NPC vows close supervision over stimulus plan Wu Bangguo, chairman of the Standing Committee of the National People’s Congress, emphasized the NPC’s important role regarding China’s economic stimulus package. According to Mr. Wu, the NPC will closely supervise the implementation of major stimulus measures. Of China’s RMB 4 trillion stimulus package announced in November last […]
The weak link in global supply chains A report by Reuters (Hong Kong) Analyst Susan Fenton highlights the threat that bankruptcies among China’s small and medium-sized manufacturers pose to global supply chains. Chinese export manufacturers have been hit particularly hard by the global drop in demand, with a large numbers of them facing bankruptcy. A […]
No new stimulus package, but gobs of optimism In his annual speech to China’s National People’s Congress Premier Wen Jiabao said he was confident that China could reach its 8 percent GDP growth target this year. This indicates that China will not announce a new stimulus package beyond the 4 trillion yuan ($585 billion) package […]
Additional stimulus expected in China Chinese Premier Wen Jiabao is expected to announce additional economic stimulus measures at the opening session of the National People’s Congress on Thursday. The new stimulus would add to the 4 trillion Yuan ($585 billion) stimulus package announced in November last year. According to government insiders the new stimulus measures […]
Requests for disclosure of stimulus package Yan Yiming, a Shanghai based lawyer, filed a second request with the National Development and Reform Commission to disclose details of the governments 4 trillion Yuan ($585.5 billion) stimulus package. The request marks an unprecedented test of transparency for the Chinese government’s economic stimulus program. Details as to which […]
Asia’s concerns about the drop in Chinese imports Asian economies are suffering under a sharp drop in Chinese imports as a result of the economic slowdown. Taiwanese and South Korean exports to China fell 50 and 33 percent year-on-year respectively. Most Asian countries became heavily dependent on Chinese imports for their economic growth and a […]
New call for U.S.-China climate change summit Kenneth Lieberthal, a former National Security Council officer on Asia in the Clinton administration urged the leaders in the U.S. and China to focus their cooperation on fighting climate change. Mr. Lieberthal pressed the issue in Beijing at the release of his study on climate change in cooperation […]
New Commerce Secretary with ties to China President Obama’s new nominee for the position of commerce secretary, Gary Locke, could help strengthen economic ties between China and the U.S. Locke, son of Chinese immigrants, has shown extensive commitment to U.S.-China relations during his two terms in office as governor of Washington state. The nomination of […]
Chinese trade delegation to Europe A trade delegation of about 200 Chinese entrepreneurs led by Commerce Minister Chen Deming arrived in Germany yesterday as the first leg of their four country tour. Following Chinese Premier Wen Jiabao’s Europe tour earlier this month the trade delegation will also visit Switzerland, Spain and Britain and is expected […]
Multinational corporations’ commitment to China In a recent survey conducted by the American Chamber of Commerce and the consulting firm Booz&Allen ten percent of multinational corporations said they were planning to relocate their manufacturing facilities from China to lower cost countries like India or Vietnam. This number, down from 17 percent last in last year’s […]
Creating jobs: highest priority China’s Vice Premier Zhang Dejiang urged the labor department to step up efforts create more employment opportunities for the country’s millions of migrant workers. In his appeal he stressed the importance of employment for China’s social stability. Official numbers now state unemployment in China up 0.2 percent at 4.2 percent but […]
More stimulus packages for struggling industries China’s State Council announced plans for further support packages aimed at helping struggling industries and boosting domestic demand. Stimulus packages for six industries–auto, textile, steel, shipbuilding, electronics, and machinery–were already announced earlier. Following the new announcement China will provide support packages for ten more industries, among them the oil […]
China’s trade unions to help 10 million migrant workers In a new effort to ease the negative effects of an increasingly severe economic slowdown China’s trade unions announced to extend their help on 10 million migrant workers unable to find employment. The unions’ help, which was previously reserved for local workers with residence permits only, […]
China eases Hukou restrictions for college graduates Faced with surging numbers of unemployed college graduates China has asked its municipalities to ease the Hukou restrictions for non-local college graduates. The Hukou system is a left-over restriction from the Cultural Revolution that allowed the Chinese government to control for migration and settlement of its population. The […]
China and U.S. to resume military dialogue Following U.S. secretary of state Hillary Clinton’s Asia tour the U.S. and China will resume their military dialogue end of February, officials from both countries announced today. The dialogue was temporarily suspended last year as a result of U.S. arms sales to Taiwan. China’s concerns over protectionism China’s […]