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China's fixed assets investment
expands 26.3% in 1st half(2008/07/21)
(Xinhua) -- China's fixed assets investment in the first half of 2008
rose 26.3 percent from a year earlier, up 0.4 percentage points from the
same period of last year, the National Bureau of Statistics (NBS) said
Thursday.
The overall investment in assets stood at 6.8402 trillion yuan (1.0059
trillion U.S. dollars) in the first half of this year, said the NBS.
China's GDP up 10.4 percent in first half year(2008/07/18)
(Xinhua) -- The Chinese economy is in a dilemma, struggling for a delicate
balance between maintaining a healthy growth and taming inflation. The major
economic indicators released Thursday dampened expectations for a shift in
the nation's macro control polices, but some, manufacturers in particular,
still call for a fine tuning.
China's gross domestic product (GDP) grew 10.4 percent to 13.06trillion yuan
(1.9 trillion U.S. dollars) in the first half over the same period last
year, the National Bureau of Statistics (NBS)said on Thursday.
The growth rate was 1.8 percentage points lower than the first half last
year, or 0.2 percentage points lower than the first quarter of this year.
The GDP included 1.18 trillion yuan generated by the primary sector, up 3.5
percent, 6.74 trillion yuan by the secondary sector,up 11.3 percent, and
5.14 trillion yuan by the tertiary sector, up10.5 percent. The growth rates
were 0.5 percentage points, 2.4 percentage points, and 1.6 percentage
points, respectively, lower than the first half last year.
The bureau's chief economist, Yao Jingyuan, said the double-digit GDP growth
indicated China's economy was still growing at a steady and relatively fast
pace.
"The cooling of GDP growth indicated the government's macro-economic policy
to prevent the economy from overheating has paid off," said Yao.
Last year, GDP grew 11.4 percent year-on-year with the risks of spiraling
inflation and economic overheating rising. To cool the breakneck growth,
China fixed its GDP growth target at 8 percent for 2008.
The slowing world economy and weaker demand on international markets also
adversely affected the economy, Yao added.
NBS spokesman Li Xiaochao said on Thursday that the economic growth was "in
line with macro-economic control targets" and was "achieved with painstaking
efforts".
GDP grew by 11.3 percent in the fourth quarter last year, 10.6 percent in
the first quarter this year and 10.1 percent in the second quarter.
"China avoided major ups and downs in economic growth in the first half of
the year, with growth slowing steadily," said Li.
With on-going industrialization and urbanization, China's economy would
remain robust and vigorous, as the need to narrow regional disparities would
continue providing opportunity for growth, according to Li.
However, observers said the Chinese economy was still beset with problems,
citing persistent price rises, uncertainties in demand abroad, squeezed
corporate profit margins, difficulty in ensuring energy and power supplies,
and undue expansion of foreign exchange reserves.
Early July found Premier Wen Jiabao, Vice President Xi Jinping and Vice
Premier Wang Qishan conducting field inspections on the economic situation
in developed Jiangsu, Shanghai, Shandong and Guangdong. The frequency of
such high-profile, on-the-spot researches by Chinese leadership in a short
period of time has seldom been seen over the past 30 years. Observers
believed this implied the grimness of the internal and external environment
of the Chinese economy.
SHADOW OF SLOWDOWN
According to the national statistical bureau, fixed-assets investment
nationwide amounted to 6.84 trillion yuan in the first half of this year, up
26.3 percent year-on-year. The growth rate was 0.4 percentage points higher
than the year-earlier level.
The total included 5.84 trillion yuan in urban areas, up 26.8 percent, and
996.6 billion yuan in rural areas, up 23.2 percent. The growth rates were
0.1 percentage points and 1.7 percentage points, respectively, higher than
the year-earlier level.
Retail sales stood at 5.1 trillion yuan nationwide, up 21.4 percent. The
growth rate was 6 percentage points higher.
The total included 3.48 trillion yuan in urban areas, up 22.1 percent, and
1.62 trillion yuan in rural areas, up 20.0 percent.
Zhuang Jian, senior economist with the Asian Development Bank PRC Resident
Mission, attributed the faster growth in consumption to expectations for
future higher income of workers and more allowances for low-income earners
upon enforcement of the new labor contract law and efforts by local
governments to raise welfare for the needy.
But the higher income would also affect the economy adversely, as it would
translate into higher labor cost for enterprises. This will add pressure on
corporate performance, which was already not so upbeat in the first half,
some economists believed.
Between January and June, major enterprises nationwide posted a16.3 percent
growth in their value-added output, down 2.2 percentage points.
According to the statistical bureau, the major loss-making industrial
enterprises nationwide recorded 91.7 billion yuan in losses in the
January-June period, up 56.1 percent on the same period of last year. The
growth was nearly 50 percentage points higher than the year-earlier level.
Major industrial enterprises reaped 1.09 trillion yuan in profits in the
first five months of the year, up 20.9 percent year on year. The rate fell
21.2 percentage points from a year ago.
Observers saw this as a signal for possible further economic slowdown. They
considered employment targets would, more or less, increase corporate
payrolls and enterprises' overall costs.
In the first half year, 6.4 million people were added to employees
nationwide, or 64 percent of the yearly target of 10 million which was more
than the nine-million level set for each of the past few years.
Moreover, the observers argued, foreign sales remained worrisome, although
the other two of the three major driving forces of the Chinese economy --
investment and domestic consumption, were brisk over the past six months.
The first-half foreign trade was 1.23 trillion U.S. dollars, up25.7 percent.
The total included 666.6 billion dollars in export value, up 21.9 percent,
and 567.6 billion dollars in import value, up 30.6 percent. The growth rate
for export was 5.7 percentage points lower. The trade surplus decreased 13.2
billion dollars to 99 billion dollars.
The slower growth of foreign sales was ascribed to ebbing demand abroad,
which will remain uncertain for the coming months as concerns are mounting
about credit risks in the U.S. financial regime. The credit risks have
helped drive the U.S. economy down and many related economies worldwide into
stagnation.
Traditional manufacturing sectors, which had lower added value, bore the
blunt in global price rises for raw materials, increasing labor cost and
expediting the appreciation of the Chinese currency (which gained more than
7 percent against the U.S. dollar, in comparison with the 6.9 percent gain
for whole of last year).
For example, China exported 9.87 billion U.S. dollars worth of garments and
accessories in June, down 15 percent from the same month last year. The
clothing exports for the first six months went up only 3.4 percent to 49.96
billion dollars.
Besides, Zhu Baoliang, deputy head of the economic prediction department of
the State Information Center, said that the gloomy equity market at home
would make it more difficult for enterprises. He added that more slowdown
risks would lie in the possible outward flow of international short-term
speculative funds.
LINGERING INFLATIONARY PRESSURE
China's consumer price index (CPI), a major inflation measurement, rose 7.9
percent in the first half year.
Over the past 30 years, China experienced four major periods of inflation
and one serious deflation. The highest CPI rise was 24.1percent in 1994. All
of past major inflations were triggered mainly by domestic factors only. But
this time, most experts believed, the inflation was ignited by external
factors and was cost-driven.
Though the Janunary-June index was lower than the 11-year-high 8.7 percent
for February, the inflationary pressure would remain in the coming months,
many believed.
The fast growth of PPI, which measures the value of finished products when
they leave the factory, will affect the CPI a few months later.
Price rises for oil and farm produce worldwide would likely continue and
shore up China's inflation, as the Chinese economy's reliance on the outside
world is now more than 60 percent thanks to its 30-year-long opening-up.
Meanwhile, prices of agricultural products at home, which were buoyed up by
short supplies after the severe winter weather and the May 12 earthquake,
will linger at a high level.
The rapidly expanding foreign reserves, which pushed up the central bank's
passive money supply, will add to the inflationary pressure.
China's forex reserves, which is already the world's largest, stood at 1.81
trillion U.S. dollars at the end of June, including280.6 billion dollars
increased in the past six months, with an average monthly increment of 46.8
billion dollars.
Observers warned of an inrush of huge short-term speculative funds as the
fast expansion was achieved in company with a slowdown in trade surplus
growth.
FINE TUNING SUGGESTED FOR MACRO CONTROL POLICIES
China has undergone several major economic ups and downs since it started
reform 30 years ago. Each of them was triggered by overheating, partly
resulting from decentralization, or pricing policy shifts or forex system
reform.
Among ensuing macro controls, the one in the 1984-1986 period was given up
halfway and that in the 1989-1990 period caused a hard landing. The macro
control drive in the 1993-1996 period ended up with a relatively serious
deflation, because no timely turnaround was achieved for then tight monetary
policy.
Early this year, Premier Wen Jiabao said 2008 would probably be the most
difficult year for the Chinese economy. Given so many uncertainties, it
would be hard for the central government to make decisions, he noted.
This week, the financial and economic committee of China's top legislature
decided to adhere to the tight monetary policy and prudent fiscal policy,
with efforts focusing on avoiding major economic ups and downs. They agreed
the current economic situation was good, putting taming inflation high on
the development agenda.
Some experts warned that post-disaster reconstruction, if out of control,
would also possibly re-ignite overheating.
Ba Shusong, deputy head of the research institute of finance under
Development Research Center of State Council, said given the combination of
various pressures at home and abroad, it was unsuitable to loosen the tight
monetary policy for the time being. It was necessary for the fiscal policy
to function more actively to ensure appropriate economic growth.
Wang Tongsan, economist with the Chinese Academy of Social Sciences, said
that price control would still remain an important part of China's economic
policy, and that measures must be taken against the potential of inflation.
Some suggested the export tax rebate policy should be readjusted to bail out
the struggling manufacturers, those in the textile sector in particular.
China's CPI rises 7.9 percent in first half of 2008(2008/07/18)
(Xinhua) -- China's consumer price index (CPI),the main gauge of inflation,
rose 7.9 percent in the first half over the same period last year, 0.2
percentage points lower than the first five months, the National Bureau of
Statistics said on Thursday.
The figure, compared with 7.1 percent in June, 7.7 percent in May, 8.5
percent in April and a 12-year-high of 8.7 percent in February, was broadly
in line with most forecasts.
The prices rose by 7.6 percent in cities and 8.6 percent in rural areas.
Grouped by commodity categories, prices for food rose 20.4 percent,
contributing 6.64 percentage points to the overall CPI rise and prices for
housing were up 6.9 percent, contributing 1.02 percentage points.
Prices for other categories of commodities rose or dropped slightly.
Yao Jingyuan, chief economist of the bureau, attributed the slowdown of CPI
growth to the government's efforts to curb inflation.
The government has introduced a wide-range of measures, including increased
fiscal support for grain and food production, and raised the required
reserve ratio for commercial banks. But the central bank has not raised
interest rates to rein in investment growth so far this year.
RISING PPI
Despite a drop in the CPI growth, the producer price index (PPI), which
measures the value of finished products when they leave the factory, rose
7.6 percent during the first half, said the bureau.
The growth rate was 4.8 percentage points higher than the same period last
year. The PPI rose 8.8 percent in June from a year earlier, compared with
8.2 percent in May.
Meanwhile, the purchaser prices for raw materials, fuel and power rose 11.1
percent. The growth rate was 7.3 percentage points higher than a year
earlier.
Li Xiaochao, spokesman of the bureau, said the rising PPI imposed greater
pressures on inflation and the latest oil and power price rises could add to
the pressure.
EXPORT GROWTH DOWN, FDI UP
During the first half, the value of exports was 666.6 billion U.S. dollars,
up 21.9 percent. The growth rate was 5.7 percentage points lower than the
same period last year.
"Many export-oriented companies could face increasing pressures in the
second half of this year due to uncertainties in the global economy," said
Zhang Liqun, a macro-economist at the Development Research Center of the
State Council, the Cabinet.
The country had a trade surplus of 99 billion U.S. dollars, a decrease of
13.2 billion U.S. dollars over the same period last year.
The total value of foreign direct investment (FDI) actually utilized was
52.4 billion U.S. dollars, up 45. 6 percent. The growth was 33.4 percentage
points higher than a year earlier.
By the end of June, the foreign exchange reserves stood at 1,808.8 billion
U.S. dollars, up by 35.7 percent.
PROBLEMS REMAIN
Inflation was expected to slow in the second half, but China should remain
vigilant against high inflationary pressure due to rising prices of
commodities and oil on the global market, Yao said.
The bureau said in a statement that outstanding problems existing in
economic performance included persisting pressure for rapid price rises,
factors to constrain steady agricultural production and raise the income of
rural residents, and the severe international financial situation.
"We must continue to curb inflation," the spokesman said.
He said many countries, both developed and developing, suffered rising
inflation in the last two months. Globally, prices of primary products, such
as oil and grain, had risen more than 30 percent. Energy prices continued
rising in June with coal up 19.9 percent and oil 7.2 percent.
"With the further opening-up of Chinese economy, we are more vulnerable to
international factors," Li said.
He also said the post-quake reconstruction would drive up demand on building
materials, which could contribute to CPI rises.
"The government should continue encouraging the industrial transfer from the
economically developed eastern region to the less developed central and
western regions to help ease the pressure of rising production costs for
labor-intensive industries," he said.
"Meanwhile, it must further the reform of energy pricing to help solve the
shortage of coal, power and oil," said Zhu Hongren, deputy director of the
Bureau of Economic Operations with the National Development and Reform
Commission.
China's economy set to face
bumps from various tests(2008/07/16)
The Yangtze Delta and Pearl Delta regions have shown signs of an
economic slowdown and some economists said China's economy may face a bumpy
road because of various challenges.
They made their comments before China is set to release economic data for
the first half of the year on Thursday.
Hu Chunli, a researcher with the State Information Center, said the
advantages of low labor and raw material costs were disappearing in China's
coastal cities and this erosion made it harder for businesses there to grow.
Export-oriented firms in these cities suffered more from the appreciation of
the yuan.
According to the latest data released by the National Development and Reform
Commission, China's eastern areas grew 15.71 percent from January to May,
the lowest compared to the western, northeastern and the middle regions of
China's mainland.
The growth of the eastern areas also posted the sharpest slowdown of all the
regions, with the pace moderating 3.1 percentage points from a year earlier.
Meanwhile, Hu said tight credit control prevented small and medium-sized
companies from getting finance for further development.
Yu Bin, director of the macroeconomic research department of the Development
Research Center under the State Council, said the United States credit
crisis, natural disasters, the unstable performance of China's securities
and real estate markets as well as the surging costs of production, made it
possible that the nation's economy may experience a sharp slowdown this
year.
"Considering the combination of all these factors, China's economy may face
a sharp slowdown. It may feel like a sudden braking and the engine may not
be easy to restart," the National Business Daily said yesterday, quoting Yu
speaking at a forum in Beijing.
China's economic growth will likely moderate to 9.8 percent in 2008 from
last year's 11.9 percent, the World Bank predicted in its latest China
Quarterly Update last month.
But the World Bank was generally positive about China's economy as real
growth of exports and imports remained robust despite economic activity in
the country moderating in line with the global economy's slowdown.
In the first half of the year, China's trade surplus reached 99 billion U.S.
dollars, a decline of 11.8 percent from a year ago as export growth slowed
while imports expanded faster.
(Source: Shanghai Daily)
Officials: China should strive
for bigger voice in global economy(2008/07/15)
(Xinhua) -- Wan Jifei, president of China Chamber of International
Commerce said on Wednesday that the country needs to participate in the
formulation of global economic and trade rules apart from taking part in
international division of labor and competition.
Wan, also chairman of the China Council for the Promotion of International
Trade, said at a chamber meeting that with Chinese companies getting
stronger capabilities and the country having increasing influence globally,
to get a bigger voice is conducive to protecting the legitimate interests
and rights of domestic enterprises.
Zhang Yanling, vice president of the Bank of China, said China is engaged
closely with foreign countries economically and the scale of trade and labor
service export is keeping on growing.
Zhang added that Chinese companies should not only be familiar with existing
international rules, but should also play an active role in setting up these
rules and voice their opinions in international economic arena.
FDI in China up 45.6% in
Jan-June period(2008/07/14)
Foreign direct investment (FDI) in China rose 45.6 percent in the first
half of 2008 from a year earlier, as overseas investors continued to bank on
the business opportunities in the world's fastest growing major economy. The
FDI amounted to 52.4 billion U.S. dollars during the six months to June, the
Ministry of Commerce said on Friday.
The surge was attributed to the country's robust economic growth and
stronger yuan, analysts said. Others factors include the sluggish U.S.
economic growth and declining dollar.
China's economy expanded 10.6 percent year on year, in the first quarter.
The yuan gained 6.5 percent against the U.S. dollar in the first half.
The number of newly-approved foreign-funded companies totaled 14,544, down
22.2 percent from the same period last year, the ministry added.
China's forex regulator has urged greater supervision over the inflows of
short-term global speculative funds as a large-scale capital flight on
rising dollar could undermine the economy and financial security.
Analysts believed that tens of billions of dollars of "hot money" has
entered the country in the guise of trade and investment so far this year.
Exports increased 21.9 percent year-on-year to 666.6 billion U.S. dollars in
the first half, while imports rose 30.6 percent to567.57 billion U.S.
dollars, the General Administration of Customs said on Thursday.
Report: China CPI to rise 7.2%
in 2008（2008/07/14）
BEIJING, July 10 (Xinhua) -- China's consumer price index (CPI),the main
gauge of inflation, is expected to rise 7.2 percent year on year in 2008,
according to a Bank of China (BOC) report on Wednesday.
The report, released by the lender's global financial market department,
suggested the central government adopt more tightening monetary policies to
further tame inflation, drain liquidity and curb excessive investment.
China had been under inflationary pressure this year as the CPI increased
7.7 percent in May from the same month last year. The figure was 8.5 percent
in April, up from 8.3 percent in March and near the 12-year high of 8.7
percent in February.
The producer price index, another measure of inflation, accelerated to 8.2
percent in May after gaining 8.1 percent in April, according to the National
Bureau of Statistics.
The BOC predicted in an earlier report CPI in 2008 would increase 6.8
percent year on year. However, the report said "Rising prices of gasoline,
coal oil and electricity will push up the previously estimated figure."
China's National Development and Reform Commission had raised the price of
refined oil by 1,000 yuan per tonne as of June 20.
The report advised the government raise interest rates and reinin
appreciation of the yuan, the country's currency. China was very likely to
raise interest rates in the fourth quarter, it said.
The central parity rate of the yuan, or renminbi (RMB), was set at 6.8489
yuan on Thursday against the U.S. dollar, since the country un-pegged its
currency from the greenback in July 2005.
The yuan has risen more than 6.65 percent against the U.S. dollar so far
this year, in comparison with the 6.9 percent gain last year, and has broken
its own record value 52 times.
"A slower appreciation in the currency will help to make full use of the
domestic labor force, which is China's most sufficient resource," the report
explained.
It also forecast inflation might show a deceleration in June as food,
vegetables and fruit prices dropped. The CPI was expected to rise 7.3
percent in June year on year.
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Jiangsu
demolished outdated iron and steel capacities of 3.262 million tons during
the first half（2008/07/21）
According to the results of 2007 pollution and emission decreasing
issued by Ministry of National Environment Protection, National Development
and Reform Commission, Statistics Bureau and Ministry of Supervision, the
emission of COD and SO2 in Jiangsu in 2007 decreased by 4.9% and 8.0%
respectively from those of 2006, which means Jiangsu Province has
overfulfiled the target set by center government for the second time in two
years in line.
According to Zhu Tiejun, an official from provincial bureau for environment
protection, the target for 2008 in Jiangsu is control the emission of SO2
under 1.1685 million tons, down 4.1% from that of 2007; that of COD under
862,100 tons, down 3.3%, which is hard to realize.
Take the first half for example, the emission of COD increased by 33,300
tons and that of SO2 increased by 53,900 tons. Therefore, it is hard to
absorb the increases while realize the target for decreasing.
Therefore, the province takes a series of measures to secure the target,
including the followings.
Adjust the production structure and demolish the outdated capacities. During
the first half, Jiangsu Province closed and demolished outdated iron and
steel capacities 3.262 million tons.
Stricter the standard for new projects. Till now, three development zones
and two counties in Jiangsu Province has stopped giving approvals to new
projects which will add new pollutions.
Second batch of export quotas of coke in general trade in 2008(2008/07/17)
Issuing authority: The Ministry of Commerce of China
Issuing document: Circular No 67, 2008
Issuing date: July 2008
The MOC issued the second batch of export quotas of coke in general trade in
2008 according to the Regulation of the People's Republic of China on the
Administration of the Import and Export of Goods.
1. The quota is presented to enterprises meeting application requirements.
The quota assignment is based on the export performance of each enterprise
during 2005-07 and partly considered exports by producers in 2006 to reflect
a preferential policy toward producers.
2. Related authorities in charge of business affairs are required to inform
local enterprises of this circular, keep a close watch on export activities
and let the MOC know the result of the program.
Table of the second batch of export quotas of coke in general trade in 2008
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|
Serial number |
Company |
Quota (10,000 tons) |
|
|
Total |
239 |
|
1 |
Sinochem Corporation |
22 |
|
2 |
China Sinosteel Corporation |
16 |
|
3 |
China Minmetals Corporation |
17 |
|
4 |
China Coal & Coking Co., Ltd. |
11 |
|
5 |
Shanxi Minmetals Industrial & Trading Co., Ltd. |
8 |
|
6 |
Shanxi Resources International Co., Ltd. |
7 |
|
7 |
China-Brazil (Shanxi) Trading Co., Ltd. |
6 |
|
8 |
Shanxi Dajin International (Group) Co., Ltd. |
11 |
|
9 |
Shanxi Tianli Enterprise Co., Ltd. |
6 |
|
10 |
Shanxi Zhongrui Trading Co., Ltd. |
4 |
|
11 |
Shanxi Yuanxiang Coking Co., Ltd. |
4 |
|
12 |
Shanxi Jinkang Imp & Exp Group Co., Ltd. |
4 |
|
13 |
China North Industries Co. |
4 |
|
14 |
CITIC International Co., Ltd. |
3 |
|
15 |
Beijing Zhongya Fuli International Trading Co.,
Ltd. |
4 |
|
16 |
Shanxi Antai International Trading Co., Ltd. |
4 |
|
17 |
Beijing Minmetals Liguo International Trading
Co., Ltd. |
3 |
|
18 |
Baosteel Resources Co., Ltd. |
6 |
|
19 |
Shanxi Zhonglv Coking Co., Ltd. |
6 |
|
20 |
Xiaoyi Jinhui Coking Co., Ltd. |
7 |
|
21 |
Xiaoyi City Golden Rock Electric Coal-chemistry
Co., Ltd. |
11 |
|
22 |
Shanxi Xinsheng Coking Group Co., Ltd. |
7 |
|
23 |
Shanxi Tongzhou Trading Co.,
Ltd. |
11 |
|
24 |
Shanxi Coking Co., Ltd. |
3 |
|
25 |
Qingdao Coking and Gas Co., Ltd. |
5 |
|
26 |
Shanxi Sanlian Zhengfeng International Trading
Co., Ltd. |
13 |
|
27 |
Shanxi Coking Group International Trading Co.,
Ltd. |
11 |
|
28 |
Risun Holding Co., Ltd. |
7 |
|
29 |
Xiaoyi City Jinda Coking Co., Ltd. |
4 |
|
30 |
Shanxi Taixing Group Co., Ltd. |
5 |
|
31 |
Shanxi Maosheng Coking Group Co., Ltd. |
6 |
|
32 |
Xinjiang International Industry Co., Ltd. |
3 |
China
continues to face tight coal supplies（2008/07/02）
The supply of coal used in power generation will continue to face a
shortage, said an official with the China Electricity Council.
"The supply of coal, which fuels over two-thirds of China's power plants, is
still tense nationwide, causing big pressure for the country's power plants
as well as the total power supply in the country," said Xue Jing, director
of the department of statistics and information under the China Electricity
Council.
In Shandong province, local media reported that at present power plant
reserves, which should usually have enough coal for at least 15 days of
operation, only had reserves for 11 days.
As a kind of primary energy source, coal supplies will continue to face
difficult times in the future, said Xue.
The relatively limited capacity of China's coal companies and transportation
also caused the shortage, she said,
The summer, which is China's highest energy consumption period, will also
bring about intense pressure on coal supplies, she said.
To ensure supplies, China sold less coal abroad in the first five months of
the year, said the General Administration of Customs. Between January and
May, China exported 18.5 million tons of coal, a decline of 4.1 percent from
the same period last year.
But the export value rose 48.3 percent to $1.68 billion as the average price
was up 54.68 percent to $90.8 per ton upon stronger demand worldwide.
Although the country announced it will raise the power tariff in July,
this cannot totally offset power companies' losses mainly caused by rising
coal price, said Xue.
"To power companies, this price hike can offset some 50 yuan increase in the
coal price per ton, however, in some regions coal prices have increased by
as much as 100 yuan per ton," she said.
The National Development and Reform Commission (NDRC) in July said
electricity charges for commercial units would increase by 0.025 yuan per
kWh from July 1.
But urban and rural residents and the farming and fertilizer production
sectors were exempted from the increased electricity charges. Areas in
Sichuan, Shaanxi and Gansu hit by the May 12 quake, too, have been exempted,
the NDRC said.
The price of coal will be brought under government control temporarily, the
NDRC said, because soaring coal price is the main factor behind higher
electricity charges. (Source: China Daily)
The export
of iron ores from Yunnan in the first five months had a large
decline(2008/07/01)
Due to the increases in export taxes for primary iron and steel
products, the appreciation of RMB and the inflation in Vietnam and so on,
Yunnan Province exported 50,000 tons of iron ores during the first five
months of 2008, with an export value of 36.90 million Yuan, down 88.2% and
80.6% respectively from those (425,000 tons and US$ 190) of the same period
in 2007.
According to an official from Customs of Yunan Province, in early 2008, the
national government implemented export taxes for 113 iron and steel products
out of the 203, including billet (25%), ferroalloy (20%), and wire rod and
deformed steel bar (15%), which are the main products for export in Yunnan.
Therefore, the export volume of iron and steel products from Yunnan Province
had a considerable decline in the first five months. From Jan to May of
2008, the main exported iron and steel products from Yunnan include wire,
deformed steel bar and ferroalloy, which took a share of 90%, but the volume
and value decreased by 56.8% and 28.7% from those of the same period in
2007. |
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