Economy/Resources - 232. page

China News Service (CNS) recently reported that, in 2010, China became Brazil’s largest investor – up from the 20th in 2009. In 2010, the estimated total investment from China was US$12 billion. The amount invested between 2001 and 2009 was only US$213 million. Chinese investments in Brazil have focused on the energy, mining, steel, and oil industries. Brazil is planning to invest US$1 trillion over the next few years to prepare for the Olympics and the World Cup. China considers this to be an opportunity. Brazil’s Stock Exchange is working with Chinese stock exchanges to allow Chinese companies to do IPOs in Hong Kong and Brazil simultaneously. The Brazilian economy has demonstrated very strong growth in the past decade.

Source: China News Service (CNS), January 12, 2011
http://www.chinanews.com/cj/2011/01-12/2783792.shtml

China will require passengers to provide their names when purchasing a train ticket. The passenger will then have to show an ID with the same name to board the train. During the massive railway travel season for the upcoming Chinese New Year, Guangzhou, Wuhan, Xi’an, Chongqing, Chengdu, and many other cities will initiate a name verification pilot project.

Twenty-five types of proof of identity will be accepted, including a residential card, a temporary residential card, a driver’s license, a military officer ID, a student ID, a passport, an alien residence card, and a temporary ID card issued by the Railway Police Office.

Source: People’s Daily Online, January 11, 2011
http://travel.people.com.cn/GB/13701643.html

On December 21, 2010, People’s Daily reported that, according to the State Council, the portion of the South-to-North Water Transfer Project that was completed by the end of November 2010 came to around RMB 74 billion, which is 45% of the total amount allocated by the investment plan. The project is now entering a critical peak time period for construction work and residents’ migration work. The current speed at which the project is moving has demonstrated a possibility of early completion. Part of the work going on today is going to determine whether water will be delivered to the North on time or not. The completed portion of the project is already producing value to some areas of China, mainly Beijing.

Source: People’s Daily, January 1, 2011
http://finance.people.com.cn/GB/13635942.html

On January 3, 2100, the International Herald Leader, a newspaper under Xinhua News Agency, published an  article titled “The Currency War, Win the Two Battles inside and Outside (of China).” It included several interviews.

Tan Yaling, President of the China Foreign Exchange Investment Research Institute, told Xinhua reporters, “I would like to take the initiative to devalue the RMB, choosing a good time to take action, so as to remove any expectations for RMB appreciation. We cannot let the expectation for RMB appreciation kidnap public opinion in the market and (affect our) policy parameters.”

Guo Tian Yong, Professor of the Central University of Finance and Director of the China Banking Research Center, said, “Substantial appreciation of the Renminbi in the short term is the ‘dog in the manger.’” In his opinion, China should control the pace of RMB appreciation and “let the RMB appreciate modestly and gradually.”

Source: International Herald Leader, January 3, 2011
http://news.xinhuanet.com/herald/2011-01/03/c_13675030.htm

Sun Lijian, Vice President of the School of Economy, Fudan University, published an article analyzing the (anticipated) economic pressures on China in 2011. The article says that “three big issues, both inside and outside” of China are of concern: The pressure from the instability of the international currency system, the pressure from the “virtualization” of industrial capital, and the pressure from the “imbalance” in income distribution.

Source: China Review News, January 7, 2011
http://gb.chinareviewnews.com/doc/1015/6/2/7/101562738.html?coluid=53&kindid=0&docid=101562738&mdate=0107082119

People’s Daily Online published an article about promoting Chinese literature to the world. The article advocated that “Chinese literature should have worldwide significance” and “as our economy has achieved great success, (Chinese) literature should have a worldwide view.”

The article suggested that creating literature needs innovation. “The first innovation is the concept of our national literature.” “(We should) absorb multi-dimensional cultural nutrition from the world” to create literature for the world. “The second is to establish confidence in our national literature.” “The third innovation is to create a new format for our national literature.”

Source: People’s Daily Online, December 31, 2010
http://culture.people.com.cn/GB/87423/13627724.html

Yin Jianfeng, Director of the Financial Research Center, Institute of Finance and Banking, Chinese Academy of Social Science, stated that China should avoid the Japanese yen’s mistake when pushing the yuan as an international foreign exchange reserve. Yin argued that the yen failed as an international currency due to Japan’s weak financial system, its high domestic savings rate, and the lack of an offshore trading center.

To push the yuan to go worldwide, Yin suggested using Asian countries, excluding Japan, to break into the international market, since China’s trade with these countries accounts for nearly 50% of its imports and 38% of its exports. “Hong Kong should be the yuan’s offshore international financial center.” “Trade in yuan should first start in Southeast Asia, with Hong Kong as the Southeast Asia yuan investment and trade center.”  

Source: Xinhua, December 20, 2010
http://news.xinhuanet.com/2010-12/20/c_12900744.htm

On December 19, 2010, Xinhua reported that the Ministry of Land and Natural Resources had just released new regulations requiring local government branches to enforce real estate administrative policies and to “decisively” stop the recent rapid increase in land prices. The Ministry pointed out that the health of the current real estate market is “facing a complex situation.” The entire society can see how land prices have been increasing in a number of cities. The Ministry called for “strong strikes” against land hoarding and speculation. The new regulations also prohibit changing the use of land into government-subsidized land for low-income housing projects.

Source: Xinhua, December 20, 2010
http://news.xinhuanet.com/2010-12/20/c_12896352.htm