China | CHINDIA ALERT: You'll be living in their world, very soon

27/03/2012

* Major Chinese industrial companies profits drop 5.2 pct

Xinhua: “Profits for Chinese chemical producers, automakers and other major industrial companies fell 5.2 percent in the first two months of 2012 from the same period a year earlier, China’s statistical authority said Tuesday.

Total profits for the largest industrial companies, or those with annual revenues above 20 million yuan 3.17 million U.S. dollars, stood at 606 billion yuan during the first two months, the National Bureau of Statistics said in a statement on its website.The data highlighted the impact of the sluggish global economic recovery on Chinese companies, especially state-owned enterprises, as exports have slowed due to waning external demand.

The data also represents a significant drop from a 34.3-percent increase registered in the first two months of 2011.”

via Major Chinese industrial companies profits drop 5.2 pct – Xinhua | English.news.cn.

Is China’s economy heading for a hard landing? If so, it will exacerbate the recession in developed nations.

Posted in China alert, Economics, Recession | Leave a Comment »

Tags: China, Chindia, Chindiapedia, Government-owned corporation

23/03/2012

* China arrests 300 over contract frauds

Xinhua: “Chinese police in the cities of Hefei, Wuhan and Chengdu have arrested more than 300 suspects for a number of contract fraud cases involving over 10 million yuan (1.59 million U.S. dollars), the Ministry of Public Security announced on

Friday. Police in the three cities busted 13 groups and over 40 companies suspected of contract fraud crimes, and closed 90 illegal sites for such crimes in the past few weeks, the ministry said in a statement.

The actions are part a campaign that police launched at the start of March to crack down on economic crime. Contract fraud involves intentional misrepresentation to deceive the victims into entering into contracts. In most of the cases, the suspects persuaded the victims to become their franchised outlets or producing contractors, took the victim’s money as “equipment fees” or “training fees” and refused to repurchase the products as they previously promised.”

via China arrests 300 over contract frauds – Xinhua | English.news.cn.

The fight against corruption carries on.

Posted in China alert, corruption | 1 Comment »

Tags: China, Chindia, Chindiapedia, Fraud, fraud crimes, Law

22/03/2012

* China factory activity falters, markets take fright

Reuters: “China’s economic momentum slowed in March as factory activity shrank for a fifth straight month, leaving investors fretting about the risks to global growth and anticipating fresh policy support from Beijing. The HSBC flash purchasing managers index, the earliest indicator of Chinas industrial activity, fell back to 48.1 from February’s four-month high of 49.6. New orders sank to a four-month low, an expected rebound in export orders failed to emerge and new hiring slumped to a two-year low.

“With new export orders sluggish and domestic demand still softening, China’s slow down has yet to finish. This calls for further easing to come from Beijing,” HSBC chief China economist, Qu Hongbin, said in a statement. …

Broad-based weakness in the five key components that generate the headline index level surprised analysts, particularly those who had anticipated a clear cut rebound in factory activity in March after the Lunar New Year disrupted output in the first two months and distorted the data. “This data suggests there’s something more profound at work, that it’s not just a Lunar New Year problem and that it’s not just affecting exports, but domestic demand,” Tim Condon, chief economist and head of Asian research at ING in Singapore, said. …”

via China factory activity falters, markets take fright | Reuters.

China’s Recession Begins (247wallst.com)

Posted in Economics | Leave a Comment »

Tags: Business, China, Chindia, Chindiapedia, economy, HSBC, purchasing managers index

22/03/2012

* Fair trade? Diageo to buy top ‘baijiu’ producer; Jaguar Land Rover agrees jv with Chery in China

FT.com: “When it comes to selling things that take years to mature – like premium cognacs or Scotch whiskies – it pays to take the long view. Diageo is taking a very long view on the future of baijiu, otherwise known as Chinese firewater. As a purveyor of Scottish firewater – also known as Johnnie Walker – Paul Walsh, Diageo’s CEO, says he can foresee a day when Chinese white spirit will have as broad a global footprint as Scotch whisky.

To prepare for that day, Diageo said on Tuesday it would shortly launch a mandatory tender offer to spend as much as $1bn buying all remaining shares of Sichuan Shuijingfang, the baijiu company it took control of last year.”

via Diageo: the long view on baijiu | beyondbrics | News and views on emerging markets from the Financial Times – FT.com.

Chery Automobile (Photo credit: Wikipedia)

BBC News: “Jaguar Land Rover JLR and Chery Automobile have agreed a joint venture that should pave the way for production of Jaguar and Land Rover cars in China.”

via BBC News – Jaguar Land Rover agrees joint venture with Chery in China.

Posted in China alert, Economics | Leave a Comment »

Tags: Chery Automobile, China, Chindia, Chindiapedia, Diageo, global brands, Jaguar Land Rover, Johnnie Walker, Land Rover, land rover cars

21/03/2012

* UN unites on Syria – including China and Russia

President Bashar al-Assad of Syria . Original background. (Photo credit: Wikipedia)

Reuters: “The UN Security Council, including Russia and China, threw its weight on Wednesday behind

In a statement approved by all its 15 members, the council threatened Syria with unspecified “further steps” if it failed to comply with Annans peace plan, which calls for a ceasefire and demands swift access for aid agencies.

Although the original statement was diluted at Russias demand, editing out any specific ultimatums, the fact that all world powers signed up to the proposal dealt a serious blow to President Bashar al-Assad as he battles a popular uprising.

via U.N. unites on Syria, sanctions set for Assads wife | Reuters.

Posted in GeoPolitics | Leave a Comment »

Tags: Bashar al-Assad, China, Chindia, Chindiapedia, Kofi Annan, Russia, Syria, syria sanctions, United Nations, United Nations Security Council

21/03/2012

* US exempts 11 states from Iran sanctions; China, India excluded

Reuters: “The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian oil, but left Iran’s top customers China and India exposed to the possibility of such steps.

The decision means banks in these countries have been given a six-month reprieve from the threat of being cut off from the U.S. financial system under new sanctions designed to pressure Iran over its nuclear program.

The list did not include China and India, Iran’s top two crude oil importers, nor U.S. allies South Korea and Turkey, which are among the top-10 consumers of Iranian oil.

Japan, China and India combined buy close to half of Iran’s crude exports of 2.6 million barrels a day, providing crucial foreign exchange for the OPEC member.”

via U.S. exempts 11 states from Iran sanctions; China, India exposed | Reuters.

Posted in China alert, Chindia Alert, Economics, India alert | Leave a Comment »

Tags: China, Chindia, Chindiapedia, European Union, financial sanctions, India, iran, iran sanctions, Japan, OPEC, South Korea, United States

20/03/2012

* Chinese fuel prices raised by 6.5-7%

China Daily: “China raised fuel prices for the second time this year, hiking gasoline and diesel by 6.5 percent to 7 percent effective on Tuesday, amid rising world crude oil prices and falling domestic inflation. Prices went up by 600 yuan $94.90 a metric ton, the biggest hike since June 2009. The average gasoline price went up 6.5 percent to 9,980 yuan a metric ton, while diesel prices rose 7 percent to 9,130 yuan a metric ton.Both prices are record highs. China, the worlds second-biggest oil user, raised fuel prices for the first time this year by 300 yuan a ton on Feb 8.”

via Fuel prices raised by 6.5-7%|Economy|chinadaily.com.cn.

Posted in China alert, Economics, Inflation | Leave a Comment »

Tags: cars, China, Chindia, Chindiapedia, crude oil prices, Fuel, Gasoline, Gasoline and diesel usage and pricing, Price of petroleum, transportation

19/03/2012

* $77m embezzled from Chinese high-speed rail project

China Daily: “China’s auditing authorities said on Monday that 491 million yuan ($77.84 million) had been embezzled from the Beijing-Shanghai High-speed Railway project. In a report based on an audit conducted between June and September in 2011, the National Audit Office NAO listed some irregular practices in the construction and management of the project. Purchases that were not made through standard bidding involved 849 million yuan, while the cancellation of wind-shielding barriers construction in some sections meant 413 million yuan of purchasing funds was not used, according to the report.”

via $77m embezzled from high-speed rail project|Economy|chinadaily.com.cn.

Related pages:

Posted in corruption | 1 Comment »

Tags: China, Embezzlement, High-speed rail, Rail, Transportation and Logistics

19/03/2012

* India displaces China as world’s largest arms importer

Times of India: “India has become the worlds biggest importer of arms, displacing China by accounting for 10 per cent of global arms sales volumes. Over the past five years, Indias imports of major weapons increased by 38 per cent between 2007-11, a Swedish security think tank said with Asia topping other regions in arms imports.

The Stockholm International Peace Research Institute SIPRI in its new report said that India was closely followed by China and Pakistan whose weapons imports constituted 5 per cent each of global sales. Pakistan took delivery of “significant numbers of combat aircrafts during this period : 50 JF-17s from China and 30 F-16s from US,” SIPRI said. The Swedish think tank said China which had been world’s top arms importer in 2006-2007 has now dropped to fourth place, attributing this to improvements in the country’s arms industry and its rising arms exports.

SIPRI said China is now world’s sixth largest world exporter of weapons behind the US, Russia, Germany, France and UK.But “while the volume of Chinas arms export is increasing, this is largely a result of Pakistan importing more arms from China. “Beijing has not achieved a major breakthrough in any other significant market,” the report said. According to SIPRI estimates India is likely to spend more than USD 100 billion on weapons and systems in the next 15 years.”

via India displaces China as worlds largest arms importer – The Times of India.

Related articles

Arms sales: who are the world’s 100 top arms producers? (guardian.co.uk)
https://chindia-alert.org/political-factors/

Posted in China alert, Chindia Alert, Defence, GeoPolitics, India alert | Leave a Comment »

Tags: Arms industry, China, India, Pakistan, Russia, Stockholm International Peace Research Institute

14/03/2012

* Premier Wen says China needs political reform, warns of another Cultural Revolution if without

Extract from Xinhua: “Premier Wen Jiabao said Wednesday that China needs not only economic reform but also political structural reform, especially the reform of the leadership system of the Party and the government.

Wen warned at a press conference after the conclusion of the annual parliamentary session that historical tragedies like the Cultural Revolution may happen in China again should the country fail to push forward political reform to uproot problems occurring in the society. …

He noted although after the crackdown on the Gang of Four, the Party adopted resolutions on many historical matters, and decided to conduct reforms and opening-up, the mistake of the Cultural Revolution and feudalism have yet to be fully eliminated. …

As the economy continues to develop, Wen said, such problems as income disparity, lack of credibility and corruption, have occurred.

“I’m fully aware that to resolve these problems, we must press ahead with both economic structural reforms and political structural reforms , in particular reforms on the leadership system of the Party and the country,” he said. …”

via Wen says China needs political reform, warns of another Cultural Revolution if without – Xinhua | English.news.cn.

Over the past year or two Premier Wen has become very outspoken (for a senior Chinese politician) about issues normally not aired in public. For instance, the Cultural Revolution seldom features in speeches and if it does, it is not usually put in clearly negative terms.

In some ways this reminds me of the (in-)famous speech by Chairman Mao when he launched the ‘let the 100 flowers bloom‘ campaign in 1957. This was soon followed by the dreadful ‘anti-right’ campaign when too many intellectuals and party members took Mao’s ‘let 1000 thoughts contend’ exhortation at face value.

But, this time, the whole circumstances and environment are very different. So, hopefully, the next step will not be another anti-right campaign, but genuine discourse and debate with a (relatively) open mind.

Posted in China alert, Democracy, Politics, Reform | 6 Comments »

Tags: China, Cultural Revolution, Gang of Four, income disparity, Mao Zedong, Reform movement, socialist democracy, Wen, Wen Jiabao, Xinhua News Agency

CHINDIA ALERT: You'll be living in their world, very soon

Chindia Alert: You’ll be Living in their World Very Soon

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* Major Chinese industrial companies profits drop 5.2 pct

* China arrests 300 over contract frauds

* China factory activity falters, markets take fright

* Fair trade? Diageo to buy top ‘baijiu’ producer; Jaguar Land Rover agrees jv with Chery in China

* UN unites on Syria – including China and Russia

* US exempts 11 states from Iran sanctions; China, India excluded

* Chinese fuel prices raised by 6.5-7%

* $77m embezzled from Chinese high-speed rail project

* India displaces China as world’s largest arms importer

* Premier Wen says China needs political reform, warns of another Cultural Revolution if without

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