China’s economy grows 9% in 2008
January 22, 2009
CHINA’S gross domestic product (GDP) reached 30.0670 trillion yuan (US$4.4216 trillion) in 2008, up 9 percent year on year, said the National Bureau of Statistics (NBS) today.
The growth was the slowest since 2001, when an annual rate of 8.3 percent was recorded, and the first time below a double-digit level since 2003.
The overall national economy maintained the good developing momentum of fast growth, stable prices, optimized structures and improved welfare, said Ma Jiantang, director of the NBS, at a press conference.
The annual growth rate for the fourth quarter dipped to 6.8 percent from 9.0 percent in the third quarter and 9.9 percent for the first three quarters, according to Ma.
“The international financial crisis is deepening and spreading, while its negative impact on domestic economy is continuing,” said Ma.
Despite the fourth-quarter slowdown, Ma said the 9-percent pace was “still a high figure”.
China’s performance was better than the average growth of 3.7 percent for the world economy last year, 1.4 percent for developed countries and 6.6 percent for developing and emerging economies, he said, citing estimates of the International Monetary Fund.
“With a 9-percent rate, China actually contributed to more than20 percent of the global economic growth in 2008,” said Ma.
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Imports of energy products climb
January 15, 2009
CHINA imported 240 million tons of major energy commodities – oil, refined products, natural gas and coal – in the first 11 months of last year, up 3.7 percent year on year, a report released yesterday by the General Administration of Customs showed.
The growth rate was 9.7 percentage points below the year-earlier level. These imports were valued at US$158.6 billion, up 74 percent, and they accounted for 14.9 percent of total imports for the 11 months. High world coal prices turned China from a net coal importer to a net exporter. In the first 11 months last year, China exported 2.86 million tons of coal against imports of 781,000 tons.
Source: Shanghai Daily
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Baosteel Has Worked Out The New Price Policy
January 1, 2009
Baosteel has worked out the new price policy for the first quarter or January in 2009 and informed its distributors gradually. In this price adjustment, increase, drop and unchangeness are all witnessed, by which Baosteel aims to reduce high EXW prices in accordance to market developments and relieve dealers’ pressure while at the same time stabilizing market prices and boosting market confidence.
On the basis of its December steel prices, Baosteel decided to uplift hot-rolled pickled plate prices by RMB200/ton, maintain prices of common cold-rolled products, hot-dip galvanized steel and electro-galvanized steel, and lower HRC prices by RMB700/ton which are still higher than current market prices after the change. Other high value-added steel products like electric steel and steel pipe see price declines ranging from RMB500/ton to RMB1,000/ton, as Baosteel didn’t make large downward adjustment for them previously.
Baosteel’s price policy is considered to be a wind vane for the steel industry all the time. This new price policy for the beginning of next year indicated Baosteel’s intension to stabilize steel prices in China’s domestic market, believe of many insiders.
Source: China Steel Net.com
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December 14, 2008
Producer price index is properly called as “factory gate index” because it is a gauge for the prices of producers. So those who make trade with China is better to give an eye on the PPI to forecast the behavior of short-term prices of producers. PPI is also reflects the direction of production costs level because the cost is a major of input of prices.Here is the news about the recent data about PPI:
CHINA’S producer inflation will fall markedly in December, increasing the possibility of deflation.
The producer price index (PPI) fell to 2 percent in November, down from 6.6 percent in October, reaching the slowest pace since May 2006, as prices in fuel and commodities declined.
“The PPI drops more sharply than consumer inflation during an economic slowdown and this will mercilessly drag down consumer prices.
Many major world economies have entered into a recession and this had a big impact on China.
“It’s a fairytale to think China will remain immune from what’s happening in the rest of the world.”
Emerging economies face bigger challenges, including faltering external demand and outflow of capital.
Lenders should extend more loans to energy-saving and environmentally friendly sectors and help industries upgrade while improving risk control.
The CBRC targets a lower non-performing loan ratio next year, but it will “scientifically tolerate” any increases in the stockpiles of bad loans.
Tags: costs, production, TradeRelated Posts:
Return of VAT on recycled materials
December 13, 2008
CHINA will restore a value-added tax on domestic recycled materials, including scrap metals, effective from January 1, 2009, the Ministry of Finance said yesterday in a statement on its Website.
The restoration of the VAT, which is usually 17 percent in China, may raise scrap metal prices and make imported materials more competitive. Before the end of 2010, recyclers that meet certain criteria will have part of the VAT they pay refunded.
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