China Economy: News & Discussion

Discussion in 'China' started by Rage, Jun 1, 2009.

  1. Indx TechStyle

    Indx TechStyle War Mongerer Veteran Member Senior Member

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    China’s middle income claim causes uproar as Weibo users ask ‘why am I not that rich?’
    • Propaganda piece from the National Bureau of Statistics stirs up online controversy after claim China’s nominal gross national income per capita for 2018 was US$9,732
    • Agency forced to respond after topic attracts over 200 million followers, with Beijing facing a delicate task of portraying itself for China’s 70th anniversaryA claim that China’s per capita gross national income was “above the average level of other middle-income countries” has caused an uproar on China’s main social media network, forcing the National Bureau of Statistics to defend its statement.
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    Many Weibo users questioned why they are not being paid in the region of the nominal gross national income per capita of US$9,732 for 2018. Photo: Xinhua
     
  2. sorcerer

    sorcerer Senior Member Veteran Member Senior Member

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    Gas factory blast in China's Henan province kills two - state media
    BEIJING, July 19 (Reuters) - An explosion at a gasification plant in China's central Henan province has killed two people and seriously injured eighteen, state-run CCTV reported on Friday.

    The blast occurred around 5.50pm local time (0950 GMT) in an air separation unit of the Yima plant. Production has been halted after the accident, according to a statement published by local government on the twitter-like Weibo platform.

    https://www.yahoo.com/news/gas-factory-blast-chinas-henan-153430067.html
     
  3. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    Two dead my ass..............

     
  4. amoy

    amoy Senior Member Senior Member

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    9 Things You Need to Know About Beijing’s Enormous New Daxing Airport

    https://www.chinadiscovery.com/beij...ion/beijing-daxing-international-airport.html

    Beijing Daxing International Airport is Beijing’s second international airport which will be the largest airport in the world. It was open on September 25, 2019. It’s much big in scale and highly advanced in techniques. It will be linked with northern China’s other modes of transportation, such as high speed rail, highway, subway, etc.
     
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  5. amoy

    amoy Senior Member Senior Member

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    Changsha Maglev Express 2.0
    CRRC says that on 2 August, the speeding-up tests for Changsha’s second-generation maglev train began. The maglev has been developed in four stages:

    conceptual design
    component testing
    assembly integration
    test verification

    The speeding-up tests are the final aspect of the ‘test verification’ phase.

    In June 2018 the research team under CRRC Zhuzhou Locomotive Co., Ltd. and Hunan Maglev Technology Research Center successfully completed the development of the second-generation maglev for Changsha. Compared to the first generation, which entered service in May 2016, the maglev 2.0 is to carry more passengers at faster speeds. For example, the original Changsha maglev train operates at 100km/h, while this new one can run at 160km/h.

    The Changsha Maglev Express runs between Changsha Huanghua International Airport and Changsha South railway station, which connects to the high-speed rail network.

    https://railway-news.com/changsha-maglev-express-2-0-in-final-testing-phase/

    In addition to the faster speed, the second-generation maglev also has an optimised design for the end electromagnet. This increases the suspension capacity of the train by six tons.

    CRRC also optimised the design of the traction auxiliary system equipment. The new maglev will have 30 percent more traction power and a capacity of 500.

    The maglev in Changsha is China’s second maglev system. However, this one, unlike the one in Shanghai, is domestically built. The Shanghai maglev was a joint venture between Siemens and ThyssenKrupp
     
  6. amoy

    amoy Senior Member Senior Member

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    China Yangtze to buy Peru's largest electric company for $3.59 bln

    https://news.cgtn.com/news/2019-10-...ic-company-for-3-59-bln-Krr6gZAmWI/index.html

    China Yangtze Power International (CYP) has agreed to buy Peru's largest electric company Luz del Sur from Sempra Energy for 3.6 billion U.S. dollars, both companies confirmed on Monday.

    Infinitive data shows that the deal is the biggest acquisition made by a Chinese state-owned enterprise in the Americas since 2015.

    Sempra said the cash deal, which includes a near 84 percent stake in Lima-based Luz del Sur, has to be approved by the Peruvian anti-trust agency and the Bermuda Monetary Authority. The deal is expected to be completed in the first quarter of 2020.
     
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  7. amoy

    amoy Senior Member Senior Member

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    Chinese textile manufacturer's investment thrives in Ethiopia

    https://news.cgtn.com/news/2019-09-...ent-thrives-in-Ethiopia-KfxyLR6oGQ/index.html

    According to MOFCOM, the total of FDI outflows worldwide in 2018 decreased by 29 percent year on year, falling for three consecutive years, while China was up to the second largest foreign investor, with the outward FDI flows reaching 143 billion U.S. dollars.

    What's more, the outward FDI stock of China at the end of 2018 was 66.3 times that of 2002, ranking third among all countries and regions, up from 25th place in 2002
     
  8. Bhurki

    Bhurki Regular Member

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    Does somebody actively track China High speed rail?
    The plan was to reach 30,000 km route length by 2020. However, considering by 2018 end, 29000 km was completed and another 3200 km scheduled for 2019, i think the target may have already been achieved.
     
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  9. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    I do track the debt which has risen to over 18 trillion RMB between CRC and local governments. It has gotten to the point all of the entities involved with HSR can no longer service the debts. CRC is going through restructuring which is the Chinese equivalence of bankruptcy.
     
  10. Bhurki

    Bhurki Regular Member

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    Wow..didnt know that.
    Awesome snide segue though..
    The maximum number i came across was 5.74 trillion yuan. Mind attaching a link?
    If they don't increase the use of lines in operation, they'll have to auction them off or sit under a mountain of NPA.
     
  11. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    The debts together could be as high as 18.29 trillion yuan, according to some estimates.

    https://www.caixinglobal.com/2019-0...hinas-high-speed-rail-the-debt-101375797.html
     
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  12. Bhurki

    Bhurki Regular Member

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    Jinx... Was literally reading the same page right now. This has been derived from a report by stratfor.
    The 18 trillion yuan is including loans from Local government financing vehicle( LCFV)
    which are loaned out of local body coffers.
    CRC, as a corporation, is not liable to repayment of these loans.
    These are expected to be paid by the local, provincial govt. since they enjoy the added economy benefits that high speed rail produces from the beginning as manufacturing, employment spur and long term benefits like real estate value enhancements and growing mobility of working class.
    On a construction scale basis, its a bit easier to understand. CRC produces a km of hsr at $25-30 million(2018 numbers, aggregated average over tunneling and viaduct construction), over 30,000 km the cost can be $750-900 billion (6 trn yuan). So its quite unlikely that total loans have crossed this figure since debt has been routinely serviced. Also, i don't think the hsr program is entirely credit based, with central government taking up at least 20% of annual financing of hsr from revenue reciepts directly.
     
    Last edited: Oct 2, 2019
  13. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    Jinx... considering the guy who runs Caixan sits on the State Council you can consider it a state run media group. They wouldn't print it if it wasn't close to true, it is probably much higher than that as they always underestimate. Accounting standards in China are non-existent.

    From the CRC to local governments that fund HSR the only thing it has lead to is insolvency as they can't even maintain the service cost of the debts. $900 billion is close to what CRC acknowledges they owe, it is much higher. They have been forced into restructuring as they cannot meet the service cost of their massive debt pile.

    The lesson we have learned from China is that HSR is nothing but a debt trap and you would be wise to avoid it.
     
    Last edited: Oct 2, 2019
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  14. Bhurki

    Bhurki Regular Member

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    Somebody tell the world bank about it.
    https://www.worldbank.org/en/news/p...speed-rail-offers-lessons-for-other-countries
    China’s Experience with High Speed Rail Offers Lessons for Other Countries
    “China has built the largest high-speed rail network in the world. The impacts go well beyond the railway sector and include changed patterns of urban development, increases in tourism, and promotion of regional economic growth. Large numbers of people are now able to travel more easily and reliably than ever before, and the network has laid the groundwork for future reductions in greenhouse gas emissions,” said Martin Raiser, World Bank Country Director for China.
     
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  15. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    Issued by Li Li from Beijing... you know that China is a member of the WB right?
     
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  16. Bhurki

    Bhurki Regular Member

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    Martin Raiser is chosen by the world bank, not china.
     
  17. amoy

    amoy Senior Member Senior Member

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  18. amoy

    amoy Senior Member Senior Member

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    Carrefour sells China business to Suning.com

    The purchase price for the acquisition of 80 percent of Carrefour China shares is 4.8 billion renminbi, or 620 million euros," it said, indicating the deal was expected to be completed by the year's end.

    https://www.bloomberg.com/news/arti...-to-buy-80-of-carrefour-china-for-699-million

    Costco cuts debut short after shoppers swamp store

    While membership-based hypermarkets have been successful, other overseas retailers have mostly received a cold shoulder from Chinese consumers.

    http://global.chinadaily.com.cn/a/201908/28/WS5d6580e6a310cf3e3556831b.html
     
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  19. amoy

    amoy Senior Member Senior Member

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    China is almost an cashless society and one with a smartphone alone is able to survive everywhere.

    PayPal isn't competitive Imo.

    https://edition.cnn.com/2019/09/30/tech/paypal-gopay-china-payments/index.html

    China's central bank has approved PayPal's (PYPL) acquisition of a 70% equity interest in GoPay, the companies announced Monday. PayPal says this makes it the first foreign firm licensed to provide digital payment services in China.

    The deal opens the door for PayPal to process digital transactions in China — which are estimated to total in the trillions. But it may not be an easy market to break into. Chinese digital payments services Alibaba (BABA)'s AliPay and Tencent (TCEHY)'s WeChat Pay have dominated that market, in part by making it easy for merchants to use their services and accept payments from mobile phones rather than setting up the infrastructure to accept credit card payments. As of last year, more than 8 million brick-and-mortar stores in China accepted AliPay.
     
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  20. sydsnyper

    sydsnyper Senior Member Senior Member

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    Philippine police arrest over 500 mostly Chinese for fraud
    MANILA, Philippines (AP) — Philippine police and immigration authorities said they have arrested more than 500 illegally working foreigners, mostly Chinese involved in telecommunications and investment scams, in one of the biggest such mass arrests this year.

    The 542 foreigners, who were arrested Wednesday night in a raid on their company premises in metropolitan Manila, did not have work permits and were involved in defrauding victims mostly in China by blackmailing or tricking them into sending out money, said Immigration Commissioner Jaime Morente and other officials.

    The Chinese government provided information that led to the arrests of more than 400 Chinese and other workers from Myanmar, Malaysia, Vietnam, Taiwan and Indonesia, said police Maj. Gen. Guillermo Lorenzo Eleazar.

    https://news.yahoo.com/philippine-police-arrest-over-500-044512192.html
     

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