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AmCham-China Wire: March 1, 2010 05 February 2012
| 01 MARCH 2010 | A service of AmCham-China and  |
| SELECTED CHINA MEDIA REPORTS | View Archives |
| 1. Education spending to reach 4% of GDP by 2012 2. Strong expectation on renminbi revaluation; exchange rate is not the key issue in China-US trade imbalance 3. Global trade volume plunges; China strives to achieve stable recovery for foreign trade 4. US trade friction against China intensifies; China shows strong stance of using tit-for-tat policy 5. SARFT: never restricts TV stations in releasing online game commercials 6. Process of pilot program for margin financing and securities lending transactions becomes clear; first batch of participants for the pilot program will be five to seven securities firms 7. US Treasury Department data shows China remains largest country holding US Treasury bonds 8. Development Research Center under the State Council: China’s opening up to the outside world lags far behind 9. Analysts: China’s fiscal policies and monetary policies should be both loose and tightened 10. Wen Jiabao: has confidence in maintaining housing prices at reasonable level |
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| SELECTED FOREIGN REPORTS: 01 MARCH 2010 | |
| Toyoda Visits China (AWSJ - subs. req.) China Survey Shows Slower Manufacturing Growth Last Month Due to Holiday (AWSJ - subs. req.) Wen Engages Web Users in Rare Chat (AWSJ - subs. req.) Mainland PMI dips, but recovery trend remains intact (SCMP - subs. req.) AIG approves sale of AIA for US$35.5b (SCMP - subs. req.) Chinese bubble-wrap (SCMP - subs. req.) |
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| 1. Education spending to reach 4% of GDP by 2012 The draft for the National Guidelines for Middle and Long Term Educational Reform and Development (2010-2020), published on Feb. 28, reveals that government spending in education will be raised to 4% of the GDP by 2012. [www.cs.com.cn, 2010.03.01] 407 words - PReSEARCH it now 2. Strong expectation on renminbi revaluation; exchange rate is not the key issue in China-US trade imbalance In 2010, the market has strong expectations on renminbi revaluation. Actually, the US has the strongest demand for renminbi revaluation. Facing high unemployment rate, the US wants to export more and import less to improve international balance of payment and expand employment. The US believes the underestimation of the renminbi exchange rate is the major factor that causes China-US trade imbalance. The author believes the renminbi exchange rate is not the major factor. For a long time, the international competitiveness of Chinese products lies in relatively lower labor and land costs. This competitiveness is not realized by the underestimation of renminbi exchange rate. Despite the trade surplus, China has gained less profits. [www.ce.cn, 2010.03.01] 1,385 words - PReSEARCH it now 3. Global trade volume plunges; China strives to achieve stable recovery for foreign trade Pascal Lamy, director-general of the WTO, says the world GDP in 2009 was negative at -2.2%. The number of unemployed people reached more than 200m. World trade volume fell 12%. According to latest customs statistics, China’s foreign trade in Jan, which continued the growth momentum in Nov. and Dec. 2009, grew 44.4% from the same month a year ago. Export grew 21%. Feb. 25, Yao Jian, spokesman for the Ministry of Commerce, says China’s foreign trade has not reached the level before the financial crisis. It may take two to three years for China to reach the level before the financial crisis. He says most foreign trade enterprises are in the stage of fighting economic crisis and seeking survival. The ministry will create a favorable environment in terms of policy continuity for export enterprises. Meanwhile, the ministry will increase policy efforts in expanding imports to ensure stable recovery for foreign trade this year. [Sina, 2010.03.01] 1,608 words - PReSEARCH it now 4. US trade friction against China intensifies; China shows strong stance of using tit-for-tat policy Feb. 5, the Chinese Ministry of Commerce announced preliminary anti-dumping duties on broiler chicken imports from the US. The next day, the US Department of Commerce responded by saying it would impose an anti-dumping duty of up to 231% on gift packages and package ribbons produced in China. This signals that the China-US trade friction is intensifying. With the increasing US trade protectionism, China has made preparations. The Ministry of Commerce is organizing local governments and business associations and enterprises involved in anti-dumping cases to deal with such issues together. [Sina, 2010.03.01] 1,959 words - PReSEARCH it now 5. SARFT: never restricts TV stations in releasing online game commercials Regarding the TV commercials of some online games, an official with the State Administration of Radio, Film and Television (SARFT) says SARFT has not banned online game TV commercials, although SARFT issued a notice once that TV stations were not allowed to show online game programs. [Sina, 2010.03.01] 722 words - PReSEARCH it now 6. Process of pilot program for margin financing and securities lending transactions becomes clear; first batch of participants for the pilot program will be five to seven securities firms To prepare for the pilot program for the margin financing and securities lending transactions that is expected to be launched in March, 11 securities firms will end their tests of emulation trading. They will submit their applications for the pilot program to the China Securities Regulatory Commission (CSRC). The list of securities firms for the pilot program will be announced March 18-20. About five to seven securities firms will be selected. [Sina, 2010.03.01] 1,190 words - PReSEARCH it now 7. US Treasury Department data shows China remains largest country holding US Treasury bonds According to the statistics released by the US Treasury Department on Feb. 16, China remained the largest country holding US Treasury bonds by the end of 2009. By the end of Dec. 2009, China held $894.8b in US Treasury bonds, higher than the previously announced $755.4b. [Sina, 2010.02.28] 732 words - PReSEARCH it now 8. Development Research Center under the State Council: China’s opening up to the outside world lags far behind Feb. 26, at a national policy consulting work conference, Long Guoqiang, director of the Foreign Economic Research Department of the Development Research Center under the State Council, says China’s opening up to the outside world has lagged far behind, compared with China’s role in the international community, its overall national strength, international competitiveness and economic development mode transformation. China should make increasing efforts to open up to the outside world. [Sina, 2010.02.27] 574 words - PReSEARCH it now 9. Analysts: China’s fiscal policies and monetary policies should be both loose and tightened Zhou Jingtong, senior economist at the strategic development department of the Bank of China, says China’s economy will show a good situation of “high growth and low inflation” in the first quarter of this year. But this ideal situation will not last long. This is because this round of economic rebound is led by stimulus policies. The basis for the rebound is not stable. There is a risk in the downward trend in the economic growth and upward trend in prices. In the second quarter of this year, CPI will exceed 3%, which will eventually cause the Chinese economy to face stagnant growth, with coexistence of high price and low growth. To avoid the situation, loose and tightened fiscal policies and monetary policies should be conducted. Positive fiscal policies should not be changed. Monetary policies should be moderate by taking steps including deposit reserve ratio, Open Market Operations and central bank bills to recover liquidity. [Sina, 2010.02.27] 1,259 words - PReSEARCH it now 10. Wen Jiabao: has confidence in maintaining housing prices at reasonable level Feb. 27, Chinese Premier Wen Jiabao answers questions on the macro economy, social wealth distribution, education and health care issues raised by Internet users. He says the government is confident in maintaining the housing prices at a reasonable level, with the use of legal and economic means. [JRJ, 2010.03.01] 1,014 words - PReSEARCH it now |
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Prepared by Beijing SinoFile Information Consulting Company Ltd. For full news service coverage, including PReSEARCH |
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