Weekly China Statistics Update
Source: http://www.bizchina-update.com/content/view/1516/81/Posted on Saturday, October 25th, 2008 | In China
- The city of Beijing recorded a lower economic growth than the national average during the first three quarters of 2008, a report of the Municipal Statistics Bureau revealed. The city’s total output stood at RMB758.63 bn, up 9.1 per cent. The national average was up 9.9 per cent.
- Geologists have discovered 1,202 mineral fields since 2006. These fields could “greatly reduce the country’s dependence on imported minerals”, the Ministry of Land and Resources said in a statement.
- The number of visits to China dropped in September year-on-year, state media reports. New figures from the China National Tourism Administration shows that the number of inbound travels decreased 5.94 per cent to 10.56 million. Reasons singled out for the decline: Higher hotel prices, fewer visas granted and the global financial crisis.
- Revenue from inbound tourism from January to September decreased 3.26 per cent compared to the same period in 2007 and hit USD29.83 bn, state media reports.
- The Chinese government decided to reduce taxes for home buyers and get rid of the property stamp tax. It also cut the mortgage rates by 30 per cent. These measures should help to revive the slumping real estate market, state media reports.
- Venture capital collection in China fell 83.7 per cent in the third quarter compared to the same period in 2007, local media reports.
- China’s economic growth could decrease to 9 per cent if the United States is going through a mild recession. A more serious recession could mean that the growth rate falls below 8 per cent, Glenn Hubbard, Dean of the Columbia Business School, said at a media briefing in Hong Kong.
- Spain agreed to loan China EUR360m between 2008 and 2010, state media reports. EUR20m will be used to reconstruct houses and infrastructure in earthquake-hit Sichuan province. The government did not specify for what kind of projects the remaining EUR340m will be used.
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As China continues to evolve into a global power, its economic structures are changing, new laws are being enacted and the government is seeking to re-channel the fruits of sustained growth from the eastern seaboard to the rest of this vast nation. Gateway cities, such as Beijing, Shanghai, Shenzhen and Guangzhou, now compete with cities across China for foreign and governmental investment.
Meanwhile, successful Chinese companies are raising billions of dollars from domestic and international IPOs, and the most ambitious are acquiring foreign companies from Santiago to Sydney and Stockholm to Saigon. The nation’s twin-barreled property and stock market frenzy has created 106 dollar billionaires, when in 2002 there were none.
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