Archive for ‘Economics’

10/12/2014

China plans hike in cigarette taxes, prices to deter smokers | Reuters

China is considering raising cigarette prices and taxes, a health official said on Wednesday, as the world’s largest tobacco consumer fights to stub out a pervasive habit.

A man flicks ashes from his cigarette over a dustbin in Shanghai January 10, 2014.  REUTERS/Aly Song

Smoking is a major health crisis for China, where more than 300 million smokers have made cigarettes part of the social fabric, and millions more are exposed to secondhand smoke.

Campaigners for tougher curbs face hurdles, but reforms of the tax system offer China an opportunity to rein in tobacco use, Yao Hongwen, a spokesman for the National Health and Family Planning Commission, told a news conference.

 

 

“Our country is deepening reforms of the tax system,” he said. “We believe this presents a hard-to-come-by historic opportunity to implement a tax hike for tobacco control.”

via China plans hike in cigarette taxes, prices to deter smokers | Reuters.

10/12/2014

Former top planning official jailed for life in China over graft | Reuters

The former deputy head of China’s top planning agency was jailed for life on Wednesday over a bribery scandal that exposed graft at the highest levels of China’s government, and ensnared several companies including Toyota Motor Corp.

Liu Tienan, then deputy chairman of China's National Development and Reform Commission (NDRC), attends a news conference in Beijing in this February 27, 2009 file photograph. Liu, a deputy chairman of China's top planning agency, the National Development and Reform Commission (NDRC), is under investigation for suspected ''serious discipline violations'', state media said on 12 May, 2013, REUTERS/Stringer/Files

The sentence, handed down by a court just outside of Beijing, capped the downfall of Liu Tienan, who was sacked as deputy head of the National Development and Reform Commission (NDRC) last year, a position that carries ministerial-level status.

Liu was the first ministerial-level official to face an investigation after Xi Jinping became Communist Party head in late 2012 and launched the most aggressive anti-graft campaign China has seen in decades.

via Former top planning official jailed for life in China over graft | Reuters.

08/12/2014

Rs 5,160cr given to states to clean rivers – The Times of India

Centre has released Rs 5,160 crore to various states for implementation of pollution abatement works in rivers, Parliament was informed on Monday.

Minister of water resources, river development and ganga rejuvenation Uma Bharti said in Rajya Sabha that Rs 5,159.81 crore has been released by the Centre to states for implementation of pollution abatement works and a sewage treatment capacity of about 5,005 million litres per day has been created so far under NRCP and NGRBA programmes.

National River Conservation Plan (NRCP) and National Ganga River Basin Authority (NGRBA) programme cover polluted stretches of 42 rivers spread over 21 states at a sanctioned cost of Rs 11,362.85 crore.

To another question, the minister said conservation of rivers is an ongoing process and cleaning of Ganga and other rivers is taking time mainly due to the “large gap between sewage generation and availability of sewage treatment capacity…”

She said it is the responsibility of the state governments and local bodies concerned to set up proper facility for collection and treatment of sewage generated and ensuring that it is not discharged into the rivers.

The new NDA-government has set up an Integrated Ganga Conservation Mission — ‘Namami Gange’ for for rejuvenation of Ganga and its tributaries.

via Rs 5,160cr given to states to clean rivers – The Times of India.

08/12/2014

Chinese tests find quarter of drinking water ‘substandard’: Shanghai Daily | Reuters

Almost a quarter of purified drinking water tested by China’s top safety watchdog was substandard, with many products found to contain excessive levels of bacteria, the official Shanghai Daily newspaper said on Monday.

The findings underline the challenge to controlling supply chains in China, after a slew of food safety scares over the past year from donkey meat products contaminated with fox to heavy metals found in infant food.

The China Food and Drug Administration (CFDA) found excessive bacteria in purified water products from China’s biggest drinks maker, Wahaha Group, as well as C’estbon Beverage Co Ltd and Danone SA’s Robust brand, the newspaper said.

In a statement posted on the official Xinhua news agency, Wahaha said it had recalled the affected products and cut its supply relationship with the water station where it said the contamination had occurred.

via Chinese tests find quarter of drinking water ‘substandard’: Shanghai Daily | Reuters.

07/12/2014

China registers 92 million people in poverty – Xinhua | English.news.cn

China has identified 128,000 impoverished villages and 92 million people living in poverty, said a senior poverty alleviation official on Saturday.

According to Liu Yongfu, head of the State Council leading group office of poverty alleviation and development, poverty has declined substantially in China, but the country still has 832 poor counties and districts

About 116,600 work teams with 466,000 cadres were dispatched to the villages for poverty alleviation, he told a seminar in central China’s Hubei Province.

“Almost all underprivileged households have a cadre responsible for poverty alleviation work,” he said.

He pointed out that more work should be done to improve people’s lives in poor areas in all respects, including education, finance and housing.

He also disclosed that in 2015, China will help about 500 impoverished villages through tourism.

Li Jinzao, head of the China’s national tourism administration who attended the seminar, said that China has so far lifted more than 8 million people out of poverty by developing tourism.

Along with overall GDP growth targets, the government is focusing on raising the income of the country’s population with a current goal to double per capita income from the 2010 level by 2020. To expand the safety net for those in poverty, the national poverty line was increased from 206 yuan in 1986 to 2,300 yuan per annum in 2011 (33.5 to 374 U.S. dollars).

via China registers 92 million people in poverty – Xinhua | English.news.cn.

07/12/2014

Chinese company undertakes largest water supply project in Sri Lanka – Xinhua | English.news.cn

China Machinery Engineering Corporation (CMEC) has kicked off a 230-million-U.S. dollar water supply project, which is the largest ever undertaken by the Sri Lankan government, an official said Saturday.

The inaugural pipe laying was done by Economic Development Minister Basil Rajapaksa in the town of Mahara, about 19.6 km from capital Colombo.

The project, once completed, will provide clean drinking water to about 600,000 people in 42 villages scattered around the region.

An estimated 20 million U.S. dollars is also provided by the Sri Lankan government who will work with CMEC to implement the venture.

“We are doing this for the community. It’s a very important project and we are grateful for the Chinese government for supporting us in this. This is something that has great social worth,” Rajapaksa told the gathering at the inauguration ceremony.

In the next three years, CMEC will build a water treatment plant with a supply capacity of 54,000 cubic meters a day and a new water intake volume of 85,000 cubic meters per day.

CMEC has unanimously agreed to commence the water project earlier than usual, Rajapaksa added, praising the swiftness with which the work was taking place on the ground.

The topographic survey and soil investigation of the water treatment plant was completed in June and site clearing for the plant was also wrapped up in November, leaving CMEC to begin laying over 1,000 km of water pipes.

Rajapaksa also expressed confidence that the efforts of CMEC together with the National Water Supply and Drainage Board will result in the successful completion of the project.

CMEC has been working in Sri Lanka for nearly a decade on a variety of projects. Its largest venture is the Lakvijaya coal power plant that was built with assistance from the Chinese government at a cost of 1.2 billion U.S. dollars.

via Chinese company undertakes largest water supply project in Sri Lanka – Xinhua | English.news.cn.

07/12/2014

India Says Pollution Levels Need to Rise Further to Boost Growth – Businessweek

India said its pollution levels will need to increase in the years ahead to support its economic development and it won’t discuss limiting greenhouse-gas emissions at United Nations climate talks that began this week.

Environment Minister Prakash Javadekar also said the government is preparing to make a pledge on how India will develop cleaner forms of energy, though he stopped short of indicating when the country might take on the sorts of caps for emissions that the U.S., China and Europe are adopting.

“We have a need to grow, so our emissions will grow,” Javadekar said at a press conference in New Delhi today. He said the onus on reducing emissions should be on richer industrial nations most responsible for global warming to allow poorer countries “space for more development.”

The comments indicate the difficulty in bringing all of the 190 nations gathered at the UN climate talks in Peru this week into a deal that will cut back on the pollution blamed for driving up the Earth’s temperature. While India’s emissions are the third-highest in the world, 30 percent of its residents live in poverty, scraping by on 75 cents a day or less.

Javadekar spoke before departing for the UN talks in Lima, Peru, which run through next week. They’re aiming to put together the building blocks for a deal by the end of next year that would cut pollution in all nations from 2020.

India is under pressure to make its environmental goals more clear after China and the U.S. jointly agreed Nov. 12 to rein in fossil fuel emissions. It was the first time a big developing country said it would take on a mandatory limit on pollution.

via India Says Pollution Levels Need to Rise Further to Boost Growth – Businessweek.

07/12/2014

India Raises $278 Million From Sale of Stake in Steel Authority – Businessweek

India said the sale of a stake in state-run Steel Authority of India Ltd. will fetch $278 million, the first step in a push for $9.5 billion from share sales to help narrow the nation’s budget deficit to a seven-year low.

The disposal of a 5 percent holding in Steel Authority of India is set to generate about 17.15 billion rupees ($278 million) and the offer was more than two times oversubscribed, the Finance Ministry said in a statement today.

“This will give a lot of confidence to the government to come out with disinvestment in other companies,” said R. K. Gupta, managing director at New Delhi-based Taurus Asset Management Co., which oversees $710 million.

via India Raises $278 Million From Sale of Stake in Steel Authority – Businessweek.

07/12/2014

EU States Suspend Marketing of Drugs Tested at Lab in India – Businessweek

A European Union review of a contract lab in India hired by drugmakers to perform clinical trials pivotal to approval of certain generic medicines has led some member states to suspend marketing of those drugs.

The European Medicines Agency is reviewing findings GVK Biosciences, based in Hyderabad, India, didn’t comply with clinical practice standards, and the suspensions are a precaution until the review is finished, according to a statement yesterday from the agency. The EMA didn’t name the countries or the drugs being suspended, and its press representatives didn’t respond to a call and an e-mail after business hours.

The review is based on an inspection by the French medicine agency that raised concerns about the reliability of studies done at GVK Bio since 2008. The French agency inspected GVK Bio from May 19 to 23 and found falsification by at least 10 people between 2008 and 2013 of electrocardiograms in all of the nine trials they examined.

via EU States Suspend Marketing of Drugs Tested at Lab in India – Businessweek.

07/12/2014

India plans 5-fold increase in clean energy – Businessweek

India said Friday it was optimistic the world would reach an agreement to curb climate change, but said its actions would be focused on boosting its renewable power capacity five-fold rather than on cutting carbon emissions.

With hundreds of millions still mired in poverty and without access to electricity, India cannot afford to reduce greenhouse gas emissions at the expense of economic growth, Environment Minister Prakash Javadekar said before leaving this weekend for U.N. climate talks in Lima, Peru.

“Our growth cannot be compromised,” Javadekar said. “Poverty needs to be eradicated immediately. Poor people have aspirations. We must fulfill them. We must give them energy access. We cannot and nobody can question on this.”

He said he was optimistic industrialized nations would agree to shoulder more of the burden to reduce greenhouse gas emissions, given that they had been polluting with fossil fuels for decades before developing nations.

“That is the just regime,” he said.

The recent U.S.-China pact announcing new targets for fossil fuel use marked a positive step toward establishing this sort of equality, he said. In that pact, the U.S. said it would aim to bring down its per-capita emissions from about 20 tons while allowing China to raise its 8-9 tons per capita so that both reach a level of about 12 tons by 2030.

“They have accepted the differentiated responsibility and the need of time for growth,” Javadekar said.

India had already pledged to reduce its emissions intensity — how much carbon dioxide it produces divided by its GDP — rather than promising to cut overall emissions. However, Indian officials and scientists say it could easily go beyond the target set in 2009 of cutting emissions intensity by 20-25 percent below 2005 levels by 2020.

India’s preference for the per-capita emissions calculation also ignores the fact that around 400 million Indians still have no access to electricity at all, while hundreds of millions more are lucky to get a couple of hours a day. Experts worry that as India’s population continues to grow beyond 1.2 billion and more people become wealthy, its share of global emissions will skyrocket.

via India plans 5-fold increase in clean energy – Businessweek.

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