Trade Surplus Jumps to USD27 bn
China's trade surplus rose 13.5 per cent year on year in October, to USD27.05 bn, according to the General Administration of Customs. In October, China's export turnover rose by 22.3 per cent to USD107.73 bn, while import turnover hit USD80.67 billion, up 25.5 per cent. In the first 10 months of 2007, China's trade surplus totaled USD212.36 bn, up 59 per cent year-on-year. Over the same period, the country's total foreign trade turnover climbed to USD1.76 trillion, up 23.5 per cent year on year. China recorded bilateral trade volumes in excess of USD100 bn with each of its six largest trading partners. The European Union remained the largest, trading volumes of USD287.52 bn, followed by the United States and Japan.
Price Hikes Fail to Halt Diesel Shortage
China's 10 per cent fuel retail price hike will not ease the country's
severe diesel shortage until the end of November at least, Interfax
reports. China's state-owned refiners are rationing diesel supplies at
service stations across the nation after the recent price increase
failed to close the gap between domestic and international prices,
leaving China’s refiners facing continued losses, Meanwhile, some
private gas stations, which are subject to less government control, are
reportedly selling diesel for up to RMB6 per litre, 20 per cent above
the government’s fixed price. Although the price rise incentivised
efforts to refine more diesel, a time lags exists between producing
such oil products and getting them to market, while additional diesel
imports secured by Sinopec and PetroChina will not reach the domestic
market until late November or December.
Central Bank Readjusts 2007 Inflation Projection
China’s central bank continues to pour dampening waters on its
escalating inflation problem, by readjusting its end-of-2007 projection
for inflation to 4.5 per cent. The National Bureau of Statistics
previously reported that inflation in China hit 6.2 per cent in
September, fuelled by a 16.9 per cent year-on-year rise in food prices.
Inflation in China at the end of 2006 was 1.5 per cent, and the
government had a set a target of 3 per cent for 2007. In its third
quarter report, the People's Bank of China also forecast that 2007 GDP
growth will likely top 11 per cent.
Macao Attracts More Foreign Firms
Macao attracted 875 new registered companies in the third quarter of
2007, a year-on-year rise of 10.2 per cent, according to the
government-run Statistics and Census Service. The newly registered
firms invested MOP175m (USD21.88m). The largest share, 30 per cent, are
wholesale and retail enterprises, followed by business services (20.7
per cent) and construction (17.5 per cent). Among the newly
incorporated companies, 70 per cent were set up with a registered
capital of MOP50,000 (USD6,250) or less.
Last update : Tuesday, 13 November 2007
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