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AmCham-China Wire: March 12, 2010 05 February 2012
| 12 MARCH 2010 | A service of AmCham-China and  |
| SELECTED CHINA MEDIA REPORTS | View Archives |
| 1. Europe and US should not depend on renminbi appreciation to solve problem of trade imbalance 2. First step in salary system reform for Chinese senior executives 3. No. 1 proposal focuses on low carbon; auto industry to become pioneer of low carbon society 4. Rare Obama comment on renminbi exchange rate issue; Obama puts forward "currency manipulator" issue again 5. CPI up 2.7%, close to warning line; many experts think central bank will raise interest rates in advance 6. Central bank will determine whether to increase interest rate or not by focusing on CPI 7. Sun Zhenyu: trade friction will increase, but is controllable 8. "Trade representative office will be directly under control of the State Council" 9. Influence of China's economy on trade war between China and US 10. Five unfavorable factors influence China's exports |
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| SELECTED FOREIGN REPORTS: 12 MARCH 2010 | |
| PetroChina Inks Fuel Deals (AWSJ - subs. req.) China's Loose Banks (AWSJ - subs. req.) Air China to Raise $952 Million (AWSJ - subs. req.) Awash in Fake Drugs, Nigerians Fight Back (AWSJ - subs. req.) NGOs in China Say Threatened by New Donor Rules (NYT - reg. req.) Don't Politicize Yuan, China Central Bank Tells Obama (NYT - reg. req.) Lenovo Says Business Will Focus on Mobile Internet (NYT - reg. req.) US slams China's rights record, currency policy (SCMP - subs. req.) Saudi Arabia and UAE ready to press Beijing on Iran sanctions, says US (SCMP - subs. req.) SOHO China reports robust numbers (Standard) Mainland inflation jumps to 16-month high (Standard) |
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| 1. Europe and US should not depend on renminbi appreciation to solve problem of trade imbalance Chinese Minister of Commerce Chen Deming says the renminbi is facing pressure to appreciate. It is necessary for the renminbi to maintain its stability. Renminbi appreciation will not solve trade imbalances. [www.cs.com.cn, 2010.03.12] 859 words - PReSEARCH it now 2. First step in salary system reform for Chinese senior executives The China Banking Regulatory Commission (CBRC) recently issued new guidelines for banking executives to avoid the bonus-driven, risk-taking culture that dominates Wall Street and triggered the credit crunch. Senior bank executives' performance-related bonuses should be within three times that of their basic salary. At least 40% or more of an executive's bonus must be delayed for a minimum of three years and can be withheld if their bank suffers losses due to poor risk control. [Sohu, 2010.03.12] 1,904 words - PReSEARCH it now 3. No. 1 proposal focuses on low carbon; auto industry to become pioneer of low carbon society Xu Changming, Director of the Information Development Department of China Information Center, reveals the central government will create new policies to encourage the development of new energy automobiles. Cui Dongshu, Vice Secretary General of China Passenger Vehicle Joint Conference, says the low carbon concept is directly related to electric vehicles and small-displacement vehicles. The development of new energy vehicles is critical for China to develop its low-carbon economy. [Sina, 2010.03.12] 2,469 words - PReSEARCH it now 4. Rare Obama comment on renminbi exchange rate issue; Obama puts forward "currency manipulator" issue again March 11, the US Department of Commerce says in a report that the US trade deficit with China in Jan. fell by 17.6% to $6.89b. US President Barack Obama makes rare comments about the foreign exchange market. However, on the same day, he says his administration faces a decision over whether to label China a "currency manipulator" in a semi-annual Treasury Department report due on April 15. That indicates the US will add pressure to the renminbi exchange rate in order to balance its trade deficit. [People, 2010.03.12] 927 words - PReSEARCH it now 5. CPI up 2.7%, close to warning line; many experts think central bank will raise interest rates in advance March 11, the National Bureau of Statistics (NBS) announces that China's CPI in Feb. rose 2.7% year-on-year, close to the inflation warning line of 3%. Meanwhile, data related to industry, consumption and investment signified rapid growth. Higher-than-expected data have pushed up market expectations for an interest rate rise. Many experts think the central bank will raise its interest rates in advance. [People, 2010.03.12] 3,813 words - PReSEARCH it now 6. Central bank will determine whether to increase interest rate or not by focusing on CPI March 11, according to statistics from the State Statistics Bureau, the CPI in Feb. rose 2.7% compared with the same month last year, up 1.2% from Jan. The CPI should not be the focused of central bank decisions to increase the interest rate or not. In addition to the CPI, the stock market and asset prices should also be considered when making currency policies. [Net Ease, 2010.03.12] 1,681 words - PReSEARCH it now 7. Sun Zhenyu: trade friction will increase, but is controllable Sun Zhenyu, a CPPCC member and China's Extraordinary and Plenipotentiary Ambassador to the WTO, says China's trade friction this year is increasing but is controllable. China's trade surplus with the US is $70b. The US's global exports last year decreased 15% but exports to China rose 13%. The exchange rate for the renminbi against the US dollar are not the major factor influencing China-US trade. [Net Ease, 2010.03.12] 1,921 words - PReSEARCH it now 8. "Trade representative office will be directly under control of the State Council" At present, China is facing a greater number of trade disputes. Given this, many experts think setting up a China trade representative office is a good solution. They suggest the office be put directly under the control of the State Council, instead of the Ministry of Commerce, otherwise it will not be powerful enough in dealing with trade disputes on behalf of China. [Net Ease, 2010.03.12] 2,507 words - PReSEARCH it now 9. Influence of China's economy on trade war between China and US According to statistics from the General Administration of Customs, the volume of trade between China and the US increased to $307.82b in 2008 from $990m in 1978. The US is now China's second largest trade partner. The US's trade deficit in 1993 was $6.2b and it rose to $58.2b in 2008. China's exports to the US are mainly primary products while US exports to China are high-tech products. The US will not achieve a gain in domestic employment by restricting China's exports. Conversely, if the US drops restrictions on China's exports, this will aid US domestic employment. [JRJ, 2010.03.12] 1,204 words - PReSEARCH it now 10. Five unfavorable factors influence China's exports Sun Yibiao, an NPC deputy and Vice Director of the General Administration of Customs, says five unfavorable factors are influencing China's exports: 1) China's high dependence on developed economic markets; 2) the continued existence of China's rough export model; 3) Chinese enterprises lag behind in technology-intensive product exports; 4) China has not seen a breakthrough in high-end product exports; and 5) trade protectionism, which is hindering China's exports. [JRJ, 2010.03.12] 1,751 words - PReSEARCH it now |
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This daily media update on China is provided by SinoFile Information Consulting. |
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