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Home  News & Interviews News January 2009 Weekly News Bites 3: Semicon, FDI, Pollution, Oil, E-commerce, Steel
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Weekly News Bites 3: Semicon, FDI, Pollution, Oil, E-commerce, Steel |
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China Invests USD50 Bn in Semiconductors
The Chinese government will spend USD50 bn for “semiconductor-related
projects” in the next 11 years, a new report by SEMI, the trade body
for semiconductor production equipment manufacturers, says. "In the
past five years, the China government influenced the investment of
about USD7 bn in new fabs. In the next five years, another USD20–USD25 bn
will be invested into the semiconductor industry by local governments
throughout the country. Going forward, the central government will
invest up to USD30 bn in the industry by 2020,” ElectronicsWeekly
quotes SEMI.
Shanghai FDI Exceeds USD10 Bn
The city of Shanghai received USD10 bn in foreign direct investment in
the first 11 months of 2008, state media reports. In the entire year of
2007, FDI stood at USD7.92 bn. Official statistics show that Shanghai
is now home to 233 foreign-invested regional headquarters and 270
R&D centres of foreign invested companies.
Hong Kong Fights Air Pollution
Air pollution in Hong Kong has reached its highest level since records
began, new figures show. A report by the Environmental Protection
Department said that pollution levels in the three main shopping and
business districts "were dangerous for more than 2,000 hours in 2008,"
which is the highest number since recordings started in 2000. Hong
Kong's Chief Executive Donald Tsang said improving air quality is a
"matter of life and death" for the city.
Xinjiang Increases Oil Production
China's western Xinjiang Uygur Autonomous Region increased its oil
production output by one million tonnes, to 27.4 million tonnes, in
2008, Chinanews.com reports. The region's reserves are estimated at
20.9 billion tonnes of oil and 10.8 trillion cubic metres of gas.
Proven reserves of oil and gas reached 3.9 billion tonnes and 1.4
trillion cubic meters, the report said. In 1990, Xinjiang produced a
seven million tonnes of oil.
Foreign Trade Grows To USD2.55 Trillion
China's foreign trade grew to USD2.55 trillion in 2008, up 18 per cent
year-on-year, preliminary figures from the General Administration of
Customs show. The trade surplus is expected to reach USD290 bn, a new
record high. However, customs officials warned that trade growth rates
are expected to fall in the coming months due to the global economic
crisis. In November 2008, China registered its first drop in export growth since 2001.
E-Commerce Up 20 Per Cent
Online business volume increased 20 per cent in 2008, to RMB1.95
trillion, market research firm IDC said in a new report. China's
largest e-commerce platform Taobao saw sales volume increase from
RMB43.3 bn in 2007 to RMB100 bn in 2008. The report also revealed that
the number of people using online commerce platforms in China has
reached 50 million.
Triple Merger Creates Chinese Steel Giant
The three Hebei-based steel companies Tangshan Iron and Steel, Handan
Iron and Steel and Chengde Xinin Vanadium and Titanium, have announced
their merger, state media reports. The new company will be called Hebei
Iron and Steel Group and will have an annual production capacity of 32
million tonnes of raw steel, overtaking Baosteel as China's largest
steel producer.
China Moves to Support Loss-making Energy Companies
The
country's five largest power companies posted a combined loss of
RMB26.8 bn in the first 10 months of 2008, state media reports. This
number is in stark contrast to the profit of RMB28.3 bn in the same
2007 period. The government said it will support the companies
financially "because their losses stemmed mainly from the
State-controlled pricing system." In a recent move, Guangxi Guiguan
Electric Power Co received a RMB30m state handout to cover losses from
the earthquake in Sichuan. In an earlier statement, Beijing said it has
approved RMB54.78 bn "in aid to state-owned firms," state media writes.
Li Ka-shing Cashes in BoC Shares
Hong Kong billionaire Li Ka-shing may raise up to HKD4 billion by
selling shares in China's third-largest lender, Bank of China, state
media reports. Li's Magnitico Holdings will offload two billion BoC
shares. Magnitico was part of group of foreign investors, led by RBS,
that purchased 20.9 billion BoC shares in 2005 prior to the Chinese
bank's IPO.
Beijing Avian Flu Alert After Teen Death
Agricultural authorities in Beijing are investigating the death from
suspected avian flu of 19-year-old woman in a Beijing hospital. The
woman bought nine ducks at a market in Sanhe, Hebei province six days
before Christmas. The live poultry market has now been closed, and Beijing has banned live poultry from other parts of China.
Last update : 11-01-2009
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