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AmCham-China Wire: March 11, 2010 09 September 2010
| 11 MARCH 2010 | A service of AmCham-China and  |
| SELECTED CHINA MEDIA REPORTS | View Archives |
| 1. China further tightens control of real estate market and raises threshold for land transfers 2. Many banks, such as ICBC and Minsheng Banking Corp., say they do not have financing plans 3. Can China diversify its foreign exchange reserve? 4. China needs to expand domestic demand in order to deal with three challenges after the financial crisis 5. Seven government departments, such as the CBRC, jointly issue temporary measures to regulate firms' financing guarantees 6. China actively takes part in working out standard for Internet of Things; MIIT hopes to obtain right to speak 7. Google CEO to witness outcome of talks with China soon 8. NPC asks the State Council to announce details of approved budgets of all departments to the public 9. All China Federation of Trade Unions vice president agrees with collective negotiating system for wages 10. Strong rebound of exports increases pressure for renminbi appreciation |
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| SELECTED FOREIGN REPORTS: 11 MARCH 2010 | |
| China Data Show Moderating Stimulus (AWSJ - subs. req.) Gold Has Less Luster in China (AWSJ - subs. req.) China Limits Financial-Firm Bonuses (AWSJ - subs. req.) China Inflation Accelerates in February (NYT - reg. req.) Overheating fears grow as China CPI hits 16-month high (SCMP - subs. req.) Google still prepared to quit China over censorship feud (SCMP - subs. req.) Goldman partner to launch China fund (SCMP - subs. req.) Rebound in mainland trade points to yuan rise (SCMP - subs. req.) Economists cannot agree on revaluing of currency (SCMP - subs. req.) |
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| 1. China further tightens control of real estate market and raises threshold for land transfers March 10, the Ministry of Land and Resources issues a circular regarding the strengthening of land supply and supervision in the real estate market. According to the circular, no less than 70% of the land supply should be used for affordable housing or small-sized apartments. As for real estate developers, a down payment must be paid within a month after signing a contract for the land purchase. Real estate developers must also pay a deposit when taking part in land auctions that equal 20% of the minimum price of the land. [Xinhuanet, 2010.03.11] 974 words - PReSEARCH it now 2. Many banks, such as ICBC and Minsheng Banking Corp., say they do not have financing plans During the NPC and CPPCC meetings, four banks, including ICBC, China Construction Bank and China Minsheng Banking Corp., say that they have no financing plans. According to a research report released by China International Capital Corp., Chinese banks will have RMB230b-RMB280b of financing demand this year. The banking industry says that rapid credit growth last year had driven the capital adequacy ratio of banks down. At the beginning of the year, China adjusted its monetary policy and the China Banking Regulatory Commission tightened the management of banks' capital adequacy ratio. This is the reason why banks have strong financing demand. Market analysts think this could drive share prices of banks that raise funds from the capital market down. It will also hurt their profits. [Tencent, 2010.03.11] 1,286 words - PReSEARCH it now 3. Can China diversify its foreign exchange reserve? A majority of analysts and government officials in China and the US think it is impossible for China to use the purchase of foreign currency as a weapon in dealing with bilateral China-US relations. Stephen Green, Head of Research, Greater China, Standard Chartered, says that, in general, as of the end of 2009 China's holdings of US Treasury bonds accounted for about 68% of China's foreign exchange reserve. Over the past five years, Chinese financial officials have been emphasizing repeatedly that the Chinese government needs a plan to gradually diversify the foreign exchange reserve and reduce the proportion of dollar-denominated assets in the foreign exchange reserve. [Tencent, 2010.03.11] 562 words - PReSEARCH it now 4. China needs to expand domestic demand in order to deal with three challenges after the financial crisis Many experts think that China's roadmap for expanding domestic demand has become more and more clear. More efforts should be made in the promotion of consumption, urbanization and industrial adjustment. During the gradual transformation of China's economic development mode, China's economy will hopefully welcome a new round of growth. [Sohu, 2010.03.11] 2,072 words - PReSEARCH it now 5. Seven government departments, such as the CBRC, jointly issue temporary measures to regulate firms' financing guarantees Recently, seven government departments, such as the China Banking Regulatory Commission (CBRC), jointly issued temporary measures to regulate firms' financing guarantees. These firms will be able to offer guarantees for loans, commercial paper, trade financing and credit, but they must not act as banks by accepting deposits or lending money. [Sohu, 2010.03.11] 911 words - PReSEARCH it now 6. China actively takes part in working out standard for Internet of Things; MIIT hopes to obtain right to speak The Ministry of Industry and Information Technology (MIIT) will lead a nine-person delegation to London to take part the first work meeting of the Working Group for Sensor Networks (WGSN) this week. This is the first meeting since the WGSN was established in Oct. of last year. It is very important to work out standards for the Internet of Things. The MIIT will put forward two proposals during the meeting. The MIIT hopes Chinese standards will be recognized and adopted during the meeting. [Sohu, 2010.03.11] 2,368 words - PReSEARCH it now 7. Google CEO to witness outcome of talks with China soon Google CEO Eric Schmidt says on March 10 that Google expects an outcome soon from its talks with China over a dispute involving censorship and hacking. He says Google's discussions are with the Chinese government and are not related to the US government. [Sina, 2010.03.11] 735 words - PReSEARCH it now 8. NPC asks the State Council to announce details of approved budgets of all departments to the public March 10, Gao Qiang, an NPC deputy and Director of the Budgetary Affairs Commission of the NPC Standing Committee, asks the State Council to announce the details of approved budgets of all its ministries and commissions within 15 days after the budget plans of those ministries and commissions are approved by the NPC. [ifeng.com, 2010.03.11] 1,460 words - PReSEARCH it now 9. All China Federation of Trade Unions vice president agrees with collective negotiating system for wages Zhang Mingqi, Vice President of the All China Federation of Trade Unions, agrees with a collective negotiating system for wages. It has been discovered that employee wages in companies that have adopted such a system are 10%-15% higher than in those companies which have not adopted such a system. [ifeng.com, 2010.03.11] 1,151 words - PReSEARCH it now 10. Strong rebound of exports increases pressure for renminbi appreciation According to data released by the General Administration of Customs, China's exports grew by 45.7% year-on-year in Feb. A majority of analysts think that China's exports will change for the better in the first half of the year. Strong growth in exports will add pressure to renminbi appreciation. [eastmoney, 2010.03.11] 1,453 words - PReSEARCH it now |
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This daily media update on China is provided by SinoFile Information Consulting. |
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