Fixed-Asset Investment Jumps 26.9 Per Cent
China's fixed-asset investment rose by 26.9 per cent year-on-year, to RMB8.8953 trillion, between January and October, according to the National Bureau of Statistics. The tertiary sector, including all service and administration activities, accounted for RMB4.8835 trillion, up 24.7 per cent on the same 2006 period. State-owned enterprises accounted for RMB3.8800 trillion in fixed-asset investment during the 10-month period, up 16.6 per cent year on year. Direct central government fixed-asset investment dropped to RMB 883 bn, while provincial and local-level governments invested RMB 8.0123 trillion, up 28.6 per cent year-on-year.

US Slowdown Threatens Chinese Growth
China’s Commerce Ministry warned that a global economic slowdown, triggered by the US sub-prime mortgage market crisis and the resulting credit squeeze, “will be the biggest challenge to China's economy next year.” A ministry report says that exports account for more than one-third of China's economic growth and 10 per cent of overall GDP. “I agree with the government that a marked slowdown in the United States would be very bad for China,” said Huang Yiping, Chief Asia economist for Citigroup, in the Financial Times. “We haven't seen overcapacity or a so-called hard landing in China because it has been able to export all its excess capacity until now.”

Federer and Roddick Join Nadal and Ferrer in Masters Semis
Roger Federer will meet world number two Rafael Nadal in Saturday's Tennins Masters Cup semi-finals in Shanghai after thrashing Andy Roddick 6-4, 6-2 in his final group match on Friday night. The Swiss layer claimed his 11th consecutive win over Roddick, who will meet David Ferrer in the other semi-final. Nikolay Davydenko finally broke his Tennis Masters duck by beating Fernando Gonzalez 6-4, 6-3, and eliminating the unpredictable Chilean who had beaten Federer on Monday.

First Foreign-invested Microfinance Venture Launched
MicroCred Nanchong, the first wholly foreign invested microfinance bank in China, has started a trial operation in Nanchong, Sichuan province. The bank, with an aggregate investment of RMB55m, is a joint venture between MicroCred, International Finance Corp, FW Bankengruppe and American International Group. It will target small firms, rural households and self-employed businessmen with a portfolio of credit, secured and mortgage loans, ranging from RMB5,000 and RMB75,000. The minimum loan period is three months, and the maximum is 18 months.

Schenker China and MOC Seek Fraud Case Agreement
Schenker China Ltd and the Ministry of Communications have issued a joint notice confirming that they are in discussions to reach an agreement following a fraud notice served by the MOC in August. Joint investigations revealed that a Schenker employee had committed fraud by generating false documents and absconding with payments for licences. The MOC has since confirmed valid NVOCC licences for Schenker China Ltd, and confirmed that the company can continue to carry out shipping operations and business agreements in China through its other legal entities, Schenker International (HK) Ltd and Schenker Logistics (Shanghai) Co. Ltd, while other NVOCC licences for SCL are being issued. All other operations of SCL, such as airfreight, warehousing and trucking, remain unaffected.

First Federer, Now Nadal Stumbles in Shanghai
Twenty-four hours after world number one Roger Federer succumbed to Chilean Fernando Gonzalez’s power play in Shanghai, Spain’s world number two Rafael Nadal was beaten in three sets, 4-6, 6-4, 6-3, by compatriot David Ferrer. Despite winning the first set, Nadal seemed ill at ease and his service was repeatedly broken in the second and third sets. Though he rallied slightly from 5-1 down in the final set, Ferrer took the match with a cross-court winner on his own serve. Meanwhile, Serbia’s world number three Novak Djokovic appears to be heading for home, after losing his second round-robin match in straight sets to France’s Richard Gasquet. Ferrer leads the group with two wins and will play Gasquet (one win, one loss) in his final round-robin match on Thursday. Nadal (one win, one loss) will play Djokovic (two losses).

Last update : Sunday, 18 November 2007

Keywords : Weekly News Bites 1: US Slowdown Threatens Chinese Growth, Investments Increases, Tennis Update

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