Shanghai Economy Grows 13.3 Per Cent
Shanghai's economy officially grew 13.3 per cent in 2007, to RMB1.2
trillion, state media report. It is the sixteenth consecutive year of
double digit growth, according to official statistics. The major growth
industries were finance, telecoms and logistics. Official statistics
also measure Shanghai's annual inflation at 3.2 per cent, which some
analysts have questioned, given that the national inflation figure in
November was more than double that.
German Sedans Remain Top Seller
Germany's Volkswagen, Audi, BMW and Daimler brands remain in high
demand in China, accounting for almost half of all imported sedan cars
in 2007. According to Chinese customs, 139,900 foreign sedans were
imported last year, 46 per cent, or 63,800 units, of which came from
Germany. Japanese (29,700 sedans) and American automakers (18,000)
occupied a far smaller share. China imports an increasingly high number
of cars with big engines, including SUVs, with 79 per cent of all
imports having an engine size of 2.5 litres or more.
CIC, Shenhua Target Fortescue
The China Investment Corporation and China Shenhua Group are in talks
with, Forescue Metals, the fourth-largest iron ore producer in the
world, to buy a 15.85 per cent stake for USD2 bn. Earlier this month,
Chinalco, the state owned aluminium corporation and U.S.-based Alcoa
bought a 12 per cent stake in Rio Tinto. Some analysts believe that
China is adopting a "whatever it takes" strategy to circumvent the
potential duopoly power of Rio Tinto and BHP Billiton.
Insurers Face Unprecedented Snowfall Payouts
Insurance companies in China are expected to pay out RMB3.52 bn in
damage compensation due to the nation's most-severe winter weather
conditions for almost 50 years, state media reports. Most of the money
will be paid to individuals and companies in Hunan, Hubei, Guizhou,
Jiangxi and Anhui provinces and Guangxi Zhuang autonomous region -
which are the worst-hit areas. Energy companies will receive up to RMB1
bn, or about 28 per cent of the payments.
Last update : Saturday, 09 February 2008
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