China reveals its cards for investing $20 billion in Pakistan

Ray

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I still doubt whether they will create jobs in Pakistan as they promised, Because China generally export all the things including labor.
That is correct.

They are not very comfortable to local labour since the Chinese have very tight timings and do not permit a lethargic manner of working or taking breaks for a smoke or eating.

They have had and still have this problem in Africa.
 

Srinivas_K

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Dude!!! the scale at which this kind of projects takes place in India is very large compared to 20 Billion china is investing over a period of 5 or 10 years.

We have a manufacturing policy and growth model than can address the problems for over a half century from now.

In India we deal with 100's of Billions of investment in any sector and we also have labor to sustain the growth. Textiles is one area where BD is leading India.



What does the wage graph tell? India - startling almost 0 increase in 2011 over 2001 whereas Chinese apparel workers wage almost doubled!

Q's -
1) What happened to Indian apparel industry? It's remained low all the time ($170 y2011) throughout 2001-2011 but why hasn't India attracted either increased investment in the sector or purchasing orders shifted in? Are there other factors (hurdles) at work other than wage?

2) Now China has lost her labor cost advantage. In these waves of exodus where are those textile factories (or labor intensive ind. at large) and sourcing shifting to ? The above link I posted has shown Chinese businesses are pursuing Punjab Pakistan to retain the competitive edge.


Chinese group to invest in textile sectors Pakistan Business



and more - Cambodia cost is the lowest in this sector hence >.Cambodia : Cambodian garment sector attracts huge foreign investment - Apparel News Cambodia
 

Ray

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What does the wage graph tell? India - startling almost 0 increase in 2011 over 2001 whereas Chinese apparel workers wage almost doubled!
China is doing a rip roaring business around the world, especially in the third world with fake and copies of leading world brands. Therefore, to meet the demands and long hours, the Chinese workers are no longer ready to be taken for a ride and so the wages are reaching sky high.

Q's -
1) What happened to Indian apparel industry? It's remained low all the time ($170 y2011) throughout 2001-2011 but why hasn't India attracted either increased investment in the sector or purchasing orders shifted in? Are there other factors (hurdles) at work other than wage?
Textile does not give the same returns as pharma, or other manufactures. One of the main problem is the labour issue, which in a democratic country cannot be avoided and this had led to 'sick units' i.e. closure. The owners are not ready to invest in new machinery and technology since the profits are not lucrative thanks to Govt regulations. Further, land for cotton has diminished for more lucrative cash crops. And there are many more reason for the decline in our apparel industry.

2) Now China has lost her labor cost advantage. In these waves of exodus where are those textile factories (or labor intensive ind. at large) and sourcing shifting to ? The above link I posted has shown Chinese businesses are pursuing Punjab Pakistan to retain the competitive edge.
The Textile industry in Pakistan is the largest manufacturing industry in Pakistan. It has traditionally, after agriculture,been the only industry that has generated huge employment for both skilled and unskilled labor. The textile industry continues to be the second largest employment generating sector in Pakistan.

Therefore, Pakistan's emphasis on textile is understandable.

China's interest in Pakistan's textile industry and in Cambodia is also understandable given the situation in China.
 

CCP

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The rise of wages clearly show that China has no longer the edge when it comes to manufacturing.

They are running towards Africa and other countries but they cannot replicate what they did in the last decade, it is safe to assume that Chinese decade is over.

China : China's textile industry will grow steadily in 2014: MIIT - Textile News China
China's textile industry will maintain steady growth in 2014, the Ministry of Industry and Information Technology (MIIT) has said in its 2013 report on China's industrial communications industry.

The report said a series of fine-tuning of policy measures gradually turned up the growth rate of industrial production in the second half of 2013. It said business conditions have improved and there is a significant increase in market confidence, due to steady rise in industrial economy development, which has laid a good foundation for stable and healthy development of the national economy.

However, the production of textile industry was more sluggish in 2013. From January to November 2013, China's textile sector grew by 8.5 percent year-on-year. The production of yarn, fabric and apparel increased by 8.3 percent year-on-year, 5.6 percent y-o-y and 0.7 percent y-o-y, respectively, which were all lower than the increases in production registered in 2012.

However, textile export growth was generally stable. In the first eleven months of 2013, the textile industry exports grew by 7.2 percent, which was about 4.7 percent higher than the growth rate observed last year.

In the first, second and third quarters, China's textile exports increased by 6.3 percent y-o-y, 8.5 percent and 6.1 percent, respectively, followed by an increase of 5.9 percent and 8.1 percent in October and November 2013.

During the year, the efficiency of enterprises also improved. From January to October 2013, China's textile industry realized profits of 243.9 billion yuan, showing an increase of 18.3 percent year-on-year. The main business income margin was 4.83 percent, up 0.27 percent compared to last year. Business loss was 14.38 percent, which narrowed by 0.2 percent compared to last year.

The report expects China's textile industry to show an overall smooth running situation in 2014. It expects a steady growth in domestic consumption and external demand, and there may be a slight improvement in the demand environment.

However, the current difference in prices of domestic and imported cotton is still large. In addition, labour and other costs are rising too fast, which to some extent undermines the international competitive advantage of the Chinese textile industry. In fact, the share of China's textile and garment exports in the EU, the US, Japan and other countries declined in 2013.

But, from a comprehensive look the textile industry is likely to maintain steady growth in 2014, the Ministry said.

Fibre2fashion News Desk - India

—————————————————————————————————————————————————————

The textile industry in China is still growing at 5-8% yearly, also all other industries is increasing.
So, how can you prove "it is safe to assume that Chinese decade is over."?
 
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Srinivas_K

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Rise of Textile Industry and consumption growth in China is a good news for countries around china. But Fact is China lost the edge with the increase of wages and no longer hold the advantage of producing the goods cheaper.

This scenario is advantageous to countries in ASEAN and India, since they can export goods to china in the long run.



China : China's textile industry will grow steadily in 2014: MIIT - Textile News China
China's textile industry will maintain steady growth in 2014, the Ministry of Industry and Information Technology (MIIT) has said in its 2013 report on China's industrial communications industry.

The report said a series of fine-tuning of policy measures gradually turned up the growth rate of industrial production in the second half of 2013. It said business conditions have improved and there is a significant increase in market confidence, due to steady rise in industrial economy development, which has laid a good foundation for stable and healthy development of the national economy.

However, the production of textile industry was more sluggish in 2013. From January to November 2013, China's textile sector grew by 8.5 percent year-on-year. The production of yarn, fabric and apparel increased by 8.3 percent year-on-year, 5.6 percent y-o-y and 0.7 percent y-o-y, respectively, which were all lower than the increases in production registered in 2012.

However, textile export growth was generally stable. In the first eleven months of 2013, the textile industry exports grew by 7.2 percent, which was about 4.7 percent higher than the growth rate observed last year.

In the first, second and third quarters, China's textile exports increased by 6.3 percent y-o-y, 8.5 percent and 6.1 percent, respectively, followed by an increase of 5.9 percent and 8.1 percent in October and November 2013.

During the year, the efficiency of enterprises also improved. From January to October 2013, China's textile industry realized profits of 243.9 billion yuan, showing an increase of 18.3 percent year-on-year. The main business income margin was 4.83 percent, up 0.27 percent compared to last year. Business loss was 14.38 percent, which narrowed by 0.2 percent compared to last year.

The report expects China's textile industry to show an overall smooth running situation in 2014. It expects a steady growth in domestic consumption and external demand, and there may be a slight improvement in the demand environment.

However, the current difference in prices of domestic and imported cotton is still large. In addition, labour and other costs are rising too fast, which to some extent undermines the international competitive advantage of the Chinese textile industry. In fact, the share of China's textile and garment exports in the EU, the US, Japan and other countries declined in 2013.

But, from a comprehensive look the textile industry is likely to maintain steady growth in 2014, the Ministry said.

Fibre2fashion News Desk - India

—————————————————————————————————————————————————————

The textile industry in China is still growing at 5-8% yearly, also all other industries is increasing.
So, how can you prove "it is safe to assume that Chinese decade is over."?
 

CCP

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Rise of Textile Industry and consumption growth in China is a good news for countries around china. But Fact is China lost the edge with the increase of wages and no longer hold the advantage of producing the goods cheaper.

This scenario is advantageous to countries in ASEAN and India, since they can export goods to china in the long run.
If there is true , how can you explain the keep increasings in Chinese industries ?

You think China's success is total based on cheaper labour?

only thing we need are resources.
 
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Srinivas_K

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If there is true , how can you explain the keep increasings in Chinese industries ?

Long run again? How long?
Shifting of Industries from China has begun and it will only increase further in this decade. These MNC's float around world for the sake of profit making , Japanese industries have their own reasons.
 

CCP

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Shifting of Industries from China has begun and it will only increase further in this decade. These MNC's float around world for the sake of profit making , Japanese industries have their own reasons.
LOL, if "Shifting of Industries from China has begun", then Chinese industries should decrease right?

Did you finish your elementary school?
 

Ray

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China firms face fresh credit, export crunch

Latest HSBC preliminary figures show manufacturing running at nine-month low



China's factories are being hit by slowing external demand and moderating domestic demand.

Concerns are growing that China's export-oriented manufacturers are facing a credit squeeze that puts an already flagging economic recovery at risk of further decline.

A spike in interbank lending costs threatens to spill over into real financing costs for businesses, analysts say, putting fresh pressure on profits of already struggling private sector manufacturers.

"If this situation carries on for two or three more months then there could be significant consequences for the real economy," Zhang Zhiwei, chief China economist at Nomura in Hong Kong, told the Post.

Mainland manufacturers ran production lines in June at their slowest pace in nine months, according to a so-called flash, or preliminary reading from the HSBC Purchasing Managers Index (PMI) yesterday. The survey tracks mainly small and medium-sized firms in the private sector. They are typically exporters and have suffered a prolonged downturn in demand.

China's export growth in May sank to a 10-month low of just 1 per cent, versus analyst expectations of 7.4 per cent.

Order book growth shrank in June as borrowing costs surged. Interbank rates - the wholesale rate at which banks lend - have risen sharply in recent weeks. The three-month Shanghai Interbank Offered Rate has leapt to 5.8 per cent from around 3.9 per cent in just two weeks.

Private sector firms borrow well above that rate.

China's external sector supports an estimated 200 million mainland jobs, making a downturn in exports a major risk for the leadership in Beijing, which is acutely sensitive to the risk of social instability arising from a rise in unemployment.

This is especially true as Premier Li Keqiang readies a series of structural economic reforms that could fuel inflation and hurt job prospects in the near term and requires relative tightness in monetary policy to be maintained.

RBS China economist Louis Kuijs said the fall in export orders revealed in the PMI was particularly pronounced, suggesting that a test of the government's reformist resolve could be looming.

This article appeared in the South China Morning Post print edition as China firms face new credit crunch

China firms face fresh credit, export crunch | South China Morning Post

*************************************************

Maybe the truth of the reality from the horse mouth i.e. from a Chinese newspaper would be truth enough for the Chinese posters to realise the dire straits that they are in!
 

Ray

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LOL, if "Shifting of Industries from China has begun", then Chinese industries should decrease right?

Did you finish your elementary school?
No, he just got his Double PhD!

and you?

Secretary General of the Chinese Communist party?

Is that why your moniker is 'CCP' = Chinese Communist Party?
 

CCP

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China firms face fresh credit, export crunch

Latest HSBC preliminary figures show manufacturing running at nine-month low



China's factories are being hit by slowing external demand and moderating domestic demand.

Concerns are growing that China's export-oriented manufacturers are facing a credit squeeze that puts an already flagging economic recovery at risk of further decline.

A spike in interbank lending costs threatens to spill over into real financing costs for businesses, analysts say, putting fresh pressure on profits of already struggling private sector manufacturers.

"If this situation carries on for two or three more months then there could be significant consequences for the real economy," Zhang Zhiwei, chief China economist at Nomura in Hong Kong, told the Post.

Mainland manufacturers ran production lines in June at their slowest pace in nine months, according to a so-called flash, or preliminary reading from the HSBC Purchasing Managers Index (PMI) yesterday. The survey tracks mainly small and medium-sized firms in the private sector. They are typically exporters and have suffered a prolonged downturn in demand.

China's export growth in May sank to a 10-month low of just 1 per cent, versus analyst expectations of 7.4 per cent.

Order book growth shrank in June as borrowing costs surged. Interbank rates - the wholesale rate at which banks lend - have risen sharply in recent weeks. The three-month Shanghai Interbank Offered Rate has leapt to 5.8 per cent from around 3.9 per cent in just two weeks.

Private sector firms borrow well above that rate.

China's external sector supports an estimated 200 million mainland jobs, making a downturn in exports a major risk for the leadership in Beijing, which is acutely sensitive to the risk of social instability arising from a rise in unemployment.

This is especially true as Premier Li Keqiang readies a series of structural economic reforms that could fuel inflation and hurt job prospects in the near term and requires relative tightness in monetary policy to be maintained.

RBS China economist Louis Kuijs said the fall in export orders revealed in the PMI was particularly pronounced, suggesting that a test of the government's reformist resolve could be looming.

This article appeared in the South China Morning Post print edition as China firms face new credit crunch

China firms face fresh credit, export crunch | South China Morning Post

*************************************************

Maybe the truth of the reality from the horse mouth i.e. from a Chinese newspaper would be truth enough for the Chinese posters to realise the dire straits that they are in!
A report 6 month after.
China Exports Rise More Than Estimated After Sept. Drop - Bloomberg

China's exports rebounded by more than estimated last month and the trade surplus widened to the biggest this year, helping sustain an economic recovery as leaders gather to map out a blueprint for growth.

Overseas shipments increased 5.6 percent in October from a year earlier, the General Administration of Customs said today in Beijing, compared with a median estimate for 1.7 percent growth in a Bloomberg News survey and September's unexpected decline of 0.3 percent. Imports rose 7.6 percent, leaving a trade surplus of $31.1 billion, the biggest this year.

Stronger global demand suggested in today's report may bolster confidence that Premier Li Keqiang will meet this year's 7.5 percent growth target and ease pressure on the government to spur domestic consumption and investment. President Xi Jinping, who will lead a four-day summit starting tomorrow to decide on reform measures, said growth must avoid straining resources, capital and markets, the Xinhua News Agency reported on Nov. 5.

"China's export numbers suggest some -- although not yet decisive -- improvement in global demand momentum," Louis Kuijs, chief China economist at Royal Bank of Scotland Group Plc in Hong Kong, said in a note. Import figures reflect "healthy expansion of demand" within China, he said.

The export growth figures understate the true picture by about 2 percentage points because of inflated data from over-invoicing in the second half of 2012 and first half of 2013, Kuijs said. Regulators in May cracked down on fabricated paperwork for outbound shipments used to disguise capital inflows.

Stocks Fall

The benchmark Shanghai Composite Index fell 1.1 percent at the close, capping a weekly loss for the gauge, with technology and agriculture shares sliding.

Estimates from 44 analysts on exports ranged from a 2.2 percent decline to 8 percent expansion. Imports (CNFRIMPY) were projected to grow 7.4 percent, the same as September's pace, and the median estimate was for a trade surplus of $24.8 billion.

Premier Li said last month that China can't neglect the importance of exports, which support 30 million jobs directly.

"If exports drop quickly, there will be employment problems," Li said, according to a transcript of an October speech published this week.

October's trade surplus takes the total for this year to $200.5 billion, the biggest 10-month total since 2008 and compared with $230.7 billion for the whole of 2012.

Yuan Pressure

The increase in the surplus suggests that pressure will build for the yuan to appreciate, Liu Li-Gang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. (ANZ) in Hong Kong, said in a note today.

The currency has appreciated about 2.3 percent against the dollar this year, the most among 11 major Asian currencies tracked by Bloomberg. It weakened 0.04 percent to 6.0930 per dollar today.

Premier Li's comments about the importance of exports suggest "the Chinese authorities are concerned about declining trade competitiveness" due to the strengthening yuan and rising costs, Liu wrote.

Exports to the U.S., China's largest market, rose 8.1 percent in October from a year earlier, today's data showed, the biggest jump since February. Figures from the U.S. yesterday showed fewer Americans filed applications for unemployment benefits last week, the economy expanded in the third quarter at a faster pace than forecast and consumer credit rose more than projected.

Car Exports

China's sales to the European Union, its second biggest market, jumped 12.7 percent last month, the biggest gain since February, customs data showed.

Geely Automobile Holdings Ltd. (175), the publicly traded unit of China's largest closely held carmaker, said this week that the volume of its exports in October rose 17 percent from a year earlier.

October's export growth wasn't "a terribly strong number" because the three-month average still showed a relatively stable export sector, said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong.

"It doesn't really change our cautious economic outlook for next year," including a forecast for the economy to expand less than 7 percent, Zhang said today on Bloomberg Television. That compares with the 7.4 percent median estimate for next year and 7.6 percent for 2013, according to Bloomberg News surveys of analysts last month.

General Trade

Imports for general trade, which refers to goods used in China's own economy rather than for re-export, rose 18.5 percent in October from a year earlier, today's data showed. That's the biggest increase in at least 18 months.

The National Bureau of Statistics will tomorrow publish October data on inflation and industrial output and January-October fixed-asset investment. The central bank is scheduled to release money supply and lending numbers by Nov. 15.

Data earlier this month showed China's official manufacturing Purchasing Managers' Index (SHCOMP) rose more than estimated in October to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections.
 
Last edited:

Ray

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A report 6 month after.
China Exports Rise More Than Estimated After Sept. Drop - Bloomberg

China's exports rebounded by more than estimated last month and the trade surplus widened to the biggest this year, helping sustain an economic recovery as leaders gather to map out a blueprint for growth.

Overseas shipments increased 5.6 percent in October from a year earlier, the General Administration of Customs said today in Beijing, compared with a median estimate for 1.7 percent growth in a Bloomberg News survey and September's unexpected decline of 0.3 percent. Imports rose 7.6 percent, leaving a trade surplus of $31.1 billion, the biggest this year.

Stronger global demand suggested in today's report may bolster confidence that Premier Li Keqiang will meet this year's 7.5 percent growth target and ease pressure on the government to spur domestic consumption and investment. President Xi Jinping, who will lead a four-day summit starting tomorrow to decide on reform measures, said growth must avoid straining resources, capital and markets, the Xinhua News Agency reported on Nov. 5.

"China's export numbers suggest some -- although not yet decisive -- improvement in global demand momentum," Louis Kuijs, chief China economist at Royal Bank of Scotland Group Plc in Hong Kong, said in a note. Import figures reflect "healthy expansion of demand" within China, he said.

The export growth figures understate the true picture by about 2 percentage points because of inflated data from over-invoicing in the second half of 2012 and first half of 2013, Kuijs said. Regulators in May cracked down on fabricated paperwork for outbound shipments used to disguise capital inflows.

Stocks Fall

The benchmark Shanghai Composite Index fell 1.1 percent at the close, capping a weekly loss for the gauge, with technology and agriculture shares sliding.

Estimates from 44 analysts on exports ranged from a 2.2 percent decline to 8 percent expansion. Imports (CNFRIMPY) were projected to grow 7.4 percent, the same as September's pace, and the median estimate was for a trade surplus of $24.8 billion.

Premier Li said last month that China can't neglect the importance of exports, which support 30 million jobs directly.

"If exports drop quickly, there will be employment problems," Li said, according to a transcript of an October speech published this week.

October's trade surplus takes the total for this year to $200.5 billion, the biggest 10-month total since 2008 and compared with $230.7 billion for the whole of 2012.

Yuan Pressure

The increase in the surplus suggests that pressure will build for the yuan to appreciate, Liu Li-Gang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. (ANZ) in Hong Kong, said in a note today.

The currency has appreciated about 2.3 percent against the dollar this year, the most among 11 major Asian currencies tracked by Bloomberg. It weakened 0.04 percent to 6.0930 per dollar today.

Premier Li's comments about the importance of exports suggest "the Chinese authorities are concerned about declining trade competitiveness" due to the strengthening yuan and rising costs, Liu wrote.

Exports to the U.S., China's largest market, rose 8.1 percent in October from a year earlier, today's data showed, the biggest jump since February. Figures from the U.S. yesterday showed fewer Americans filed applications for unemployment benefits last week, the economy expanded in the third quarter at a faster pace than forecast and consumer credit rose more than projected.

Car Exports

China's sales to the European Union, its second biggest market, jumped 12.7 percent last month, the biggest gain since February, customs data showed.

Geely Automobile Holdings Ltd. (175), the publicly traded unit of China's largest closely held carmaker, said this week that the volume of its exports in October rose 17 percent from a year earlier.

October's export growth wasn't "a terribly strong number" because the three-month average still showed a relatively stable export sector, said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong.

"It doesn't really change our cautious economic outlook for next year," including a forecast for the economy to expand less than 7 percent, Zhang said today on Bloomberg Television. That compares with the 7.4 percent median estimate for next year and 7.6 percent for 2013, according to Bloomberg News surveys of analysts last month.

General Trade

Imports for general trade, which refers to goods used in China's own economy rather than for re-export, rose 18.5 percent in October from a year earlier, today's data showed. That's the biggest increase in at least 18 months.

The National Bureau of Statistics will tomorrow publish October data on inflation and industrial output and January-October fixed-asset investment. The central bank is scheduled to release money supply and lending numbers by Nov. 15.

Data earlier this month showed China's official manufacturing Purchasing Managers' Index (SHCOMP) rose more than estimated in October to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections.
So it means that Chinese are liars.

I quoted a Chinese news.
 

Srinivas_K

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LOL, if "Shifting of Industries from China has begun", then Chinese industries should decrease right?

Did you finish your elementary school?
cool down, China is not invincible.

Some people often get confused for sure.
 

Ray

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Messages
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A report 6 month after.
China Exports Rise More Than Estimated After Sept. Drop - Bloomberg

China's exports rebounded by more than estimated last month and the trade surplus widened to the biggest this year, helping sustain an economic recovery as leaders gather to map out a blueprint for growth.

Overseas shipments increased 5.6 percent in October from a year earlier, the General Administration of Customs said today in Beijing, compared with a median estimate for 1.7 percent growth in a Bloomberg News survey and September's unexpected decline of 0.3 percent. Imports rose 7.6 percent, leaving a trade surplus of $31.1 billion, the biggest this year.

Stronger global demand suggested in today's report may bolster confidence that Premier Li Keqiang will meet this year's 7.5 percent growth target and ease pressure on the government to spur domestic consumption and investment. President Xi Jinping, who will lead a four-day summit starting tomorrow to decide on reform measures, said growth must avoid straining resources, capital and markets, the Xinhua News Agency reported on Nov. 5.

"China's export numbers suggest some -- although not yet decisive -- improvement in global demand momentum," Louis Kuijs, chief China economist at Royal Bank of Scotland Group Plc in Hong Kong, said in a note. Import figures reflect "healthy expansion of demand" within China, he said.

The export growth figures understate the true picture by about 2 percentage points because of inflated data from over-invoicing in the second half of 2012 and first half of 2013, Kuijs said. Regulators in May cracked down on fabricated paperwork for outbound shipments used to disguise capital inflows.

Stocks Fall

The benchmark Shanghai Composite Index fell 1.1 percent at the close, capping a weekly loss for the gauge, with technology and agriculture shares sliding.

Estimates from 44 analysts on exports ranged from a 2.2 percent decline to 8 percent expansion. Imports (CNFRIMPY) were projected to grow 7.4 percent, the same as September's pace, and the median estimate was for a trade surplus of $24.8 billion.

Premier Li said last month that China can't neglect the importance of exports, which support 30 million jobs directly.

"If exports drop quickly, there will be employment problems," Li said, according to a transcript of an October speech published this week.

October's trade surplus takes the total for this year to $200.5 billion, the biggest 10-month total since 2008 and compared with $230.7 billion for the whole of 2012.

Yuan Pressure

The increase in the surplus suggests that pressure will build for the yuan to appreciate, Liu Li-Gang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. (ANZ) in Hong Kong, said in a note today.

The currency has appreciated about 2.3 percent against the dollar this year, the most among 11 major Asian currencies tracked by Bloomberg. It weakened 0.04 percent to 6.0930 per dollar today.

Premier Li's comments about the importance of exports suggest "the Chinese authorities are concerned about declining trade competitiveness" due to the strengthening yuan and rising costs, Liu wrote.

Exports to the U.S., China's largest market, rose 8.1 percent in October from a year earlier, today's data showed, the biggest jump since February. Figures from the U.S. yesterday showed fewer Americans filed applications for unemployment benefits last week, the economy expanded in the third quarter at a faster pace than forecast and consumer credit rose more than projected.

Car Exports

China's sales to the European Union, its second biggest market, jumped 12.7 percent last month, the biggest gain since February, customs data showed.

Geely Automobile Holdings Ltd. (175), the publicly traded unit of China's largest closely held carmaker, said this week that the volume of its exports in October rose 17 percent from a year earlier.

October's export growth wasn't "a terribly strong number" because the three-month average still showed a relatively stable export sector, said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong.

"It doesn't really change our cautious economic outlook for next year," including a forecast for the economy to expand less than 7 percent, Zhang said today on Bloomberg Television. That compares with the 7.4 percent median estimate for next year and 7.6 percent for 2013, according to Bloomberg News surveys of analysts last month.

General Trade

Imports for general trade, which refers to goods used in China's own economy rather than for re-export, rose 18.5 percent in October from a year earlier, today's data showed. That's the biggest increase in at least 18 months.

The National Bureau of Statistics will tomorrow publish October data on inflation and industrial output and January-October fixed-asset investment. The central bank is scheduled to release money supply and lending numbers by Nov. 15.

Data earlier this month showed China's official manufacturing Purchasing Managers' Index (SHCOMP) rose more than estimated in October to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections.
So it means that Chinese are liars.

I quoted a Chinese news.

And if your report is immediately after the Chinese news, then I concede China is a miracle and should be Canonised by the Church as a Saint!
 

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