China’s import of manganese ore in September 2008
October 31, 2008
China imported 660,000 tons of manganese ore valued at 400.070 million US dollars in September 2008. The import in January-September reached 6,030,000 tons valued at 2,696.045 million US dollars, up 30.4 percent and 263.4 percent respectively year on year.
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China’s port capacity exceeds demand
October 30, 2008
China’s port and shipping industry has been at its lowest ebb this year in terms of performance, and the situation may worsen in 2009, Xinhua Business Weekly reported.
This is the consensus of the 140-plus representatives representing 94 container wharves nationwide, attending the China Port, Container Wharf Summit Forum.
The transport capacity of shipping companies has far exceeded the market demand in China at present.
The freight charge for routes to Asia and America has dropped from US$1,000 per TEU early this year to $300 to $400 at present.
Many shipping companies have annexed sea routes and sealed orders to new ships. Handling capacity of ports is also oversupplied.
It is expected that the container handling capacity of Shanghai International Port (Group) (SIPG) will reach 28.5 million TEUs this year, falling short of the capacity target set earlier this year.
Source:CNA
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China raises tax rebates to help exporters
October 23, 2008
CHINA will raise export tax rebates on some industries on November 1, the second hike in three months, to help struggling industries plagued by weaker global demand, the Ministry of Finance said today.
Tax rebates on shipments of textiles and garments will be increased to 14 percent. China last lifted the rebates by 2 percentage points to 13 percent on August 1.
The ministry also said that the rebate on exports of toys will be hiked to 14 percent from 11 percent now and that on furniture shipments will rise up to 13 percent from the current ceiling of 11 percent.
Rebates on exports of selected ceramic, plastics, mechanical, electrical and medicine products will also grow by 1 to 2 percentage points, according to the finance ministry.
The State Council, China’s Cabinet, said over the weekend that it would push forward policies to spur growth through measures including hiking tax rebates for exporters and cutting transaction fees of property transactions.
The moves were aimed at maintaining steady economic expansion and shielding the country from turmoil in the international markets, the government said. China’s economic growth was 9 percent in the third quarter, the slowest in five years.
China’s exports of garments reached US$87.1 billion in the first nine months of this year, up 1.8 percent year on year, according to Customs data. The growth clip was 21.2 percent points lower than a year before.
A rising yuan and increasing production costs also drove a lot of Chinese smaller toy producers out of business. A total of 3,631 toy exporters, or 52.7 percent of the industry’s total, were closed in the first seven months, according to the Customs.
Chinese Minister of Commerce Chen Deming said in September the government would help labor-intensive exporters to overcome difficulties they were facing as global demand faltered. Chen also encouraged them to upgrade their products to meet challenges.
Source: ChinaView
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China’s ICBC opens first subsidiary bank in Middle East
October 22, 2008
DUBAI, United Arab Emirates, Oct. 20 (Xinhua) — The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by market capitalization, opened Monday its first Middle East subsidiary bank in Dubai, the commercial and financial hub of the United Arab Emirates (UAE).
The opening of ICBC Middle East, the first wholly-owned Chinese subsidiary bank in the region, marks a major step by the ICBC toward expanding overseas financial services and promoting its internationalization strategy.
Based on its financial resilience, advanced expertise and diversified business platform, ICBC Middle East will be committed to building a direct and accessible bridge for investment and trade among China, the UAE and other Middle East countries, said Jiang Jianqing, chairman of ICBC.
ICBC Middle East will make full use of the geographic advantage and financial resources of Dubai and will gradually expand the scope of business to the entire Middle East and North Africa, he added.
With the highest rating business license from local financial regulator, ICBC Middle East will provide a full range of financial services, including deposit, credit, trade finance, investment, asset management, consultation and custody.
As China’s largest commercial bank, the ICBC has been expediting the extension of overseas network and widening the field of business, in a bid to promote the strategy of internationalization.
The bank launched two branches in Sydney and New York in the past few weeks. It will open a new branch in Doha, capital of Qatar, on Tuesday.
By the end of June 2008, the ICBC has set up a total of 126 branches and subsidiary banks in 15 countries and regions, with another 1,360 correspondent banks in 122 countries and regions.
Source: China Daily
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China to raise export tax rebates for textile, garment products
October 21, 2008
BEIJING, Oct. 21, (Xinhua) — China is to raise the tax rebate for certain textile and garment exports to help producers cope with the paper-thin profit margins squeezed by slacking market demand, yuan’s appreciation and rising production cost.
Export tax rebates for some textile and garment items would be increased by 1 percent to 14 percent from Nov. 1, according to a circular on the web site of the Ministry of Finance (MOF) on Tuesday.
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