China Jan car sales up 32 pct yr-on-yr despite severe winter storms
http://www.forbes.com/markets/feeds/afx/20...afx4659975.html
02.15.08, 5:04 AM ET
BEIJING (XFN-ASIA) - China passenger vehicle sales jumped 32 pct year-on-year in January despite the worst winter storms in 50 years, the official Xinhua News Agency reported, citing an industry association report.
Chinese car makers sold 639,000 passenger vehicles in January, up 6.7 pct from December, according to the China Passenger Car Association.
Sedans accounted for three-quarters of the January figure, while sport utility vehicles (SUV) sales rose 60.5 pct year on year to 32,000 units.
Passenger vehicle production was up 14.5 pct year on year at 566,000 units, including 423,000 sedans, 35,000 SUVs and 14,500 mini-vans.
Sales in February, which only has 18 workdays due to the Spring Festival holiday, are expected to reach as high as 400,000 units because the freak winter weather had delayed some January deliveries, the association said.
China, the world's second-largest car market, produced 6.38 mln passenger vehicles and sold 6.3 mln units last year.
Full Version: China Economic News
China trade surplus up 23%
http://www.ft.com/cms/s/0/c4972892-dbf7-11...00779fd2ac.html
By Richard McGregor
Published: February 15 2008 19:12 | Last updated: February 15 2008 19:12
China’s monthly trade surplus outstripped expectations in January to hit $19.5bn, a 23 per cent year-on-year increase, underscoring the country’s continuing export performance amid fears of a looming global economic slowdown.
The surplus, which increased eightfold between 2004 and 2007, has been widely forecast to stabilise this year amid signs of economic slowdown and weakening demand in the US and Europe.
The trend established in the final quarter of last year – when import growth outpaced export growth for three consecutive months for the first time since 2004 – continued in January.
Exports grew year on year by 26.7 per cent but imports rose by 27.6 per cent.
Steel exports, a major contributor to the rising surplus, have begun to fall following the government’s removal of tax rebates. But areas such as textiles and electronics have yet to be significantly hit by the impact of the stronger renminbi and government policies aimed at constraining sales overseas.
The swelling trade surplus has made the country’s tightly managed currency the target of persistent complaints from the US and Europe where politicians say the renminbi gives Chinese exporters an unfair advantage.
The renminbi was also the focus of talks in Beijing this week between Chinese leaders and Dominique Strauss-Kahn, the head of the International Monetary Fund. Mr Strauss-Kahn said he had tried to explain to the Chinese it was “in their own interest” to have a more flexible exchange rate and a faster appreciation of the currency.
The renminbi has risen by about 13 per cent against the dollar since it was unpegged from the US currency in mid-2005 but has weakened against the euro.
China was angered by an IMF decision last year to establish a new currency surveillance mechanism through which the renminbi could be labelled as “fundamentally misaligned” in value.
Beijing regards the IMF mechanism as a potential tool through which the US can put pressure on it for a faster currency appreciation.
Data yesterday suggested the US economic slowdown was accelerating with consumer confidence falling to recession-like levels in early February.
The Reuters/University of Michigan index of consumer sentiment fell 11 per cent to 69.6 compared with the previous month, its lowest in 16 years.
“Past declines of this magnitude have always been associated with subsequent recessions,” Richard Curtin, director of the survey, said in a note.
http://www.ft.com/cms/s/0/c4972892-dbf7-11...00779fd2ac.html
By Richard McGregor
Published: February 15 2008 19:12 | Last updated: February 15 2008 19:12
China’s monthly trade surplus outstripped expectations in January to hit $19.5bn, a 23 per cent year-on-year increase, underscoring the country’s continuing export performance amid fears of a looming global economic slowdown.
The surplus, which increased eightfold between 2004 and 2007, has been widely forecast to stabilise this year amid signs of economic slowdown and weakening demand in the US and Europe.
The trend established in the final quarter of last year – when import growth outpaced export growth for three consecutive months for the first time since 2004 – continued in January.
Exports grew year on year by 26.7 per cent but imports rose by 27.6 per cent.
Steel exports, a major contributor to the rising surplus, have begun to fall following the government’s removal of tax rebates. But areas such as textiles and electronics have yet to be significantly hit by the impact of the stronger renminbi and government policies aimed at constraining sales overseas.
The swelling trade surplus has made the country’s tightly managed currency the target of persistent complaints from the US and Europe where politicians say the renminbi gives Chinese exporters an unfair advantage.
The renminbi was also the focus of talks in Beijing this week between Chinese leaders and Dominique Strauss-Kahn, the head of the International Monetary Fund. Mr Strauss-Kahn said he had tried to explain to the Chinese it was “in their own interest” to have a more flexible exchange rate and a faster appreciation of the currency.
The renminbi has risen by about 13 per cent against the dollar since it was unpegged from the US currency in mid-2005 but has weakened against the euro.
China was angered by an IMF decision last year to establish a new currency surveillance mechanism through which the renminbi could be labelled as “fundamentally misaligned” in value.
Beijing regards the IMF mechanism as a potential tool through which the US can put pressure on it for a faster currency appreciation.
Data yesterday suggested the US economic slowdown was accelerating with consumer confidence falling to recession-like levels in early February.
The Reuters/University of Michigan index of consumer sentiment fell 11 per cent to 69.6 compared with the previous month, its lowest in 16 years.
“Past declines of this magnitude have always been associated with subsequent recessions,” Richard Curtin, director of the survey, said in a note.
Looks like pressuring RMB to re-evaluating upward is not such a good idea after all! 
QUOTE(macau boy @ Feb 16 2008, 09:52 AM) 
Looks like pressuring RMB to re-evaluating upward is not such a good idea after all!
The Yuan already went up 14 times since the beginning of this year alone.
QUOTE(harrypotter @ Feb 16 2008, 11:46 AM)
The Yuan already went up 14 times since the beginning of this year alone.
Would investing in the Yuan be a good idea at the moment? (Meaning, buying Yuans right now, and wait till they appreciate).
QUOTE(bojangles @ Feb 16 2008, 03:59 PM)
Would investing in the Yuan be a good idea at the moment? (Meaning, buying Yuans right now, and wait till they appreciate).
Well, just remember one thing:" Don't put all your eggs in one basket".
The trend is irreversible and appears to be speeding up.
China's Foreign Direct Investment More Than Doubles (Update1)
http://www.bloomberg.com/apps/news?pid=206...&refer=asia
By Nipa Piboontanasawat
Feb. 18 (Bloomberg) -- Foreign direct investment in China more than doubled in January from a year earlier, adding to the flood of cash that threatens to overheat the world's fastest- growing major economy.
Spending by overseas companies and individuals climbed 110 percent to $11.2 billion, the Ministry of Commerce said today on its Web site. In all of 2007, investment increased 13.6 percent to $74.8 billion.
Low labor costs and a potential market of 1.3 billion people attract foreign companies to China. The government is trying to prevent the inflows of money from investment and trade surpluses from stoking inflation that's hovering close to an 11- year high.
``This will increase pressure on the central bank to strengthen liquidity control,'' said Wang Qian, an economist at JPMorgan Chase & Co. in Hong Kong. The central bank may sell more bills to soak up cash and raise lenders' reserve requirements, Wang said.
China's trade surplus jumped 23 percent in January from a year earlier to $19.5 billion. Money supply rose 18.9 percent, the biggest gain in 20 months.
The People's Bank of China raised interest rates six times in 2007 and has ordered lenders to set aside more deposits as reserves on 11 occasions since the start of last year, pushing the ratio to 15 percent, the highest ever.
Higher Taxes, Restrictions
The central bank has also sold bills to drain cash from the financial system and capped banks' loan growth.
Government restrictions and higher taxes aren't deterring investors from ventures in the world's fourth-biggest economy.
China said in November that it was limiting foreign direct investment in ``important mineral resources'' and in industries that are heavy polluters and consumers of resources and energy.
The government is also steering investment away from the eastern coastal cities and into less-developed regions in the west and the center. The country's five-year plan, running through 2010, also aims for a shift from assembly work to designing and producing high-technology brands.
A 25 percent tax rate for foreign companies is being phased in from this year. Previously they paid 15 percent, while the rate for local businesses was 33 percent. Now, both will pay the same rate.
China's economy, the world's fourth largest, expanded 11.4 percent in 2007 from a year earlier, the fastest pace in 13 years.
Inflation more than tripled to 4.8 percent from 1.5 percent in 2006. December's rate was 6.5 percent and economists predict the January level, to be announced tomorrow, will be an 11-year high of 7 percent.
To contact the reporter on this story: Nipa Piboontanasawat in Hong Kong at npiboontanas@bloomberg.net
Last Updated: February 18, 2008 03:13 EST
http://www.bloomberg.com/apps/news?pid=206...&refer=asia
By Nipa Piboontanasawat
Feb. 18 (Bloomberg) -- Foreign direct investment in China more than doubled in January from a year earlier, adding to the flood of cash that threatens to overheat the world's fastest- growing major economy.
Spending by overseas companies and individuals climbed 110 percent to $11.2 billion, the Ministry of Commerce said today on its Web site. In all of 2007, investment increased 13.6 percent to $74.8 billion.
Low labor costs and a potential market of 1.3 billion people attract foreign companies to China. The government is trying to prevent the inflows of money from investment and trade surpluses from stoking inflation that's hovering close to an 11- year high.
``This will increase pressure on the central bank to strengthen liquidity control,'' said Wang Qian, an economist at JPMorgan Chase & Co. in Hong Kong. The central bank may sell more bills to soak up cash and raise lenders' reserve requirements, Wang said.
China's trade surplus jumped 23 percent in January from a year earlier to $19.5 billion. Money supply rose 18.9 percent, the biggest gain in 20 months.
The People's Bank of China raised interest rates six times in 2007 and has ordered lenders to set aside more deposits as reserves on 11 occasions since the start of last year, pushing the ratio to 15 percent, the highest ever.
Higher Taxes, Restrictions
The central bank has also sold bills to drain cash from the financial system and capped banks' loan growth.
Government restrictions and higher taxes aren't deterring investors from ventures in the world's fourth-biggest economy.
China said in November that it was limiting foreign direct investment in ``important mineral resources'' and in industries that are heavy polluters and consumers of resources and energy.
The government is also steering investment away from the eastern coastal cities and into less-developed regions in the west and the center. The country's five-year plan, running through 2010, also aims for a shift from assembly work to designing and producing high-technology brands.
A 25 percent tax rate for foreign companies is being phased in from this year. Previously they paid 15 percent, while the rate for local businesses was 33 percent. Now, both will pay the same rate.
China's economy, the world's fourth largest, expanded 11.4 percent in 2007 from a year earlier, the fastest pace in 13 years.
Inflation more than tripled to 4.8 percent from 1.5 percent in 2006. December's rate was 6.5 percent and economists predict the January level, to be announced tomorrow, will be an 11-year high of 7 percent.
To contact the reporter on this story: Nipa Piboontanasawat in Hong Kong at npiboontanas@bloomberg.net
Last Updated: February 18, 2008 03:13 EST
good we need a new dedicated thread for china economic and military news. 
QUOTE(ZJoseph @ Feb 18 2008, 11:51 AM)
good we need a new dedicated thread for china economic and military news.
Here at PDF, what we need is a sub-forum for Sino-Pakistani defense and economic cooperations. Because of the close (it is all weather
) bilateral relationship, it would be nice if we can group all Sino-Pak news in one place rather then searching every time in the naval forum. air force forum etc. It would make discussion easier.
China's Inflation Quickens to Fastest in 11 Years; Pace Is 7.1%
http://www.bloomberg.com/apps/news?pid=206...&refer=home
By Nipa Piboontanasawat
February 18, 2008 21:04 EST
Feb. 19 (Bloomberg) -- China's inflation accelerated to the quickest pace in more than 11 years after the worst snowstorms in half a century disrupted food supplies.
Consumer prices rose 7.1 percent in January from a year earlier, the statistics bureau said today, after gaining 6.5 percent in December. That was more than the 7 percent median estimate of 23 economists surveyed by Bloomberg News.
Accelerating inflation adds to evidence the world's fastest-growing major economy is at risk of overheating, after the trade surplus rose more than forecast in January and money supply grew at the quickest pace in 20 months. The central bank may refrain from raising interest rates as it assesses weakening U.S. demand for exports and the blizzards' toll on production.
``Despite the first-quarter surge in inflation, we expect interest rates to be kept on hold this year,'' said Sun Mingchun, an economist at Lehman Brothers Holdings Inc. in Hong Kong. ``If China's economy slows too much, many problems will appear -- overcapacity, falling company profits and rising unemployment.''
Currency gains and curbs on bank lending may be favored this year as tools to curb inflation, according to Sun. The government has also imposed price controls for food and energy.
Central banks across Asia face the choice of tackling slowing growth or rising inflation. Lehman last week cut its forecast for 2008 growth in the region, excluding Japan, to 7.3 percent from 7.6 percent and raised its inflation estimate to 4.6 percent from 4.2 percent.
Trade Gap
China's economy, the world's fourth largest, may grow 10 percent this year, according to the International Monetary Fund, down from 11.4 percent in 2007, as export growth weakens.
The financial system is flooded with cash from record trade surpluses, threatening to stoke inflation that has soared since last year on food and fuel. The surplus jumped 23 percent in January from a year earlier to $19.5 billion. Money supply rose 18.9 percent.
Snowstorms from mid-January closed factories and boosted prices by destroying crops and disrupting deliveries.
Accelerating producer prices show pressure for inflation to stay high. Producer prices, the cost of goods as they leave the factory, jumped 6.1 percent in January, the biggest gain in more than three years, on oil and raw materials.
So far, the government is letting the yuan gain at a faster pace versus the dollar than it did last year. The currency has climbed nearly 2 percent after rising 7 percent in 2007. A stronger currency would push up the price of exports and make imports cheaper.
Borrowing Costs
Economists expect the government to keep raising banks' reserve requirements, a Bloomberg News survey last month showed. The central bank has ordered lenders to set aside more deposits as reserves on 11 occasions since the start of last year, pushing the ratio to 15 percent, the highest ever.
Economists are split on whether interest rates will rise this year after six increases in 2007, the survey showed.
The government needs to prevent rising prices triggering social unrest in a nation where, according to the World Bank, 300 million people live in poverty.
Work starts on nuclear power plant
http://www.chinadaily.com.cn/china/2008-02...ent_6465565.htm
By Hu Meidong and Wan Zhihong (China Daily)
Updated: 2008-02-19 09:00
Construction of the Ningde nuclear power station began in Fujian province Monday.
The 51.2-billion-yuan ($7.1 billion) Phase 1 plant is being built on three islands in the village of Beiwan in Fuding, 143 km north of Fuzhou. Subsequent phases will cost around 450 billion yuan ($62.7 billion).
A computer image of how the nuclear power station will look. Inset: Construction of the project started on February 18, 2008. [China Daily]
The first phase of the project comprises the construction of four nuclear reactors, each with a capacity of 1,000 megawatts (MW). The plant will use the same technology as the existing nuclear facility in Ling Ao, the National Development and Reform Commission (NDRC) said Monday.
The first reactor is expected to be put into commercial use at the end of 2012. Once completed, the four reactors will generate 30 billion kWh of electricity a year, the NDRC said.
The China Guangdong Nuclear Power Group, Datang International Power Generation Co and Fujian Coal Industry Group are jointly funding the project.
Zhang Guobao, NDRC vice-minister, said the Ningde power station will significantly ease the strain on energy supply in the southeastern coastal area, as well as aid environmental protection efforts in the region.
It will also provide a huge boost to the economy of the province, he said.
In addition to the Ningde project, other nuclear power stations are planned for Fujian.
The country's largest nuclear power company, China National Nuclear Corp, has planned six 1,000-MW reactors for its Fuqing project in the province.
Also, China Guodian Corp, one of the nation's top five power producers, has launched its first nuclear project in Fujian. Guodian has set up a division to work on the project in the coastal city of Zhangzhou, a source from the company told China Daily.
However, the Guodian project is still at an early stage and has not yet received government approval, the source said.
As the world's second-largest energy consumer, China is looking more to nuclear power for a balanced energy mix. According to official figures, nuclear power is now the third largest power source in the country.
The 11 nuclear reactors currently in operation have a combined capacity of about 8,000 MW, and last year generated 62.86 billion kWh, up more than 14 percent on 2006, the Commission of Science Technology and Industry for National Defense said.
However, nuclear power still accounts for less than 2 percent of the country's total output. The NDRC said it wants to boost this figure to 4 percent by 2020.
Han Wenke from the Energy Research Institute under the NDRC, said: "China has seen a transition in its nuclear power industry from appropriate development to accelerated development."
http://www.bloomberg.com/apps/news?pid=206...&refer=home
By Nipa Piboontanasawat
February 18, 2008 21:04 EST
Feb. 19 (Bloomberg) -- China's inflation accelerated to the quickest pace in more than 11 years after the worst snowstorms in half a century disrupted food supplies.
Consumer prices rose 7.1 percent in January from a year earlier, the statistics bureau said today, after gaining 6.5 percent in December. That was more than the 7 percent median estimate of 23 economists surveyed by Bloomberg News.
Accelerating inflation adds to evidence the world's fastest-growing major economy is at risk of overheating, after the trade surplus rose more than forecast in January and money supply grew at the quickest pace in 20 months. The central bank may refrain from raising interest rates as it assesses weakening U.S. demand for exports and the blizzards' toll on production.
``Despite the first-quarter surge in inflation, we expect interest rates to be kept on hold this year,'' said Sun Mingchun, an economist at Lehman Brothers Holdings Inc. in Hong Kong. ``If China's economy slows too much, many problems will appear -- overcapacity, falling company profits and rising unemployment.''
Currency gains and curbs on bank lending may be favored this year as tools to curb inflation, according to Sun. The government has also imposed price controls for food and energy.
Central banks across Asia face the choice of tackling slowing growth or rising inflation. Lehman last week cut its forecast for 2008 growth in the region, excluding Japan, to 7.3 percent from 7.6 percent and raised its inflation estimate to 4.6 percent from 4.2 percent.
Trade Gap
China's economy, the world's fourth largest, may grow 10 percent this year, according to the International Monetary Fund, down from 11.4 percent in 2007, as export growth weakens.
The financial system is flooded with cash from record trade surpluses, threatening to stoke inflation that has soared since last year on food and fuel. The surplus jumped 23 percent in January from a year earlier to $19.5 billion. Money supply rose 18.9 percent.
Snowstorms from mid-January closed factories and boosted prices by destroying crops and disrupting deliveries.
Accelerating producer prices show pressure for inflation to stay high. Producer prices, the cost of goods as they leave the factory, jumped 6.1 percent in January, the biggest gain in more than three years, on oil and raw materials.
So far, the government is letting the yuan gain at a faster pace versus the dollar than it did last year. The currency has climbed nearly 2 percent after rising 7 percent in 2007. A stronger currency would push up the price of exports and make imports cheaper.
Borrowing Costs
Economists expect the government to keep raising banks' reserve requirements, a Bloomberg News survey last month showed. The central bank has ordered lenders to set aside more deposits as reserves on 11 occasions since the start of last year, pushing the ratio to 15 percent, the highest ever.
Economists are split on whether interest rates will rise this year after six increases in 2007, the survey showed.
The government needs to prevent rising prices triggering social unrest in a nation where, according to the World Bank, 300 million people live in poverty.
Work starts on nuclear power plant
http://www.chinadaily.com.cn/china/2008-02...ent_6465565.htm
By Hu Meidong and Wan Zhihong (China Daily)
Updated: 2008-02-19 09:00
Construction of the Ningde nuclear power station began in Fujian province Monday.
The 51.2-billion-yuan ($7.1 billion) Phase 1 plant is being built on three islands in the village of Beiwan in Fuding, 143 km north of Fuzhou. Subsequent phases will cost around 450 billion yuan ($62.7 billion).
A computer image of how the nuclear power station will look. Inset: Construction of the project started on February 18, 2008. [China Daily]
The first phase of the project comprises the construction of four nuclear reactors, each with a capacity of 1,000 megawatts (MW). The plant will use the same technology as the existing nuclear facility in Ling Ao, the National Development and Reform Commission (NDRC) said Monday.
The first reactor is expected to be put into commercial use at the end of 2012. Once completed, the four reactors will generate 30 billion kWh of electricity a year, the NDRC said.
The China Guangdong Nuclear Power Group, Datang International Power Generation Co and Fujian Coal Industry Group are jointly funding the project.
Zhang Guobao, NDRC vice-minister, said the Ningde power station will significantly ease the strain on energy supply in the southeastern coastal area, as well as aid environmental protection efforts in the region.
It will also provide a huge boost to the economy of the province, he said.
In addition to the Ningde project, other nuclear power stations are planned for Fujian.
The country's largest nuclear power company, China National Nuclear Corp, has planned six 1,000-MW reactors for its Fuqing project in the province.
Also, China Guodian Corp, one of the nation's top five power producers, has launched its first nuclear project in Fujian. Guodian has set up a division to work on the project in the coastal city of Zhangzhou, a source from the company told China Daily.
However, the Guodian project is still at an early stage and has not yet received government approval, the source said.
As the world's second-largest energy consumer, China is looking more to nuclear power for a balanced energy mix. According to official figures, nuclear power is now the third largest power source in the country.
The 11 nuclear reactors currently in operation have a combined capacity of about 8,000 MW, and last year generated 62.86 billion kWh, up more than 14 percent on 2006, the Commission of Science Technology and Industry for National Defense said.
However, nuclear power still accounts for less than 2 percent of the country's total output. The NDRC said it wants to boost this figure to 4 percent by 2020.
Han Wenke from the Energy Research Institute under the NDRC, said: "China has seen a transition in its nuclear power industry from appropriate development to accelerated development."
S. Korean companies are fleeing China.
Many Chinese employees working in S. Korean companies wake up in the morning to find their S. Korean employers disappeared at mid night leaving unpaid wages for them to digest. Such cases occur most frequently in Qingdao Shandong province where there are many small and mid size S.Korean companies. Chinese government is phasing out preferential tax treatment to foreign investors, that is, if not to other foreign companies, a hard blow to many S. Korean companies. That's not the whole point. Such actions are even condemned by some Korean companies, if they want to leave, ok, but they should pay wages to their employees for works they have done, then leave. Chinese companies and other internationals show twisted ugly faces when coming into deals with Korean companies, many of them have the experiences of being cheated.
http://club.china.alibaba.com/forum/thread..._24127904_.html
Many Chinese employees working in S. Korean companies wake up in the morning to find their S. Korean employers disappeared at mid night leaving unpaid wages for them to digest. Such cases occur most frequently in Qingdao Shandong province where there are many small and mid size S.Korean companies. Chinese government is phasing out preferential tax treatment to foreign investors, that is, if not to other foreign companies, a hard blow to many S. Korean companies. That's not the whole point. Such actions are even condemned by some Korean companies, if they want to leave, ok, but they should pay wages to their employees for works they have done, then leave. Chinese companies and other internationals show twisted ugly faces when coming into deals with Korean companies, many of them have the experiences of being cheated.
http://club.china.alibaba.com/forum/thread..._24127904_.html
All systems go for natural gas
http://www.shanghaidaily.com/sp/article/20...icle_349740.htm
2008-2-23
China has begun work on its second west-to-east natural gas transmission pipeline, which will mainly carry natural gas from Turkmenistan and China's Xinjiang Uygur Autonomous Region to the Yangtze and Pearl River deltas, the country's two most developed regions.
It is the first time China has started a project to pipe natural gas from a foreign country.
Construction of the 9,102- kilometer pipeline, which consists of a main line and eight sub-lines, will cost 142.2 billion yuan (US$20 billion).
In his congratulatory letter, President Hu Jintao said the pipeline is of "strategic significance" and would help "optimize the country's energy structure and maintain energy security."
He hoped the people involved in the construction of the pipeline would strive to make the project "first class."
With a designed gas transmission capacity of 30 billion cubic meters annually, the pipeline would traverse 12 provinces and autonomous regions before reaching Shanghai and the southern Guangdong Province.
Premier Wen Jiabao called on workers to ensure the quality of the project and make technical innovations to save land and other resources with a view to protecting the environment.
Vice Premier Zeng Peiyan said the country needed to continue integrating domestic pipeline construction with international cooperation in the oil and gas industry.
By the time the line goes into full operation, it will pipe gas, mainly from two contracted fields in Turkmenistan, to serve civilians, public facilities and producers who combine heat and power generation. Two domestic gas regions - Tarim and Changqing - will be emergency sources.
Amid rising global oil prices and growing environmental concerns, China is looking for cheaper and cleaner energy sources. The country planned to raise the ratio of natural gas in its energy consumption by 2.5 percentage points to 5.3 percent by 2010, a figure still far below the international average of 25 percent.
http://www.shanghaidaily.com/sp/article/20...icle_349740.htm
2008-2-23
China has begun work on its second west-to-east natural gas transmission pipeline, which will mainly carry natural gas from Turkmenistan and China's Xinjiang Uygur Autonomous Region to the Yangtze and Pearl River deltas, the country's two most developed regions.
It is the first time China has started a project to pipe natural gas from a foreign country.
Construction of the 9,102- kilometer pipeline, which consists of a main line and eight sub-lines, will cost 142.2 billion yuan (US$20 billion).
In his congratulatory letter, President Hu Jintao said the pipeline is of "strategic significance" and would help "optimize the country's energy structure and maintain energy security."
He hoped the people involved in the construction of the pipeline would strive to make the project "first class."
With a designed gas transmission capacity of 30 billion cubic meters annually, the pipeline would traverse 12 provinces and autonomous regions before reaching Shanghai and the southern Guangdong Province.
Premier Wen Jiabao called on workers to ensure the quality of the project and make technical innovations to save land and other resources with a view to protecting the environment.
Vice Premier Zeng Peiyan said the country needed to continue integrating domestic pipeline construction with international cooperation in the oil and gas industry.
By the time the line goes into full operation, it will pipe gas, mainly from two contracted fields in Turkmenistan, to serve civilians, public facilities and producers who combine heat and power generation. Two domestic gas regions - Tarim and Changqing - will be emergency sources.
Amid rising global oil prices and growing environmental concerns, China is looking for cheaper and cleaner energy sources. The country planned to raise the ratio of natural gas in its energy consumption by 2.5 percentage points to 5.3 percent by 2010, a figure still far below the international average of 25 percent.
Investments in energy sector will be a big deal in the next couple of years. Our second commercial scale coal gasification plant is under construction in Shanxi.
Buy Huawei Technologies Share if you guy have a dollar to invest
but hold it longterm
just for fun to know India has 646 patents last years
------------
More Patents From China, South Korea: UN
2 days ago
GENEVA (AP) — China and South Korea are climbing up the ranks of the world's leading inventors, according to figures released by the U.N. patent agency Thursday.
Of the 156,000 international patents filed through the World Intellectual Property Organization last year, some 7,000 originated in South Korea and almost 5,500 came from China.
The numbers put the two countries far behind the United States, which maintained its top position for international patents with about 52,000 registrations.
But South Korea overtook France to come fourth behind Germany (27,731) and Japan (18,134) on the patent ladder.
China (5,456) saw its filings jump by almost 40 percent in one year and came seventh — ahead of the Netherlands (4,186) and within striking distance of Britain (5,553), according to WIPO.
"The growth in patent filings by a number of countries in north east Asia and their share of overall patenting activity is impressive and confirms shifting patterns of innovation around the world," said Kamil Idris, director-general of the Geneva-based agency.
WIPO has said filings in China and South Korea are becoming more popular because local and foreign companies seek to exploit the potential of new technologies in those regions.
For a flat fee of about $1,300, companies can file a request for patent protection in any or all of the 136 countries that have subscribed to WIPO's Patent Cooperation Treaty, avoiding the need to make individual filings in each country.
Japan's Matsushita Electric Industrial Co. was the international corporation that filed the most PCT applications, with 2,100. It was followed by Dutch manufacturer Royal Philips Electronics NV with 2,041; Siemens AG of Germany with 1,644 and China's Huawei Technologies, which moved up nine rungs, increasing its applications by almost two-thirds last year.
QUOTE(KunLun @ Feb 24 2008, 03:34 PM)
Buy Huawei Technologies Share if you guy have a dollar to invest
but hold it longterm
just for fun to know India has 646 patents last years
------------
More Patents From China, South Korea: UN
2 days ago
GENEVA (AP) — China and South Korea are climbing up the ranks of the world's leading inventors, according to figures released by the U.N. patent agency Thursday.
Of the 156,000 international patents filed through the World Intellectual Property Organization last year, some 7,000 originated in South Korea and almost 5,500 came from China.
The numbers put the two countries far behind the United States, which maintained its top position for international patents with about 52,000 registrations.
But South Korea overtook France to come fourth behind Germany (27,731) and Japan (18,134) on the patent ladder.
China (5,456) saw its filings jump by almost 40 percent in one year and came seventh — ahead of the Netherlands (4,186) and within striking distance of Britain (5,553), according to WIPO.
"The growth in patent filings by a number of countries in north east Asia and their share of overall patenting activity is impressive and confirms shifting patterns of innovation around the world," said Kamil Idris, director-general of the Geneva-based agency.
WIPO has said filings in China and South Korea are becoming more popular because local and foreign companies seek to exploit the potential of new technologies in those regions.
For a flat fee of about $1,300, companies can file a request for patent protection in any or all of the 136 countries that have subscribed to WIPO's Patent Cooperation Treaty, avoiding the need to make individual filings in each country.
Japan's Matsushita Electric Industrial Co. was the international corporation that filed the most PCT applications, with 2,100. It was followed by Dutch manufacturer Royal Philips Electronics NV with 2,041; Siemens AG of Germany with 1,644 and China's Huawei Technologies, which moved up nine rungs, increasing its applications by almost two-thirds last year.
but hold it longterm
just for fun to know India has 646 patents last years
------------
More Patents From China, South Korea: UN
2 days ago
GENEVA (AP) — China and South Korea are climbing up the ranks of the world's leading inventors, according to figures released by the U.N. patent agency Thursday.
Of the 156,000 international patents filed through the World Intellectual Property Organization last year, some 7,000 originated in South Korea and almost 5,500 came from China.
The numbers put the two countries far behind the United States, which maintained its top position for international patents with about 52,000 registrations.
But South Korea overtook France to come fourth behind Germany (27,731) and Japan (18,134) on the patent ladder.
China (5,456) saw its filings jump by almost 40 percent in one year and came seventh — ahead of the Netherlands (4,186) and within striking distance of Britain (5,553), according to WIPO.
"The growth in patent filings by a number of countries in north east Asia and their share of overall patenting activity is impressive and confirms shifting patterns of innovation around the world," said Kamil Idris, director-general of the Geneva-based agency.
WIPO has said filings in China and South Korea are becoming more popular because local and foreign companies seek to exploit the potential of new technologies in those regions.
For a flat fee of about $1,300, companies can file a request for patent protection in any or all of the 136 countries that have subscribed to WIPO's Patent Cooperation Treaty, avoiding the need to make individual filings in each country.
Japan's Matsushita Electric Industrial Co. was the international corporation that filed the most PCT applications, with 2,100. It was followed by Dutch manufacturer Royal Philips Electronics NV with 2,041; Siemens AG of Germany with 1,644 and China's Huawei Technologies, which moved up nine rungs, increasing its applications by almost two-thirds last year.
There is no Huawei listing. Huawei has a lot of cash for its expansion in hand. Huawei's contract sale was US$16 billion and is targeting at US$25 billion this year.
The banquet is probably over, for this upward cycle starting from 2003. The vice head of China's Statistic bureau (what is his name?) told the press that we have good reason to believe we saw the peak of growth in the present cycle in 2007, and we are expecting a gradual, smooth soft landing, some people interpret the wording as a mild slowdown.
China's stock exchange index dropped over 30% since last Oct., the index has had little relevance with China's economic performance since it came into being, but this time it is probably telling the truth for the first time, or it is falling on gravity as a result of overheated hectic speculations.
It doesn't mean China will fall into recession or a sluggish growth, a rate of about 10% maybe maintained in 2008,but it is doubtful if a similar growth rate can be sustained into the next decade.
It is worse for the world than for China, for they will have less cheap Chinese quality goods, Chinese government is imposing tariffs on export such as steel and agricultural products, that will certainly drive commodity prices up like we are going to have a stagnation, high commodity prices while slower growth.
With the other engine crippled by the sub prime mortgage crises, (I hardly believe it is the true course, it is probably because of US consumers’ habit of borrowing, the country seams to owe every country in the world a debt, even the poorest), it is not a good news to the world economy if China slows down too. China can still keep afloat since the growth is driven more by domestic demand than depending on export. I'm probably to pessimistic, but every economic expansion cycle has a beginning and an end before the next comes, so grip your purse more tightly just for a few years.
China's stock exchange index dropped over 30% since last Oct., the index has had little relevance with China's economic performance since it came into being, but this time it is probably telling the truth for the first time, or it is falling on gravity as a result of overheated hectic speculations.
It doesn't mean China will fall into recession or a sluggish growth, a rate of about 10% maybe maintained in 2008,but it is doubtful if a similar growth rate can be sustained into the next decade.
It is worse for the world than for China, for they will have less cheap Chinese quality goods, Chinese government is imposing tariffs on export such as steel and agricultural products, that will certainly drive commodity prices up like we are going to have a stagnation, high commodity prices while slower growth.
With the other engine crippled by the sub prime mortgage crises, (I hardly believe it is the true course, it is probably because of US consumers’ habit of borrowing, the country seams to owe every country in the world a debt, even the poorest), it is not a good news to the world economy if China slows down too. China can still keep afloat since the growth is driven more by domestic demand than depending on export. I'm probably to pessimistic, but every economic expansion cycle has a beginning and an end before the next comes, so grip your purse more tightly just for a few years.
From the long term prospective, this adjustment may not be a bad thing. In fact, it could be the right remedy and a necessary evil in order to lay the macro-economic ground work for the next decade and beyond. The speculative housing market has been tamed after two years of hard work. It is now time to deflate the stock market bubble. There is the worry of run away inflation which is all too real for ordinary people these days. I bet that the People Bank will continue to raise percentage of deposit reserves of commercial banks if CPI shows no sign of dropping soon. The reduction of personal income tax rate going in effect next week should help the working class in a small way. The down side of all these is that it would be a perfect environment for foreign hot money to flood in without notice.
China's Latest Economic Zone - Guangxi Beibu Bay Economic Zone
Video
China to spend US$42 bil. on Beibu Gulf projects
http://www.chinapost.com.tw/business/2008/...21/China-to.htm
Friday, February 29, 2008
Bloomberg
BEIJING -- China plans to spend 300 billion yuan (US$42 billion) in the Beibu Gulf area near Vietnam, building power plants, smelters and other infrastructure projects, according to a Chinese provincial chief.
Among the projects is PetroChina Co.'s 15.2 billion yuan refinery under construction by China's biggest oil company, an aluminum smelter, a steel mill and a nuclear power plant, said Ma Biao, governor of southwestern China's Guangxi province, at a press conference Thursday in Beijing. A bank may also be set up to finance development in the region, he said.
China's economy expanded 11.4 percent last year, the fastest rate in 13 years, boosting demand for raw materials, fuel and chemicals to feed the nation's industries.
Economic zone wants industry high-fliers
http://english.people.com.cn/90001/90776/6362446.html
February 28, 2008
Top-flight professionals in a range of disciplines are being encouraged to relocate to the Beibu Bay Economic Zone in the Guangxi Zhuang autonomous region, an official said yesterday.
Zhang Xiaoqin, mayor of Qinzhou, one of the four cities that comprise the zone, said: "Experts in the legal, finance, trade and tourism fields, as well as those with language skills are most in demand."
Zhang, who has helped organize the China-ASEAN Expo on four occasions, said people with experience working in communications with Southeast Asian countries were also much sought after.
The demand for senior personnel follows the recent announcement by the State Council of the Beibu Bay Economic Zone Development Plan, which will form part of the national development strategy.
With 1,600 km of coastline, it will be a base for coastal industries, cooperative ventures in logistics, commerce and trade, and information exchanges between China and the Association of Southeast Asian Nations (ASEAN).
The zone is slated to become the country's latest engine for economic growth - following in the footsteps of the Pearl River Delta in the south, Yangtze River Delta in the east and the Bohai Sea Rim in the north - by boosting ties with ASEAN members, Japan, South Korea, Europe and the United States, as well as Hong Kong and Macao.
Xu Ningning, China-ASEAN commercial council's deputy secretary-general, said: "People with diplomatic experience and good business connections are vital to building relationships with ASEAN countries."
Video
China to spend US$42 bil. on Beibu Gulf projects
http://www.chinapost.com.tw/business/2008/...21/China-to.htm
Friday, February 29, 2008
Bloomberg
BEIJING -- China plans to spend 300 billion yuan (US$42 billion) in the Beibu Gulf area near Vietnam, building power plants, smelters and other infrastructure projects, according to a Chinese provincial chief.
Among the projects is PetroChina Co.'s 15.2 billion yuan refinery under construction by China's biggest oil company, an aluminum smelter, a steel mill and a nuclear power plant, said Ma Biao, governor of southwestern China's Guangxi province, at a press conference Thursday in Beijing. A bank may also be set up to finance development in the region, he said.
China's economy expanded 11.4 percent last year, the fastest rate in 13 years, boosting demand for raw materials, fuel and chemicals to feed the nation's industries.
Economic zone wants industry high-fliers
http://english.people.com.cn/90001/90776/6362446.html
February 28, 2008
Top-flight professionals in a range of disciplines are being encouraged to relocate to the Beibu Bay Economic Zone in the Guangxi Zhuang autonomous region, an official said yesterday.
Zhang Xiaoqin, mayor of Qinzhou, one of the four cities that comprise the zone, said: "Experts in the legal, finance, trade and tourism fields, as well as those with language skills are most in demand."
Zhang, who has helped organize the China-ASEAN Expo on four occasions, said people with experience working in communications with Southeast Asian countries were also much sought after.
The demand for senior personnel follows the recent announcement by the State Council of the Beibu Bay Economic Zone Development Plan, which will form part of the national development strategy.
With 1,600 km of coastline, it will be a base for coastal industries, cooperative ventures in logistics, commerce and trade, and information exchanges between China and the Association of Southeast Asian Nations (ASEAN).
The zone is slated to become the country's latest engine for economic growth - following in the footsteps of the Pearl River Delta in the south, Yangtze River Delta in the east and the Bohai Sea Rim in the north - by boosting ties with ASEAN members, Japan, South Korea, Europe and the United States, as well as Hong Kong and Macao.
Xu Ningning, China-ASEAN commercial council's deputy secretary-general, said: "People with diplomatic experience and good business connections are vital to building relationships with ASEAN countries."
WOW!!!
No wonder nearly all new FACGs, FFGs, DDGs, SSKs, SSNs and SSBNs are assigned to SSF.
No wonder nearly all new FACGs, FFGs, DDGs, SSKs, SSNs and SSBNs are assigned to SSF.
China takes lead on airport terminals. Largest belongs to her.
Beijing opens world's largest airport terminal
Beijing airport's new terminal, a major expansion project in preparation for the passenger surge during the Olympics, received its first commercial flight after opening on Friday morning.
Passengers on board the SC1151 flight from east China's Shandong Province got off the flight at 08:50.
The first flight took off from the terminal on 9:35 a.m. to Jinan of Shandong Province. The terminal would receive and send 42 flights on its first operation day, said Dong Zhiyi, general manager of the Beijing Capital International Airport (BCIA).
With a floor space of 986,000 square meters -- more than doubling the total area of the first two terminals -- the new terminal building could be the largest of its kind in the world, said construction project manager Fan Jun.
The opening of the dragon-shaped building, which was designed by leading British architect Lord Foster and started construction on March 28, 2004, will enable the capital airport to handle 76 million passengers a year, against 53 million passengers in 2007.
The city is expected to receive more than five million people during the 2008 Olympic Games held in August.
China's total economic data of 2007
Warning : Very long
National Economic and Social Development
National Bureau of Statistics of China
February 28, 2008
http://www.stats.gov.cn/english/newsandcom...8_402465066.htm
I. General Outlook
In 2007, the gross domestic product (GDP) of the year was 24,661.9 billion yuan, up by 11.4 percent over the previous year. Analyzed by different industries, the value added of the primary industry was 2,891.0 billion yuan, up by 3.7 percent, that of the secondary industry was 12,138.1 billion yuan, up by 13.4 percent and the tertiary industry was 9,632.8 billion yuan, up by 11.4 percent. The value added of the primary industry accounted for 11.7 percent of the GDP, maintaining the same level of the pervious year, that of the secondary industry accounted for 49.2 percent, up by 0.3 percentage point, and that of the tertiary industry accounted for 39.1 percent, down by 0.3 percentage point. Quarterly data showed that the GDP growth in the first quarter of the year was 11.1 percent; second quarter 11.9 percent, third quarter 11.5 percent and 11.2 percent growth for the fourth quarter.
Figure 1: Gross Domestic Product and its Growth, 2003-2007
The general level of consumer prices in China was up by 4.8 percent over the previous year. Of this total, the prices for food went up by 12.3 percent. The retail prices for commodities were up by 3.8 percent. The prices for investment in fixed assets were up by 3.9 percent. The producer prices for manufactured goods increased by 3.1 percent, of which, the prices for means of production increased by 3.2 percent, and for means of subsistence grew by 2.8 percent. The purchasing prices for raw materials, fuels and power went up by 4.4 percent. The producer prices for farm products were up by 18.5 percent. The sales prices for housing in 70 large and medium-sized cities were up by 7.6 percent, of which, that for new residential buildings went up by 8.2 percent, for second hand housing grew by 7.4 percent, and the prices for rental and leasing were up by 2.6 percent.
Figure 2: Changes in Consumer Prices, 2003-2007
Warning : Very long
National Economic and Social Development
National Bureau of Statistics of China
February 28, 2008
http://www.stats.gov.cn/english/newsandcom...8_402465066.htm
I. General Outlook
In 2007, the gross domestic product (GDP) of the year was 24,661.9 billion yuan, up by 11.4 percent over the previous year. Analyzed by different industries, the value added of the primary industry was 2,891.0 billion yuan, up by 3.7 percent, that of the secondary industry was 12,138.1 billion yuan, up by 13.4 percent and the tertiary industry was 9,632.8 billion yuan, up by 11.4 percent. The value added of the primary industry accounted for 11.7 percent of the GDP, maintaining the same level of the pervious year, that of the secondary industry accounted for 49.2 percent, up by 0.3 percentage point, and that of the tertiary industry accounted for 39.1 percent, down by 0.3 percentage point. Quarterly data showed that the GDP growth in the first quarter of the year was 11.1 percent; second quarter 11.9 percent, third quarter 11.5 percent and 11.2 percent growth for the fourth quarter.
Figure 1: Gross Domestic Product and its Growth, 2003-2007
The general level of consumer prices in China was up by 4.8 percent over the previous year. Of this total, the prices for food went up by 12.3 percent. The retail prices for commodities were up by 3.8 percent. The prices for investment in fixed assets were up by 3.9 percent. The producer prices for manufactured goods increased by 3.1 percent, of which, the prices for means of production increased by 3.2 percent, and for means of subsistence grew by 2.8 percent. The purchasing prices for raw materials, fuels and power went up by 4.4 percent. The producer prices for farm products were up by 18.5 percent. The sales prices for housing in 70 large and medium-sized cities were up by 7.6 percent, of which, that for new residential buildings went up by 8.2 percent, for second hand housing grew by 7.4 percent, and the prices for rental and leasing were up by 2.6 percent.
Figure 2: Changes in Consumer Prices, 2003-2007
At the end of 2007, the total of employed people in China numbered 769.90 million, 5.90 million more than that of 2006. Of this total, 293.50 million were employed in urban areas, a net increase of 10.40 million, a newly increase of 12.04 million. The urban unemployment rate through unemployment registration was 4.0 percent at the end of 2007, a drop of 0.1 percentage point over that of 2006.
At the end of 2007, China’s foreign exchange reserves reached 1,528.2 billion US dollars, an increase of 461.9 billion US dollars as compared with that at the end of the pervious year. At the end of the year, the exchange rate was 7.3046 RMB to 1 USD, an appreciation by 6.9 percent over that at the end of 2006.
Figure 3: Year-end Foreign Exchange Reserves, 2003-2007
The taxes collected in the whole year reached 4,944.9 billion yuan (excluding tariffs, farm land taxes and deed taxes), up by 31.4 percent or an increase of 1,181.3 billion yuan over 2006.
Figure 4: Tax Revenue and its Growth, 2003-2007
At the end of 2007, China’s foreign exchange reserves reached 1,528.2 billion US dollars, an increase of 461.9 billion US dollars as compared with that at the end of the pervious year. At the end of the year, the exchange rate was 7.3046 RMB to 1 USD, an appreciation by 6.9 percent over that at the end of 2006.
Figure 3: Year-end Foreign Exchange Reserves, 2003-2007
The taxes collected in the whole year reached 4,944.9 billion yuan (excluding tariffs, farm land taxes and deed taxes), up by 31.4 percent or an increase of 1,181.3 billion yuan over 2006.
Figure 4: Tax Revenue and its Growth, 2003-2007
II. Agriculture
In 2007, the sown area of grain was 105.53 million hectares, an increase of 700 thousand hectares as compared with that in the previous year; the sown area of cotton was 5.59 million hectares, an increase of 70 thousand hectares; the sown area of oil-bearing crops was 10.94 million hectares, a decline of 600 thousand hectares; the sown area of sugar crops was 1.67 million hectares, an increase of 100 thousand hectares.
The total output of grain in 2007 was 501.50 million tons, an increase of 3.50 million tons or up by 0.7 percent over the previous year. Of this total, the output of summer crops was 115.34 million tons, up by 1.3 percent, and that of the early rice was 31.96 million tons, up by 0.3 percent. The output of autumn grain was 354.20 million tons, an increase of 0.6 percent.
Figure 5: Output of Grain and its Growth, 2003-2007
In 2007, the output of cotton was 7.60 million tons, a growth of 1.3 percent over the previous year, that of oil-bearing crops was 24.61 million tons, down by 4.2 percent and that of sugar crops was 111.10 million tons, an increase of 11.4 percent, that of tobacco was 2.39 million tons, down by 3.9 percent, and that of tea was 1.14 million tons, up by 10.9 percent.
The total output of meat for the year reached 68.00 million tons, down by 3.5 percent. Of this total, the output of pork was down by 9.2 percent, and that of beef and mutton went up by 6.1 percent and 5.8 percent respectively. The total output of aquatic products was 47.37 million tons, up by 3.3 percent. The total production of timber for the year 2007 reached 69.74 million cubic meters, an increase of 5.5 percent.
Over 1.07 million hectares of farmland was increased with effective irrigation systems and another additional 1.36 million hectares of farmland was guaranteed by water-saving irrigation systems.
III. Industry and Construction
In 2007, the total value added of the industrial sector was 10,736.7 billion yuan, up by 13.5 percent over the previous year. The value added of industrial enterprises above the designated size was up by 18.5 percent. of this total, that of the state-owned and state-holding enterprises grew by 13.8 percent, that of the collective enterprises went up by 11.5 percent, that of the share-holding enterprises increased by 20.6 percent, that of the enterprises by foreign investors and investors from Hong Kong, Macao and Taiwan soared by 17.5 percent and 26.7 percent growth for private enterprises. Analyzed by light and heavy industries, the growth of the light industry was 16.3 percent and that of the heavy industry was 19.6 percent.
Figure 6: Industrial Value Added and its Growth, 2003-2007
In 2007, the sown area of grain was 105.53 million hectares, an increase of 700 thousand hectares as compared with that in the previous year; the sown area of cotton was 5.59 million hectares, an increase of 70 thousand hectares; the sown area of oil-bearing crops was 10.94 million hectares, a decline of 600 thousand hectares; the sown area of sugar crops was 1.67 million hectares, an increase of 100 thousand hectares.
The total output of grain in 2007 was 501.50 million tons, an increase of 3.50 million tons or up by 0.7 percent over the previous year. Of this total, the output of summer crops was 115.34 million tons, up by 1.3 percent, and that of the early rice was 31.96 million tons, up by 0.3 percent. The output of autumn grain was 354.20 million tons, an increase of 0.6 percent.
Figure 5: Output of Grain and its Growth, 2003-2007
In 2007, the output of cotton was 7.60 million tons, a growth of 1.3 percent over the previous year, that of oil-bearing crops was 24.61 million tons, down by 4.2 percent and that of sugar crops was 111.10 million tons, an increase of 11.4 percent, that of tobacco was 2.39 million tons, down by 3.9 percent, and that of tea was 1.14 million tons, up by 10.9 percent.
The total output of meat for the year reached 68.00 million tons, down by 3.5 percent. Of this total, the output of pork was down by 9.2 percent, and that of beef and mutton went up by 6.1 percent and 5.8 percent respectively. The total output of aquatic products was 47.37 million tons, up by 3.3 percent. The total production of timber for the year 2007 reached 69.74 million cubic meters, an increase of 5.5 percent.
Over 1.07 million hectares of farmland was increased with effective irrigation systems and another additional 1.36 million hectares of farmland was guaranteed by water-saving irrigation systems.
III. Industry and Construction
In 2007, the total value added of the industrial sector was 10,736.7 billion yuan, up by 13.5 percent over the previous year. The value added of industrial enterprises above the designated size was up by 18.5 percent. of this total, that of the state-owned and state-holding enterprises grew by 13.8 percent, that of the collective enterprises went up by 11.5 percent, that of the share-holding enterprises increased by 20.6 percent, that of the enterprises by foreign investors and investors from Hong Kong, Macao and Taiwan soared by 17.5 percent and 26.7 percent growth for private enterprises. Analyzed by light and heavy industries, the growth of the light industry was 16.3 percent and that of the heavy industry was 19.6 percent.
Figure 6: Industrial Value Added and its Growth, 2003-2007
In 2007, of the industrial enterprises above designated size, the growth of value added for the mining and washing of coal industry was18.1 percent over the previous year, for the extraction of petroleum and natural gas was 3.9 percent, for textile industry 16.2 percent, for processing of food from agricultural product 16.9 percent, for manufacture of general machinery 24.2 percent, for manufacture of transport equipment 26.2 percent, for manufacture of communication equipment, computers and other electronic equipment 18.0 percent and for manufacture of electrical machinery and equipment 21.5 percent. the growth of the value added for the major six high energy consuming industries were 18.9 percent, of which, that of the manufacture of non-metallic mineral products was 24.7 percent, smelting and pressing of ferrous metals 21.4 percent, manufacture of raw chemical materials and chemical products 21.0 percent, smelting and pressing of non-ferrous metals 17.8 percent, production and supply of electric power and heat power 13.8 percent and 13.4 percent for processing of petroleum, coking, processing of nuclear fuel. The value added growth for the high-tech industry was 17.8 percent over the previous year.
he profits made by the industrial enterprises above the designated size in the first 11 months of 2007 were 2,295.1 billion yuan, an increase of 36.7 percent over the same period of last year.
In 2007, the value added of construction enterprises in China was 1,401.4 billion yuan, up by 12.6 percent over the previous year. The profits made by construction enterprises qualified for general contracts and specialized contracts reached 147.0 billion yuan, up by 23.2 percent, with their paid taxes of 166.1 billion yuan, up by 18.5 percent.
IV. Investment in Fixed Assets
The completed investment in fixed assets of the country in 2007 was 13,723.9 billion yuan, up by 24.8 percent over the previous year. of the total investment, that in urban areas was 11,741.4 billon yuan, up by 25.8 percent; and that in rural areas reached 1,982.5 billion yuan, up by 19.2 percent. An analysis by regions showed that the investment in east areas was 7,231.4 billion yuan, up by 19.9 percent over the previous year, in central areas was 3,428.3 billion yuan, a growth of 33.3 percent, and in western areas 2,819.4 billion yuan, a growth of 28.2 percent.
he profits made by the industrial enterprises above the designated size in the first 11 months of 2007 were 2,295.1 billion yuan, an increase of 36.7 percent over the same period of last year.
In 2007, the value added of construction enterprises in China was 1,401.4 billion yuan, up by 12.6 percent over the previous year. The profits made by construction enterprises qualified for general contracts and specialized contracts reached 147.0 billion yuan, up by 23.2 percent, with their paid taxes of 166.1 billion yuan, up by 18.5 percent.
IV. Investment in Fixed Assets
The completed investment in fixed assets of the country in 2007 was 13,723.9 billion yuan, up by 24.8 percent over the previous year. of the total investment, that in urban areas was 11,741.4 billon yuan, up by 25.8 percent; and that in rural areas reached 1,982.5 billion yuan, up by 19.2 percent. An analysis by regions showed that the investment in east areas was 7,231.4 billion yuan, up by 19.9 percent over the previous year, in central areas was 3,428.3 billion yuan, a growth of 33.3 percent, and in western areas 2,819.4 billion yuan, a growth of 28.2 percent.
Figure 7: Investment in Fixed Assets and its Growth, 2003-2007
In the urban areas, the investment in the primary industry was 146.6 billion yuan, up by 31.1 percent; that in the secondary industry was 5,102.0 billion yuan, up by 29.0 percent; and that in the tertiary industry was 6,492.8 billion yuan, up by 23.2 percent.
Table 4: Fixed Assets Investment in Urban Areas and its Growth by Sector in 2007
In 2007, the investment in real estate development was 2,528.0 billion yuan, up by 30.2 percent. Of this total, the investment in commercial residential buildings reached 1,801.0 billion yuan, an increase of 32.1 percent. The completed floor space of commercial buildings reached 582.36 million square meters, up by 4.3 percent. The total sales of commercial buildings reached 761.93million square meters, up by 23.2 percent, of which, that of the commercial residential building were 691.04 million square meters, up by 24.7 percent.
V. Domestic Trade
In 2007, the total retail sales of consumer goods reached 8,921.0 billion yuan, up by 16.8 percent over the previous year. An analysis on different areas showed that the retail sales of consumer goods in cities reached 6,041.1 billion yuan, up by 17.2 percent and the retail sales of consumer goods at and below county level was 2,879.9 billion yuan, up by 15.8 percent. Analyzed by different sectors, the sales of the wholesales and retail trade reached 7,504.0 billion yuan, up 16.7 percent; the sales of the lodging and catering industry was 1,235.2 billion yuan, up 19.4 percent, and the sales of the other industries was 181.8 billion yuan, up 4.5 percent.
Of the total retail sales by wholesale and retail enterprises above designated size, the sales of grain and oil was up by 38.3 percent, meat and eggs up by 40.9 percent, clothing up by 28.7 percent, motor vehicles up by 36.9 percent, petroleum and related products up by 20.5 percent, daily necessities up by 26.5 percent, cultural and office goods up by 22.6 percent, telecommunication equipment up by 8.8 percent, electric and electronic appliances for household use and audio-video equipment up by 23.4 percent, building and decoration materials up by 43.6 percent, furniture up 43.2 percent, cosmetics up by 26.3 percent, gold, silver and jewelry up by 41.7 percent and traditional Chinese drugs and western drugs up by 25.1 percent.
Figure 8: Total Retail Sales of Consumer Goods and its Growth, 2003-2007
In the urban areas, the investment in the primary industry was 146.6 billion yuan, up by 31.1 percent; that in the secondary industry was 5,102.0 billion yuan, up by 29.0 percent; and that in the tertiary industry was 6,492.8 billion yuan, up by 23.2 percent.
Table 4: Fixed Assets Investment in Urban Areas and its Growth by Sector in 2007
In 2007, the investment in real estate development was 2,528.0 billion yuan, up by 30.2 percent. Of this total, the investment in commercial residential buildings reached 1,801.0 billion yuan, an increase of 32.1 percent. The completed floor space of commercial buildings reached 582.36 million square meters, up by 4.3 percent. The total sales of commercial buildings reached 761.93million square meters, up by 23.2 percent, of which, that of the commercial residential building were 691.04 million square meters, up by 24.7 percent.
V. Domestic Trade
In 2007, the total retail sales of consumer goods reached 8,921.0 billion yuan, up by 16.8 percent over the previous year. An analysis on different areas showed that the retail sales of consumer goods in cities reached 6,041.1 billion yuan, up by 17.2 percent and the retail sales of consumer goods at and below county level was 2,879.9 billion yuan, up by 15.8 percent. Analyzed by different sectors, the sales of the wholesales and retail trade reached 7,504.0 billion yuan, up 16.7 percent; the sales of the lodging and catering industry was 1,235.2 billion yuan, up 19.4 percent, and the sales of the other industries was 181.8 billion yuan, up 4.5 percent.
Of the total retail sales by wholesale and retail enterprises above designated size, the sales of grain and oil was up by 38.3 percent, meat and eggs up by 40.9 percent, clothing up by 28.7 percent, motor vehicles up by 36.9 percent, petroleum and related products up by 20.5 percent, daily necessities up by 26.5 percent, cultural and office goods up by 22.6 percent, telecommunication equipment up by 8.8 percent, electric and electronic appliances for household use and audio-video equipment up by 23.4 percent, building and decoration materials up by 43.6 percent, furniture up 43.2 percent, cosmetics up by 26.3 percent, gold, silver and jewelry up by 41.7 percent and traditional Chinese drugs and western drugs up by 25.1 percent.
Figure 8: Total Retail Sales of Consumer Goods and its Growth, 2003-2007
Figure 3: Year-end Foreign Exchange Reserves, 2003-2007
The taxes collected in the whole year reached 4,944.9 billion yuan (excluding tariffs, farm land taxes and deed taxes), up by 31.4 percent or an increase of 1,181.3 billion yuan over 2006.
Figure 4: Tax Revenue and its Growth, 2003-2007
B]II. Agriculture[/B]
In 2007, the sown area of grain was 105.53 million hectares, an increase of 700 thousand hectares as compared with that in the previous year; the sown area of cotton was 5.59 million hectares, an increase of 70 thousand hectares; the sown area of oil-bearing crops was 10.94 million hectares, a decline of 600 thousand hectares; the sown area of sugar crops was 1.67 million hectares, an increase of 100 thousand hectares.
The total output of grain in 2007 was 501.50 million tons, an increase of 3.50 million tons or up by 0.7 percent over the previous year. Of this total, the output of summer crops was 115.34 million tons, up by 1.3 percent, and that of the early rice was 31.96 million tons, up by 0.3 percent. The output of autumn grain was 354.20 million tons, an increase of 0.6 percent.
Figure 5: Output of Grain and its Growth, 2003-2007
In 2007, the output of cotton was 7.60 million tons, a growth of 1.3 percent over the previous year, that of oil-bearing crops was 24.61 million tons, down by 4.2 percent and that of sugar crops was 111.10 million tons, an increase of 11.4 percent, that of tobacco was 2.39 million tons, down by 3.9 percent, and that of tea was 1.14 million tons, up by 10.9 percent.
The total output of meat for the year reached 68.00 million tons, down by 3.5 percent. Of this total, the output of pork was down by 9.2 percent, and that of beef and mutton went up by 6.1 percent and 5.8 percent respectively. The total output of aquatic products was 47.37 million tons, up by 3.3 percent. The total production of timber for the year 2007 reached 69.74 million cubic meters, an increase of 5.5 percent.
Over 1.07 million hectares of farmland was increased with effective irrigation systems and another additional 1.36 million hectares of farmland was guaranteed by water-saving irrigation systems.
The taxes collected in the whole year reached 4,944.9 billion yuan (excluding tariffs, farm land taxes and deed taxes), up by 31.4 percent or an increase of 1,181.3 billion yuan over 2006.
Figure 4: Tax Revenue and its Growth, 2003-2007
B]II. Agriculture[/B]
In 2007, the sown area of grain was 105.53 million hectares, an increase of 700 thousand hectares as compared with that in the previous year; the sown area of cotton was 5.59 million hectares, an increase of 70 thousand hectares; the sown area of oil-bearing crops was 10.94 million hectares, a decline of 600 thousand hectares; the sown area of sugar crops was 1.67 million hectares, an increase of 100 thousand hectares.
The total output of grain in 2007 was 501.50 million tons, an increase of 3.50 million tons or up by 0.7 percent over the previous year. Of this total, the output of summer crops was 115.34 million tons, up by 1.3 percent, and that of the early rice was 31.96 million tons, up by 0.3 percent. The output of autumn grain was 354.20 million tons, an increase of 0.6 percent.
Figure 5: Output of Grain and its Growth, 2003-2007
In 2007, the output of cotton was 7.60 million tons, a growth of 1.3 percent over the previous year, that of oil-bearing crops was 24.61 million tons, down by 4.2 percent and that of sugar crops was 111.10 million tons, an increase of 11.4 percent, that of tobacco was 2.39 million tons, down by 3.9 percent, and that of tea was 1.14 million tons, up by 10.9 percent.
The total output of meat for the year reached 68.00 million tons, down by 3.5 percent. Of this total, the output of pork was down by 9.2 percent, and that of beef and mutton went up by 6.1 percent and 5.8 percent respectively. The total output of aquatic products was 47.37 million tons, up by 3.3 percent. The total production of timber for the year 2007 reached 69.74 million cubic meters, an increase of 5.5 percent.
Over 1.07 million hectares of farmland was increased with effective irrigation systems and another additional 1.36 million hectares of farmland was guaranteed by water-saving irrigation systems.
III. Industry and Construction
In 2007, the total value added of the industrial sector was 10,736.7 billion yuan, up by 13.5 percent over the previous year. The value added of industrial enterprises above the designated size was up by 18.5 percent. of this total, that of the state-owned and state-holding enterprises grew by 13.8 percent, that of the collective enterprises went up by 11.5 percent, that of the share-holding enterprises increased by 20.6 percent, that of the enterprises by foreign investors and investors from Hong Kong, Macao and Taiwan soared by 17.5 percent and 26.7 percent growth for private enterprises. Analyzed by light and heavy industries, the growth of the light industry was 16.3 percent and that of the heavy industry was 19.6 percent.
Figure 6: Industrial Value Added and its Growth, 2003-2007
In 2007, of the industrial enterprises above designated size, the growth of value added for the mining and washing of coal industry was18.1 percent over the previous year, for the extraction of petroleum and natural gas was 3.9 percent, for textile industry 16.2 percent, for processing of food from agricultural product 16.9 percent, for manufacture of general machinery 24.2 percent, for manufacture of transport equipment 26.2 percent, for manufacture of communication equipment, computers and other electronic equipment 18.0 percent and for manufacture of electrical machinery and equipment 21.5 percent. the growth of the value added for the major six high energy consuming industries were 18.9 percent, of which, that of the manufacture of non-metallic mineral products was 24.7 percent, smelting and pressing of ferrous metals 21.4 percent, manufacture of raw chemical materials and chemical products 21.0 percent, smelting and pressing of non-ferrous metals 17.8 percent, production and supply of electric power and heat power 13.8 percent and 13.4 percent for processing of petroleum, coking, processing of nuclear fuel. The value added growth for the high-tech industry was 17.8 percent over the previous year.
he profits made by the industrial enterprises above the designated size in the first 11 months of 2007 were 2,295.1 billion yuan, an increase of 36.7 percent over the same period of last year.
In 2007, the value added of construction enterprises in China was 1,401.4 billion yuan, up by 12.6 percent over the previous year. The profits made by construction enterprises qualified for general contracts and specialized contracts reached 147.0 billion yuan, up by 23.2 percent, with their paid taxes of 166.1 billion yuan, up by 18.5 percent.
In 2007, the total value added of the industrial sector was 10,736.7 billion yuan, up by 13.5 percent over the previous year. The value added of industrial enterprises above the designated size was up by 18.5 percent. of this total, that of the state-owned and state-holding enterprises grew by 13.8 percent, that of the collective enterprises went up by 11.5 percent, that of the share-holding enterprises increased by 20.6 percent, that of the enterprises by foreign investors and investors from Hong Kong, Macao and Taiwan soared by 17.5 percent and 26.7 percent growth for private enterprises. Analyzed by light and heavy industries, the growth of the light industry was 16.3 percent and that of the heavy industry was 19.6 percent.
Figure 6: Industrial Value Added and its Growth, 2003-2007
In 2007, of the industrial enterprises above designated size, the growth of value added for the mining and washing of coal industry was18.1 percent over the previous year, for the extraction of petroleum and natural gas was 3.9 percent, for textile industry 16.2 percent, for processing of food from agricultural product 16.9 percent, for manufacture of general machinery 24.2 percent, for manufacture of transport equipment 26.2 percent, for manufacture of communication equipment, computers and other electronic equipment 18.0 percent and for manufacture of electrical machinery and equipment 21.5 percent. the growth of the value added for the major six high energy consuming industries were 18.9 percent, of which, that of the manufacture of non-metallic mineral products was 24.7 percent, smelting and pressing of ferrous metals 21.4 percent, manufacture of raw chemical materials and chemical products 21.0 percent, smelting and pressing of non-ferrous metals 17.8 percent, production and supply of electric power and heat power 13.8 percent and 13.4 percent for processing of petroleum, coking, processing of nuclear fuel. The value added growth for the high-tech industry was 17.8 percent over the previous year.
he profits made by the industrial enterprises above the designated size in the first 11 months of 2007 were 2,295.1 billion yuan, an increase of 36.7 percent over the same period of last year.
In 2007, the value added of construction enterprises in China was 1,401.4 billion yuan, up by 12.6 percent over the previous year. The profits made by construction enterprises qualified for general contracts and specialized contracts reached 147.0 billion yuan, up by 23.2 percent, with their paid taxes of 166.1 billion yuan, up by 18.5 percent.
IV. Investment in Fixed Assets
The completed investment in fixed assets of the country in 2007 was 13,723.9 billion yuan, up by 24.8 percent over the previous year. of the total investment, that in urban areas was 11,741.4 billon yuan, up by 25.8 percent; and that in rural areas reached 1,982.5 billion yuan, up by 19.2 percent. An analysis by regions showed that the investment in east areas was 7,231.4 billion yuan, up by 19.9 percent over the previous year, in central areas was 3,428.3 billion yuan, a growth of 33.3 percent, and in western areas 2,819.4 billion yuan, a growth of 28.2 percent.
Figure 7: Investment in Fixed Assets and its Growth, 2003-2007
In the urban areas, the investment in the primary industry was 146.6 billion yuan, up by 31.1 percent; that in the secondary industry was 5,102.0 billion yuan, up by 29.0 percent; and that in the tertiary industry was 6,492.8 billion yuan, up by 23.2 percent.
Table 4: Fixed Assets Investment in Urban Areas and its Growth by Sector in 2007
In 2007, the investment in real estate development was 2,528.0 billion yuan, up by 30.2 percent. Of this total, the investment in commercial residential buildings reached 1,801.0 billion yuan, an increase of 32.1 percent. The completed floor space of commercial buildings reached 582.36 million square meters, up by 4.3 percent. The total sales of commercial buildings reached 761.93million square meters, up by 23.2 percent, of which, that of the commercial residential building were 691.04 million square meters, up by 24.7 percent.
V. Domestic Trade
In 2007, the total retail sales of consumer goods reached 8,921.0 billion yuan, up by 16.8 percent over the previous year. An analysis on different areas showed that the retail sales of consumer goods in cities reached 6,041.1 billion yuan, up by 17.2 percent and the retail sales of consumer goods at and below county level was 2,879.9 billion yuan, up by 15.8 percent. Analyzed by different sectors, the sales of the wholesales and retail trade reached 7,504.0 billion yuan, up 16.7 percent; the sales of the lodging and catering industry was 1,235.2 billion yuan, up 19.4 percent, and the sales of the other industries was 181.8 billion yuan, up 4.5 percent.
Of the total retail sales by wholesale and retail enterprises above designated size, the sales of grain and oil was up by 38.3 percent, meat and eggs up by 40.9 percent, clothing up by 28.7 percent, motor vehicles up by 36.9 percent, petroleum and related products up by 20.5 percent, daily necessities up by 26.5 percent, cultural and office goods up by 22.6 percent, telecommunication equipment up by 8.8 percent, electric and electronic appliances for household use and audio-video equipment up by 23.4 percent, building and decoration materials up by 43.6 percent, furniture up 43.2 percent, cosmetics up by 26.3 percent, gold, silver and jewelry up by 41.7 percent and traditional Chinese drugs and western drugs up by 25.1 percent.
Figure 8: Total Retail Sales of Consumer Goods and its Growth, 2003-2007
I hope the comming NPC puts inflation control as a priority for '08.
VI. Foreign Economic Relations
The total value of imports and exports in 2007 reached 2,173.8 billion US dollars, up 23.5 percent over the previous year. Of this total, the value of exports was 1,218.0 billion US dollars, up 25.7 percent, and the value of imports was 955.8 billion US dollars, up 20.8 percent. China had a trade surplus of 262.2 billion US dollars, an increase of 84.7 billion US dollars over the previous year.
Figure 9: Imports and Exports and the Growth Rates, 2003-2007
The year 2007 witnessed the establishment of 37,871 enterprises with foreign direct investment in non-financial sectors, down by 8.7 percent; and the foreign capital actually utilized was 74.8 billion US dollars, up by 13.6 percent. Of the total foreign direct investment actually utilized, the share of investment in manufacturing was 54.7 percent over the pervious year, the real estate 22.9 percent, leasing and business service 5.4 percent, wholesales and retail trade 3.6 percent and transportation, storage and post service 2.7 percent.
In 2007, the overseas direct investment (non-financial sectors) by Chinese investors was 18.7 billion US dollars, up by 6.2 percent over the previous year.
In 2007, the accomplished business revenue through contracted overseas engineering projects was 40.6 billion US dollars, up by 35.3 percent, and the business revenue through overseas labor contracts was 6.8 billion US dollars, up by 26.0 percent over the previous year.
The total value of imports and exports in 2007 reached 2,173.8 billion US dollars, up 23.5 percent over the previous year. Of this total, the value of exports was 1,218.0 billion US dollars, up 25.7 percent, and the value of imports was 955.8 billion US dollars, up 20.8 percent. China had a trade surplus of 262.2 billion US dollars, an increase of 84.7 billion US dollars over the previous year.
Figure 9: Imports and Exports and the Growth Rates, 2003-2007
The year 2007 witnessed the establishment of 37,871 enterprises with foreign direct investment in non-financial sectors, down by 8.7 percent; and the foreign capital actually utilized was 74.8 billion US dollars, up by 13.6 percent. Of the total foreign direct investment actually utilized, the share of investment in manufacturing was 54.7 percent over the pervious year, the real estate 22.9 percent, leasing and business service 5.4 percent, wholesales and retail trade 3.6 percent and transportation, storage and post service 2.7 percent.
In 2007, the overseas direct investment (non-financial sectors) by Chinese investors was 18.7 billion US dollars, up by 6.2 percent over the previous year.
In 2007, the accomplished business revenue through contracted overseas engineering projects was 40.6 billion US dollars, up by 35.3 percent, and the business revenue through overseas labor contracts was 6.8 billion US dollars, up by 26.0 percent over the previous year.
VII. Transportation, Post, Telecommunications and Tourism
The value added of the transportation, storage, post and telecommunication sectors reached 1,364.9 billion yuan in 2007, up 9.7 percent over the previous year.
The volume of freight handled by ports above the designated size throughout the year totaled 5.21 billion tons, up 13.4 percent over the previous year, of which freight for foreign trade was 1.78 billion tons, up 12.6 percent. Container shipping handled 111.79 million standard containers, up by 21.5 percent.
The total number of motor vehicles for civilian use reached 56.97 million (including 14.68 million tri-wheel motor vehicles and low-speed trucks) by the end of 2007, up 14.3 percent, of which private-owned vehicles numbered 35.34 million, up 20.8 percent. The total number of cars for civilian use stood at 19.58 million, up by 26.7 percent, of which private-owned cars numbered 15.22 million, up by 32.5 percent.
The turnover of post and telecommunication services totaled 1,936.1 billion yuan, up 26.4 percent over the previous year. Of this total, post services accounted for 81.5 billion yuan, up 11.8 percent, and telecommunication services 1,854.5 billion yuan, up 27.1 percent. By the end of 2007, with 8.36 million newly installed lines of office switchboards, the total capacity reached 510 million lines. The year also saw 365.45 million fixed telephone subscribers. This included 248.59 million urban subscribers and 116.86 million rural subscribers. Mobile phone users numbered 547.29 million by the end of 2007, with 86.23 million new subscribers in the year. In total, the number of fixed and mobile phone users reached 912.73 million, an increase of 83.89 million as compared with at the end of 2006. Phone coverage is 69 sets per 100 persons. The number of Internet users was 210 million and wide-band users reached 163 million.
Figure 10: Number of Phone Subscribers, 2003 - 2007
In 2007, the number of inbound visitors to China totaled 131.87 million, a year-on-year rise of 5.5 percent. Of this total, 26.11 million were foreigners, up 17.6 percent; and 105.76 million were Chinese compatriots from Hong Kong, Macao and Taiwan, up 2.9 percent. Of all the inbound tourists, overnight visitors counted 54.72 million, up 9.6 percent. Foreign exchange earnings from international tourism topped 41.9 billion US dollars, up 23.5 percent. The number of China’s outbound visitors totaled 40.95 million, up 18.6 percent. Of this total, 34.92 million were on private visits, a year-on-year rise of 21.3 percent, or 85.3 percent of all outgoing visitors. The year 2007 saw 1.61 billion domestic tourists, up 15.5 percent. The revenue from domestic tourism totaled 777.1 billion yuan, up 24.7 percent.
The value added of the transportation, storage, post and telecommunication sectors reached 1,364.9 billion yuan in 2007, up 9.7 percent over the previous year.
The volume of freight handled by ports above the designated size throughout the year totaled 5.21 billion tons, up 13.4 percent over the previous year, of which freight for foreign trade was 1.78 billion tons, up 12.6 percent. Container shipping handled 111.79 million standard containers, up by 21.5 percent.
The total number of motor vehicles for civilian use reached 56.97 million (including 14.68 million tri-wheel motor vehicles and low-speed trucks) by the end of 2007, up 14.3 percent, of which private-owned vehicles numbered 35.34 million, up 20.8 percent. The total number of cars for civilian use stood at 19.58 million, up by 26.7 percent, of which private-owned cars numbered 15.22 million, up by 32.5 percent.
The turnover of post and telecommunication services totaled 1,936.1 billion yuan, up 26.4 percent over the previous year. Of this total, post services accounted for 81.5 billion yuan, up 11.8 percent, and telecommunication services 1,854.5 billion yuan, up 27.1 percent. By the end of 2007, with 8.36 million newly installed lines of office switchboards, the total capacity reached 510 million lines. The year also saw 365.45 million fixed telephone subscribers. This included 248.59 million urban subscribers and 116.86 million rural subscribers. Mobile phone users numbered 547.29 million by the end of 2007, with 86.23 million new subscribers in the year. In total, the number of fixed and mobile phone users reached 912.73 million, an increase of 83.89 million as compared with at the end of 2006. Phone coverage is 69 sets per 100 persons. The number of Internet users was 210 million and wide-band users reached 163 million.
Figure 10: Number of Phone Subscribers, 2003 - 2007
In 2007, the number of inbound visitors to China totaled 131.87 million, a year-on-year rise of 5.5 percent. Of this total, 26.11 million were foreigners, up 17.6 percent; and 105.76 million were Chinese compatriots from Hong Kong, Macao and Taiwan, up 2.9 percent. Of all the inbound tourists, overnight visitors counted 54.72 million, up 9.6 percent. Foreign exchange earnings from international tourism topped 41.9 billion US dollars, up 23.5 percent. The number of China’s outbound visitors totaled 40.95 million, up 18.6 percent. Of this total, 34.92 million were on private visits, a year-on-year rise of 21.3 percent, or 85.3 percent of all outgoing visitors. The year 2007 saw 1.61 billion domestic tourists, up 15.5 percent. The revenue from domestic tourism totaled 777.1 billion yuan, up 24.7 percent.
VIII. Banking, Securities and Insurance
By the end of 2007, money supply of broad sense (M2) was 40.3 trillion yuan, reflecting a year-on-year increase of 16.7 percent. Money supply of narrow sense (M1) was 15.3 trillion yuan, up 21.1 percent. Cash in circulation (M0) was 3.0 trillion yuan, up 12.2 percent. Savings deposit in Renminbi and foreign currencies in all items of financial institutions totaled 40.1 trillion yuan at the end of 2007, up 15.2 percent. Loans in Renminbi and foreign currencies in all items of financial institutions reached 27.8 trillion yuan, up 16.4 percent.
Figure 11: Urban and Rural Households’ Savings Deposit in RMB and its Growth, 2003 - 2007
Loans in Renminbi from rural financial cooperation institutions (i.e. rural credit cooperatives, rural cooperation banks, and rural commercial banks) totaled 3.1 trillion yuan by the end of 2007, an increase of 508.5 billion yuan as compared with the beginning of 2007. The loans in Renminbi for consumption use from all financial institutions totaled 3.3 trillion yuan, an increase of 869.9 billion yuan. Of all consumption loans, those for individual housing totaled 2.7 trillion yuan, an increase of 714.7 billion yuan.
Funds raised in 2007 by enterprises through issuing stocks and share rights on stock market amounted to 843.2 billion yuan, an increase of 283.8 billion yuan over the previous year. Of this total, 283 companies issued A-shares (including newly issued and convertible loan stocks) with 7 companies issued A-share rights, receiving 772.8 billion yuan worth of capital altogether, an increase of 526.4 billion yuan over 2006. The issue of 14 H-shares raised another 70.4 billion yuan worth of capital, a decrease of 242.7 billion yuan. The number of listed companies (with A- or B-shares) on China’s stock market rose from 1,434 at the end of 2006 to 1,550 at the end of 2007, representing 32,714.1 billion yuan worth of market value, a growth of 265.9 percent over the previous year.
The total corporate bonds issued throughout the year reached 1,708.4 billion yuan, an increase of 352.0 billion yuan over 2006. Of this total, the financial bonds were 1,191.3 billion yuan, a growth of 230.8 billion yuan; the enterprise (corporate) bonds were 182.1 billion yuan, an increase of 80.6 billion yuan; and the short-term financing funds were 334.9 billion yuan, an increase of 40.6 billion yuan.
The premium received by the insurance companies totaled 703.6 billion yuan in 2007, up 25.0 percent over the previous year. Of this total, life insurance premium amounted to 446.4 billion yuan, health and casualty insurance premium 57.4 billion yuan, and property insurance premium 199.8 billion yuan. Insurance companies paid an indemnity worth of 226.5 billion yuan, of which, life insurance indemnity was 106.4 billion yuan, health and casualty insurance indemnity 18.0 billion yuan, and property insurance indemnity 102.1 billion yuan.
By the end of 2007, money supply of broad sense (M2) was 40.3 trillion yuan, reflecting a year-on-year increase of 16.7 percent. Money supply of narrow sense (M1) was 15.3 trillion yuan, up 21.1 percent. Cash in circulation (M0) was 3.0 trillion yuan, up 12.2 percent. Savings deposit in Renminbi and foreign currencies in all items of financial institutions totaled 40.1 trillion yuan at the end of 2007, up 15.2 percent. Loans in Renminbi and foreign currencies in all items of financial institutions reached 27.8 trillion yuan, up 16.4 percent.
Figure 11: Urban and Rural Households’ Savings Deposit in RMB and its Growth, 2003 - 2007
Loans in Renminbi from rural financial cooperation institutions (i.e. rural credit cooperatives, rural cooperation banks, and rural commercial banks) totaled 3.1 trillion yuan by the end of 2007, an increase of 508.5 billion yuan as compared with the beginning of 2007. The loans in Renminbi for consumption use from all financial institutions totaled 3.3 trillion yuan, an increase of 869.9 billion yuan. Of all consumption loans, those for individual housing totaled 2.7 trillion yuan, an increase of 714.7 billion yuan.
Funds raised in 2007 by enterprises through issuing stocks and share rights on stock market amounted to 843.2 billion yuan, an increase of 283.8 billion yuan over the previous year. Of this total, 283 companies issued A-shares (including newly issued and convertible loan stocks) with 7 companies issued A-share rights, receiving 772.8 billion yuan worth of capital altogether, an increase of 526.4 billion yuan over 2006. The issue of 14 H-shares raised another 70.4 billion yuan worth of capital, a decrease of 242.7 billion yuan. The number of listed companies (with A- or B-shares) on China’s stock market rose from 1,434 at the end of 2006 to 1,550 at the end of 2007, representing 32,714.1 billion yuan worth of market value, a growth of 265.9 percent over the previous year.
The total corporate bonds issued throughout the year reached 1,708.4 billion yuan, an increase of 352.0 billion yuan over 2006. Of this total, the financial bonds were 1,191.3 billion yuan, a growth of 230.8 billion yuan; the enterprise (corporate) bonds were 182.1 billion yuan, an increase of 80.6 billion yuan; and the short-term financing funds were 334.9 billion yuan, an increase of 40.6 billion yuan.
The premium received by the insurance companies totaled 703.6 billion yuan in 2007, up 25.0 percent over the previous year. Of this total, life insurance premium amounted to 446.4 billion yuan, health and casualty insurance premium 57.4 billion yuan, and property insurance premium 199.8 billion yuan. Insurance companies paid an indemnity worth of 226.5 billion yuan, of which, life insurance indemnity was 106.4 billion yuan, health and casualty insurance indemnity 18.0 billion yuan, and property insurance indemnity 102.1 billion yuan.
IX. Education, Science and Technology
In 2007, the post-graduate education enrollment was 1.2 million students with 420 thousand new students and 310 thousand graduates. The general tertiary education enrollment was 18.85 million students with 5.66 million new students and 4.48 million graduates. Vocational secondary schools of various types had 20 million enrolled students, including 8 million new entrants, and 5.3 million graduates. Senior secondary schools had 25.22 million enrolled students, including 8.4 million new entrants, and 7.88 million graduates. Students enrolled in junior secondary schools totaled 57.36 million, including 18.69 million new entrants, and 19.64 million graduates. The country had a primary education enrollment of 105.64 million students, including 17.36 million new entrants, and 18.7 million graduates. There were 410 thousand students enrolled in special education schools, with 60 thousand new entrants. Kindergartens accommodated 23.49 million children.
Figure 12: New Entrants into Education, 2003 - 2007
The amount of expenditures on research and development activities (R&D) was worth 366.4 billion yuan in 2007, up 22.0 percent over 2006, accounting for 1.49 percent of GDP. Of this total, 18 billion yuan was appropriated for fundamental research programs. A total number of 1,540 projects under the National Key Technology Research and Development Program and 2,541 projects under the Hi-tech Research and Development Program (the 863 Program) were implemented. The year 2007 saw the establishment of 9 new national engineering research centers and 6 national engineering laboratories. the number of state validated enterprise technical centers reached 499 by the end of the year. The technical centers at the provincial level numbered 4,023. Some 694 thousand patent applications were accepted from home and abroad, of which 587 thousand were domestic applications, accounting for 84.5 percent of the total. A total number of 245 thousand patent applications for new inventions were accepted, of which 153 thousand were from domestic applicants or 62.4 percent of the total. A total of 352 thousand patents were authorized in 2007, of which 302 thousand were domestic patents, accounting for 85.7 percent of the total. A total of 68 thousand patents for new inventions were authorized, of which 32 thousand were domestic ones, accounting for 47.0 percent. A total of 210 thousand technology transfer contracts were signed, representing 220 billion yuan in value, up 21.0 percent over the previous year. The year 2007 saw 10 times of successful launch of satellites and Chang’e-1 circumlunar exploration satellite was launched successfully.
By the end of 2007, there were altogether 24,700 laboratories for product inspection, including 356 national inspection centers. There were 184 organizations for product certification and management system certification, which accumulatively certified products in 70 thousand enterprises. A total of 3,720 authorized measurement institutions enforced compulsory inspection on 42.18 million measurement instruments in the year. A total of 1,411 national standards were developed or revised in the year, including 747 new standards. Through out the year, a total of 3,350 weather forewarning signals were released and alarm signals were 690 times. There were 1,314 seismological monitor stations and 31 seismological remote monitor network stations. The numbers of oceanic observation stations were 66 and oceanic monitor spots reached 9,200. Mapping departments published 1,946 maps and 417 mapping books.
In 2007, the post-graduate education enrollment was 1.2 million students with 420 thousand new students and 310 thousand graduates. The general tertiary education enrollment was 18.85 million students with 5.66 million new students and 4.48 million graduates. Vocational secondary schools of various types had 20 million enrolled students, including 8 million new entrants, and 5.3 million graduates. Senior secondary schools had 25.22 million enrolled students, including 8.4 million new entrants, and 7.88 million graduates. Students enrolled in junior secondary schools totaled 57.36 million, including 18.69 million new entrants, and 19.64 million graduates. The country had a primary education enrollment of 105.64 million students, including 17.36 million new entrants, and 18.7 million graduates. There were 410 thousand students enrolled in special education schools, with 60 thousand new entrants. Kindergartens accommodated 23.49 million children.
Figure 12: New Entrants into Education, 2003 - 2007
The amount of expenditures on research and development activities (R&D) was worth 366.4 billion yuan in 2007, up 22.0 percent over 2006, accounting for 1.49 percent of GDP. Of this total, 18 billion yuan was appropriated for fundamental research programs. A total number of 1,540 projects under the National Key Technology Research and Development Program and 2,541 projects under the Hi-tech Research and Development Program (the 863 Program) were implemented. The year 2007 saw the establishment of 9 new national engineering research centers and 6 national engineering laboratories. the number of state validated enterprise technical centers reached 499 by the end of the year. The technical centers at the provincial level numbered 4,023. Some 694 thousand patent applications were accepted from home and abroad, of which 587 thousand were domestic applications, accounting for 84.5 percent of the total. A total number of 245 thousand patent applications for new inventions were accepted, of which 153 thousand were from domestic applicants or 62.4 percent of the total. A total of 352 thousand patents were authorized in 2007, of which 302 thousand were domestic patents, accounting for 85.7 percent of the total. A total of 68 thousand patents for new inventions were authorized, of which 32 thousand were domestic ones, accounting for 47.0 percent. A total of 210 thousand technology transfer contracts were signed, representing 220 billion yuan in value, up 21.0 percent over the previous year. The year 2007 saw 10 times of successful launch of satellites and Chang’e-1 circumlunar exploration satellite was launched successfully.
By the end of 2007, there were altogether 24,700 laboratories for product inspection, including 356 national inspection centers. There were 184 organizations for product certification and management system certification, which accumulatively certified products in 70 thousand enterprises. A total of 3,720 authorized measurement institutions enforced compulsory inspection on 42.18 million measurement instruments in the year. A total of 1,411 national standards were developed or revised in the year, including 747 new standards. Through out the year, a total of 3,350 weather forewarning signals were released and alarm signals were 690 times. There were 1,314 seismological monitor stations and 31 seismological remote monitor network stations. The numbers of oceanic observation stations were 66 and oceanic monitor spots reached 9,200. Mapping departments published 1,946 maps and 417 mapping books.
X. Culture, Public Health and Sports
At the end of 2007, there were 2,856 art-performing groups, 2,921 culture centers, 2,791 public libraries, 1,634 museums, 263 radio broadcasting stations, 287 television stations, 1,993 radio broadcasting and television stations and 44 educational television stations throughout China. Subscribers to cable television programs numbered 151.18 million. Subscribers to digital cable television programs were 26.16 million. Radio broadcasting and television broadcasting coverage rates were 95.4 percent and 96.6 percent respectively. The country produced 402 feature movies and 58 science, educational, documentary, cartoon and special movies. A total of 43.9 billion copies of newspapers and 2.9 billion copies of magazines were issued, and 6.6 billion copies of books published. by the end of the year, there were 3,952 archives in China and 67.87 million documents were made accessible to the public.
By the end of 2007, there were 315 thousand health institutions in China, including 60 thousand general hospitals and health centers, 3,007 maternal and child health-care institutions, 1,400 specialized health institutions, 3,540 epidemic disease prevention centers (stations) and 2,590 health monitoring institutions. There were 4.68 million health workers in China, including 2.04 million practicing doctors and assistant practicing doctors and 1.47 million registered nurses. General hospitals and health centers in China possessed 3.279 million beds. There were 24 thousand community health service centers. the number of rural health care centers was 39 thousand, possessing 675 thousand beds and employing 863 thousand health care workers. In 2007, 3.581 million people were infected by A or B class infectious diseases, with 12,954 reported deaths. the incidence of infectious disease was 272.4 per 100 thousand, with the death rate standing at 0.99 per 100 thousand.
In 2007, Chinese athletes won 123 world championships on 22 sports events. Eight athletes and 2 teams broke 10 world records on 10 occasions. the amateur sports activities were carried out vigorously.
XI. Population, Living Conditions and Social Security
At the end of 2007, the total number of Chinese population reached 1,321.29 million, an increase of 6.81 million over that at the end of 2006. The year 2007 saw 15.94 million births, a crude birth rate of 12.10 per thousand, and 9.13 million deaths, or a crude death rate of 6.93 per thousand. The natural growth rate was 5.17 per thousand. the sex ratio at birth was 120.22.
In 2007, the annual per capita net income of rural households was 4,140 yuan, or a real increase of 9.5 percent over the previous year when the factors of price increase were deducted. The annual per capita disposable income of urban households was 13,786 yuan, or a real increase of 12.2 percent. The Engel coefficient (which refers to the proportion of expenditure on food to the total expenditure of households) was 43.1 percent for rural households and 36.3 percent for urban households. The population in absolute poverty in rural areas with annual per capita net income below 785 yuan numbered 14.79 million at the end of 2007, a decline of 6.69 million over the previous year. The low-income population in rural areas with annual per capita net income between 786 - 1067 yuan numbered 28.41 million, a decline of 7.09 million.
Figure 13: Per Capita Net Income of Rural Households and its Growth, 2003-2007
Figure 14: Per Capita Disposable Income of Urban Households and its Growth, 2003-2007
At the end of 2007, a total of 201.07 million people participated in basic pension program, a year-on-year increase of 13.41 million. Of this total, 151.56 million were staff and workers, and 49.51 million were retirees. A total of 220.51 million people participated in urban basic health insurance program, an increase of 63.19 million, of whom 179.83 million people participated in urban basic health insurance program for staff and workers, 40.68 million people participated in programs for residents. A total of 31.31 million people participated in urban health insurance programs were migrant workers coming from the rural areas, an increase of 7.64 million. Some 116.45 million people participated in unemployment insurance programs, an increase of 4.58 million. A total of 121.55 million people participated in work accident insurance, an increase of 18.87 million, of which 39.66 million were migrant workers coming from the rural areas, an increase of 14.29 million. A total of 77.55 million people participated in maternity insurance programs, an increase of 12.96 million. A total of 2,448 counties (cities, districts) conducted the new cooperative medical care system in rural areas, attracting 730 million farmers which represented a participation rate of 85.7 percent. The total expenditure of the new cooperative medical care system in rural areas reached 22 billion yuan, benefiting 260 million people. In 2007, the urban medical assistance helped 4.07 million people, up by 117.2 percent. The rural medical assistance helped 6.03 million people, up by 150.1 percent. A total of 23.06 million people were funded by the civil affairs department in the rural cooperative medical care system.
The number of people receiving unemployment insurance payment stood at 2.86 million. A total of 22.71 million urban residents received the government minimum living allowances, or 310 thousand more than the previous year. About 34.52 million rural residents received the government minimum living allowance, an increase of 18.59 million.
Social welfare institutions of various types provided 2.05 million beds by the end of 2007, accommodating 1.63 million inmates. There were 128 thousand community service facilities and 10,299 comprehensive community service centers were set up in urban areas. A total of 63.2 billion yuan worth of social welfare lottery tickets were sold, raising 21.7 billion yuan of social welfare funds. A total of 4.2 billion yuan were received from direct donations.
At the end of 2007, there were 2,856 art-performing groups, 2,921 culture centers, 2,791 public libraries, 1,634 museums, 263 radio broadcasting stations, 287 television stations, 1,993 radio broadcasting and television stations and 44 educational television stations throughout China. Subscribers to cable television programs numbered 151.18 million. Subscribers to digital cable television programs were 26.16 million. Radio broadcasting and television broadcasting coverage rates were 95.4 percent and 96.6 percent respectively. The country produced 402 feature movies and 58 science, educational, documentary, cartoon and special movies. A total of 43.9 billion copies of newspapers and 2.9 billion copies of magazines were issued, and 6.6 billion copies of books published. by the end of the year, there were 3,952 archives in China and 67.87 million documents were made accessible to the public.
By the end of 2007, there were 315 thousand health institutions in China, including 60 thousand general hospitals and health centers, 3,007 maternal and child health-care institutions, 1,400 specialized health institutions, 3,540 epidemic disease prevention centers (stations) and 2,590 health monitoring institutions. There were 4.68 million health workers in China, including 2.04 million practicing doctors and assistant practicing doctors and 1.47 million registered nurses. General hospitals and health centers in China possessed 3.279 million beds. There were 24 thousand community health service centers. the number of rural health care centers was 39 thousand, possessing 675 thousand beds and employing 863 thousand health care workers. In 2007, 3.581 million people were infected by A or B class infectious diseases, with 12,954 reported deaths. the incidence of infectious disease was 272.4 per 100 thousand, with the death rate standing at 0.99 per 100 thousand.
In 2007, Chinese athletes won 123 world championships on 22 sports events. Eight athletes and 2 teams broke 10 world records on 10 occasions. the amateur sports activities were carried out vigorously.
XI. Population, Living Conditions and Social Security
At the end of 2007, the total number of Chinese population reached 1,321.29 million, an increase of 6.81 million over that at the end of 2006. The year 2007 saw 15.94 million births, a crude birth rate of 12.10 per thousand, and 9.13 million deaths, or a crude death rate of 6.93 per thousand. The natural growth rate was 5.17 per thousand. the sex ratio at birth was 120.22.
In 2007, the annual per capita net income of rural households was 4,140 yuan, or a real increase of 9.5 percent over the previous year when the factors of price increase were deducted. The annual per capita disposable income of urban households was 13,786 yuan, or a real increase of 12.2 percent. The Engel coefficient (which refers to the proportion of expenditure on food to the total expenditure of households) was 43.1 percent for rural households and 36.3 percent for urban households. The population in absolute poverty in rural areas with annual per capita net income below 785 yuan numbered 14.79 million at the end of 2007, a decline of 6.69 million over the previous year. The low-income population in rural areas with annual per capita net income between 786 - 1067 yuan numbered 28.41 million, a decline of 7.09 million.
Figure 13: Per Capita Net Income of Rural Households and its Growth, 2003-2007
Figure 14: Per Capita Disposable Income of Urban Households and its Growth, 2003-2007
At the end of 2007, a total of 201.07 million people participated in basic pension program, a year-on-year increase of 13.41 million. Of this total, 151.56 million were staff and workers, and 49.51 million were retirees. A total of 220.51 million people participated in urban basic health insurance program, an increase of 63.19 million, of whom 179.83 million people participated in urban basic health insurance program for staff and workers, 40.68 million people participated in programs for residents. A total of 31.31 million people participated in urban health insurance programs were migrant workers coming from the rural areas, an increase of 7.64 million. Some 116.45 million people participated in unemployment insurance programs, an increase of 4.58 million. A total of 121.55 million people participated in work accident insurance, an increase of 18.87 million, of which 39.66 million were migrant workers coming from the rural areas, an increase of 14.29 million. A total of 77.55 million people participated in maternity insurance programs, an increase of 12.96 million. A total of 2,448 counties (cities, districts) conducted the new cooperative medical care system in rural areas, attracting 730 million farmers which represented a participation rate of 85.7 percent. The total expenditure of the new cooperative medical care system in rural areas reached 22 billion yuan, benefiting 260 million people. In 2007, the urban medical assistance helped 4.07 million people, up by 117.2 percent. The rural medical assistance helped 6.03 million people, up by 150.1 percent. A total of 23.06 million people were funded by the civil affairs department in the rural cooperative medical care system.
The number of people receiving unemployment insurance payment stood at 2.86 million. A total of 22.71 million urban residents received the government minimum living allowances, or 310 thousand more than the previous year. About 34.52 million rural residents received the government minimum living allowance, an increase of 18.59 million.
Social welfare institutions of various types provided 2.05 million beds by the end of 2007, accommodating 1.63 million inmates. There were 128 thousand community service facilities and 10,299 comprehensive community service centers were set up in urban areas. A total of 63.2 billion yuan worth of social welfare lottery tickets were sold, raising 21.7 billion yuan of social welfare funds. A total of 4.2 billion yuan were received from direct donations.
XII. Resources, Environment and Work Safety
A total of 188.3 thousand hectares of cultivated land was used for construction purpose in 2007. An area of 17.9 thousand hectares of cultivated land was destroyed by disasters, 25.4 thousand hectares of farmland was converted into land for ecological preservation. The structural adjustment to agriculture led to a reduction of 4.9 thousand hectares of cultivated land. Land reclamation and re-development programs added 195.8 thousand hectares of cultivated land. As a result, the year 2007 witnessed a net reduction of 40.7 thousand hectares of cultivated land.
The total stock of water resources in 2007 was 2,469.0 billion cubic meters, a year-on-year decline of 2.5 percent, or 1,873 cubic meters in per capita terms, down by 3.0 percent. The annual average precipitation was 608 millimeters, up by 1.9 percent. Large reservoirs in China stored 186.9 billion cubic meters of water at the end of 2007, 5.2 billion cubic meters more than that at the end of 2006. Total water consumption went down by 0.6 percent to reach 576.0 billion cubic meters, of which water consumption for living purposes rose by 1.6 percent, for industrial use up by 2.7 percent and for agricultural use down by 2.2 percent. Water consumption for every 10 thousand yuan worth of GDP produced was 253 cubic meters, a decline of 10.8 percent. Water consumption for every 10 thousand yuan worth of industrial value added was 139 cubic meters, down by 9.5 percent. Per capita water consumption was 437 cubic meters, down by 1.1 percent.
National land surveys and geological explorations discovered a total of 208 new mineral deposits in large or medium size, including 50 energy mineral deposits, 73 metallic mineral deposits, 82 non-metallic mineral deposits and 3 aqueous and gaseous deposits. Increased reserves were found for 77 minerals, including 1.21 billion tons of crude oil, 697.4 billion cubic meters of natural gas and 40.62 billion tons of coal.
A total of 5.20 million hectares of forest were planted, 3.71million hectares of forest were survived, of which 2.56 million were afforested by manpower. Some 2.68 million hectares were afforested through key afforestation projects, accounting for 72.2 percent of the total planted area of the year. About 2.27 billion trees were planted in 2007 by volunteers. By the end of 2007, there were 2,531 natural reserves including 303 national ones and covering a total area of 151.88 million hectares, or 15.0 percent of the total land area of China. A total of 39 thousand square kilometers of eroded land were put under comprehensive treatment programs, and 33 thousand square kilometers of land were closed for nurture and protection in areas suffering water and soil erosion.
Preliminary estimation indicated that the total energy consumption in 2007 amounted to 2.65 billion tons of standard coal equivalent, up 7.8 percent over 2006. The consumption of coal was 2.58 billion tons, up 7.9 percent; crude oil 340 million tons, up 6.3 percent; natural gas 67.3 billion cubic meters, up 19.9 percent; and electric power 3,263.2 billion kilowatt hours, up 14.1 percent. The consumption of major kinds of raw materials included 520 million tons of rolled steel, up 17.4 percent; 3.99 million tons of copper, up by 13.0 percent; 11.12 million tons of electrolytic aluminum, up by 27.6 percent; 10.48 million tons of ethylene, up by 11.4 percent; and 1.33 billion tons of cement, up 10.5 percent.
Figure 15: Total Energy Consumption and its Growth, 2003-2007
Monitoring of water quality on 408 sections of the 7 major water systems in China showed that 50.0 percent of the sections met the national quality standard of Grade III for surface water, 26.5 percent of the sections met the quality standard of Grade IV or V, and 23.5 percent were worse than Grade V. There was no significant change of the water quality in the 7 major water systems as compared with that in the previous year.
Monitoring of oceanic water quality at 296 offshore monitoring stations indicated that oceanic water met the national quality standard Grade I and II in 62.8 percent of the stations, down by 4.9 percentage points from the previous year; water quality at 11.8 percent of the stations met Grade III standard, up by 3.8 percentage points; and water of Grade IV or inferior quality was found at 25.4 percent of the stations, up by 1.1 percentage points. A total of 145 thousand square kilometers of oceanic waters did not meet the quality standard for clean oceanic water, a decrease of 4 thousand square kilometers. of this total, seriously polluted oceanic area occupied 29 thousand square kilometers. Seriously polluted oceanic area in Bohai Sea occupied 6 thousand square kilometers.
In the 557 cities covered by air quality monitoring program, 389 cities reached or topped air quality standard Grade II, accounting for 69.8 percent of all cities under the program; 152 cities attained Grade III, accounting for 27.3 percent; and air quality in 16 cities was inferior to Grade III, accounting for 2.9 percent. of the 342 cities subject to noise monitoring program, 6.1 percent enjoyed fairly good environment, 64.6 percent had good environment, 28.1 percent had light noise pollution, and 1.2 percent experienced medium noise pollution in downtown areas.
The average temperature in 2007 was 10.1℃, which was 0.2℃ higher than that in previous year. Typhoon hit China 8 times in 2007, 2 more compared with that in 2006.
At the end of 2007, the daily treatment capacity of city sewage reached 70.00 million cubic meters, up 10.0 percent over that in 2006. City sewage treatment rate was 59.0 percent, up 3.3 percentage points. The floor space with central heating systems amounted to 2.85 billion square meters, up 7.1 percent. Greenery coverage reached 36.0 percent of the urban area, up 1 percentage point.
In 2007, natural disasters caused 236.3 billion yuan worth of direct economic loss, down by 6.5 percent. Natural disasters hit 48.99 million hectares of crops, up 19.2 percent, of which 5.75 million hectares of crops was demolished, up 6.2 percent. 2007 witnessed 9,260 forest fires, up by 13.3 percent. There was no extra big forest fire. Floods and waterlog caused a direct economic loss of 82.6 billion yuan, up by 46.9 percent and left a death roll of 1,168, up by 54.9 percent. Drought caused a direct economic loss of 78.5 billion yuan, up by 10.9 percent. Oceanic disasters caused a direct economic loss of 8.84 billion yuan, down by 59.5 percent. The occurrence of red tides hit an accumulative area of 11,610 square kilometers, down by 41.5 percent. China registered 25 thousand geological disasters which left a death doll of 598 and made a total direct economic loss of 2.48 billion yuan. The country recorded 6 earthquakes with magnitude 5 and over, 3 of which caused disasters, causing a direct economic loss of 2.02 billion yuan.
The death toll due to work accidents amounted to 101,480 people, a year-on-year decrease of 10.1 percent. The death toll from work accidents every 100 million yuan worth of GDP was 0.413 people, a decline of 26.3 percent. Work accidents in industrial, mining and commercial enterprises caused 3.05 deaths out of every 100 thousand employees, down 8.4 percent. The death toll for producing one million tons of coal in coal mines was 1.485 persons, down 27.2 percent. The year 2007 witnessed 327 thousand traffic accidents, claiming 82 thousand lives, injuring 380 thousand people and causing a direct property loss of 1.2 billion yuan. The road traffic death toll per 10 thousand vehicles was 5.1 persons, a decrease of 1.1 persons.
A total of 188.3 thousand hectares of cultivated land was used for construction purpose in 2007. An area of 17.9 thousand hectares of cultivated land was destroyed by disasters, 25.4 thousand hectares of farmland was converted into land for ecological preservation. The structural adjustment to agriculture led to a reduction of 4.9 thousand hectares of cultivated land. Land reclamation and re-development programs added 195.8 thousand hectares of cultivated land. As a result, the year 2007 witnessed a net reduction of 40.7 thousand hectares of cultivated land.
The total stock of water resources in 2007 was 2,469.0 billion cubic meters, a year-on-year decline of 2.5 percent, or 1,873 cubic meters in per capita terms, down by 3.0 percent. The annual average precipitation was 608 millimeters, up by 1.9 percent. Large reservoirs in China stored 186.9 billion cubic meters of water at the end of 2007, 5.2 billion cubic meters more than that at the end of 2006. Total water consumption went down by 0.6 percent to reach 576.0 billion cubic meters, of which water consumption for living purposes rose by 1.6 percent, for industrial use up by 2.7 percent and for agricultural use down by 2.2 percent. Water consumption for every 10 thousand yuan worth of GDP produced was 253 cubic meters, a decline of 10.8 percent. Water consumption for every 10 thousand yuan worth of industrial value added was 139 cubic meters, down by 9.5 percent. Per capita water consumption was 437 cubic meters, down by 1.1 percent.
National land surveys and geological explorations discovered a total of 208 new mineral deposits in large or medium size, including 50 energy mineral deposits, 73 metallic mineral deposits, 82 non-metallic mineral deposits and 3 aqueous and gaseous deposits. Increased reserves were found for 77 minerals, including 1.21 billion tons of crude oil, 697.4 billion cubic meters of natural gas and 40.62 billion tons of coal.
A total of 5.20 million hectares of forest were planted, 3.71million hectares of forest were survived, of which 2.56 million were afforested by manpower. Some 2.68 million hectares were afforested through key afforestation projects, accounting for 72.2 percent of the total planted area of the year. About 2.27 billion trees were planted in 2007 by volunteers. By the end of 2007, there were 2,531 natural reserves including 303 national ones and covering a total area of 151.88 million hectares, or 15.0 percent of the total land area of China. A total of 39 thousand square kilometers of eroded land were put under comprehensive treatment programs, and 33 thousand square kilometers of land were closed for nurture and protection in areas suffering water and soil erosion.
Preliminary estimation indicated that the total energy consumption in 2007 amounted to 2.65 billion tons of standard coal equivalent, up 7.8 percent over 2006. The consumption of coal was 2.58 billion tons, up 7.9 percent; crude oil 340 million tons, up 6.3 percent; natural gas 67.3 billion cubic meters, up 19.9 percent; and electric power 3,263.2 billion kilowatt hours, up 14.1 percent. The consumption of major kinds of raw materials included 520 million tons of rolled steel, up 17.4 percent; 3.99 million tons of copper, up by 13.0 percent; 11.12 million tons of electrolytic aluminum, up by 27.6 percent; 10.48 million tons of ethylene, up by 11.4 percent; and 1.33 billion tons of cement, up 10.5 percent.
Figure 15: Total Energy Consumption and its Growth, 2003-2007
Monitoring of water quality on 408 sections of the 7 major water systems in China showed that 50.0 percent of the sections met the national quality standard of Grade III for surface water, 26.5 percent of the sections met the quality standard of Grade IV or V, and 23.5 percent were worse than Grade V. There was no significant change of the water quality in the 7 major water systems as compared with that in the previous year.
Monitoring of oceanic water quality at 296 offshore monitoring stations indicated that oceanic water met the national quality standard Grade I and II in 62.8 percent of the stations, down by 4.9 percentage points from the previous year; water quality at 11.8 percent of the stations met Grade III standard, up by 3.8 percentage points; and water of Grade IV or inferior quality was found at 25.4 percent of the stations, up by 1.1 percentage points. A total of 145 thousand square kilometers of oceanic waters did not meet the quality standard for clean oceanic water, a decrease of 4 thousand square kilometers. of this total, seriously polluted oceanic area occupied 29 thousand square kilometers. Seriously polluted oceanic area in Bohai Sea occupied 6 thousand square kilometers.
In the 557 cities covered by air quality monitoring program, 389 cities reached or topped air quality standard Grade II, accounting for 69.8 percent of all cities under the program; 152 cities attained Grade III, accounting for 27.3 percent; and air quality in 16 cities was inferior to Grade III, accounting for 2.9 percent. of the 342 cities subject to noise monitoring program, 6.1 percent enjoyed fairly good environment, 64.6 percent had good environment, 28.1 percent had light noise pollution, and 1.2 percent experienced medium noise pollution in downtown areas.
The average temperature in 2007 was 10.1℃, which was 0.2℃ higher than that in previous year. Typhoon hit China 8 times in 2007, 2 more compared with that in 2006.
At the end of 2007, the daily treatment capacity of city sewage reached 70.00 million cubic meters, up 10.0 percent over that in 2006. City sewage treatment rate was 59.0 percent, up 3.3 percentage points. The floor space with central heating systems amounted to 2.85 billion square meters, up 7.1 percent. Greenery coverage reached 36.0 percent of the urban area, up 1 percentage point.
In 2007, natural disasters caused 236.3 billion yuan worth of direct economic loss, down by 6.5 percent. Natural disasters hit 48.99 million hectares of crops, up 19.2 percent, of which 5.75 million hectares of crops was demolished, up 6.2 percent. 2007 witnessed 9,260 forest fires, up by 13.3 percent. There was no extra big forest fire. Floods and waterlog caused a direct economic loss of 82.6 billion yuan, up by 46.9 percent and left a death roll of 1,168, up by 54.9 percent. Drought caused a direct economic loss of 78.5 billion yuan, up by 10.9 percent. Oceanic disasters caused a direct economic loss of 8.84 billion yuan, down by 59.5 percent. The occurrence of red tides hit an accumulative area of 11,610 square kilometers, down by 41.5 percent. China registered 25 thousand geological disasters which left a death doll of 598 and made a total direct economic loss of 2.48 billion yuan. The country recorded 6 earthquakes with magnitude 5 and over, 3 of which caused disasters, causing a direct economic loss of 2.02 billion yuan.
The death toll due to work accidents amounted to 101,480 people, a year-on-year decrease of 10.1 percent. The death toll from work accidents every 100 million yuan worth of GDP was 0.413 people, a decline of 26.3 percent. Work accidents in industrial, mining and commercial enterprises caused 3.05 deaths out of every 100 thousand employees, down 8.4 percent. The death toll for producing one million tons of coal in coal mines was 1.485 persons, down 27.2 percent. The year 2007 witnessed 327 thousand traffic accidents, claiming 82 thousand lives, injuring 380 thousand people and causing a direct property loss of 1.2 billion yuan. The road traffic death toll per 10 thousand vehicles was 5.1 persons, a decrease of 1.1 persons.
Notes:
1. All figures in this Communiqué are preliminary statistics.
2. Statistics in this Communiqué do not include Hong Kong SAR, Macao SAR and Taiwan Province.
3. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.
4. Gross domestic product (GDP) and value added as quoted in this Communiqué are calculated at current prices, whereas their growth rates are at comparable prices.
5. The base figures for calculating the output growth rate of major farm products are adjusted correspondently according to the results of the second national agricultural census. The output of fruits and vegetables are under checking, and will be published separately.
6. Six highly energy-consuming industries are: manufacture of raw chemical materials and chemical products, manufacture of non-metallic mineral products, smelting and pressing of ferrous metals, smelting and pressing of non-ferrous metals, oil processing, coking and nuclear fuel processing, and production and supply of electricity and heat.
7. Output and consumption of rolled steel include duplicated counting of rolled steel as intermediate inputs used for producing other types of rolled steel.
8. The national total of fixed assets investment is larger than the aggregate sum by adding up the subtotals of fixed assets investment in the eastern areas, central areas, and western areas due to the fact that some of the trans-regional investments are not covered by regional figures.
9. The investment in real estate includes the investment made in real estate development, construction of buildings for own use, property management, intermediary services and other real estate development.
10. The original premium income received by the insurance companies refers to the premium income from original insurance contracts confirmed by the insurance companies, same as the “premium received by the insurance companies” in previous Communiqués.
11. The number of people covered in urban basic health insurance programs for urban staff and workers include staff and workers and retirees insured. the urban basic health insurance programs for urban residents refer to urban non-employed residents who are not covered by the urban basic health insurance programs for staff and workers.
12. The consumption of water for producing 10 thousand yuan worth of GDP is calculated at 2005 constant prices. The turnover of post and telecommunication services is calculated at constant prices of 2000.
13. The consumption of energy for producing 10 thousand yuan worth of GDP, the total emission of chemical oxygen demand (COD) and the sulfur dioxide (SO2) of the whole country will be further certified by relevant departments and be published in near future.
* Some charts are from the Chinese version of the report:
http://news.sina.com.cn/c/2008-02-28/191815040774.shtml
1. All figures in this Communiqué are preliminary statistics.
2. Statistics in this Communiqué do not include Hong Kong SAR, Macao SAR and Taiwan Province.
3. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.
4. Gross domestic product (GDP) and value added as quoted in this Communiqué are calculated at current prices, whereas their growth rates are at comparable prices.
5. The base figures for calculating the output growth rate of major farm products are adjusted correspondently according to the results of the second national agricultural census. The output of fruits and vegetables are under checking, and will be published separately.
6. Six highly energy-consuming industries are: manufacture of raw chemical materials and chemical products, manufacture of non-metallic mineral products, smelting and pressing of ferrous metals, smelting and pressing of non-ferrous metals, oil processing, coking and nuclear fuel processing, and production and supply of electricity and heat.
7. Output and consumption of rolled steel include duplicated counting of rolled steel as intermediate inputs used for producing other types of rolled steel.
8. The national total of fixed assets investment is larger than the aggregate sum by adding up the subtotals of fixed assets investment in the eastern areas, central areas, and western areas due to the fact that some of the trans-regional investments are not covered by regional figures.
9. The investment in real estate includes the investment made in real estate development, construction of buildings for own use, property management, intermediary services and other real estate development.
10. The original premium income received by the insurance companies refers to the premium income from original insurance contracts confirmed by the insurance companies, same as the “premium received by the insurance companies” in previous Communiqués.
11. The number of people covered in urban basic health insurance programs for urban staff and workers include staff and workers and retirees insured. the urban basic health insurance programs for urban residents refer to urban non-employed residents who are not covered by the urban basic health insurance programs for staff and workers.
12. The consumption of water for producing 10 thousand yuan worth of GDP is calculated at 2005 constant prices. The turnover of post and telecommunication services is calculated at constant prices of 2000.
13. The consumption of energy for producing 10 thousand yuan worth of GDP, the total emission of chemical oxygen demand (COD) and the sulfur dioxide (SO2) of the whole country will be further certified by relevant departments and be published in near future.
* Some charts are from the Chinese version of the report:
http://news.sina.com.cn/c/2008-02-28/191815040774.shtml
The end
Thank you for reading.
Thank you for reading.
China's shipbuilding tonnage up 30% in 2007
http://news.xinhuanet.com/english/2008-03/...ent_7697971.htm
2008-03-01 22:54:01
BEIJING, March 1 (Xinhua) -- China's shipbuilding tonnage jumped 30 percent to 18.93 million tons last year, the country's top economic planning agency said Saturday.
China, the world's third-largest shipbuilder after the Republic of Korea and Japan, grabbed 23 percent of the world's market share, four percentage points higher than in 2006.
Among the total, 14.9 million tons of ships in tonnage were exported to 151 countries and regions, according to the National Development and Reform Commission (NDRC).
The number of exported tonnage rose 25.6 percent and the export value rose 51.1 percent to 12.24 billion U.S. dollars.
The country's new shipbuilding orders in tonnage soared 132 percent to 98.45 million tons last year. The figure accounted for 42 percent of the world's total, up 12 percentage points from a year earlier.
The new amount raised the total orders in tonnage the country held to 158.89 million tons, 33 percent of the world's figure. The market share was nine percentage points higher than in 2006.
During the year, China State Shipbuilding Corp. (CSSC) and China Shipbuilding Industry Corp. (CSIC) built 6.55 million tons and 4.24 million tons of ships in tonnage, respectively.
The CSSC and CSIC received 23.52 million tons and 16.16 million tons of new shipbuilding orders in tonnage, respectively, last year. The two state-owned shipbuilding giants each had at hands 50million and 26 millions of total orders in tonnage.
China fast becoming the world's shipyard
http://economictimes.indiatimes.com/News/I...how/2830622.cms
2 Mar, 2008, 1045 hrs IST, AGENCIES
DALIAN: In a drydock at a shipyard in northeast China's Dalian city, a 300,000-tonne oil tanker is ready for delivery to Maersk, its hull painted in the Danish shipping company's trademark blue.
Nearby, an offshore drilling platform has been constructed according to precise specifications from US company Noble.
Both are examples of China's growing success as a shipbuilding nation and its progress towards the goal of becoming number one in the industry by 2015.
"Last year, the order books at Chinese shipyards surpassed those of Japan, to be second only to South Korea," said Li Cheng, assistant general manager of Dalian Shipbuilding Industry Co.
The company runs the eighth largest shipyard in the world, and last year delivered 32 vessels totalling three million deadweight tonnes.
In terms of new orders, China was actually number one last year, totalling 98.5 million deadweight tonnes, or 42 percent of the global total, according to the Beijing government.
"Chinese shipyards have had their business boosted by the very fast growth of the local economy, which has fuelled demand for container ships and other vessels," said Li. "If it continues like this, we'll overtake South Korea."
Chances are it will indeed continue like this. Dalian shipyard, located in the Gulf of Bohai, has its order books filled right until 2011.
The expansion of the Chinese economy -- leading to strong growth in both exports and imports -- is not the only factor behind this success.
Equally important is the global boom in shipping. Eighty percent of the output of China's shipyards is exported.
The result is that China's share of the global market has expanded from 18 percent in 2006 to 23 percent last year, while South Korea and Japan account for roughly 35 percent each, according to research institute Clarkson.
"It's not impossible that it will eventually take up the leadership position (ahead of South Korea)," said Caroline Huot, general manager of Total Lubmarine for the Asia Pacific.
"It's got the will, no doubt. There's a real can-do attitude in China." She added the government offers strong support for the shipbuilding industry, investing large amounts of money in new shipyards.
The industry is dominated by two huge state-owned enterprises: China State Shipbuilding Corporation and China Shipbuilding Industry Corporation, the parent of the Dalian company.
But in recent years, it has also seen a large number of new entrants, in the form of smaller shipyards run by local governments or private groups, or set up as joint ventures.
There are now 3,000 of these smaller shipyards, up from just 350 a decade ago.
At the same time, Chinese shipyards have succeeded in building up a good reputation.
"The Chinese companies are very concerned about safety and the environment. They are large and extremely professional enterprises, and they're just as good as their counterparts in the United States or Norway," said Huot.
The Dalian shipyard has clients across the globe, from Gear Bulk, 60 percent Norwegian-owned, to Sweden's Stena AB and customers in Greece and Iran.
To keep up its competitive advantage, the Dalian shipyard now spends heavily on research and development and the continued improvement of the infrastructure.
"We're still cheap compared with South Korea and Japan, but we have to think about the future and take steps to improve our competitiveness," said Li.
http://news.xinhuanet.com/english/2008-03/...ent_7697971.htm
2008-03-01 22:54:01
BEIJING, March 1 (Xinhua) -- China's shipbuilding tonnage jumped 30 percent to 18.93 million tons last year, the country's top economic planning agency said Saturday.
China, the world's third-largest shipbuilder after the Republic of Korea and Japan, grabbed 23 percent of the world's market share, four percentage points higher than in 2006.
Among the total, 14.9 million tons of ships in tonnage were exported to 151 countries and regions, according to the National Development and Reform Commission (NDRC).
The number of exported tonnage rose 25.6 percent and the export value rose 51.1 percent to 12.24 billion U.S. dollars.
The country's new shipbuilding orders in tonnage soared 132 percent to 98.45 million tons last year. The figure accounted for 42 percent of the world's total, up 12 percentage points from a year earlier.
The new amount raised the total orders in tonnage the country held to 158.89 million tons, 33 percent of the world's figure. The market share was nine percentage points higher than in 2006.
During the year, China State Shipbuilding Corp. (CSSC) and China Shipbuilding Industry Corp. (CSIC) built 6.55 million tons and 4.24 million tons of ships in tonnage, respectively.
The CSSC and CSIC received 23.52 million tons and 16.16 million tons of new shipbuilding orders in tonnage, respectively, last year. The two state-owned shipbuilding giants each had at hands 50million and 26 millions of total orders in tonnage.
China fast becoming the world's shipyard
http://economictimes.indiatimes.com/News/I...how/2830622.cms
2 Mar, 2008, 1045 hrs IST, AGENCIES
DALIAN: In a drydock at a shipyard in northeast China's Dalian city, a 300,000-tonne oil tanker is ready for delivery to Maersk, its hull painted in the Danish shipping company's trademark blue.
Nearby, an offshore drilling platform has been constructed according to precise specifications from US company Noble.
Both are examples of China's growing success as a shipbuilding nation and its progress towards the goal of becoming number one in the industry by 2015.
"Last year, the order books at Chinese shipyards surpassed those of Japan, to be second only to South Korea," said Li Cheng, assistant general manager of Dalian Shipbuilding Industry Co.
The company runs the eighth largest shipyard in the world, and last year delivered 32 vessels totalling three million deadweight tonnes.
In terms of new orders, China was actually number one last year, totalling 98.5 million deadweight tonnes, or 42 percent of the global total, according to the Beijing government.
"Chinese shipyards have had their business boosted by the very fast growth of the local economy, which has fuelled demand for container ships and other vessels," said Li. "If it continues like this, we'll overtake South Korea."
Chances are it will indeed continue like this. Dalian shipyard, located in the Gulf of Bohai, has its order books filled right until 2011.
The expansion of the Chinese economy -- leading to strong growth in both exports and imports -- is not the only factor behind this success.
Equally important is the global boom in shipping. Eighty percent of the output of China's shipyards is exported.
The result is that China's share of the global market has expanded from 18 percent in 2006 to 23 percent last year, while South Korea and Japan account for roughly 35 percent each, according to research institute Clarkson.
"It's not impossible that it will eventually take up the leadership position (ahead of South Korea)," said Caroline Huot, general manager of Total Lubmarine for the Asia Pacific.
"It's got the will, no doubt. There's a real can-do attitude in China." She added the government offers strong support for the shipbuilding industry, investing large amounts of money in new shipyards.
The industry is dominated by two huge state-owned enterprises: China State Shipbuilding Corporation and China Shipbuilding Industry Corporation, the parent of the Dalian company.
But in recent years, it has also seen a large number of new entrants, in the form of smaller shipyards run by local governments or private groups, or set up as joint ventures.
There are now 3,000 of these smaller shipyards, up from just 350 a decade ago.
At the same time, Chinese shipyards have succeeded in building up a good reputation.
"The Chinese companies are very concerned about safety and the environment. They are large and extremely professional enterprises, and they're just as good as their counterparts in the United States or Norway," said Huot.
The Dalian shipyard has clients across the globe, from Gear Bulk, 60 percent Norwegian-owned, to Sweden's Stena AB and customers in Greece and Iran.
To keep up its competitive advantage, the Dalian shipyard now spends heavily on research and development and the continued improvement of the infrastructure.
"We're still cheap compared with South Korea and Japan, but we have to think about the future and take steps to improve our competitiveness," said Li.
Registered capital of Chinese private sector hits 10 trillion yuan
2008-03-02 21:55:12
BEIJING, March 2 (Xinhua) -- China's private sector booms with registered capital totaling 10.1 trillion yuan in 2007, an annual increase of 22.7 percent.
Chinese private sector includes private firms and self-employed households.
The booming Chinese economy, which saw an growth of 11.4 percent in 2007, led to the healthy and continuous development in the private sector, according to the State Administration for Industry and Commerce (SAIC).
Registered capital of private firms reached 9.4 trillion yuan, accounting for 92.74 of the total, said the SAIC.
Capital of self-employed households held the rest and grew 13.64 percent in 2007, the administration said. (One U.S. dollar equals 7.11 yuan)
http://news.xinhuanet.com/english/20...nt_7703127.htm
2008-03-02 21:55:12
BEIJING, March 2 (Xinhua) -- China's private sector booms with registered capital totaling 10.1 trillion yuan in 2007, an annual increase of 22.7 percent.
Chinese private sector includes private firms and self-employed households.
The booming Chinese economy, which saw an growth of 11.4 percent in 2007, led to the healthy and continuous development in the private sector, according to the State Administration for Industry and Commerce (SAIC).
Registered capital of private firms reached 9.4 trillion yuan, accounting for 92.74 of the total, said the SAIC.
Capital of self-employed households held the rest and grew 13.64 percent in 2007, the administration said. (One U.S. dollar equals 7.11 yuan)
http://news.xinhuanet.com/english/20...nt_7703127.htm
China Jan FX reserves hit $1.59 trillion
http://www.guardian.co.uk/feedarticle?id=7359351
Reuters Wednesday March 5 2008
BEIJING, March 5 (Reuters) - China's foreign exchange reserves jumped $61.6 billion in January to reach $1.5898 trillion compared with $1.5282 trillion at the end of 2007, two sources familiar with the data told Reuters on Wednesday.
The figures are likely to renew debate as to whether China is attracting new inflows of speculative money, because the increase is twice as great as the combined inflows from the trade surplus and foreign direct investment (FDI) in January.
These totalled $19.5 billion and $11.2 billion respectively.
The sources declined to be identified because they are not allowed to speak officially to the media.
The People's Bank of China publishes the reserves data every quarter. The next figures are due in April.
China's stockpile of reserves, the world's largest, grew $461.9 billion last year, or $38.5 billion a month.
Economists say interpreting last year's data was complicated by the launch in September of China Investment Corp (CIC), the country's sovereign wealth fund, which was capitalised with $200 billion from the central bank.
Accumulation of currency reserves has been tempered by government policies to encourage Chinese banks, companies and individuals to invest more capital abroad.
The PBOC has also been prodding banks to keep more foreign currencies on their books.
China's reserves have ballooned because the central bank, in order to hold down the yuan, buys most of the dollars generated by the trade surplus, FDI and any inflows of speculative capital.
Policy makers are concerned that these inflows will increase because of a widening yield gap in China's favour and because of a quickening pace of yuan appreciation.
http://www.guardian.co.uk/feedarticle?id=7359351
Reuters Wednesday March 5 2008
BEIJING, March 5 (Reuters) - China's foreign exchange reserves jumped $61.6 billion in January to reach $1.5898 trillion compared with $1.5282 trillion at the end of 2007, two sources familiar with the data told Reuters on Wednesday.
The figures are likely to renew debate as to whether China is attracting new inflows of speculative money, because the increase is twice as great as the combined inflows from the trade surplus and foreign direct investment (FDI) in January.
These totalled $19.5 billion and $11.2 billion respectively.
The sources declined to be identified because they are not allowed to speak officially to the media.
The People's Bank of China publishes the reserves data every quarter. The next figures are due in April.
China's stockpile of reserves, the world's largest, grew $461.9 billion last year, or $38.5 billion a month.
Economists say interpreting last year's data was complicated by the launch in September of China Investment Corp (CIC), the country's sovereign wealth fund, which was capitalised with $200 billion from the central bank.
Accumulation of currency reserves has been tempered by government policies to encourage Chinese banks, companies and individuals to invest more capital abroad.
The PBOC has also been prodding banks to keep more foreign currencies on their books.
China's reserves have ballooned because the central bank, in order to hold down the yuan, buys most of the dollars generated by the trade surplus, FDI and any inflows of speculative capital.
Policy makers are concerned that these inflows will increase because of a widening yield gap in China's favour and because of a quickening pace of yuan appreciation.
http://www.chinadaily.com.cn/bizchina/2008...ent_6509233.htm
China's economy grew by 65.5% in five years - Wen
(Xinhua)
Updated: 2008-03-05 09:34
China's economy grew by 65.5 percent over the past five years, or an average annual increase of 10.6 percent, to become the world's fourth largest economy, Premier Wen Jiabao said at the annual parliament session on Wednesday.
He said the country's gross domestic product reached 24.66 trillion yuan (US$3.425 trillion) last year, while total government revenue reached 5.13 trillion yuan (US$712 billion), a 171 percent rise in five years.
In the meantime, China's foreign exchange reserves topped US$1.52 trillion, Wen said in his report to the First Session of the 11th National People's Congress (NPC) opening in Beijing on Wednesday.
In the past five years since the First Session of the 10th NPC, China scrapped the centuries-old agricultural tax, and its grain output rose four consecutive years to top 500 billion kilograms in 2007, Wen said.
"China has entered a new stage in developing a more open economy," he said.
Last year, china became the third largest trading nation in the world with US$2.17 trillion of imports and exports, said Wen.
China's economy grew by 65.5% in five years - Wen
(Xinhua)
Updated: 2008-03-05 09:34
China's economy grew by 65.5 percent over the past five years, or an average annual increase of 10.6 percent, to become the world's fourth largest economy, Premier Wen Jiabao said at the annual parliament session on Wednesday.
He said the country's gross domestic product reached 24.66 trillion yuan (US$3.425 trillion) last year, while total government revenue reached 5.13 trillion yuan (US$712 billion), a 171 percent rise in five years.
In the meantime, China's foreign exchange reserves topped US$1.52 trillion, Wen said in his report to the First Session of the 11th National People's Congress (NPC) opening in Beijing on Wednesday.
In the past five years since the First Session of the 10th NPC, China scrapped the centuries-old agricultural tax, and its grain output rose four consecutive years to top 500 billion kilograms in 2007, Wen said.
"China has entered a new stage in developing a more open economy," he said.
Last year, china became the third largest trading nation in the world with US$2.17 trillion of imports and exports, said Wen.
China must make sure its young intelligent brains dont leave the country and go EU and US. This is a must and China seems to have done very well in bring ing back young scientists and encourage them to come back by offering very competitive salary packages.
US always take best of every country and become superpower, China needs the best of its citizens only then can China challange US and EU in "all" fields but that will soon change.
US always take best of every country and become superpower, China needs the best of its citizens only then can China challange US and EU in "all" fields but that will soon change.
Trade surplus drops sharply to $8.55b[/SIZE][/B]
(Xinhua/Agencies)
Updated: 2008-03-10 16:25
China saw its trade surplus drop sharply year-on-year in February to US$8.555 billion, about one quarter of that recorded in the same month last year, the General Administration of Customs said on Monday.
The 63 percent drop in the trade gap from the year-earlier period reflected the impact of a US slowdown while China's own expansion has stayed robust, driving demand for imports.
It was the smallest monthly surplus since March 2007. February's trade balance might have been affected by severe winter storms that disrupted shipping, caused shortages of food and raw materials and forced some factories to suspend production.
The country's trade volume in February reached US$166.181 billion, 18.4 percent up from a year earlier, according to latest figures from the administration.
China's imports in February surged 35 percent to US$78.8 billion from the year-earlier period. Exports grew by 6.5 percent to US$87.4 billion -- a much slower growth rate than January's 26 percent, according to the customs agency.
February's monthly trade gap with the United States, China's No. 2 trading partner, shrank 23 percent to US$9.4 billion compared with the same month in 2007, the customs agency said.
China's exports to the United States fell 5 percent in February to US$16.4 billion, while imports of American goods jumped 33 percent to US$6.1 billion.
The surplus with the 27-nation European Union, China's biggest trading partner, narrowed by 15 percent to US$10 billion, data showed.
Chinese and EU officials are due to meet in April in Beijing to launch a regular high-level dialogue aimed at defusing trade tensions. China also conducts similar twice-year meetings with the United States.
Beijing has repeatedly said that it was not actively pursuing a large surplus and wanted balanced trade. The central government is trying to encourage China's own consumers to spend more in hopes of reducing reliance on exports and industrial investment to drive growth.
Consumer inflation rose to 7.1 percent in January, its highest level in 11 years, and is expected to surpass that when figures for February are reported this week.
http://www.chinadaily.com.cn/china/2008-03...ent_6523759.htm
(Xinhua/Agencies)
Updated: 2008-03-10 16:25
China saw its trade surplus drop sharply year-on-year in February to US$8.555 billion, about one quarter of that recorded in the same month last year, the General Administration of Customs said on Monday.
The 63 percent drop in the trade gap from the year-earlier period reflected the impact of a US slowdown while China's own expansion has stayed robust, driving demand for imports.
It was the smallest monthly surplus since March 2007. February's trade balance might have been affected by severe winter storms that disrupted shipping, caused shortages of food and raw materials and forced some factories to suspend production.
The country's trade volume in February reached US$166.181 billion, 18.4 percent up from a year earlier, according to latest figures from the administration.
China's imports in February surged 35 percent to US$78.8 billion from the year-earlier period. Exports grew by 6.5 percent to US$87.4 billion -- a much slower growth rate than January's 26 percent, according to the customs agency.
February's monthly trade gap with the United States, China's No. 2 trading partner, shrank 23 percent to US$9.4 billion compared with the same month in 2007, the customs agency said.
China's exports to the United States fell 5 percent in February to US$16.4 billion, while imports of American goods jumped 33 percent to US$6.1 billion.
The surplus with the 27-nation European Union, China's biggest trading partner, narrowed by 15 percent to US$10 billion, data showed.
Chinese and EU officials are due to meet in April in Beijing to launch a regular high-level dialogue aimed at defusing trade tensions. China also conducts similar twice-year meetings with the United States.
Beijing has repeatedly said that it was not actively pursuing a large surplus and wanted balanced trade. The central government is trying to encourage China's own consumers to spend more in hopes of reducing reliance on exports and industrial investment to drive growth.
Consumer inflation rose to 7.1 percent in January, its highest level in 11 years, and is expected to surpass that when figures for February are reported this week.
http://www.chinadaily.com.cn/china/2008-03...ent_6523759.htm
China's Retail Sales Grow at Fastest Pace Since 1999
March 12 (Bloomberg) -- China's retail sales climbed 20.2 percent, matching the fastest pace in at least nine years, a sign that consumer spending may sustain the world's fastest- growing major economy as export demand weakens.
The increase for January and February was the same as December's and more than the 19 percent median forecast of 18 economists in a Bloomberg News survey. The figure was boosted by the fastest inflation in 11 years.
Spending fueled by a 17 percent increase in urban incomes last year helps the expansions in China of Wal-Mart Stores Inc. and Carrefour SA, the world's biggest retailers, and may curb the economy's dependence on exports and investment for growth. Overseas shipments rose 6.5 percent in February, the least in almost six years.
``Domestic consumption is going to be a relatively strong growth engine in the near term,'' said Michael Dai, senior economist at Bank of China (Hong Kong) Ltd. ``Trade might slow down, investment might slow down but consumption is going to hold up -- even more so with increasing inflation.''
Consumer-price inflation accelerated to 8.7 percent in February, underscoring the risk the world's fourth-largest economy will overheat after expanding 11.2 percent in the fourth quarter. Producer prices, the cost of goods as they leave the factory, rose 6.6 percent, the fastest pace in three years.
Haier Electronics
``If spending continues at this rate then it will fuel inflationary pressures,'' said Paul Cavey, an economist at Macquarie Securities Ltd. in Hong Kong.
Haier Electronics Group Co., China's biggest appliance maker, has raised prices of refrigerators and washing machines this year, citing wage and raw-material costs.
Jewelry sales rose 47 percent from a year earlier, grain and cooking oil climbed 41 percent, and petroleum jumped 40 percent. Furniture gained 26 percent, while automobiles surged 34 percent.
Buoyant spending is boosting company earnings. Chongqing Changan Automobile Co., the Chinese partner of Ford Motor Co. and Mazda Motor Corp., said auto sales climbed 23 percent last year.
To foster domestic consumption, China is raising welfare payments and subsidizing farmers' purchases of televisions and refrigerators. Urban disposable incomes climbed to 13,786 yuan ($1,900) last year, while rural earnings rose 15.4 percent to 4,140 yuan.
Rural Incomes
China's per capita gross national income of $2,010 in 2006 compared with $44,970 in the U.S. and $250 in Rwanda, according to a World Bank report.
``The underlying story is that because food prices are rising rural income growth is the strongest it's been for years,'' said Cavey. ``Urban incomes also are very strong and with real interest rates very negative people don't want to leave money in the bank.''
``Real'' interest rates are returns after inflation. The key one-year deposit rate is 4.14 percent, less than half the rate of inflation.
Bloomberg's retail sales data for China begins in 1999. The government didn't release separate figures for January and February.
http://www.bloomberg.com/apps/news?p...lw8&refer=home
March 12 (Bloomberg) -- China's retail sales climbed 20.2 percent, matching the fastest pace in at least nine years, a sign that consumer spending may sustain the world's fastest- growing major economy as export demand weakens.
The increase for January and February was the same as December's and more than the 19 percent median forecast of 18 economists in a Bloomberg News survey. The figure was boosted by the fastest inflation in 11 years.
Spending fueled by a 17 percent increase in urban incomes last year helps the expansions in China of Wal-Mart Stores Inc. and Carrefour SA, the world's biggest retailers, and may curb the economy's dependence on exports and investment for growth. Overseas shipments rose 6.5 percent in February, the least in almost six years.
``Domestic consumption is going to be a relatively strong growth engine in the near term,'' said Michael Dai, senior economist at Bank of China (Hong Kong) Ltd. ``Trade might slow down, investment might slow down but consumption is going to hold up -- even more so with increasing inflation.''
Consumer-price inflation accelerated to 8.7 percent in February, underscoring the risk the world's fourth-largest economy will overheat after expanding 11.2 percent in the fourth quarter. Producer prices, the cost of goods as they leave the factory, rose 6.6 percent, the fastest pace in three years.
Haier Electronics
``If spending continues at this rate then it will fuel inflationary pressures,'' said Paul Cavey, an economist at Macquarie Securities Ltd. in Hong Kong.
Haier Electronics Group Co., China's biggest appliance maker, has raised prices of refrigerators and washing machines this year, citing wage and raw-material costs.
Jewelry sales rose 47 percent from a year earlier, grain and cooking oil climbed 41 percent, and petroleum jumped 40 percent. Furniture gained 26 percent, while automobiles surged 34 percent.
Buoyant spending is boosting company earnings. Chongqing Changan Automobile Co., the Chinese partner of Ford Motor Co. and Mazda Motor Corp., said auto sales climbed 23 percent last year.
To foster domestic consumption, China is raising welfare payments and subsidizing farmers' purchases of televisions and refrigerators. Urban disposable incomes climbed to 13,786 yuan ($1,900) last year, while rural earnings rose 15.4 percent to 4,140 yuan.
Rural Incomes
China's per capita gross national income of $2,010 in 2006 compared with $44,970 in the U.S. and $250 in Rwanda, according to a World Bank report.
``The underlying story is that because food prices are rising rural income growth is the strongest it's been for years,'' said Cavey. ``Urban incomes also are very strong and with real interest rates very negative people don't want to leave money in the bank.''
``Real'' interest rates are returns after inflation. The key one-year deposit rate is 4.14 percent, less than half the rate of inflation.
Bloomberg's retail sales data for China begins in 1999. The government didn't release separate figures for January and February.
http://www.bloomberg.com/apps/news?p...lw8&refer=home
China says February foreign investment surges 38.3 percent amid economic boom
March 12, 2008
Foreign investment in China rose 38.3 percent in February from a year ago to US$6.9 billion (€4.5 billion), the Commerce Ministry reported Wednesday.
Foreign companies are looking to China to help drive sales as growth in the United States and elsewhere slows, and are stepping up spending on factories and service industries meant to serve increasingly prosperous Chinese consumers.
February's growth was far below the rate in January, when foreign investment more than doubled to US$11.2 billion. But the government said earlier that the January rise was unusual and probably was prompted by companies rushing to avoid exchange-rate losses as China's currency, the yuan, rose in value.
The figures exclude investment in China's financial industries.
The number of new foreign-financed projects rose by 38 percent in February to 1,454 compared with the year-earlier month, the Commerce Ministry said on its Web site.
[b]Foreign companies long looked to China as a base to produce low-cost exports. But they have expanded operations in recent years to serve the domestic market as incomes rose.
China's retail sales rose by 20.2 percent in January and February compared with the same two-month period last year, the government said Wednesday in a separate report.
The economy, meanwhile, is expected to grow by at least 9 percent this year after expanding by 11.4 percent in 2007.
China's total foreign direct investment in 2007 rose 13.8 percent to US$82.7 billion despite curbs meant to cool a boom in spending on real estate and other assets.
Beijing worries that runaway spending in industries such as auto manufacturing with excess factories and other assets could ignite a debt crisis if unneeded projects fail.
But Chinese leaders are still trying to attract investment to high-technology projects in industries such as telecommunications and computer chip manufacturing.
http://www.iht.com/articles/ap/2008/...Investment.php
March 12, 2008
Foreign investment in China rose 38.3 percent in February from a year ago to US$6.9 billion (€4.5 billion), the Commerce Ministry reported Wednesday.
Foreign companies are looking to China to help drive sales as growth in the United States and elsewhere slows, and are stepping up spending on factories and service industries meant to serve increasingly prosperous Chinese consumers.
February's growth was far below the rate in January, when foreign investment more than doubled to US$11.2 billion. But the government said earlier that the January rise was unusual and probably was prompted by companies rushing to avoid exchange-rate losses as China's currency, the yuan, rose in value.
The figures exclude investment in China's financial industries.
The number of new foreign-financed projects rose by 38 percent in February to 1,454 compared with the year-earlier month, the Commerce Ministry said on its Web site.
[b]Foreign companies long looked to China as a base to produce low-cost exports. But they have expanded operations in recent years to serve the domestic market as incomes rose.
China's retail sales rose by 20.2 percent in January and February compared with the same two-month period last year, the government said Wednesday in a separate report.
The economy, meanwhile, is expected to grow by at least 9 percent this year after expanding by 11.4 percent in 2007.
China's total foreign direct investment in 2007 rose 13.8 percent to US$82.7 billion despite curbs meant to cool a boom in spending on real estate and other assets.
Beijing worries that runaway spending in industries such as auto manufacturing with excess factories and other assets could ignite a debt crisis if unneeded projects fail.
But Chinese leaders are still trying to attract investment to high-technology projects in industries such as telecommunications and computer chip manufacturing.
http://www.iht.com/articles/ap/2008/...Investment.php
FDI up by 75% in first two months
China drew $18.13 billion in FDI in January and February, up 75.19 percent year-on-year, the Ministry of Commerce said yesterday.
In February alone, the country attracted $6.93 billion in FDI, up 38.31 percent from a year earlier, according to a statement published on the ministry's website.
Earlier reports had indicated FDI in January was $11.2 billion, 109.78 percent more than in the corresponding month of last year.
Commerce Minister Chen Deming attributed the first two months' increase mainly to the big rise in large-scale projects and a stronger renminbi.
In these two months, China logged 2.5 times more projects, with a price tag of more than $30 million, than the same period of last year, he said at a press conference during the ongoing National People's Congress.
He said the appreciation of the renminbi against the US dollar also encouraged foreign investors to rush here. "Since the renminbi is appreciating, foreign investors wanted to quickly change their dollars into renminbi to inject into China."
As growth in the developed world slowed, companies were looking more closely at emerging markets such as China, where the investment climate continued to improve, Chen added.
Li Huiyong, senior macroeconomic analyst at Shenyin and Wanguo Securities, said increasing labor and operational costs in China have caused many foreign investors to shift labor-intensive ventures to Southeast Asia, while hi-tech firms eye China's advantages in research and development abilities in the IT sector.
Foreign firms thus prefer to establish their R&D centers in China now, and such capital-intensive investment increased the total amount of FDI, he said.
Chen said greenfield projects accounted for around 97 percent of last year's FDI of $74.8 billion, and that the country encouraged FDI in the form of mergers and acquisitions. About 67 percent of the global FDI was in the form of mergers and acquisitions last year.
According to the ministry, there were 4,372 new foreign-funded enterprises in the first two months of 2008, down 23.51 percent from a year earlier. In February alone, there were 1,454 new foreign-invested firms, down 38.02 percent year-on-year.
In January and February, new US-funded companies fell 32.41 percent from a year earlier, although invested capital from the US increased 43.69 percent, the statement said.
New EU-funded firms fell 26.61 percent year-on-year, while capital inflows from the region surged 109.86 percent.
http://english.people.com.cn/90001/90776/90884/6372224.html
China drew $18.13 billion in FDI in January and February, up 75.19 percent year-on-year, the Ministry of Commerce said yesterday.
In February alone, the country attracted $6.93 billion in FDI, up 38.31 percent from a year earlier, according to a statement published on the ministry's website.
Earlier reports had indicated FDI in January was $11.2 billion, 109.78 percent more than in the corresponding month of last year.
Commerce Minister Chen Deming attributed the first two months' increase mainly to the big rise in large-scale projects and a stronger renminbi.
In these two months, China logged 2.5 times more projects, with a price tag of more than $30 million, than the same period of last year, he said at a press conference during the ongoing National People's Congress.
He said the appreciation of the renminbi against the US dollar also encouraged foreign investors to rush here. "Since the renminbi is appreciating, foreign investors wanted to quickly change their dollars into renminbi to inject into China."
As growth in the developed world slowed, companies were looking more closely at emerging markets such as China, where the investment climate continued to improve, Chen added.
Li Huiyong, senior macroeconomic analyst at Shenyin and Wanguo Securities, said increasing labor and operational costs in China have caused many foreign investors to shift labor-intensive ventures to Southeast Asia, while hi-tech firms eye China's advantages in research and development abilities in the IT sector.
Foreign firms thus prefer to establish their R&D centers in China now, and such capital-intensive investment increased the total amount of FDI, he said.
Chen said greenfield projects accounted for around 97 percent of last year's FDI of $74.8 billion, and that the country encouraged FDI in the form of mergers and acquisitions. About 67 percent of the global FDI was in the form of mergers and acquisitions last year.
According to the ministry, there were 4,372 new foreign-funded enterprises in the first two months of 2008, down 23.51 percent from a year earlier. In February alone, there were 1,454 new foreign-invested firms, down 38.02 percent year-on-year.
In January and February, new US-funded companies fell 32.41 percent from a year earlier, although invested capital from the US increased 43.69 percent, the statement said.
New EU-funded firms fell 26.61 percent year-on-year, while capital inflows from the region surged 109.86 percent.
http://english.people.com.cn/90001/90776/90884/6372224.html
China Feb FX reserves hit $1.65 trillion
http://www.guardian.co.uk/feedarticle?id=7402535
Reuters, Friday March 21 2008
By Eadie Chen
BEIJING, March 21 (Reuters) - China's foreign exchange reserves jumped $57.3 billion in February to $1.6471 trillion, almost matching January's surprising leap of $61.6 billion, two sources familiar with the data told Reuters on Friday.
The leap, which complicates the central bank's task of managing monetary policy, will fan talk of a continued surge in speculative hot money coming into China; the increase is more than three times greater than February's combined inflows from the trade surplus and foreign direct investment (FDI).
These totalled $8.6 billion and $6.9 billion respectively.
The sources declined to be identified because they are not allowed to speak officially to the media.
Economists have offered various explanations for the $61.6 billion jump in reserves in January to $1.5898 trillion.
Whatever the reason, the pace of accumulation in the first two months dwarfs last year's average monthly increase in China's reserves of $38.5 billion.
The reserves, the world's largest, have ballooned because the People's Bank of China, in order to hold down the yuan, buys most of the dollars that flow into China.
The central bank then has to sterilise the impact on the money supply by mopping up the domestic currency it creates in the process. The jump in reserves will make this job harder.
Tao Wang, Bank of America's economist in Beijing, said there was more than $100 billion of unexplained capital flows into China in the second half of last year.
These may even have accelerated in recent months, Wang said in a March 17 report.
"Whether these inflows are 'hot money' or not, they validate the concerns on speculative inflows and the reluctance to increase interest rates aggressively," she said.
FINANCIAL TURMOIL
What's more, Wang said the inflows were likely to persist as expectations of a steady and significant rise in the yuan make China even more attractive at a time of global financial turmoil and declining U.S. interest rates.
"This influx of foreign exchange poses increasing difficulties for Chinese policy makers in deciding the appropriate monetary and exchange rate policies," she wrote.
Stephen Green, head of China research for Standard Chartered Bank in Shanghai, doubted that hot-money inflows were to blame for the $61.6 billion increase in January's reserves, of which he said about $29 billion cannot be readily explained.
For one thing, banks
http://www.guardian.co.uk/feedarticle?id=7402535
Reuters, Friday March 21 2008
By Eadie Chen
BEIJING, March 21 (Reuters) - China's foreign exchange reserves jumped $57.3 billion in February to $1.6471 trillion, almost matching January's surprising leap of $61.6 billion, two sources familiar with the data told Reuters on Friday.
The leap, which complicates the central bank's task of managing monetary policy, will fan talk of a continued surge in speculative hot money coming into China; the increase is more than three times greater than February's combined inflows from the trade surplus and foreign direct investment (FDI).
These totalled $8.6 billion and $6.9 billion respectively.
The sources declined to be identified because they are not allowed to speak officially to the media.
Economists have offered various explanations for the $61.6 billion jump in reserves in January to $1.5898 trillion.
Whatever the reason, the pace of accumulation in the first two months dwarfs last year's average monthly increase in China's reserves of $38.5 billion.
The reserves, the world's largest, have ballooned because the People's Bank of China, in order to hold down the yuan, buys most of the dollars that flow into China.
The central bank then has to sterilise the impact on the money supply by mopping up the domestic currency it creates in the process. The jump in reserves will make this job harder.
Tao Wang, Bank of America's economist in Beijing, said there was more than $100 billion of unexplained capital flows into China in the second half of last year.
These may even have accelerated in recent months, Wang said in a March 17 report.
"Whether these inflows are 'hot money' or not, they validate the concerns on speculative inflows and the reluctance to increase interest rates aggressively," she said.
FINANCIAL TURMOIL
What's more, Wang said the inflows were likely to persist as expectations of a steady and significant rise in the yuan make China even more attractive at a time of global financial turmoil and declining U.S. interest rates.
"This influx of foreign exchange poses increasing difficulties for Chinese policy makers in deciding the appropriate monetary and exchange rate policies," she wrote.
Stephen Green, head of China research for Standard Chartered Bank in Shanghai, doubted that hot-money inflows were to blame for the $61.6 billion increase in January's reserves, of which he said about $29 billion cannot be readily explained.
For one thing, banks