Reuters/Carlos BarriaAccording to Blooberg’s news, China’s economic growth accelerated for the first time in two years as government efforts to revive demand drove a rebound in industrial output, retail sales and the housing market. Gross domestic product rose 7.9 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said in Beijing today. That compared with the 7.8 percent median estimate in a Bloomberg News survey and 7.4 percent in the previous period. Industrial output in December rose a more-than- expected 10.3 percent and fixed-asset investment for the year gained 20.6 percent.
China’s economic growth accelerated for the first time in two years as government efforts to revive demand drove a rebound in industrial output, retail sales and the housing market.
Gross domestic product rose 7.9 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said in Beijing today. That compared with the 7.8 percent median estimate in a Bloomberg News survey and 7.4 percent in the previous period. Industrial output in December rose a more-than- expected 10.3 percent and fixed-asset investment for the year gained 20.6 percent.
The recovery adds to evidence that the global economy is improving, after U.S. data yesterday showed housing starts at a four-year high, European bond yields receded from crisis levels and Japan announced a $116 billion stimulus. To sustain growth, China’s incoming premier, Li Keqiang, may need to confront the fading effects of government support, a likely pickup in inflation and rising risks from shadow banking.
“China’s recovery is in quite good shape,” Zhu Haibin, chief China economist at JPMorgan Chase & Co. in Hong Kong, said in a telephone interview. “Domestic pro-growth policies are likely to wane in mid-2013,” yet demand from abroad may pick up in the second half, he said.
Improving investor confidence in China’s outlook has lifted mainland stocks and the currency. The Shanghai Composite Index (SHCOMP), the nation’s benchmark gauge, has advanced 18 percent from an almost four-year low on Dec. 3, including a 1.4 percent rise today.
Posted by cbasdeo09 on January 22, 2013
Top UK traders and dealmakers bruised by intense banker bashing believe an Asian city will take over as the world’s dominant financial centre within 10 years, according to a survey.
They also relegated London to third place from second as their preferred location behind Singapore and New York, the poll by headhunters Astbury Marsden found.
Nearly two thirds of 450 British investment bankers surveyed said Hong Kong, Shanghai or Singapore would be the top global finance centre in 10 years.
One fifth felt London would be the world leader in 2022 and one sixth said New York would hold No.1 spot.
“A fast growing, low tax and bank friendly environment like Singapore stands as a perfect antidote to the comparatively high tax and anti-banker sentiment of London and New York,” said Mark Cameron, operations chief at Astbury Marsden.
The annual ‘Preferred Location Survey’ also found Singapore is the city where British bankers would most like to live, claiming 31 percent of the vote, up from 27 per cent last year.
Posted by byu2012 on August 28, 2012
Allianz Global Investors, part of Allianz SE, said Wednesday that it had reopened its renminbi fixed-income fund, citing increased interest and a greater level of development in the offshore renminbi bond market.
The decision to reopen the fund, which invests primarily in high grade offshore yuan–or CNH–bonds, follows a year of soft closure, whereby Allianz Global Investors stopped further subscriptions to the fund.
Helen Lam, the Hong Kong-based lead portfolio manager of the fund, said the decision to reopen was “largely driven by the reduced size of the portfolio and the increased liquidity in the market.” She also highlighted some positive developments in the offshore renminbi market in terms of tradeable volume, liquidity, and daily conversion limits.
Posted by byu2012 on August 15, 2012
G. Bin Zhao, Executive Editor, CHINA’S ECONOMY & POLICY and Managing Director, Gateway International Group Limited, says today at South China Morning Post, unlike CNOOC’s failed bid in 2005 to buy Unocal, its proposal to acquire Nexen has considerably more chance of success, and, on the whole, a deal would benefit both China and Canada.
China National Offshore Oil Corp announced last month that it was proposing to buy Canada-based Nexen in a US$15billion deal. This caused quite a stir in Canada, with the domestic mainstream media reporting it widely. By contrast, the response of the Chinese media and public appears rather muted.
Posted by Admin on August 3, 2012
大城市的相关部门通常在对审核这种类型紧急事件的反应措施有着一套 流程。美国前总统布什对联邦政府在应对“卡特里娜”飓风的失败承担着全部责任。“‘卡特里娜’风暴暴露了我们在各级政府的反应能力以及联邦政府没有完全发 挥其应有的行使权利这两方面存在着严重的问题，对此我表示承担所有责任。”
Posted by Admin on July 27, 2012
China is unlikely to introduce fresh measures to cool the real estate market even as home prices snapped eight straight months of decline in June and amid fresh rhetoric from the country’s leader vowing to prevent a rebound in prices.
Instead, Chinese authorities would enforce existing rules more stringently, analysts say, such as discounted mortgages for first-time home buyers to make it easier for them to own property and restrictions on speculative purchases so that prices do not increase excessively. It is fine balance they have to strike, they added.
“I think they would continue with relaxation of first home purchase to see more transaction volumes and they would hope that developers would start to invest with the money they get from these home sales,” Ding Shuang, Senior China Economist at Citi Investment Research, said. “They want to encourage some investment so this increase can be taken as a good sign.”
Posted by Admin on July 18, 2012
Reutors have reported on China’s job market.
China’s job market could turn for the worse and the government needs to step up efforts to create more jobs, Premier Wen Jiabao said in remarks published on Wednesday, underscoring official concerns about an economic slowdown.
“Currently and in the future, China’s employment situation will become more complex and more severe,” the official China Securities Journal quoted Wen as saying.
“The task of promoting full employment will be very heavy and we must make greater efforts to achieve it,” he added.
Posted by Admin on July 18, 2012
Japanese banks, facing sluggish loan demand at home, are increasingly targeting South Korea where conglomerates such as Samsung Electronics (005930.KS) and Hyundai Motor (005380.KS) are seeking funds to expand globally.
With rival European lenders retreating as the region’s debt crisis heads towards its fourth year, well-capitalized Japanese banks find themselves at a competitive advantage. Mitsubishi UFJ Financial Group (8306.T), Mizuho Financial Group (8411.T) and Sumitomo Mitsui Financial Group (8316.T) (SMFG), the country’s biggest banks, have formed teams to track the funding needs of South Korean firms looking to build chip factories and auto assembly lines abroad.
Mizuho and SMFG, jointly with Korea Development Bank and Bank of America Merrill Lynch, are providing a $184.7 million five-year loan to the Mexican unit of POSCO (005490.KS), Asia’s second-biggest steelmaker, Thomson Reuters LPC reported last month.
Posted by Admin on July 10, 2012
Hong Kong shares reached their highest close since May 15 on Thursday but gains came in this year’s second-lowest turnover, suggesting investors remained worried about the Chinese economy and cautious ahead of a European Central Bank meeting.
On the mainland markets, lower commodity prices hit shares in the energy and materials sectors while sluggish market performance weighed on shares of top retail brokerages Citic Securities and Haitong Securities.
Citic shares in Shanghai fell 2.7 percent making them the second-biggest drag on the benchmarks behind Sinopec , which dropped 2.4 percent. Citic shares in Hong Kong fell 1.4 percent on worries that the weak market would curb appetites among China’s retail investors.
Trading activity was particularly subdued in Hong Kong where turnover fell to its lowest level since 2012′s first day of trading as investors awaited central bank policy decisions from Europe later on Thursday and U.S. payrolls data on Friday.
Posted by Admin on July 5, 2012