces Grim Agriculture and Grain Production

At a national agriculture and grain production telephone conference, the State Council announced ten “important” measures to step up the support of the sector. Increase of the agricultural output is believed to be the key to alleviating the galloping inflation, the “most outstanding” problem in the economy. According to Premier Wen Jiabao, 2008 is a “grim” year for China’s agriculture and grain production, due to natural disasters and adverse climate.

Source: Xinhua, March 27, 2008
http://news.xinhuanet.com/politics/2008-03/27/content_7870258.htm

Iraqi Merchants Seek Direct Sales Channels with Inland Provinces

During the 2008 China Chongqing Expo, buyers from Iraq issued over 100 purchase orders for automobiles, electrical appliances, food, housing construction equipment, and consumable products, totaling US$1 billion. Many are trying to establish direct sales channels with local businesses to cut back costs of having a middle man.  Daily consumable products topped all the categories of the orders placed.

Source: People’s Daily, March 25, 2008 http://paper.people.com.cn/rmrbhwb/html/2008-03/25/content_48322437.htm

Fiscal Revenue Growth Not the Result of State Tax Increase

China’s fiscal revenue in 2007 hit 5.13 trillion yuan (733 billion US dollars), an increase of 1.25 trillion yuan, or 32.4 percent over the previous year, released Ministry of Finance on March 5, 2008. Ministry of Finance maintains that China’s fiscal revenue has maintained a rapid growth, not because of State tax increase but as a result of statistical standards, price factors, the difference between the GDP structure and tax structure, tax collection and management, as well as some special factors.

Source: Ministry of Finance of China, March 5, 2008
http://www.mof.gov.cn/news/20080305_3482_31820.htm

Shipbuilding Targets Released for 2008

China’s Commission of Science Technology and Industry for National Defense released the 2008 China’s shipbuilding industry goals: completion of 22 million dwt, industrial output exceeding 300 billion yuan, industrial value added exceeding 80 billion yuan, exports of 16 billion US dollars, profit growth of 20% and 15 point increase in the aggregated economic efficiency index.

Source: China’s Commission of Science Technology and Industry for National Defense, February 18, 2008 http://www.costind.gov.cn/n435777/n435783/144172.html

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