China - Economic Data & News 06 (Jul 11 - Oct 11)

China - Economic Data & News 06 (Jul 11 - Oct 11)

Postby winston » Sat Jul 02, 2011 9:04 pm

Does the frog knows what's outside the well ?

Multi-party system would bring chaos, China media says

China's state media said a multi-party political system would unleash chaos equal to the turbulent period of the Cultural Revolution, as the country marks the Communist Party's 90th birthday.

The state-run Xinhua news agency, in a focus piece published late Friday after the one-party regime celebrated the anniversary, said Western political systems did not suit China's "national conditions."

"If China imitates the West's multi-party parliamentary democratic system, it could repeat the chaotic and turbulent history of the 'Cultural Revolution' when factions sprung up everywhere," the report said.

It added the current political turmoil, economic difficulties and social disorder in some countries "proved" this.

The 1966-1976 Cultural Revolution was a decade of brutal chaos launched by revolutionary leader Mao Zedong to bring down what he perceived as "capitalist" forces after other leaders sought to move away from his radical utopian ideas.

Untold numbers died in the ensuing turmoil as students turned on teachers, officials were purged and the country and its economy were brought to a virtual standstill. The subject is still sensitive today.

The Xinhua comments came as President Hu Jintao warned the Communist Party -- which was founded in July 1921 and took power in 1949 -- faced severe "growing pains" in a speech Friday marking the anniversary.

But he gave no sign that the party intended to loosen the iron grip on political power it has maintained for more than six tumultuous decades.

The Xinhua report singled out huge economic growth over the past 30 years, that had lifted more than 200 million people out of poverty, as proof that the Communist Party was looking out for people's "welfare" and had "legitimacy."

But analysts say political and social reforms do not match the nation's economic success, adding the party is struggling to address a range of complex problems without the flexibility that democracy affords.

These include a yawning wealth gap, high inflation, environmental degradation, demands for autonomy from millions-strong ethnic minorities, and regular reports of corrupt and abusive officials that inflame the public.

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

Postby winston » Sat Jul 02, 2011 9:11 pm

And what sort of party system contributed to this ?

winston wrote:Corrupt cadres fled with 800b yuan

As many as 18,000 corrupt mainland officials may have fled the country with as much as 800 billion yuan in ill-gotten gains in less than two decades, according to a study .

Source: SCMP


China .Wen Says Concentrated Power Fosters China Corruption

Chinese Premier Wen Jiabao told Communist Party members that too much power is concentrated among government officials, a situation that must change to solve corruption issues.

“The anti-corruption situation is still grim while the work is very arduous,” Wu Yuliang, the deputy secretary of Central Commission for Discipline Inspection, said in Beijing yesterday. “We are at a stage where corruption is frequent and prone to happen,” according to a transcript by the official Xinhua News Agency.

The government investigated 139,621 corruption-related cases last year, Wu told reporters without giving comparative figures. The department probed 115,420 cases during the first 11 months of 2009, Xinhua cited Wu as saying in January 2010.

Public discontent remains high. Internet users have set up websites including woxinghuile.com -- meaning “I bribed” -- that are designed to disclose their own experiences of bribing government officials.

http://www.bloomberg.com/news/2011-06-2 ... ption.html
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China - Economic Data & News 05 (Oct 10 - Jun 11)

Postby iam802 » Wed Jul 06, 2011 9:28 pm

China raises rates, shrugs off slowing growth

http://www.reuters.com/article/2011/07/ ... JE20110706

(Reuters) - China raised interest rates for the third time this year on Wednesday, making clear that taming inflation remains a top priority even as the growth pace of its vast economy gently eases.

The 25-basis-point increase in lending and deposit rates underscored China's quiet confidence that the world's second-biggest economy is resilient enough to endure tighter monetary policy and is not threatened by the hard landing that some investors fear.

Analysts suggested China was close to, or even at the end, of a cycle of rate rises and the latest move was a pre-emptive strike before another big jump in inflation in data next week heightens depositors' worries about low yields.

"Today's rate hike suggests that China's June inflation could be higher than expected and the second-quarter GDP remains solid, consistent with our expectation," said Ligang Liu, head of Greater China economics at ANZ in Hong Kong.

"The rate hike will help the PBOC to fine-tune its monetary policy by alleviating the worsening negative real interest rate problem so as to prevent an outflow of deposits from the banking system."

The latest move increases China's benchmark one-year lending rate to 6.56 percent, and its benchmark one-year deposit rate to 3.5 percent, the central bank said.

The increases will take effect from Thursday, the central bank said in a short statement on its website.

....

1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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

Postby iam802 » Wed Jul 06, 2011 9:42 pm

hahaha... BIG BOSS is back online.
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Re: China - Economic Data & News 06 (Jul 11 - Dec 11)

Postby winston » Thu Jul 07, 2011 7:16 am

I also think that the emperor is naked but I think that it would also take people much longer to reealize it. Maybe the sale by Temasek of the China Banks would speed things up ..

The Chinese Black Swan

Party rulers in China are trapped in a position that chess players deeply fear — zugzwang — where any move made puts you at disadvantage. In China, the potential cost of both action and inaction is economic collapse.

China is slowly starting to face the consequences of its actions — loans grew over 30% a year over the last few years — and inflation is rising fast. Inflation in developed countries is unpleasant, but it is tolerable.

For a developing country — and China, despite its size, is still a developing country — it can be catastrophic. In developed countries, we spend two or three times less on food as a percentage of our income as do people in developing countries.

Therefore, though food inflation is unpleasant, we have a much greater tolerance (margin of safety) for it. While food inflation the US can mean fewer trips to restaurants or no summer vacation, food inflation in China leads to hunger.

http://contrarianedge.com/2011/07/05/th ... lack-swan/
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Re: China - Economic Data & News 06 (Jul 11 - Dec 11)

Postby winston » Fri Jul 08, 2011 7:57 am

China fires officials, charges 11 over riots: state media

China has fired officials including a local Communist Party secretary and charged 11 people over rioting in the country's southern industrial heartland in June, state media reported Thursday.

The town chief and Communist Party secretary in Xintang, where the rioting took place, have been dismissed from their jobs, the Xinhua news agency reported, citing local authorities.

A security official named Lu, who was involved in the confrontation that sparked three days of riots in Guangdong province, was also fired after being held for 10 days, it said.

The 11 were meanwhile charged with obstructing official affairs, causing a disturbance and intentionally damaging property, Xinhua quoted the Public Security Comprehensive Management Committee of Guangzhou -- the provincial capital -- as saying, without providing further details of those charged.

At least 19 people were arrested in June over the riots, which began after rumours spread that police had beaten a street hawker to death and manhandled his pregnant wife.

Television images at the time showed hundreds of police officers and armoured vehicles deployed, with people hurling bricks at local officials and police, and vandalising ATMs and police posts.

Xinhua quoted Su Zhijia, deputy secretary of the management committee, as saying the incident was triggered by mounting anger among migrant workers, and that public services for them should be improved to avoid more protests.

Earlier in June, hundreds of people battled police and destroyed cars in Guangdong after a factory worker was wounded in a knife attack over a wage dispute.

And in late May, thousands of ethnic Mongols protested in northern China for several days after the killing of a herder laid bare simmering anger in the region.

The protests have compounded the jitters of a government already wary about the potential for Arab-style unrest to spread to China, and for rising inflation to spark more violence.

Source: AFP Asian Edition
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Re: China - Economic Data & News 06 (Jul 11 - Dec 11)

Postby winston » Fri Jul 08, 2011 9:36 pm

And the official inflation number is at 6.5% only :lol: :lol: :lol:

China's costly pigs irk consumers, help producers

JINGEZHAI VILLAGE, China (Reuters) - The long, red-brick structures in this village on the outskirts of Beijing contain some of this year's fastest appreciating Chinese assets: pigs.

Their owner Ma Shihong is in no rush to sell. Her fleshy, pale-downed porkers are worth 70 percent more than last year on the market, with live pig prices, and their girth, growing daily.

"Each pig can grow about a half-kilogram a day, which means 10 yuan," said Ma, 43. "For 100 pigs, that's 1,000 yuan more for each day I don't sell them."

Outside Ma's tidy, air-conditioned office, 3,000 pigs sprawled in pungent rows of concrete pens, snuffling in anticipation of their evening corn-and-soybean meal.

The reluctance of pork producers like Ma to sell only accentuates this year's pig shortage and high feed costs, which have led to record pork prices -- the average pork price in China has shot up 65 percent from a year ago, according to official figures.

Chinese policymakers are struggling to contain inflation, which has been running at nearly three-year highs and is expected to reach 6.3 percent in June, according to a Reuters' poll of economists.

Food prices -- and pork, especially -- have played an outsized role in that rise.

http://www.newsmeat.com/news/meat.php?a ... &buid=3281
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Re: China - Economic Data & News 06 (Jul 11 - Dec 11)

Postby winston » Sat Jul 09, 2011 11:22 am

Ha Ha ... yeah, sure... only 6.4%

China's consumer prices up 6.4% year-on-year in June

China said its politically sensitive inflation rate accelerated in June to the highest level in three years, as the government struggles to rein in soaring food costs.

The country's consumer price index rose 6.4 percent in June, the National Bureau of Statistics said in a statement on Saturday, the highest level since June 2008 when the inflation rate reached 7.1 percent.

The June reading -- higher than the 5.5 percent in May and well above the government's annual target of four percent -- is likely to fuel concern among policymakers anxious about inflation's potential to trigger social unrest.

China has been struggling to tame inflation despite restricting the amount of money banks can lend on numerous occasions and hiking interest rates five times since October -- most recently on Wednesday.

The price of pork, a staple of the Chinese diet, hit a new high in China last month due to rising costs and short supply, while severe flooding in crop growing regions of the country also fuelled inflation.

Fruit and vegetable prices in the eastern province of Zhejiang soared by as much as 40 percent last month after heavy rains destroyed crops, state media said previously.

Premier Wen Jiabao reportedly admitted last month that it would be difficult to keep inflation within the government's target for 2011, but added fighting rising prices remained a priority.

The government has said it expects price pressures to ease in the second half.

Some analysts are concerned Beijing might go too far in tightening monetary policy and trigger a sharp slowdown in the world's second largest economy -- which could have dire consequences for the world.

Growth in China's manufacturing activity almost stalled in June and year-on-year auto sales have fallen for two straight months.

Source: AFP Global Edition
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Re: China - Economic Data & News 06 (Jul 11 - Dec 11)

Postby iam802 » Sat Jul 09, 2011 11:25 am

40% increase.

A $4 lunch will become $5.60; at least an increase of $32 per pax per month (not including weekend).
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Re: China - Economic Data & News 06 (Jul 11 - Dec 11)

Postby winston » Sun Jul 10, 2011 5:04 pm

China June import growth weakest in 20 months by Kevin Yao and Wan Xu

BEIJING (Reuters) - China's import growth fell sharply to its slowest pace in 20 months in June in further evidence of the broad impact of monetary tightening on the economy, while a wider trade surplus suggested capital inflows will remain a challenge for authorities.

The substantial drop in June import growth, which decelerated to a 19.3 percent annual pace from May's 28.4 percent, is bound to heighten investor concerns about how swiftly the world's second-largest economy is slowing.

"The trade surplus surged in June," said Liu Li-Gang, an economist with ANZ. "We would interpret this to mean the moderation in export and import growth is not big enough to prevent the government from tightening further."

A slew of indicators in the past few weeks have pointed to a moderation in the heady pace of China's growth, from purchasing manager surveys of new orders to Taiwan's exports to the mainland.

The government is due to announce second-quarter economic growth data on Wednesday.

Source: Reuters US Online Report Business News


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