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AmCham-China Wire: March 09, 2010 05 February 2012
| 09 MARCH 2010 | A service of AmCham-China and  |
| SELECTED CHINA MEDIA REPORTS | View Archives |
| 1. "Gold content" of China's GDP: residents' incomes only account for 40% of GDP 2. Direction of China's economic development in 2010 3. Zhou Xiaochuan: US dollar peg is a temporary policy; renminbi appreciation not finalized 4. Ministry of Finance will allocate RMB50b to energy saving and emissions reduction this year 5. CPPCC member reveals reasons why official figures are inconsistent with the facts 6. US' speculation regarding renminbi the exchange rate issue could heat up 7. Li Yizhong: subsidy will be increased to tens of thousands of yuan per new energy vehicle 8. SAIC: forbidding false advertising will be written into Advertisement Law 9. 2010 is a crucial year for China to accelerate transformation of the economic development mode |
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| SELECTED FOREIGN REPORTS: 09 MARCH 2010 | |
| China's Next Leaders Jockey for Position (AWSJ - subs. req.) China Cautious on Gold Buying (AWSJ - subs. req.) China: US Assets Should Not Be 'Politicized' (NYT - reg. req.) Airline chief warns of railways threat (SCMP - subs. req.) Sinopec's Shanghai Petrochem expects fuel hike soon (SCMP - subs. req.) Lenders told to review risks of loans to government financing arms (SCMP - subs. req.) Spending on infrastructure to decline to 212b yuan (SCMP - subs. req.) 500 stores in China is Subway's 5-year goal (SCMP - subs. req.) |
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| 1. "Gold content" of China's GDP: residents' incomes only account for 40% of GDP Yuan Gangming, a researcher from the Institute of the Economics of the Chinese Academy of Social Sciences, says the direct feeling of residents is that GDP growth is more rapid than that of living standard. This is a result of China's GDP production structure and production pattern. He thinks residents' incomes are closely related to GDP's gold content. At present, in the majority of developed countries, residents' incomes account for 60% of their GDP. In contrast, China's residents' incomes only account for 40% of its GDP. This is quite a difficult situation. [www.ce.cn, 2010.03.09] 5,988 words - PReSEARCH it now 2. Direction of China's economic development in 2010 In his government work report, Premier Wen Jiabao has definitively pointed out the development direction of China's economy in the future and an effective operational pattern. According to the government work report, the Chinese government is trying to explore its own sustainable economic growth mode and is trying to solve the various sequelae of the Chinese economy left by the global financial tsunami. This is the result of three big challenges that China's economic development is facing. The first is a problem related to market cultivation and domestic demand growth. The second is a problem related to profitability of Chinese enterprises. The third is a problem related to stabilization of the macro-economic environment and stabilization of the economic foundation based on social harmony. [www.ce.cn, 2010.03.09] 4,968 words - PReSEARCH it now 3. Zhou Xiaochuan: US dollar peg is a temporary policy; renminbi appreciation not finalized Zhou Xiaochuan, governor of People's Bank of China, says during the NPC and CPPCC meetings that current policy of renminbi pegging to the US dollar is a temporary one and that China will cease to peg its currency to the US dollar gradually. He hints that the renminbi won't appreciate against the US dollar radically. He says, "This is a part of our package of policies for dealing with the global financial crisis. Sooner or later, we will exit the policies. We will not yield to any pressure of any form forcing us to appreciate." [Tencent, 2010.03.09] 3,131 words - PReSEARCH it now 4. Ministry of Finance will allocate RMB50b to energy saving and emissions reduction this year Vice Minister of Finance Zhang Shaochun says on March 8 that the Ministry of Finance will increase investment, actively study new mechanisms, push forward measures of "reward replacing subsidy", and encourage energy saving and emissions reduction. All of them represent the basic ideas of the Ministry of Finance on supporting emerging industries this year. He says hat the Ministry of Finance will allocate RMB50b to energy saving and emissions reduction this year, RMB20b more than last year, and RMB10.9b in renewable resource development, RMB3b more than last year. [Sina, 2010.03.09] 1,251 words - PReSEARCH it now 5. CPPCC member reveals reasons why official figures are inconsistent with the facts March 7, Wang Shaojie, vice chairman of the China National Democratic Construction Association and a CPPCC member, says that China should take steps to ensure that officials don't cook the books before they release statistics to the public in order to please the government. Many government statistics have been questioned by the public and considered to be inconsistent with the facts. He thinks some local governments fake figures because the current Statistics Law is not tough enough and doesn't require an exhausting verification system. [Sina, 2010.03.08] 933 words - PReSEARCH it now 6. US' speculation regarding renminbi the exchange rate issue could heat up Last Friday, former Chinese Ambassador Zhou Wenzhong said, "America's speculation regarding the renminbi exchange rate (appreciation) issue could heat up. What's more, other developed western countries may join in." [Sina, 2010.03.08] 601 words - PReSEARCH it now 7. Li Yizhong: subsidy will be increased to tens of thousands of yuan per new energy vehicle March 8, Minister of Industry and Information Technology Li Yizhong says that the MIIT and the Ministry of Finance plan to work out a policy to encourage consumption of new energy vehicles. Consumers will be given a subsidy of tens of thousands yuan per vehicle. In addition, he says that the MIIT has submitted opinions on mergers and restructuring of the steel industry to the State Council. [Sina, 2010.03.08] 383 words - PReSEARCH it now 8. SAIC: forbidding false advertising will be written into Advertisement Law March 8, Zhou Bohua, director of the State Administration of Industry and Commerce (SAIC), says that anyone, especially a celebrity, who is charged with false advertising, should take responsibility correspondingly because it damages consumers' legitimate rights and interests. It will be written into the Advertisement Law that is being revised this year. [People, 2010.03.09] 792 words - PReSEARCH it now 9. 2010 is a crucial year for China to accelerate transformation of the economic development mode In his government work report, Premier Wen Jiabao says 2010 is a crucial year for China to continue to deal with the international financial crisis, keep stable and rapid economic development growth and accelerate transformation of the economic development mode. Although the development environment this year may be better than last year, China will face a very complicated situation. [JRJ, 2010.03.09] 4,854 words - PReSEARCH it now |
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This daily media update on China is provided by SinoFile Information Consulting. |
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