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learn mandarin – Chicago wheat rebounds on brisk export demand

learnchineseonline — Sun, 05 Sep 2010 06:08:30 +0000

Chicago wheat futures ended sharply higher on Wednesday, erasing the previous session’s big losses, supported by bullish outside markets and continuing strong export demand.

Corn closed at the highest level in more than 7 months. Soybean fell for the third straight session on speculations that the South American supplies of soybean would be larger-than-expected.

December corn climbed 7.5 cents, or 1.7 percent, to 4.4675 U.S. dollars per bushel. December wheat surged 23 cents, or 3.4 percent, to 7.0875 dollars per bushel. November soybean slid 4.5 cents, or 0.4 percent, to 10.055 dollars per bushel.

A stronger-than-expected ISM reading, combined with upbeat manufacturing data from China, and a better-than-expected economic growth in Australia have contributed to restoring investor confidence in global economic recovery. The sharp decline in the dollar has enhanced the competitive position of U.S. grain on the world markets.

Traders noted that Germany has bought 20,000 tons of U.S. wheat for the first time in three years, as excessive rain threatened to damage wheat crops in Germany. The news that Egypt bought 225,000 tons of U.S. wheat on Wednesday was also considered quite bullish to wheat price.

Traders added that the speculations that Germany is going to have to import 1 million tons of quality wheat to balance its drought-ravaged crop also gave strong support to wheat price.

Corn rallied as the stronger macro-economic outlook in the United States has helped to underpin the huge domestic feed and ethanol usage numbers predicted by the USDA. And a strong rally in crude oil also added upward pressure to corn and soybean.

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learn Chinese – Hong Kong ranks 6th in global forex market

learnchineseonline — Sat, 04 Sep 2010 05:53:26 +0000

Hong Kong remained sixth in the global foreign exchange market, the Hong Kong Monetary Authority said Wednesday, citing the Bank for International Settlements triennial survey.

If transactions in the over-the-counter interest rate derivatives market are included, Hong Kong’s ranking moved up from eighth in 2007 to seventh this year.

In terms of dollar amount increases in foreign exchange trading activity, Hong Kong posted a 56.6 billion U.S. dollars increase and ranked fourth after the UK, the U.S. and Japan.

The Monetary Authority said Hong Kong’s results were broadly in line with global trends.

Hong Kong’s average daily net turnover of foreign exchange transactions grew by 31.3 percent to 237.6 billion U.S. dollars compared with the results of 2007.

Average daily net turnover of outright forwards rose by 117.6 percent to 32 billion U.S. dollars, while that of foreign exchange swaps increased by 20.5 percent to 147 billion U.S. dollars.

Hong Kong dollar against U.S. dollar remained the most heavily traded currency pair although its share fell from 40.5 percent to 29.4 percent, mainly because of substantial increases in other currency pair transactions.

Chinese School – China to advance home services industry development

learnchineseonline — Fri, 03 Sep 2010 05:52:14 +0000

Chinese government Wednesday announced guidelines designed to boost the development of home services industry across the country, vowing financial support and tax cuts.

“The home services industry plays an important role in creating jobs. It also improves people’s living standards and expands domestic demand, helping adjust China’s economic structure,” said a statement issued after an executive meeting of the State Council, China’s Cabinet, presided over by Chinese Premier Wen Jiabao.

The government will prioritize development of housekeeping services, community services, senior citizen care, and home care for the sick to meet the basic needs of families, the statement said.

Delivery of household necessities and home education may also be developed in line with local conditions to meet the special needs of households, the statement added.

The government encourages business people to invest in the home services industry to nurture a domestic home services market, it said.

The statement also said public employment service providers must improve their services and offer free career counseling for home service providers.

The government also promised to intensify supervision of home service companies to safeguard consumer rights.

It also promised to take measures to safeguard service providers’ rights to reasonable salaries.

Chinese language – US southern states woo China investment

learnchineseonline — Thu, 02 Sep 2010 05:51:18 +0000

When Alabama Governor Bob Riley took over as chairman of the Southern Governors’ Association (SGA) last year, he set a simple but far-reaching goal: to boost economic development in the US South by attracting international investment.

(China daily Photo)

But before this could be achieved an important question had to be answered. Which country could help us meet our aim?

“Since we cannot travel to countries simultaneously, which country should we start our initiative with first?” Riley told China Daily during the association’s recent annual meeting. “It was our unanimous opinion that since China is such a vibrant, growing and strong market, we would start this initiative in China.”

The SGA, founded in 1934, is the oldest and largest regional governors association in the US with governors from 16 states, the Virgin Islands and Puerto Rico. It is also the first regional association in the US that has mapped out a comprehensive strategy to attract investment from and boost exports to China. The strategy works in tandem with the Obama administration’s exports initiative – to double US exports in five years to boost American jobs.

Several Chinese companies, such as PC maker Lenovo Group and home appliance producer Haier, have already invested in the South.

The South, a region that makes up nearly one quarter of the US landmass with almost 40 percent of its population, boasts lower taxes and cheaper energy costs than other US regions. Crucially, it has about 700 colleges and universities.

Since it was difficult for each individual state to reach out to China, Riley’s strategy was to promote the region as a whole to Chinese investors.

“We want people in China to understand there is a special geographic region which should be considered first when making an investment,” he said. “Then we will compete with each other for the specific projects with the understanding that whatever happens in the region benefits the entire South.”

To support his initiative, 39 representatives from nine states and territories representing the South held a two-day meeting in June with officials from Beijing to discuss business opportunities.

Representatives from 11 Chinese provinces, many from the less-developed areas in central and western parts of China, attended the conference. Building on the meeting’s success, two months later, a Chinese business delegation, led by China’s former ambassador to the US, Zhou Wenzhong, flew to Alabama to participate in the SGA’s annual meeting. While there, they continued talks on expanding US exports to China, as well as increasing Chinese investment in the South and identifying potential partnerships between Chinese companies and firms in the South.

There is already a solid foundation to build on as over the past decade many Southern states have increased their trade with China.

In 2009, exports to China from the South amounted to $26 billion, a 37 percent increase from 2008, according to the SGA.

The South’s major exports include chemicals, crops, paper products, machinery, transportation equipment, computers and electronics.

With the exception of Florida and the Virgin Islands, the South has witnessed export growth to China, according to the SGA. China is the top export destination for Louisiana and the second biggest export destination for Georgia, Maryland, North Carolina and Virginia.

Alabama, Missouri, Tennessee and Texas have seen China emerge as their third biggest export market.

“There are many success stories of doing business with China here,” said Riley.

Riley has been a frequent visitor to China and has led many small and medium business delegations during four trade trips to the country. Each time, he said, opportunities were discovered.

“If there were 100 businessmen from Alabama, at least 80 percent of them came back with an order or business opportunity,” he said.

Encouraged by China’s more open policy, Chinese enterprises, either State-owned or private, are seeking investment overseas. Riley believes that the South enjoys numerous advantages for Chinese investors.

“The most productive part of this country is the South.”

At the SGA forum for business ventures in China, several state officials introduced industries with Chinese investment potential. They included, among others, the automobile, logistics, renewable energy, high tech and agriculture industries.

Business development presentations from the Southern states have impressed Yu Xihua, council member of the China-US People’s Friendship Association and vice-president of the Zhejiang’s provincial people’s association for friendship with foreign countries.

“In Zhejiang, there is a great deal of interest among private companies to invest in the US,” he told China Daily.

Due to increasingly stringent rules in the China real estate industry, many businessmen with cash are looking for other investment options, he said.

“But they cannot find good access to US business opportunities. Both sides should try to get to know each other. We really hope local business officials from the US states can come to Zhejiang to promote their business opportunities,” Yu added.

learn Chinese – China to expand trade with Arab, central Asian countries

learnchineseonline — Wed, 01 Sep 2010 10:07:22 +0000

China’s only Muslim autonomous region is hoping to set up a free trade zone to expand two-way trade with Islamic countries, the local government said Friday.

“We are hoping to further trade and economic cooperation with the world’s Muslim community,” said Ma Fu, head of the commerce department in Ningxia Hui Autonomous Region.

Ma said the regional government had worked out initial plans for a free trade zone with the Muslim countries, but did not elaborate on the plans or give a detailed timetable.

He said Ningxia region, where 36 percent of the 6.2 million people are Muslims, traditionally enjoyed cultural and trade relations with the Arabian countries.

In recent decades, the region has relied largely on the more developed economies — including the United States, Japan, Republic of Korea and the European countries — as its destination markets.

The global financial crisis of 2008, however, severely dented the region’s export earnings because of its reliance on these economies and caused a rethink about its overseas trade.

“We need to restructure our export markets and products,” said Ma, “and will explore new markets in the Middle East, Southeast Asia and Central Asia.”

He said trade with these markets would include Muslim food and other products specific to Muslims.

By 2015, he said the region would foster 20 export-oriented manufacturers of Muslim products, including processed food and farm produce.

Ningxia, whose Muslim population is at least 10 percent of China’s 20 million Muslims, also hopes to attract investment from the Arab Leagues’s 22 member states.

In September, it will host a China-Arab Economic and Trade Forum.

The regional government has issued a plan to train more Arabic language professionals in the coming decade.

Last year, two-way trade between China and the Arab states hit 107.4 billion U.S. dollars, compared with 36.4 billion U.S. dollars in 2004.

China and Arab countries have relations dating back about 2,000 years ago. China has diplomatic ties with all 22 members of the Arab League.

MOU TO CEMENT TIES WITH CENTRAL ASIAN NEIGHBORS

Officials in southwest China’s Sichuan Province signed a memorandum of understanding Thursday on regional cooperation with five central Asian countries.

The MOU was signed between the Sichuan branch of China Council for the Promotion of International Trade, Chamber of Commerce and Industry of Kyrgyzstan and the Embassy of Tajikistan in China.

It covers diverse sectors for cooperation between China and the five central Asian countries, including Kyrgyzstan, Tajikistan, Kazakhstan, Uzbekistan and Turkmenistan.

Sichuan Province has established trade and economic relations with all these countries in oil, gas, agriculture as well as service industries, said Chen Baoming, deputy secretary-general with the provincial government.

Chinese School – Uruguay eyes more investment from China: vice president

learnchineseonline — Tue, 31 Aug 2010 10:04:40 +0000

Uruguayan Vice President Danilo Astori said in Beijing Friday that Uruguay welcomes more Chinese companies doing business in the country.

He made the remarks at a seminar at the China Council for the Promotion of International Trade (CCPIT), the largest institution for the promotion of foreign trade in China. The seminar grouped more than 100 Chinese and Uruguayan entrepreneurs.

Astori said Uruguay’s rapid development, advantageous location, rich natural resources and stable social system made it a gateway for China’s companies to tap into South America’s markets.

According to a forecast last month by the Economic Commission of Latin America and the Caribbean, Uruguay’s economy is expected to grow 7 percent this year.

He said the country’s logistics industry had great potential for development, as it had become Uruguay’s fastest developing sector.

Astori started a weeklong visit to China on Aug. 22, accompanied by officials from industry, transport and banking departments, and an 18-member delegation of entrepreneurs.

Two-way trade hit 867 million U.S. dollars in the first half of this year, up 61.7 percent over the same period last year, according to the CCPIT.

Chinese language – New Zealand exports increase in July

learnchineseonline — Mon, 30 Aug 2010 10:03:25 +0000

Higher milk powder, butter and cheese exports led a 12 percent rise in the total value of exports in July to 3.6 billion NZ dollars (2.6 billion U.S. dollars), showed figures releaseed by Statistics New Zealand on Monday.

Dairy exports increased by almost a third in July, followed by strong increases in boats, ships and wood products.

The value of imports also rose 12 percent, to 3.8 billion NZ dollars, led by higher petroleum, car and fertilizer imports, it said.

The trade surplus narrowed in July to a deficit of 186 million NZ dollars, which was the first deficit in seven months.

HSK – Chinese vice premier stresses development of service industry

learnchineseonline — Sun, 29 Aug 2010 09:36:29 +0000

Chinese Vice Premier Li Keqiang addresses at a working conference about the development and reform of the service industry in China in Beijing, capital of China, Aug. 26, 2010. (Xinhua/Li Tao)

BEIJING, Aug. 26 (Xinhua) — Chinese Vice Premier Li Keqiang has stressed the development of the service industry as part of the government’s efforts to promote economic restructuring and to accelerate the transformation of its economic development pattern.

Li made his remarks at a meeting focusing on the development and reform of the service industry sponsored by the National Development and Reform Commission (NDRC) on Thursday.

The service industry is not only conducive to expanding job opportunities, but also has a low cost of resources, Li said.

He further called on local authorities to be innovative in using their regulatory systems to shore up the development of the service industry.

Representatives from Shanghai, and provinces of Liaoning, Jiangsu, Hubei and Sichuan explained their experiences in creating service industries.

learn mandarin – Lenders to closely monitor property loans

learnchineseonline — Sat, 28 Aug 2010 09:35:35 +0000

State-owned Chinese banks on Thursday said they have not suspended lending to realtors, but would monitor such exposure closely to avoid future problems.

“Our lending exposure to the property sector is quite low. Lending to property developers, commercial properties and land reserves accounted for 8.4 percent of the bank’s total lending by the end of June this year. And we have been able to control the pace of property loans in some cities that have seen abnormal price swings recently,” said Yang Kaisheng, president of Industrial and Commercial Bank of China (ICBC).

The lending pace has declined in the Yangtze River Delta and Pearl River Delta regions, he said. The growth of property loans in these regions was 1.68 percent and 6.5 percent lower than the bank’s overall lending pace, he said.

Bank of China (BOC), the nation’s fourth-largest lender, also expressed similar views. “We have applied stricter standards for property loans to control the quality of such exposures,” said Chen Siqing, vice-president, BOC. Both the banks, however, pledged to support the healthy development of the property market.

“We will continue to provide financial support for low-cost housing development. If property loans are totally suspended, housing supplies will shrink and prices will go up,” said Chen.

Meanwhile, both the banks came out with strong earnings numbers for the first six months ending June this year.

ICBC reported a profit of 85 billion yuan ($12.5 billion) for the first half, up 27.3 percent from a year ago.

BOC said net profit rose 27 percent in the first half to 52.02 billion yuan, compared with 41 billion yuan a year ago.

Jiang Jianqing, chairman of ICBC, said the bank’s asset quality withstood market fluctuations during the global financial crisis.

ICBC’s bad loan ratio stood at 1.26 percent by the end of June, down from the 1.54 percent at the beginning of the year, while provisions for bad loans rose to 189.81 percent.

BOC’s non-performing loan ratio for the first half stood at 1.2 percent, a 0.32 percent decline from the same period last year. Its provision coverage ratio for bad loans stood at 188.44 percent.

Yang said the regulator’s new norms on off-balance sheet loans will have a limited impact on ICBC’s capital base and profitability. The banks exposure to such loans is only around 80 billion yuan, he said.

“Given the bank’s lending pace during the past few years, we are now well-positioned to absorb the exposure without any impact on the overall financial strength,” Yang added.

BOC said nearly 41.4 billion yuan of its loans to trusts have to be transferred back to the books.

“The quality of such products is normal and it does not require provision coverage and hence will not have a major impact on our capital adequacy ratio,” said BOC President Li Lihui.

learn mandarin – China’s top legislator vows to advance relations with France

learnchineseonline — Fri, 27 Aug 2010 06:15:16 +0000

Wu Bangguo (2nd R), chairman of the Standing Committee of China’s National People’s Congress (NPC), meets with a delegation of Sino-French Friendship Group of the French National Assembly and the Senate in Beijing, China, Aug. 25, 2010. (Xinhua/Li Tao)

BEIJING, Aug. 25 (Xinhua) — China will work with France to expand bilateral cooperation and advance economic and trade links, said China’s top legislator Wu Bangguo Wednesday.

Wu, chairman of the Standing Committee of the National People’s Congress (NPC), made the remarks in a meeting in Beijing with a delegation of the France-China friendship group of French parliament.

Wu said the promotion of ties between China and France, both influential nations, accorded with the fundamental interests of the two peoples and would help world peace and development.

China valued relations with France, and would work to strengthen mutual political trust and promote bilateral economic cooperation with a view to keeping China-France ties at the forefront of ties between China and Western nations, Wu said.8 The NPC, China’s legislative body, would expand exchanges and cooperation with the French parliament to help push forward state-to-state relations, he said.

The French delegation, led by chairman of the friendship group Michel Herbillon and Senate Chairman Jean Besson, are visiting China at the invitation of the NPC.

They said they would contribute to relations between the two parliaments and the two nations.