China :: Business & Economy

CHINA'S industrial competitiveness showed signs of decline this year, with higher-tech industries suffering more than those at the lower end, the Chinese Academy of Social Sciences said yesterday. Whether China can rebound in 2012 depends on economic conditions in developed countries and the pressure on China's exchange rate, said Zhang Qizi, a researcher at the academy's Institute of Industrial Economics. Industrial competitiveness in the academy's report involves non-financial sectors dedicated to global trade. The global slump will put great pressure on exports and as protectionism against Chinese products is on the rise, global trade is unlikely to grow much, he said. "Although China's overall industrial competitiveness remained strong, it showed signs of decline. Some industries hit a bottleneck when they tried to become more value-added, and some others were hurt by the world economic turmoil." The report said China's overall industrial competit...

Chinese stocks closed lower on Monday as property developers, brokerages and bank shares fell broadly. The benchmark Shanghai Composite Index dropped 1.02 percent, or 23.73 points, to close at 2,291.54. The Shenzhen Component Index slid 1.1 percent, or 103.99 points, to 9,376.28. Combined turnover shrank to 70.49 billion yuan (11.12 billion U.S. dollars) from 78.14 billion yuan the previous trading day. Losers outnumbered gainers by 748 to 159 in Shanghai, and 1,102 to 236 in Shenzhen. Property developers led the decline on speculations that the industry will continue to face a tight credit supply in 2012 as the government said on Friday that it will maintain a prudent monetary policy next year. China Vanke, the country's largest real estate developer, retreated 3.18 percent to close at 7.3 yuan per share, while Poly Real Estate, the country's second largest developer, slid 3.46 percent to 9.77 yuan per share. The banking and brokerage sectors also fell, with the Industrial and...

SHANGHAI'S key stock index retreated in the morning session after data showed slower export growth in November, fueling speculation that the economy will remain weak next year. The Shanghai Composite Index dipped 0.45 percent to 2,304.8 points. Turnover fell to 17.8 billion yuan (US$2.8 billion). China's annual export eased for the fourth consecutive months to 13.8 percent, General Administration of Customs said on Saturday. Imports grew at 22.1 percent to 159.96 billion yuan, and the surplus exports enjoyed over imports fell by 35 percent, the data showed. "Economic growth next year will still be slower," Ba Shusong, a senior economist at the State Council's Development Research Center, told a forum yesterday. "The weak overseas economy will reduce the number of export orders, and drag the economy growth." Banks were weak. Bank of China fell 0.7 percent to 2.90 yuan. Industrial and Commercial Bank of China similarly lost 0.7 percent to 4.14 yuan. Proper...

High-ranking Chinese officials gatheredin Beijingon Monday for the annual Central Economic Work Conference, which will analyze international and domestic economic situations and map out plans for economic development in 2012. The annual event has served as a crucial mechanism for the Communist Party of China (CPC) Central Committee to run the Chinese economy. The year 2012 is considered a crucial year in implementing China's 12th Five Year Plan (2011-2015), so the plans and strategies made in this conference will be significant for consolidating the sound momentum of China's economy and further promote the steady and relatively fast economic growth. In a prelude to or warming up of the conference, the Political Bureau of the CPC Central Committee convened a meeting on Friday, saying that China will maintain its prudent monetary policy and proactive fiscal policy next year, and make its macroeconomic regulation more targeted, flexible and forward-looking next year. At the meetin...

China does not intentionally seek a large trade surplus and it will focus on expanding imports in the coming years, President Hu Jintao said yesterday at a ceremony commemorating the 10-year anniversary of China's entry into the World Trade Organization. The ultimate aim is to have balanced trade and that total imports will exceed US$8 trillion over the next five years, Hu said. "China will continue to open its market, attracting more advanced technology from the outside and bolstering higher-valued products to become more competitive," Hu said. China's industries of the future will be cleaner, more technological, more value-added and be able to create more jobs. "It requires deeper cooperation with foreign countries," Hu added. Meanwhile, China will expand imports to balance exports. Hu said the government will adjust policies to lower import costs and make the trading system more efficient for importers. When exports need to stabilize amid shrinking extern...

Watch Video Play Video For more on Chinas 10 years in WTO, were joined again in the studio by Wang Xuewen, former deputy chief-editor of International Business Daily. Q1: The concept of China-ASEAN Free Trade Area was initiated back in 2001, coinciding with Chinas entry into the WTO. Now, the third largest in terms of nominal GDP, the zone boasts an annual average growth rate of more than 20 percent and is expected to achieve a total trade of 500 billion U.S. dollars by 2015. How do you view the future of ASEAN-China trade? Q2: As emerging economies, China and ASEAN countries have been regarded as a driving financial force. How will China and ASEAN countries steer to the global economy? Related stories China commemorates 10th anniversary of WTO entry 2011-12-11 Foreign companies gain benefits from China's WTO entry 2011-12-09 Editor: Zhang Dan | Source: CNTV.CN

Reform and opening-up, which propelled China's rapid growth over more than three decades, will continue to underpin China's future development, President Hu Jintao said Sunday. China will implement a more proactive opening up strategy and open more areas to the outside world, Hu said in a keynote speech at an forum to commemorate the 10th anniversary of China's entry into the World Trade Organization (WTO). Hu said China's entry into the WTO 10 years ago is a major event in the country's reform and opening-up process, adding it indicated "the beginning of a new historical stage" in the country's opening up.