By Peter Bachmann, on Wednesday, 29 October 2008  

Published in : The News, News October 2008

The economy of Shanghai expanded 10.1 per cent from January to September 2008, the city's Mayor Han Zheng said during a press conference. "Shanghai continues with its healthy, stable and smooth development," Han said following a meeting with Netherlands' Prime Minister Jan Peter Balkenende. The consumer price index rose 6.7 per cent in the same period year-on-year, well above the 4.8 per cent level that the government has set as its end of year goal. Investments grew 4.8 per cent, to RMB326.9 bn. New figures from the Shanghai Statistics Bureau show that around 40,000 foreign companies are registered in the city. Statistics for the third quarter ...

- 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 ...

Spain Lends EUR360m to China Spain is lending, without any conditions, EUR360m to China, state media reports. The money will be paid in several installments between November 2008 and 2010. EUR20m will be used to reconstruct earthquake-hit regions in Sichuan province, the Ministry of Finance said in a statement. It did not say how the remaining EUR330m will be spent. Figures show that Spain has "extended loans to China since 1985," totaling EUR3.1 bn. China Becomes a Member Of IDB The Inter-American Development Bank, based in Washington D.C., has announced the membership of China, AP reports. The country will invest USD350m in the bank and support efforts to mitigate poverty and global warming in Central and South American countries and the Caribbean, President Luis Alberto Moreno said. The IDB was founded in 1959 as a partnership between 19 Latin American countries and ...

China's economy grew 9.9 per cent in the first nine months of this year, the National Bureau of Statistics said today. The growth rate is considerably lower compared to the same period in 2007, when GDP grew 12.1 per cent, state media reports.  In the third quarter, the economy expanded nine per cent, the slowest pace in more than five years. Weak exports and slowing industrial production have been blamed for the slowdown. The consumer price index, measuring inflation, rose 4.6 per cent in September compared to the same month in 2007.

Last update : Monday, 20 October 2008

Expect a raft of reassuring announcements in the coming weeks. Today, China's sovereign wealth fund China Investment Corp said its USD5.4 bn investment in the U.S.-based Reserve Primary Fund is not frozen, contradicting reports from Bloomberg. The CIC publicly denied reports that the investment was frozen as Reserve Primary had suspended withdrawals, after it became the first domestic money market fund in 14 years to leave investors with a loss. On its website, the CIC claims to be a creditor and not a shareholder of the U.S. fund, and adds that it filed a redemption order for the USD5.4 bn before the fund announced the suspension. "CIC is confident of its position with regard to the full recovery of its money," the statement says. China Investment Corp has previously invested USD5bn in Morgan Stanley, and USD3 bn in buyout firm Blackstone. Both ...

The Chinese government has announced a RMB13 bn investment programme to counter water shortages. As much of the nation's wastewater remains untreated, foreign companies may enter this potentially lucrative sector.

China Recalls Ginseng Injections Three people died in a hospital after receiving herbal injections, state media reports. The drug, made from Siberian gingseng, was recalled by the Health Ministry. Food and drug officials are investigating Wandashan Pharmaceutical, which has been making the drug for more than 30 years.

It’s a very long way – but the world's first ever bus service from London to Hong Kong may soon be a reality.

China's central bank has cut both interest rates and the reserve-requirement ratio, as nerves start to jangle about the state of the economy faced by a deepening global financial crisis.

An official of the U.S. Department of Energy said the United States would welcome Chinese investments in its oil and gas sector, Reuters reports.