The Ministry of Financial showed on its website on February 16 that the revenues the government had received was 613.16 billion yuan in January, 17.1 percent lower than a year earlier, within which the central government covered 296.48 billion yuan while the local government occupied 316.68 billion yuan, down 28.4 percent and 2.7 percent from a year earlier respectively.
It’s analyzed last month by the ministry that the rapid drop in the revenue mainly resulted from the financial crisis. It hurt the companies and led to lower profits. There was a drop of about Read more…
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China, drop, economy, government, profit, revenue
Foreign direct investment (FDI) has dropped down for 4 months continually in January since the economic crisis influenced deeply around the world.
Compared with the amount of overseas direct investment in January 2008, which had risen by 109.78 percent, the Ministry of Commerce said yesterday that the amount of last month in this year dropped 32.6 percent to $7.54billion.
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China, crisis, drop, economy, investment, world
Metal trader China Minmetals Corp is planning to buy Australian mining firm OZ Minerals Ltd for A$2.6 billion ($1.7 billion) in cash so as to ensure adequate supplies of non-ferrous metals.
The deal, which is intended to be completed in June, is, however, waiting for approval by Oz Minerals’ shareholders and respective governments. The company’s shareholders would hold meetings in May to decide whether the deal would go Read more…
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Australia, China, deal, economy, market, metal, trader
The General Administration of Customs announced on February 11, that the growth of China’s steel export that has lasted as long as 10 years finally declined by 5.5 percent year-on-year in 2008, which was a warn of threat to the field this year.
Customs said on its website that the steel export in China fell down to 59.23 million tons in 2008 whereas the export value has climbed up to $63.44 Read more…
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China, economy, export, growth, market, steel
Owing to a series of industry and market support measures that the government applied, it unprecedentedly breaks the record last month and China outstrips the US in automobile sales.
In February 10, China Association of Automobile Manufacturers (CAAM) said that China sold totally 735,500 units of vehicles in January, 14.5 percent less year-on-year because of the falling demand, and, compared with December, it drops slightly 0.83 percent. However, it is Read more…
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automobile, China, economy, industry, market, sales, U.S.
A series of trade barriers will be caused by the “buy American” products only clause in the $787-billion US economic stimulus package while large exporters, such as China will be hurt by this move, economists said last Sunday.
It is obvious that trade protection is certain to rise, said Mei Xinyu, a trade expert form the Ministry of Commerce. The current situation will stay for some time, he said, referring to the lasting effects caused by the US stimulus package. Read more…
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China, economy, protectionism, recession, trade, U.S., world
Economist are aroused by puzzle and anxiety bought by the tremendous drop in import and export in January, which did not even stop declining during the Spring Festival.
Compared with the last year, the General Administration of Customs figures, Read more…
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China, decline, drop, economy, export, impact, import
The latest figures from the provincial statistics have shown that Jiangsu province is rejuvenating after the blow of the global financial recession and radiating potential of steady growth this year.
Jiangsu, obviously shown from the statistics, regained investment growth in the last two months of 2008. Also, the vitality was resumed to the sales of commercial residential properties with the 233 percent monthly growth in residential space last December. Even the companies, mainly dealing with export business and being one of the targets that the global financial crisis attacked most severely, have found its turning point. There is a total value of $234 billion in this respect, with an increase of 16.9 percent.
The provincial governor Luo Zhijun made the comment in his government report at the second session of the 11th provincial people’s congress that opened Read more…
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China, economy, growth, investment, Jiangsu, recession
Due to the global economic recession, job seeker started hunting even before the Spring Festival ends. Around 30,000 people poured into the first job fair in the capital on February 6. They were anxious to wait in the long line for about half an hour in order to gain access to the new hall of the Agriculture Exhibition Center. Unfortunately, many of them were kept outside, even having a ticket in hand, because of the overcrowded hall.
At the same time, the job market will be patronized by more that 7 Read more…
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China, economy, fair, hope, job, market, recession, security
According to China’s Ministry of Industry and Information Technology (MIIT) last week, it is considering cutting tax for lead-acid battery exporters in order to stop them from laying off workers.
An MIIT official said they are discussing the report but no conclusion has appeared. His team is waiting for industry figures from last year and will decide whether to Read more…
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China, economy, export, industry, policy, recession, report, tax
The Ministry of Financial showed on its website on February 16 that the revenues the government had received was 613.16 billion yuan in January, 17.1 percent lower than a year earlier, within which the central government covered 296.48 billion yuan while the local government occupied 316.68 billion yuan, down 28.4 percent and 2.7 percent from a year earlier respectively. 
