Economy/Resources - 267. page

An internet posting on “sports 366”, a popular sports forum site, criticized Boris Johnson, the Mayor of London, for his rude behavior and lack of manners during the Olympic closing ceremony. The posting accused him of wearing an unbuttoned jacket, showing sloppy body language with his right hand in his pocket when coming to the podium, handing over the Olympic flag with one hand, and having an arrogant attitude in terms of not shaking hands leaders from Beijing on the stage and shaking hands late with Beijing’s mayor.

Source: Sports366, August 25, 2008
http://colligate.sport366.com/2008/0825/1041856080.shtml

People’s Bank of China announced that July’s commodity price rose 9.4 % compared to July 2007.  Agricultural produce prices increased by 6.8%.  Mineral products and thermo electricity prices went up by 18.3% and 26.7% respectively.
 
Source: Xinhua, August 20, 2008
http://news.xinhuanet.com/fortune//2008-08/20/content_9540203.htm

The State People’s Daily published editorials three days in a row from August 13 to 15 discussing how to ensure the speedy and healthy development of the economy this year. Analysts observe that this is unusual particularly during the Olympics, the most important political campaign since 1949. The move highlights Communist leaders’ worries of the grave economic situation.

Source:
People’s Daily, August 13, 2008
http://opinion.people.com.cn/GB/40604/7656125.html
People’s Daily, August 14, 2008
http://opinion.people.com.cn/GB/7662939.html
People’s Daily, August 15, 2008
http://opinion.people.com.cn/GB/40604/7669043.html

Study Times, a publication of the Party School of The Communist Party of China, commented on the ramifications of the Beijing Olympics on the economy on August 11. According to Study Times, the Chinese economy started a cyclical adjustment in 2008. The preparation and holding of the Beijing Olympics will not likely make any major direct contribution to economic growth. Neither will the end of the Olympics impact negatively the fundamentals of the economic development and the growth potentials of the economy.

Source: Study Times, August 11, 2008
http://www.studytimes.com.cn/WebPage/ny1.aspx?act=1&id=2056&nid=7371&bid=4&page=1

As of August 5, of all the 541 power plants in China, 219 have less than 7 days worth of coal inventory. Power shortages have occurred in provinces such as Shangxi, Henan, Hunan and Liaoning where local authorities have implemented planned blackouts. On July 29, the shortage hit 10.22 million Kilowatts in Shandong Province, close to one-third of the power requirement in the province.

The power shortage was attributed to lack of quality coal, which has forced the shutdown of some major power plants.

Industry experts fear that the shortage will spread to more provinces and regions including Jiangsu, Fujian, Hubei and Jiangxi and Chongqing. 70% of the power consumed in Beijing depends on power plants outside the Beijing region. Two of them, Shalingzi and Wangtan Power Plants have their coal inventory hovering at around a 2 day level of reserves.

Source: Xinhua, August 6, 2008
http://news.xinhuanet.com/newscenter/2008-08/06/content_8999765.htm

After a recent two month visit to four Chinese cities, including Beijing and Shanghai, China scholar and lawyer Gordan G. Chang gave a speech in New York on August 1. The author of The Coming Collapse of China noticed that the Chinese leaders appear to lack confidence about the upcoming Beijing Olympics.

Chang and his wife were also surprised by the lack of interest to the game among Chinese people. Many Chinese are more interested in the U.S. presidential election than the Games.

Per Chang’s observation, China’s post Olympic economic forecast is gloomy.

Source: Epoch Times, August 5, 2008
http://news.epochtimes.com/gb/8/8/5/n2216572.htm

As of the end of June 2008, China had 8.6 million domestic enterprises, 280,000 foreign-owned enterprises and 27.28 million small businesses (“individual industrial and commercial households”), according to a recent release by the China State Administration of Industry and Commerce.

Source: Xinhua, July 10, 2008
http://news.xinhuanet.com/newscenter/2008-07/10/content_8524946.htm

2008 was a record year for China’s unemployment rate. A total of 250 million people are currently out of a job. Many of the 6 million college graduates will find it harder to find work this year. Affected by a strong Chinese Renminbi and rist in the cost of materials, many export-oriented companies have gone bankrupt. Due to a central government policy of eliminating ‘backward’ businesses, state owned companies were being closed at a peak rate.

In a recent estimate by Tian Chengping, former minister of China Labor and Social Security Ministry, in 2008, China’s unemployed population will reach 50 million in urban areas and 200 million in rural areas.

Source: China New Digest, July 9, 2008 
http://www.cnd.org/my/modules/wfsection/article.php%3Farticleid=20038