Monday, February 8, 2010

China Daily News


8 February, Monday


•Current-account surplus fell sharply in 2009 — According to preliminary estimates
by the State Administration of Foreign Exchange, the current-account surplus
dropped by about a third to US$284.1bn, from the US$426.1bn reported for
2008. It was the first outright decline in the current-account balance, the broadest
measure of the nation's trade surplus, since 2001. The main driver of the shift
was the decline of China’s trade surplus to US$249.3bn from US$368.7bn in
2008.

•Think tank sees 10% GDP growth in 2010 — The Centre for Forecasting Science
at the Chinese Academy of Sciences, the top state-run think tank has forecast that
China will have a 10% GDP growth, and GDP could grow by 11% in 1Q2010,
before slightly slowing down for the rest of 2010. Investment was expected to
increase as a result of the government's economic stimulus package, but overall
growth in investment for the year would fall to 25%.
•Refinancing of property companies to halt temporarily — According to news
reports, China Securities Regulatory Commission has temporarily halted property
companies’ capital raising through equity markets to repay bank loans and
replenish working capital. According to local media, such policy might remain for
quite a long period.
•Credit extension continues to tighten — Commercials banks continue to tighten
their credit extension, and follows CBRC’s rules that states quarterly new loans will
not exceed 30% of annual quota and monthly new loans will not exceed 40%
quarterly quota; branches will need to report on credit extension on a daily basis
to headquarters.

•China to put anti-dumping levies on US chicken — China will levy initial antidumping
duties ranging from 43.1 to 105.4% on US chicken products exported to
China, as MOC's initial investigation showed that US companies had dumped
chicken products into the Chinese market, according to the Ministry of According
to preliminary estimates by the State Administration of Foreign Exchange, the
current-account surplus dropped to $284.1 billion, down by about a third from the
previously reported $426.1 billion for 2008, which was a record. It was the first
outright decline in the current-account balance, the broadest measure of the
nation's trade surplus, since 2001.

Macro/ Industry News

Current-account surplus fell sharply in 2009 — According to preliminary
estimates by the State Administration of Foreign Exchange, the current-account
surplus dropped by about a third to US$284.1bn, from the US$426.1bn
reported for 2008. It was the first outright decline in the current-account
balance, the broadest measure of the nation's trade surplus, since 2001. The
main driver of the shift was the decline of China’s trade surplus to US$249.3bn
from US$368.7bn in 2008. (Sina)

Think tank sees 10% GDP growth in 2010 — The Centre for Forecasting
Science at the Chinese Academy of Sciences, the top state-run think tank has
forecast that China will have a 10% GDP growth, and GDP could grow by 11%
in 1Q2010, before slightly slowing down for the rest of 2010. Investment was
expected to increase as a result of the government's economic stimulus
package, but overall growth in investment for the year would fall to 25%.
(HKET)

Refinancing of property companies to halt temporarily — According to news
reports, China Securities Regulatory Commission has temporarily halted
property companies’ capital raising through equity markets to repay bank loans
and replenish working capital. According to local media, such policy might
remain for quite a long period. (HKEJ)

Credit extension continues to tighten — Commercials banks continue to tighten
their credit extension, and follows CBRC’s rules that states quarterly new loans
will not exceed 30% of annual quota and monthly new loans will not exceed
40% quarterly quota; branches will need to report on credit extension on a
daily basis to headquarters. (HKET)

China to put anti-dumping levies on US chicken — China will levy initial antidumping
duties ranging from 43.1 to 105.4% on US chicken products exported
to China, as MOC's initial investigation showed that US companies had dumped
chicken products into the Chinese market, according to the Ministry of
According to preliminary estimates by the State Administration of Foreign
Exchange, the current-account surplus dropped to $284.1 billion, down by
about a third from the previously reported $426.1 billion for 2008, which was a
record. It was the first outright decline in the current-account balance, the
broadest measure of the nation's trade surplus, since 2001. (Hexun)

Shanghai to lower listing requirements to attract more red-chips — According
to market news, Shanghai bourse is considering lowering the list requirements
to attract more red-chips to list on its international board, the bourse hope to
lift the number of qualified red-chips to 120 from 38. However, no detail on
such requirement has been disclosed yet. (HKET)

Company News

BBMG issues Rmb5bn note — BBMG plans to issue 5 billion yuan worth of
notes and sell as much as 70 per cent of the notes to investors while keeping
the rest. The proceeds will be used for future expansion and working capital.
(Sing Tao)

- Citigroup Global Markets Inc -Lan Xue

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