China - Economic Data & News 05 (Oct 10 - Jun 11)

Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Wed Jun 01, 2011 7:15 am

China's Big Risk: Corporate Fraud By Eric Jackson

NEW YORK (TheStreet) -- Ask a random group of people who follow the markets what the greatest risk facing China is these and you'll likely hear:
â–  Rampant inflation
â–  Resource scarcity like water, food, fuel, and other commodities
â–  Property bubble
â–  Growing disparity between the rich and the poor
â–  An artificially high yuan relative to the dollar

But there's a new risk on the horizon facing China -- and it's one that's totally within its own power to control: the perception of rampant corporate fraud.

Notice I didn't say there is currently rampant fraud, but there is an undeniable unease and distrust growing in America over increasing cases of Chinese fraud.

http://www.thestreet.com/story/11137889 ... L_atb_html
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Thu Jun 02, 2011 11:52 am

With so much forex reserves, why need to borrow money from public ? :P

*DJ China Finance Ministry Seeks To Raise Around CNY10 Bln In HK Bond Issue - Source
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby millionairemind » Thu Jun 02, 2011 12:10 pm

winston wrote:With so much forex reserves, why need to borrow money from public ? :P

*DJ China Finance Ministry Seeks To Raise Around CNY10 Bln In HK Bond Issue - Source


W - Something really intrigues me when I was in HK this week..

The spread between buying/selling RMB into HKD is too wide (>20%)... why is this so??
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Thu Jun 02, 2011 12:42 pm

Dont know. 20% sounds a bit too high.

A lot of Hong Kongers have been exchanging their HKD into RMB, at the rate of RMB 20,000 a day.
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Fri Jun 03, 2011 8:36 am

China food factory owner held amid chemical scare

Police in southern China have detained a factory owner suspected of mixing an industrial chemical used to soften plastics into food additives, state media reported on Friday.

The news comes a day after China, South Korea and the Philippines banned imports of certain food and drink products from Taiwan amid fears of contamination with the same chemical, known as DEHP.

Officers raided the Yuyan Food Co factory in Dongguang City, Guangdong province, on Wednesday, arresting the owner and seizing six tonnes of food additives, Xinhua news agency reported.

Xinhua said the initial investigation suggested Yuyan Food, which produces around three tonnes of food additives a month, mostly for sale within Guangdong, may have imported raw materials contaminated with DEHP from Taiwan.

Experts say DEHP can cause hormone problems in children and this week Taiwan began an inspection drive to ensure sports drinks, juices and other products were not tainted with DEHP after raising the alarm on May 24 with a major recall.

Taiwanese authorities have arrested the owners of two companies that used DEHP rather than more expensive palm oil in products supplied to hundreds of local drinks makers.

As of Thursday evening, mainland importers had recalled more than 4,800 DEHP-contaminated sports drinks from Taiwan, Xinhua said.

Source: AFP Asian Edition
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Sun Jun 05, 2011 5:27 pm

And they tell you that inflation is only at 5.3% :P :lol: :roll:

In China, soaring food prices mean leaner diets by Fran Wang

Li Ping and her husband, both retirees, pick over the offerings at a Beijing market to prepare traditional dumplings for the Dragon Boat festival. Rocketing food prices are limiting their options.

"We can hardly afford meat now, it's too expensive," Li, 67, tells AFP, explaining that they now only enjoy that privilege two or three times a month. Apples are also too dear.

Chinese authorities say reining in inflation is their top priority for the year, and have taken a raft of policy measures to cool prices. But those moves are not yet trickling down to help low-income households like Li's.

Li's pension provides her with 1,100 yuan ($170) a month -- far from enough to deal with spiralling prices.

"My kids have to subsidise us," she said. "We will have to depend on them in the future. I feel guilty."

The couple bought some vegetables, sticky rice and wrapping leaves to make the dumplings 10 days before Monday's Dragon Boat festival -- a pre-emptive move to avoid expected price rises as the holiday draws nearer.

China's consumer price index, a key gauge of inflation, rose 5.3 percent on year in April driven by increasing food prices -- a slight easing from the previous month but still well above Beijing's four percent target for 2011.

May inflation data is due next week.

The central bank has responded to growing price pressures by raising interest rates four times since October and repeatedly increasing the amount of money banks must keep in reserve -- effectively cutting their lending power.

Authorities have also intervened directly in the market, warning a number of companies not to raise prices as they crack down on hoarding and pledge subsidies to the poor.

However, analysts warn that current price hikes are much more serious than those seen in previous years, with the cost of everything from land to labour to raw materials all climbing.

"Inflation pressures are far more stubborn this time because structural inflation is a much bigger problem than it was at any time in the last decade," said Ben Simpfendorfer, managing director of economic consultancy firm China Insider.

Analysts are expecting the May inflation rate to exceed the 5.4 percent in March -- a 32-month high -- as domestic demand, bolstered by low interest rate levels and massive government spending, remains strong.

In addition, a prolonged drought along China's Yangtze river -- which has left millions of people and livestock without water and devastated a major grain-producing belt -- may further complicate the battle against inflation.

The average price of 17 out of the 29 staple foods monitored by the National Bureau of Statistics soared month-on-month in the May 11-20 period, with the price of one type of fish surging by 22.5 percent.

"The ongoing drought in central-southern China and a rise in pork prices may delay the peak of food price inflation and keep it elevated for a couple of months longer," said Wang Tao, a Beijing-based economist with UBS.

The drought has also reduced the output of hydroelectric power, China's second-biggest energy source after coal, contributing to a government decision to raise the cost of electricity for industrial use in 15 areas from June 1.

Although authorities have so far kept residential power prices unchanged, concerns are growing that the hikes may eventually be passed on to consumers.

Following Beijing's measures to cool the economy and contain price rises, growth in the world's second-largest economy has already shown signs of a moderation with expansion in manufacturing activities slowing in recent months.

But the tightening is expected to continue as Chinese policymakers are ever wary of inflation's history of triggering social unrest, experts said.

"Inflation is still a bigger risk, at least to a large part, because of the social impact," said Cui Li, a Hong Kong-based economist with Royal Bank of Scotland.

At the Beijing market, 71-year-old Xie Zhong threw a batch of spinach, which was priced at 1.50 yuan, back onto a stall.

"I will not buy it, it's ridiculous," he said, grunting that it cost one yuan just a week before.

"No-one can contain the price rises. Only the government can do something."

Source: AFP Global Edition
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Tue Jun 07, 2011 8:11 pm

China executes student over hit-and-run murder

China on Tuesday executed a music student convicted of stabbing a woman to death after hurting her in a car crash, a crime that sparked national debate over China's "rich second generation."

Yao Jiaxin was executed after the high court in north China's Shaanxi province turned down his appeal over the April 22 death sentence, China Central Television reported.

The execution was also approved by China's Supreme People's Court, which noted the "extremely despicable and odious" nature of the crime, the Xinhua news agency reported.

Yao, 21, was convicted of murdering 26-year-old mother Zhang Miao on October 20 after hitting her with his car on the streets of the provincial capital of Xian.

Zhang, who was riding her bike, only suffered minor injuries in the accident but instead of helping the woman, Yao stabbed her eight times with a knife as she eyed his car number plate.

Yao, a student at the Xian Conservatory of Music, fled the scene but was later caught and, according to an earlier Xinhua report, confessed that he killed her because he feared the "peasant woman would be hard to deal with" over the accident.

The crime has prompted hand-wringing over the country's so-called "rich second generation."

The term is applied to the wealthy offspring of people who have prospered with China's economic opening of the past 30 years -- youths seen as expecting privilege and sometimes lacking in morals.

It follows another notorious incident involving a 23-year-old man, Li Qiming, who was sentenced to six years in prison in January after attempting to exploit his father's senior police rank to flee a fatal drink-driving accident.

After running over two young women on a college campus in north China, killing one, he shouted, "my father is Li Gang," and dared onlookers to try to stop him leaving the scene.

News reports said Yao's family was neither especially wealthy nor well connected, but that both his parents worked for companies in China's defence industry, which has boomed in recent years as the country has rapidly modernised its military.

Reaction to Tuesday's execution on the Chinese Internet was mixed, with some saying Yao's actions could be the result of the huge pressure to succeed heaped on many youngsters by their parents, sometimes at the expense of moral values.

"He shouldn't have been killed, what a pitiful kid. Why can't we have a little compassion -- this entire episode has been good for neither family," said a posting from a sina.com user in south China's Guangdong province.

Another user from the eastern province of Shandong identified as Fenfang said: "What good is a college student if they cannot have just a little bit of humanity? The execution of Yao Jiaxin is a necessary result of the crime."

Source: AFP Asian Edition
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Mon Jun 13, 2011 12:13 pm

Police struggle to quell mass riots in southern China

HONG KONG (Reuters) - Police in southern China have struggled to contain riots by hundreds of migrant workers over several days in a city near Guangzhou after a young pregnant street hawker was harassed by security guards, media reports said Monday.

Hong Kong television showed seething crowds of migrant workers from the southwestern province of Sichuan running through the streets of Zengcheng, smashing windows, setting fire to government buildings and overturning police vehicles.

Riot police were shown firing tear gas Sunday night, deploying armoured vehicles to disperse the crowds and handcuffing protesters.

Witnesses said there were more than 1,000 protesters and at least one government office had been besieged.

"People were running around like crazy," a shopowner in the area told the South China Morning Post newspaper. "I had to shut the shop by 7 p.m. and dared not come out."

Thousands of riots, protests and other forms of unrest break out across China each year, with fast economic growth sometimes amplifying grievances over problems ranging from rampant inflation to corruption, a big wealth gap, industrial pollution, forced demolitions and abuse of power.

News reports said the incident in Zengcheng was sparked on Friday night when security personnel in nearby Dadun village pushed pregnant hawker Wang Lianmei, 20, to the ground while trying to clear her off the streets.

"The case was just an ordinary clash between street vendors and local public security people, but was used by a handful of people who wanted to cause trouble," Zengcheng Mayor Ye Niuping was quoted as saying by the China Daily newspaper.

Other clashes have erupted in southern China in recent weeks, including in Chaozhou, where hundreds of migrant workers demanding payment of their wages at a ceramics factory attacked government buildings and set vehicles ablaze.

The stability-obsessed Communist Party maintains strict political and media controls to quash organised dissent. It budgeted a 13.8 percent rise in spending on "public security" outlays this year to 624.4 billion yuan ($95 billion).

Source: Reuters US Online Report World News
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby winston » Mon Jun 13, 2011 2:09 pm

DJ China Hit By New Lead Poisoning Scare

BEIJING (AFP)--More than 600 people in China, including 103 children, have been found with high and sometimes dangerous levels of lead in their blood, state media said Monday, in the latest environmental health scare.

The victims work at factories that process tinfoil in Shaoxing county in the eastern province of Zhejiang, and some of their children have also been affected, the official China Daily newspaper reported.

Test results showed that 26 adults and 103 children were suffering from severe lead poisoning, and some of these were already being treated in a local hospital, a spokesman for the county health bureau was quoted as saying.

The other workers have been found with moderate lead poisoning, the report said.

The victims were all poisoned after alleged exposure in the factories. The report said China hasn't yet adopted official standards governing the use of lead in the processing of tinfoil.

The Shaoxing government and health bureaus were unavailable for comment.

Excessive levels of lead in the blood are considered hazardous, particularly to children, who can experience stunted growth and mental retardation.

This is the latest poisoning incident to emerge in China, and once again highlights the dark side of the nation's economic boom.

Rapid industrialization over the past 30 years has left China, the world's second-largest economy, with some of the world's worst water and air pollution and has left widespread environmental damage.

In May, authorities in Zhejiang detained 74 people and suspended work at hundreds of factories after 172 people, including 53 children, fell ill due to lead.

In October 2009, nearly 1,000 children tested positive for lead poisoning in the central province of Henan. Smelting plants in the area were found to be responsible.


Source: Dow Jones Newswirre
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Re: China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby behappyalways » Mon Jun 13, 2011 2:39 pm

winston wrote:Police struggle to quell mass riots in southern China

HONG KONG (Reuters) - Police in southern China have struggled to contain riots by hundreds of migrant workers over several days in a city near Guangzhou after a young pregnant street hawker was harassed by security guards, media reports said Monday.

Hong Kong television showed seething crowds of migrant workers from the southwestern province of Sichuan running through the streets of Zengcheng, smashing windows, setting fire to government buildings and overturning police vehicles.

Riot police were shown firing tear gas Sunday night, deploying armoured vehicles to disperse the crowds and handcuffing protesters.

Witnesses said there were more than 1,000 protesters and at least one government office had been besieged.

"People were running around like crazy," a shopowner in the area told the South China Morning Post newspaper. "I had to shut the shop by 7 p.m. and dared not come out."

Thousands of riots, protests and other forms of unrest break out across China each year, with fast economic growth sometimes amplifying grievances over problems ranging from rampant inflation to corruption, a big wealth gap, industrial pollution, forced demolitions and abuse of power.

News reports said the incident in Zengcheng was sparked on Friday night when security personnel in nearby Dadun village pushed pregnant hawker Wang Lianmei, 20, to the ground while trying to clear her off the streets.

"The case was just an ordinary clash between street vendors and local public security people, but was used by a handful of people who wanted to cause trouble," Zengcheng Mayor Ye Niuping was quoted as saying by the China Daily newspaper.

Other clashes have erupted in southern China in recent weeks, including in Chaozhou, where hundreds of migrant workers demanding payment of their wages at a ceramics factory attacked government buildings and set vehicles ablaze.

The stability-obsessed Communist Party maintains strict political and media controls to quash organised dissent. It budgeted a 13.8 percent rise in spending on "public security" outlays this year to 624.4 billion yuan ($95 billion).

Source: Reuters US Online Report World News


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