In an interview run by the China Securities Journal on Saturday, Xia Bin, a researcher with the Development Research Center, a think-tank under the State Council (cabinet), said China's GDP growth in 2010 would mainly rely on expanding domestic demand.

"In the first three quarter this year, net exports drag down GDP growth by 3.6 percentage points. Next year, whether net exports will make positive contribution to GDP growth remains a challenge," he said.

So, China needed a consumption-oriented structural adjustment plan in order to help the economy further expand domestic demand, especially residents' consumption, Xia said.

The Chinese economy needed unparalleled growth of consumption, which had nev...]]> Business Sat, 21 Nov 2009 07:18:07 +0800 /articles/09/1118/197672/MTk3NjcykYdLY7LL.html KUALA LUMPUR (Nov 18, 2009) : DAP stalwart Lim Kit Siang wants Malaysian Anti-Corruption Commission (MACC) chief commissioner Datuk Seri Ahmad Said Hamdan to resign over the country’s worst single-year plunge in the latest Transparency International (TI) Corruption Perception Index (CPI) ranking.

Speaking to reporters at the Parliament lobby today, Lim said the plunge in score - from 5.1 last year to 4.5 this year - was a national shame and a reflection of the newly formed MACC.

"(It) is a major blow for the new premiership of Prime Minister Datuk Seri Najib Razak who had declared that the fight against corruption was one of the six KPI (Key Performance Index) priorities of his administration," said Lim, who filed an emergency motion with Speaker Tan Sri Pandikar Amin to debate the issue in the Dewan today.

He said in Najib’s seven months of premiership, he had presided over the worst single-year plunge in TI CPI ranking and score.

Ahma...]]> Business Wed, 18 Nov 2009 14:29:27 +0800 /articles/09/1117/197542/MTk3NTQyPhMYWuQv.html

However, Prime Minister Datuk Seri Najib Razak’s moves to initiate reforms in some institutions, especially the judiciary, and the setting up of the Malaysian Anti-Corruption Commission, to make them more independent, transparent and accountable, was the way forward for the country, he said at a press conference to announce Malaysia’s position in the Transparency International Corruption Perceptions Index 2009, today.

He said Transparency International Malaysia believed that the way forward for the country was to seriously combat corruption and to make government decisions and transactions more visible and trans...]]> Business Tue, 17 Nov 2009 14:32:46 +0800 /articles/09/1113/197078/MTk3MDc4wt1iRfNR.html     BEIJING, Nov. 13 (Xinhua) -- China's fiscal revenue for October reached 684.49 billion yuan (about 100 billion U.S. dollars), up 28.4 percent compared to the same period last year, the Ministry of Finance announced Friday.

Unveiling its Inflation Report, the Bank stuck to a previous prediction that economic growth would return at the start of next year but raised its forecast for the speed of recovery.

The Bank of England said that gross domestic product — a key measure of economic growth — should rise above 4 per cent in early 2011 before easing back towards 3 per cent by the end of 2012.

While Mervyn King, the Governor of the Bank of England, said that Britain's recovery has "just started", today's up-tick in forecasts is a boost since only in August, the Bank was predicting growth would barely rise above 3 per cent over the next three...]]> Business Wed, 11 Nov 2009 13:59:19 +0800 BEIJING, Nov. 11 (Xinhua) -- China's new yuan-denominated loans in October was down 51 percent to 253 billion yuan (37.06 billion U.S. dollars) from September's 75.68 billion U.S. dollars.

China's GDP grows 7.7% in first nine months

  BEIJING, Oct. 22 (Xinhua) -- China's gross domestic product (GDP) grew 7.7 percent year on year in the first three quarters of this year, the National Bureau of Statistics said at a press conference Thursday.  Full story 

China's CPI falls 1.1% in 1st nine months 

  BEIJING, Oct. 22 (Xinhua) -- China's consumer price index (CPI),a main gauge of inflation, dipped 1.1 percent year on year in thefirst nine months of this year, the National Bureau of Statisticssaid Thursday.

The September CPI was up 0.4 percent from the previous month.  Full story

China's PPI down 6.5% in first three quarters

  B...]]> Business Wed, 11 Nov 2009 12:23:47 +0800 /articles/09/1111/196911/MTk2OTExIBHMdkMM.html BEIJING, Nov. 11 (Xinhua) -- China's industrial output rose 16.1 percent in October from a year earlier, as the economy has seen a consolidated growth recovery with massive government spending, official data showed Wednesday.

China's GDP grows 7.7% in first nine months

  BEIJING, Oct. 22 (Xinhua) -- China's gross domestic product (GDP) grew 7.7 percent year on year in the first three quarters of this year, the National Bureau of Statistics said at a press conference Thursday.  Full story 

China's CPI falls 1.1% in 1st nine months 

  BEIJING, Oct. 22 (Xinhua) -- China's consumer price index (CPI),a main gauge of inflation, dipped 1.1 percent year on year in thefirst nine months of this year, the National Bureau of Statisticssaid Thursday.

The September CPI was up 0.4 percent from the previous month.  Full story

China's PPI down 6.5% in firs...]]> Business Wed, 11 Nov 2009 12:23:37 +0800 /articles/09/1111/196910/MTk2OTEwDyQH2Moz.html BEIJING, Nov. 11 (Xinhua) -- China's imports and exports fell 10.7 percent in October year on year, but with monthly exports exceeding 100 billion U.S. dollars for a fourth straight month this year, the General Administration of Customs announced Wednesday.

The rate of decline was 0.3 percentage points lower than that in Septemper.

The producer price index (PPI), a major measure of inflation at the wholesale level, dropped 5.8 percent in October from a year earlier, according to the NBS.

The rate of decline was 1.2 percentage points lower than that in September.

The CPI in urban and rural areas fell 0.7 percent and 0.1 percent respectively year on year last month, Sheng Laiyun, a spokesman of the NBS told reporters Wednesday.

Food prices nationwide went up by 1.6 percent year on year in October, while non-food prices dropped 1.6 percent.

These figures were in line with analysts' forecasts, Lian Ping, chief economist of the Bank of Communications, China's fifth largest lender, told Xinhua Wednesday.

"The CPI month-on-month de...]]> Business Wed, 11 Nov 2009 09:45:25 +0800 /articles/09/1105/196338/MTk2MzM4sEuqajk4.html BEIJING, Nov. 5 (Xinhua) -- A Chinese government think tank leader said Thursday China's macroeconomic policy in 2010 should focus on maintaining steady economic growth and stable prices.

Liu Shijin, deputy director of the State Council's Development Research Center, made the statement at a forum in Beijing on the first anniversary of the introduction of the government's 4-trillion yuan (586 billion U.S. dollars) economic stimulus plan.

The government should adhere to its proactive fiscal and moderately easy monetary policies in 2010 to achieve fast and steady economic development, he said.

Liu forecast China's consumer price index (CPI) and producer price index (PPI) would turn to growth before the end of 2009.

He said high inflation was not a concern as he projected CPI at a moderate level of 3 percent at least for the first half of 2010.

However, inflationary pressure might mount in the second half and the possibility of an annual ...]]> Business Thu, 05 Nov 2009 12:23:04 +0800 /articles/09/1105/196337/MTk2MzM3h1AmMrDw.html BEIJING, Nov. 5 (Xinhua) -- Eight-percent growth was no longer a problem for China's economy this year, but the real challenge was to push forward structural adjustments, a senior economist said Thursday.

Yao Jingyuan, chief economist of the National Bureau of Statistics (NBS), told a forum in Beijing that China's economy was over the worst, saying November 2008 to February 2009 was the toughest period for the economy.

The country's economy had gained momentum each quarter, which would ensure full-year growth of 8 percent, he said.

NBS data showed the economy expanded 8.9 percent year on year in the third quarter, faster than the 7.9 percent in the second quarter and 6.1 percent in the first, backed by the stimulus packages the government put into place in last November.

The stimulus packages to prop up growth had set a stage for stronger growth in the future, he said.

However problems remained and the real challenge for the economy w...]]> Business Thu, 05 Nov 2009 12:22:52 +0800 /articles/09/1105/196274/MTk2Mjc0HnldWnvL.html BEIJING, Nov. 4 (Xinhua) -- Chinese government approved a plan Wednesday to push forward the reform and development of the country's Supply and Marketing Cooperatives to advance rural economy.

Supply and Marketing Cooperatives, which have a history of more than 80 years in China, have served as an important platform for the distribution of agricultural products in rural areas.

Efforts will be made to improve the service, purchase and sale networks for means of agricultural production, agricultural consumer goods and agricultural products to further tap the rural market, said a statement issued after an executive meeting of the State Council, or the Cabinet, chaired by Premier Wen Jiabao.

The government will also reform enterprises owned by the Cooperatives to improve their competitiveness and encourage them to join the industrialization of agricultural products. Special Report:  Global Financial Crisis

Answering a question raised by a member of the Legislative Council in written form, Tsang, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government, said the local year-on-year headline composite consumer price index inflation rate has remained subdued since mid-2009.

"Accommodative monetary conditions are appropriate given that Hong Kong is in the early stage of recovery," he said.

Tsang said that the loose monetary condition has been one of the factors contributing to the rising prices for high-end flats in Hong Kong but low mortgage interest rates kept housing affordability relatively stable.

Price of flats with an area of 160 square meters or above have already exceeded their previous peak recorded in t...]]> Business Thu, 05 Nov 2009 02:28:26 +0800     BEIJING, Nov. 3 (Xinhuanet) -- China's economic growth is likely to remain robust, the World Bank reported Tuesday. However the costs of keeping policy expansionary will increase over time. Large fiscal and monetary stimulus has supported a recovery in China's economy, according to the World Bank's latest China Quarterly Update.

    The regular assessment of the Chinese economy finds that falling exports amidst the global recession have been a major drag on growth.

    Nonetheless, real GDP growth rose to 8.9 percent year-on-year in the third quarter on the back of the stimulus. Most of the stimulus has shown up in infrastructure-oriented government-led investment. But some has been consumption-oriented and domestic demand growth has been broad based.

    According to the World Bank's report resurgent housing sales have started to feed through to construction activi...]]> Business Thu, 05 Nov 2009 02:09:03 +0800 /articles/09/1028/195433/MTk1NDMzaWrbyEd9.html And he's reminded Reserve Bank Governor Glenn Stevens of his own remarks that “it is a bit hard to claim that as of this moment there is too much growth in the economy”. Ahead of an expected Melbourne Cup rate rise, punters are now backing a 25 basis point interest rate rise and a horse trained by Bart Cummings to win next Tuesday, according to bookmaker Centrebet. There has been speculation ahead of the release of today's inflation figures of a rise of up to 50 basis points. But the Treasurer warned today unemployment was still expected to rise and he noted the CPI had increased by 1.3 per cent over the year, its lowest rate in 10 years. “What we're seeing here today is there is still a substantial spare capacity in our economy,” Mr Swan said today. The Tr...]]> Business Wed, 28 Oct 2009 04:05:50 +0800 /articles/09/1027/195288/MTk1Mjg4z5MKrLXz.html

At the close, the dollar was trading at US92.37c, down US0.11c. During the domestic session, the unit moved between US92.77c and US91.92c.

ICAP economist Adam Carr said investors stayed away from the risk-sensitive Australian unit ahead of Consumer Price Index data due tomorrow.

The CPI is a key measure of inflation and will hint at whether the Reserve Bank will lift the overnight cash rate by 50 basis points on November 3.

"What is keeping people on the sidelines is the CPI on Wednesday," Mr Carr said.

"That's a really big number. There's lots of talk about the RBA tightening 50 basis points."

There was also talk about whether the central bank would even raise rates at all, he said.

"Wednesday's numbers are going to sort it all out and until then I don't thi...]]> Business Mon, 26 Oct 2009 22:22:21 +0800 /articles/09/1025/195149/MTk1MTQ5TzAKwIHx.html Wu Jinglian file photo (Photo: Xinhuanet.com)
Photo Gallery>>>

BEIJING, Oct. 25 -- China should shift focus back to restructuring its growth model and upgrade industries to increase profit, Wu Jinglian, a renowned economist and researcher at the Development Research Center under the State Council, told Saturday's Pujiang Innovation Forum.

"China's stimulus has effectively reversed the economic slowdown, a success for the country in the short term," Wu said. "The long-term interests of China still lie in a better growth model, which promotes knowledge and innovation-driven development, instead of dependence on cheap labor."

China has just released a series of encouraging economic data. The country's gross domestic product expanded 8.9 percent from last year in the third quarter, up from increases of 7.9 percent in the second quarter and 6.1 percent in the first three months.

"We have achieved our short-ter...]]> Business Sun, 25 Oct 2009 02:15:53 +0800 /articles/09/1023/195007/MTk1MDA3boMvprRw.html Business Fri, 23 Oct 2009 07:34:24 +0800 /articles/09/1022/194883/MTk0ODgz8j7EZydJ.html BEIJING, Oct. 22 (Xinhua) -- China's retail sales in the first three quarters rose 15.1 percent year on year, or 17 percent after deducting price factors, the National Bureau of Statistics said Thursday.

The volume of retail sales topped 8.97 trillion yuan (1.31 trillion U.S. dollars) in the first three quarters.

China's recovery trend "consolidated": Cabinet meeting

Chinese economy maintains sound development: vice premier

The growth rates for the first quarter and second quarter were 6.1 percent and 7.9 percent, respectively.

NBS spokesman Li Xiaochao said China's gross domestic product (GDP) totaled 21.78 trillion yuan (about 3.18 trillion U.S. dollars) in the first nine months.

A basket of policies adopted by the Chinese government to fight the global financial crisis has produced significant results and the Chinese economy is on a "consolidated" growth recovery, he said.

China is able to achieve the annual growth target of 8 percent, he added.

More Economic Data in Sept.New Loans

Special Report:  Global Financial Crisis

Yao Jingyuan, chief economist at the National Bureau of Statistics, identified November 2008 to February 2009 as the trough for the recession. But he believed that China's current economic recovery is gaining speed, which will set the stage for faster growth in 2010.

China's GDP is expected to grow by about 8.3 percent year on year for 2009, according to a report released earlier by the Chinese Academy of Social Sciences.

China's premium income in the first nine months rose 8.1 percent from a year earlier to 125.63 billion U.S. dollars, fiscal revenue rose 33 percent from a year earlier to 82.13 billion dollars in September, new yuan-denominated loans in September rose to 75.68 billion dollars from August's 60.1 billion, and foreign exchange res...]]> Business Mon, 19 Oct 2009 12:24:01 +0800 /articles/09/1019/194534/MTk0NTM0uhEBR5lP.html BEIJING, Oct. 19 (Xinhua) -- China's gross domestic product (GDP) growth in the first three quarters should exceed 7 percent, Xiong Bilin, deputy director general of the Industry Department of the National Development and Reform Commission (NDRC), said Monday.

Related

 China's 2009 GDP growth revised up to 8.2%

 China's GDP to grow around 9% in Q3: report

 China's economy rebounds to 7.9 pct in Q2, recovery in sight

 China's GDP up 6.1% in first quarter

Few difficulties stood in the way of China realizing its annual target -- made early this year -- of 8 percent GDP growth year on year, said Xiong at a press conference highlighting production overcapacity.

The government's 4-trillion-yuan (585.65 billion U.S. dollars) stimulus package, rolled out in November la...]]> Business Mon, 19 Oct 2009 12:23:50 +0800 /articles/09/1009/193397/MTkzMzk3b10RHDQL.html The raft of key data coming this week will help economists put the finishing touches on their forecasts for third-quarter economic growth. Recent weaker-than-expected readings from the labor markets, factory orders, and the Institute for Supply Management’s manufacturing survey have quelled some of the more enthusiastic expectations for what will be the recovery’s first advance in GDP. Those projections had been running generally between 3% and 4%. Now, forecasts are beginning to settle toward the lower end of that range.

For the purposes of forecasting third-quarter GDP, August business inventories will be the week’s most important report. Companies are expected to have greatly reduced their rate of liquidation, after cutting their stockpiles at a record $160 billion annual rate in the second quarter. Every reduction of $30 billion in the rate of liquidation adds about one percentage point to GDP growth. Economists expect the slower rate of inventory cutting to boo...]]> Business Thu, 08 Oct 2009 23:02:51 +0800 /articles/09/1009/193396/MTkzMzk2cPwauI2b.html

The jobless rate dropped to 5.7per cent in September as employers took on an additional 40,000 staff - the biggest monthly jobs gain since late 2007, when the resources boom was in full swing.

Nearly all the new positions were full-time although there was also a small rise in the number of part-time jobs. Economists now believe there is a chance the jobless rate may rise no higher.

"As amazing as it would have seemed six months ago, we now may have to contemplate the possibility that unemployment may already have peaked," BT Financial Group chief economist Chris Caton said.

The strength of the jobs numbers pushed the value of the Australian dollar above US90c and gave another boost to the sharemarket. With y...]]> Business Thu, 08 Oct 2009 22:30:05 +0800 /articles/09/1003/192994/MTkyOTk0CbtfUcaN.html

Fireworks are seen during a grand performance celebrating the 60th anniversary of the founding of the People's Republic of China, on the Tian'anmen square in Beijing, capital of China, Oct. 1, 2009. (Xinhua/Guo Dayue)Photo Gallery>>>

BEIJING, Oct. 3 (Xinhua) -- China contributed 19.2 percent of the world economic growth in 2007, up from 2.3 percent in 1978, a report by the National Bureau of Statistics (NBS) has said.

Related

 Worldwide praise to China for its achievements over 60 years

 IMF: China to lead Asian recovery with 8.5% growth in 2009

 China showcases strength, vitality on 60th founding anniversary

The report was the 18th by the NBS. It showcased the improving international status and influence of new China over years of development.

Accord...]]> Business Sat, 03 Oct 2009 07:25:49 +0800 /articles/09/1001/192861/MTkyODYxLPqj2GSz.html ISTANBUL, Oct. 1 (Xinhua) -- The International Monetary Fund (IMF) projected on Thursday that China will grow by 8.5 percent this year and 9.0 percent in 2010, saying China will lead Asia out of the economic recession.

Recent indicators point to a strengthening recovery in Asia "led by a rapid rebound in China, where growth accelerated to an annual rate of 7.1 percent in the first half of the year," IMF said in its World Economic Outlook (WEO) issued in Istanbul on Oct.1.

Asia's growth momentum will build during the second half of 2009, forming the basis for a generally moderate recovery in 2010,said the report.

China and India will lead the expansion this year and will grow at 8.5 percent and 5.4 percent respectively, boosted by large policy stimulus which is increasing demand from domestic sources, it said.

"The policy stimulus in China could support recoveries in other parts of Asia," the report said.

According to the report, Ch...]]> Business Thu, 01 Oct 2009 12:20:58 +0800 /articles/09/1001/192843/MTkyODQzP8qXG13O.html BEIJING, Oct. 1 (Xinhua) -- The Purchasing Managers' Index (PMI) of China's manufacturing sector rose to 54.3 percent in September, up 0.3 percentage points from a month earlier, the China Federation of Logistics and Purchasing (CFLP) said Thursday.

A reading of above 50 suggests expansion, while one below 50 indicates contraction.

The PMI includes a package of indices that measure economic performance. The survey, conducted by the National Bureau of Statistics, covers purchasing and supply managers in more than 700 firms across China.

The purchasing price index dropped 5.1 percentage points, the first slump in ten months.

The new order index was 56.8 percent, up 0.5 percentage points from the previous month.

The new export index rose to 53.3 percent, up 1.2 percentage points from the previous month.

The output index was 58.0 percent this month, slightly up 0.1 percentage points from the previous month.

A total of 15 sectors ...]]> Business Thu, 01 Oct 2009 07:28:59 +0800 /articles/09/0924/192095/MTkyMDk1YkvvD2IC.html Datuk Paul Low

The bank made the forecast in a report released Tuesday. The new projection for this year is higher than its previous forecast of 7 percent on March 31 this year. Special Report:  Global Financial Crisis

At 7am AEST, the local currency was trading at $US0.8733/36, up 0.75 per cent from yesterday's close of $US0.8668/71. It was the highest opening to the domestic session since August 22, 2008.

During the offshore session, the unit moved between $US0.8660 and $US0.8750.

Financial markets rose after manufacturing data pointed to a stronger recovery in the US, while an inflation report suggested moderate pressure on prices.

Industrial production in the US rose 0.8 per cent in August, above market forecasts for an increase of 0.6 per cent, the Federal Reserve said.

Overall industrial output rose for a second month in August after eight consecutive monthly declines.

Consumer prices in the US rose 0.4 per cent in August, driven by higher fuel costs, the US Department of La...]]> Business Wed, 16 Sep 2009 22:19:07 +0800 /articles/09/0917/191295/MTkxMjk1nRMmgno8.html Despite a jump in gasoline prices last month, inflation in the Seattle area edged down last month, continuing a trend of stable prices.

The local Consumer Price Index fell 0.05 percent in August from June's reading. On a rolling 12-month basis, consumer prices were 0.27 percent lower last month than in August 2008. (The federal government calculates the overall Seattle-area inflation rate every other month, though certain components are tracked monthly.)

The national CPI rose 0.4 percent in August, after a flat reading in July. Wall Street economists had expected a 0.3 percent increase, according to a survey by Thomson Reuters.

Grocery prices in the Seattle area fell 1.5 percent over the past two months, according to the Bureau of Labor Statistics report, and were 1.2 percent lower than in August 2008. Prices for household furnishings fell 1.6 percent in August, and clothing prices were down 5.6 percent — indications of slack consumer demand.

The GDP of Hong Kong decreased by 7.8 percent year on year in the first quarter, following a year-on-year decrease of 2.6 percent in the fourth quarter of 2008.

The Q2 GDP of Hong Kong was estimated to be 392.7 billion HK dollars (50.3 billion U.S. dollars), compared with the gross national product of 414.2 billion HK dollars (53.1 billion U.S. dollars), said the Census and Statistics Department.

After netting out the effect of price changes, the GNP of the free trade hub decreased by 3.7 percent year on year in the second quarter, and the GDP decreased by 3.8 percent year on year in the same quarter, it said.

Total factor income inflow into Hong Kong in the second quarter was estimated to be 215.1 ...]]> Business Tue, 15 Sep 2009 02:20:08 +0800 /articles/09/0911/190717/MTkwNzE3mYQ9pwxb.html

The rate of decline was 0.6 percentage points lower than that in July. In August 2008, the CPI rose 4.9 percent over the same month in 2007.

This marked the seventh consecutive month of decline since the index dropped 1.6 percent in February, the first fall since October 2002.

The producer price index (PPI), a major measurement of inflation in wholesaling, in August fell 7.9 percent from a year earlier.

The rate of decline was 0.3 percentage points lower than that in July. In August 2008, the PPI rose 10.1 percent over the same month in 2007.

Related:

China's new loans rise to 410.4 bln yuan in August

China's new yuan-denominated lending in August rose to 410.4 billion yuan (60.02 billion U.S. dollars) from July's 355.9 billion yuan, the People's Bank of China, the central...]]> Business Fri, 11 Sep 2009 04:14:12 +0800 /articles/09/0911/190716/MTkwNzE2weP0paOz.html

The rate of decline was 0.6 percentage points lower than that in July. In August 2008, the CPI rose 4.9 percent over the same month in 2007.

This marked the seventh consecutive month of decline since the index dropped 1.6 percent in February, the first fall since October 2002.

The producer price index (PPI), a major measurement of inflation in wholesaling, in August fell 7.9 percent from a year earlier.

The rate of decline was 0.3 percentage points lower than that in July. In August 2008, the PPI rose 10.1 percent over the same month in 2007.  

Related:

China's new loans rise to 410.4 bln yuan in August

China's new yuan-denominated lending in August rose to 410.4 billion yuan (60.02 billion U.S. dollars) from July's 355.9 billion yuan, the People's Bank of China,...]]> Business Fri, 11 Sep 2009 04:13:56 +0800 /articles/09/0910/190618/MTkwNjE4AHakuudc.html BEIJING, Sept. 10 (Xinhua) -- Housing prices in 70 of China's large and medium-sized cities rose 2 percent in August 2009 compared to the same month in the previous year, as the country's economy improved, according to figures from the National Bureau of Statistics Thursday.

The prices advanced 0.9 percent from July, when housing prices rose 1.0 percent from the same month in the previous year.

Prices of new houses in August rose 1.5 percent from the same month last year, and 1.1 percent from July. The growth rate was 1.2 percentage points higher than in July.

Housing prices in certain cities, including Ningbo in the east,and Yinchuan and Xining in the northwest, rose more quickly than in other cities. August prices in the three named cities rose respectively 7.4 percent, 6.8 percent, and 4.9 percent from the same month last year.

In August, prices of second-hand houses in the 70 cities rose 3.6 percent compared to th...]]> Business Thu, 10 Sep 2009 07:41:19 +0800 /articles/09/0906/190195/MTkwMTk1xHQVnhdB.html BEIJING, Sept. 6 (Xinhua) -- Shanghai is prioritizing its economic structure to achieve sustainable gains in the city's economic growth, a vice mayor was quoted as saying by Sunday's Shanghai Daily.

The city is prepared to sacrifice a bit of economic growth if necessary, Vice Mayor Tu Guangshao told a financial forum Saturday.

Shanghai's economy grew in the second quarter, pushing the growth rate in first half of 2009 to 5.6 percent after a sluggish gain of 3.1 percent in the first quarter. However, Shanghai lagged behind some cities in terms of the first half economic growth.

"Shanghai has a more urgent need and a more difficult task to adjust its economic growth than other places," Tu was quoted as saying by the English newspaper.

Shanghai, which traditionally is an industrial city, is gearing up to be a city boasting modern services and an advanced manufacturing sector, he said.

The State Council in April issu...]]> Business Sun, 06 Sep 2009 07:25:51 +0800 /articles/09/0901/189677/MTg5Njc3Kw3tPmYm.html Business Tue, 01 Sep 2009 09:49:26 +0800 /articles/09/0827/189156/MTg5MTU2JsZ6tSa8.html BEIJING, Aug. 27 (Xinhua) -- China's top economic planner said Thursday the country would not see overall, big and long-term prices rise as the overall supply matched the nation's demand.

The National Development and Reform Commission (NDRC) said in a statement that a "surge in credit and continuous price rises of certain products and property resulted in rising inflation expectations in the country".

"Sufficient material supply" such as ample reserves of grain and competitive pressures would help stabilize prices, the NDRC said, without providing details.

The NDRC asked local authorities to step up strict prices monitoring and stabilize prices of important products including food, gas and transport, to ensure people's needs.

Efforts should be made to avoid concentration of price rises and big price rises, said the statement.

News that President Barack Obama will nominate Ben Bernanke to a second term as Federal Reserve chairman also lifted sentiment.

Some investors are hopeful the housing crisis has bottomed, but slow trading suggests the market lacks conviction, says S&P MarketScope.

On Tuesday at around 12:21 p.m. ET, the 30-stock Dow Jones industrial average was higher by 83.59 points, or 0.88%, at 9,592.87. The broad Standard & Poor's 500-stock index was up 8.70 points, or 0.85%, at 1,034.27. The tech-heavy Nasdaq composite index gained 16.38 points, or 0.81%, to 2,034.36.

Treasuries were lower before a $42 billion two-year note auction Tuesday afternoon. Gold futures were up a...]]> Business Tue, 25 Aug 2009 18:30:23 +0800 /articles/09/0809/187143/MTg3MTQzU4ufawoO.html Business Sun, 09 Aug 2009 07:25:16 +0800 /articles/09/0807/186992/MTg2OTkywTmop3VZ.html BEIJING, Aug. 7 (Xinhua) -- There would be no change in China's macro-economic policy amid the world economic downturn, said an official with the country's economic planner on Friday.

Related

 China's central bank affirms credit policy

 China's economy rebounds, instability and uncertainty still exist: NBS Chief Economist

 No change in China's economic policies: Premier

Although the country's economy has shown signs of recovery, it still faces of many difficulties in maintaining stability, he said.

"Any change in the macro-economic policy would disturb the recovery or rebound momentum, or even perish the previous efforts and ...]]> Business Fri, 07 Aug 2009 12:23:29 +0800 BANK of England rate-setters doused hopes of a rapid recovery today after a surprise move to pump an extra £50billion into the flagging economy.

The decision - taking quantitative easing efforts to boost the money supply to £175 billion - is the clearest sign yet that policymakers think the UK is still deep in the mire. The move confounds speculation before the Monetary Policy Committee's (MPC) latest meeting that QE could be paused amid encouraging signs from industry as well as rising house prices. But the MPC, which also left interest rates unchanged at their 0.5% record low, said the recession "appears to be deeper than previously thought". Rate-setters called financial conditions "fragile", and warned that growth in the money supply - which it hopes will boost the economy - "remains weak". Official estimates showed a disappointing 0.8% fall in output during the second quarter of this year, while figures also showed a £14.7 billion fall in loans...]]> Business Thu, 06 Aug 2009 14:31:50 +0800 /articles/09/0724/185356/MTg1MzU28zHFwpH4.html BEIJING, July 24 (Xinhua) -- The People's Bank of China(PBOC), the central bank, reiterated Friday the adherence to a moderately easy monetary policy and continued implementation of the economic stimulus ]]> Business Fri, 24 Jul 2009 12:28:48 +0800     BEIJING, May 8 (Xinhua) -- China's top economic planner Friday announced details of the country's new oil pricing mechanism, for the first time after the new pricing system kicked in at the beginning of this year.

    In a statement on its website, the National Development and Reform Commission (NDRC) said China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row.

    The commission said refiners would enjoy "normal" profit when global crude prices are below 80 U.S. dollars per barrel, but would face narrower profit margins when the crude prices rise above 80 U.S. dollars per barrel.

    However, fuel prices would not go further up, or only be raised by a small margin, when crude prices rise above 130 U.S. dollars per barrel, and fiscal and tax too...]]> Business Thu, 23 Jul 2009 07:09:56 +0800 /articles/09/0723/185134/MTg1MTM0lFr5p2td.html

The Treasurer said yesterday there was growing optimism that global financial markets had stabilised, with many observers believing the worst of the crisis that began last September had passed.

However, Mr Swan and Finance Minister Lindsay Tanner warned that the effects of the crisis would be felt for many months in job losses, reduced commodity prices and economic activity.

"We are still dealing with the ongoing effects of the global recession on the Australian economy," Mr Swan said in Canberra.

Even if the worst of the global disruptions were over, Australia would live with the consequence "for some time to come", he said.

Mr Swan, Mr Tanner and Kevin Rudd have been careful to maintain an extremely conservative economic commentary in recent...]]> Business Wed, 22 Jul 2009 17:56:17 +0800 /articles/09/0722/185036/MTg1MDM2z6jBHJwS.html

At 12pm (AEST), the dollar was trading at $US0.8165/68, up from yesterday's close of $US0.8112/15.

During the morning, the unit moved between $US0.8186 and $US0.8141.

The dollar headed lower through the morning, but rallied after the release of the June quarter consumer price index at 11.30am (AEST). The unit rose to $US0.8167 shortly after the figures were published, from an intraday low of $US0.8141 reached at 11.10am (AEST).

The headline CPI rose 0.5 per cent in the quarter and 1.5 per cent in the year to the June quarter, in line with market expectations.

The underlying measure of inflation rose 0.8 per cent in the June quarter, for an annual pace of 3.9 per cent, which was slightly higher than expected.

Deutsche Bank foreign exchange strategist John Horner said rally in the dollar reflected investors ret...]]> Business Wed, 22 Jul 2009 03:37:15 +0800 /articles/09/0721/184850/MTg0ODUwsm8eXdFW.html HONG KONG, July 20 (Xinhua) -- The seasonally adjusted unemployment rate in Hong Kong grew from 5.3 percent in the March-May quarter to 5.4 percent in April-June, while the underemployment rate remained stable at 2.3 percent, according to official figures.

The Census and Statistics Department announced on Monday that total employment fell by 8,700 to 3,506,200. The labour force fell by 5,500 to 3,709,200. The number of unemployed rose by 3,300 to 203,000, while the number of underemployed fell by 300 to 84,900.

Increases in the unemployment were mainly observed in the arts, entertainment and recreation, social work activities and wholesale sectors.

Meanwhile, falls in underemployment were mainly seen in the warehousing and support activities for the transportation sector, offsetting the rise in the decoration and maintenance sector.

Commenting on the new jobless figures, Matthew Cheung, HKSAR's secretary for Labour and Welfare, said despite...]]> Business Tue, 21 Jul 2009 02:21:21 +0800 /articles/09/0716/184378/MTg0Mzc4HxSzgozm.html BEIJING, July 16 (Xinhua) -- China's industrial output expanded 10.7 percent in June from a year earlier, faster than the 8.9 percent rate in May, the National Bureau of Statistics (NBS) said Thursday.

It is the first time since last September that the output reached double-digit growth after China launched the 4-trillion-yuan (588.24 billion U.S. dollars) stimulus plan and scrapped lending restrictions to boost economy.

"The industrial production is accelerating, and the profit drop is easing," said Li Xiaochao, spokesman of the NBS at the press conference.

The industrial output growth rise to 7 percent for the first half, down 9.3 percentage points from the growth rate of the same period last year, said Li.

The figure rose to 9.1 percent in the second quarter from 5.1 percent in the first quarter, said Li.

Large industrial enterprises (those with annual revenue of more than 5 million yuan) made an aggregate profit of 850.2 billio...]]> Business Thu, 16 Jul 2009 12:28:17 +0800 /articles/09/0716/184377/MTg0Mzc388tvhJQr.html BEIJING, July 16 (Xinhua) -- China's retail sales in the first half year rose 15.0 percent from a year earlier, the National Bureau of Statistics announced Thursday.

Special Report:  Global Financial Crisis