Car License Inflation
As last week’s 6.5 per cent figure revealed, surging inflation is now
bedevilling China’s economy. But forget pork supply problems and
cooking oil distribution disasters, here’s another inflationary driver:
car licence plates. Shanghai auctioned 8,500 car plates this weekend,
and the average price paid for a new plate was RMB49,631 – up RMB2,734
from the previous month. The controversial policy of offering car
license plates only through official auction is only implemented in
Shanghai, and is aimed at stemming the number of new cars on the city’s
road. Demand for private car plates is sufficiently high, however, to
continue pushing auction prices up month on month.
Bird Flu Outbreak
A suspected bird flu outbreak in Panyu, a town in southern China’s
Guangdong province, has killed nearly 10,000 ducks, state media has
reported. Around 30,000 ducks have been slaughtered as tests continue
in Beijing regarding possible traces of the H5N1 virus.
Mobile Nation
One in every five mobile phone users worldwide is now a Chinese
national, proclaimed Shanghai Daily today. The news follows figures
showing China had more than 600 million mobile users at the end of June
– having added a total of 40.56 million new users in the first half of
2007.
RMB Appreciation
The RMB finished last week at an exchange rate of 7.5160 to the US
dollar, up from 7.5379 on the previous Friday. The Chinese currency has
appreciated by 9.2 per cent since it was unpegged from the fixed 8.28
rate to the dollar in July 2005.
Slam Dunk Club
NBA basketball star Yao Ming has joined forces with California Fitness
Company to open the first 24-hour California Fitness Yao Ming Sports
Club in Beijing.
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