China
Still Here: Parade Gives Former Chinese Leaders a Moment in the Public Eye
Major ceremonial events offer prime opportunities for China watchers to do some tea-leaf reading. By that standard, Thursday’s military parade didn’t disappoint.
Major ceremonial events offer prime opportunities for China watchers to do some tea-leaf reading. By that standard, Thursday’s military parade didn’t disappoint.
Reforms started in the late 1970s with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking system, the development of stock markets, the rapid growth of the non-state sector, and the opening to foreign trade and investment.
China continues to lose arable land because of erosion and economic development.
The People’s Republic of China is the world’s second largest economy after the United States by both nominal GDP ($5 trillion in 2009) and by purchasing power parity ($8.77 trillion in 2009).
Available energy is insufficient to run at fully installed industrial capacity, and the transport system is inadequate to move sufficient quantities of such critical items as coal.
The disparities between the two sectors have combined to form an economic-cultural-social gap between the rural and urban areas, which is a major division in Chinese society.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
Over the years, large subsidies were built into the price structure, and these subsidies grew substantially in the late 1970s and 1980s.
Both forums will start on Tuesday.
According to the ministry, China’s ODI grew by 1.1 percent from a year earlier to $56.53 billion, which includes investment of $47.8 billion in non-financial sectors worldwide, up 14.2 percent year-on-year.
It also aims to sell more than 15 million of the most fuel-efficient vehicles in the world each year by then.
China’s challenge in the early 21st century will be to balance its highly centralized political system with an increasingly decentralized economic system.
Despite initial gains in farmers’ incomes in the early 1980s, taxes and fees have increasingly made farming an unprofitable occupation, and because the state owns all land farmers have at times been easily evicted when croplands are sought by developers.
In terms of cash crops, China ranks first in cotton and tobacco and is an important producer of oilseeds, silk, tea, ramie, jute, hemp, sugarcane, and sugar beets.
Hogs and poultry are widely raised in China, furnishing important export staples, such as hog bristles and egg products.
There are also extensive iron-ore deposits; the largest mines are at Anshan and Benxi, in Liaoning province.
There are also deposits of vanadium, magnetite, copper, fluorite, nickel, asbestos, phosphate rock, pyrite, and sulfur.
Coal is the single most important energy source in China; coal-fired thermal electric generators provide over 70% of the country’s electric power.
Great inland cities include Beijing and the river ports of Nanjing, Chongqing, and Wuhan.
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Still Here: Parade Gives Former Chinese Leaders a Moment in the Public Eye
Business
News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
Asian markets showed mixed trends amid China’s stimulus measures and disappointing inflation data. Meanwhile, Indian equities remained stable, with mutual fund inflows rising. Bitcoin surged following Trump’s presidential win.
Business Hook Daily News Podcast
Good evening! Welcome to Business Hook’s daily news podcast. I’m Avni Raja, and today is November 11, 2024. Let’s dive into the day’s top business stories.
Market Reactions and Economic Data
Asian markets experienced a mixed session as investors digested new economic data and stimulus measures from China. The Chinese government announced a $1.4 trillion package targeting local government debt, although analysts deemed it underwhelming. October’s inflation rate of 0.3% fell short of estimates and declined for the second month in a row. As a result, the CSI 300 saw a slight gain, while Hong Kong’s Hang Seng dropped over 1.5%. In India, the Sensex closed below 74,500, and the Nifty ended above 24,100, with a majority of Nifty stocks declining.
Mutual Fund Inflows and Upcoming IPOs
There’s encouraging news in the mutual fund sector, with October seeing net inflows of 2.4 lakh crore rupees, reversing the previous month’s outflows. Record equity inflows have risen to nearly 42,000 crore rupees, reflecting robust domestic investor confidence. In the IPO space, LG Electronics prepares to raise $1.5 billion by listing its Indian arm, with banks like Axis Capital involved in the process, potentially leading to an IPO as early as 2025.
Cryptocurrency Surge
In cryptocurrency news, Bitcoin has achieved new highs, surpassing $82,000. This surge is attributed to Donald Trump’s recent presidential victory, which has favored cryptocurrencies compared to more cautious Democratic approaches. Experts speculate that Bitcoin could surpass $90,000 soon. That’s all for today’s wrap-up. Join us again tomorrow, and check out the Business Hook YouTube channel for more updates.
Source : News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000
China
China’s Import-Export Trends 2024-25: A Thorough Analysis of the Initial 10 Months
China’s foreign trade statistics for October 2024 show exports surged 11.2% from last year, significantly boosting the trade surplus to RMB 679.1 billion. However, weak domestic demand led to a 1.2% month-on-month decline in imports and exports.
The recently released foreign trade statistics for October and the first 10 months of 2024 reveal significant trends in China’s import-export activities for 2024-25. We will explore these trends by examining the trading structure, methods, partners, products, and sectors involved.
On November 7, 2024, the General Administration of Customs (GAC) released statistics showing that China’s goods exports in October far exceeded expectations. Exports increased by 11.2 percent year-on-year in RMB terms and 12.7 percent in dollar terms, marking the largest expansion since March 2023.
In the first 10 months of 2024, the total value of China’s goods trade reached 36.02 trillion RMB (US$5.05 trillion), reflecting a 5.2 percent year-on-year increase. This includes 20.8 trillion RMB (US$2.89 trillion) in exports (up 6.7 percent) and 15.22 trillion RMB (US$2.09 trillion) in imports (up 3.2 percent). Notably, the trade surplus expanded by 17.6 percent, reaching 5.58 trillion RMB (US$770 billion).
In October, China’s total import and export value reached RMB 3.7 trillion (US$520 billion), marking a 4.6 percent year-on-year increase, which is nearly 4 percentage points higher than the growth rate in September. Exports amounted to RMB 2.19 trillion (US$305 billion), reflecting an 11.2 percent increase, while imports totaled RMB 1.51 trillion (US$210 billion), a 3.7 percent decline. The trade surplus for October was RMB 679.1 billion (US$95 billion).
The double-digit growth in exports for October can be attributed to various factors:
The strong performance in export growth and trade surplus in October indicates that foreign trade continues to contribute significantly to economic growth. Coupled with unexpected counter-cyclical policy measures domestically, this will further enhance market confidence in achieving annual economic targets.
However, it is important to note that imports and exports saw a month-on-month decline of 1.2 percent in October. This decline is primarily due to weak domestic demand, cautious import decisions by market participants, low prices for bulk commodities, and the impact of a higher comparison base from last year.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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Business
Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape
Henry Keswick, 86, a key figure in Jardine Matheson, passed away as the U.S. awaited election results, amid heightened tensions in U.S.-China relations during Trump’s presidency.
Henry Keswick’s Legacy
HONG KONG — The world turned its attention to the U.S. presidential election as news broke of Henry Keswick’s passing at the age of 86. A fourth-generation member of the British conglomerate Jardine Matheson, Keswick had a profound influence on the company, which has deep roots in Asia.
Navigating Challenges
Keswick’s leadership spanned significant challenges, including a strained relationship between the U.S. and China, particularly as Donald Trump prepared for his return to the White House. Under his stewardship, Jardine Matheson navigated a complex landscape in retail and real estate that dovetailed with geopolitical shifts.
A Lasting Impact
His contributions to Jardine Matheson and the broader business community have left an indelible mark. As companies reposition themselves amidst evolving international dynamics, Keswick’s legacy will undoubtedly continue to shape the future of the conglomerate he led.
Source : Henry Keswick, the Jardines scion who razed then restored China business
- News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
- China’s Import-Export Trends 2024-25: A Thorough Analysis of the Initial 10 Months
- Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape
- China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy?
- Data Reveals the Chinese Government’s Popularity is Lower Than State Media Portrays
- Faurecia Relocates Electronics Headquarters from Japan to China – Automotive News
