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Zoellick laundry bag : China's Fiscal, Monetary Policies to Benefit Global Economic Recovery

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Zoellick: China's Fiscal, Monetary Policies to Benefit Global Economic RecoveryPublished: 02 Sep 2009 18:18:52 PST

World Bank Group President Robert B. Zoellick said Wednesday China's decision to pursue proactive fiscal and moderately easy monetary policies would benefit the economic recovery of both China and the world.

China should not change the orientation of its stimulating policies too early as uncertainties still existed for the country's economic recovery, Zoellick said during his third official visit to China.

China has steered a steady course through the stormy seas of the economic crisis, said Zoellick. "Through its massive stimulus and strong lending program, China has contributed to the early signs of a global recovery by keeping its growth rate up."

Zoellick projected that Chinese economy would grow by nearly 8 percent in 2009.

The World Bank raised its forecast for China's economic growth in 2009 to 7.2 percent in June from an earlier forecast of 6.5 percent.

With China's economic growth close to 8 percent and signs of stabilization in many countries in Asia and around the world, the chances of a truly global recovery have increased measurably, said Zoellick.

The priority for the global economy was still to adopt expansive fiscal and monetary policies to achieve a real recovery, not inflation, he said.

Zoellick said the international financial crisis was developing in a wave-like fashion, so it was possible for new problems to rise in the United States in such fields as credit card debt, consumer loans and the still sluggish real estate market.

"The World Bank need to maintain close attention to giving the recovery a boost," he said.

Zoellick said that he has talked with China Investment Corporation about the potentials of jointly invest in sub-Sahara Africa and Latin America.

But no decision has been made so far, he said.

Zoellick said that the World Bank will further increase its loans to developing countries to expand their domestic demand.

In the last financial year dating from June 30, 2008 to June 30,2009, the World Bank lent 59 billion U.S. dollars, up 56 percent from a year ago, Zoellick said.

(Xinhua News Agency September 2, 2009)

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FACTBOX- brautjungfernkleider South China Sea's disputed maritime borders

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FACTBOX-South China Sea's disputed maritime bordersPublished: 09 Mar 2009 23:55:13 PST

March 10 - China rejected accusations that its vessels hadharassed a U.S. naval ship, saying the USNS Impeccable had beencarrying out an illegal survey off the southern island ofHainan, a Hong Kong television website said on Tuesday.

Here are five facts on the sea, the maritime rulesgoverning its waters, and major players embroiled in disputeswithin it.

GEOGRAPHY:

The South China Sea is 648,000 sq miles (1.7 million sqkm), containing more than 200 mostly uninhabitable smallislands, rocks and reefs. It borders China and Taiwan to thenorth, Vietnam to the west, Malaysia, Brunei, Indonesia, andSingapore to the south and southwest, and the Philippines tothe east.

STRATEGIC IMPORTANCE:

The shortest route between the Pacific and Indian oceans,it has some of the world's busiest shipping lanes. Over halfthe globe's oil tanker traffic passes through it. Most shippingis of raw materials, such as crude oil from the Gulf, to EastAsian countries. The sea is also said to hold valuable fishinggrounds, and as-yet unexploited oil and natural gas fields.

DISPUTES:

Six parties are involved in a complex set of historicallybased territorial disputes in the sea -- Brunei, China,Malaysia, the Philippines, Taiwan and Vietnam. China's claims,the broadest, cover all of the Spratly and Paracel islands andmost of the South China Sea. The sea's biggest militaryskirmishes occurred in 1974, when China attacked and capturedthe western Paracels from Vietnam, and in 1988, when China andVietnam fought a brief naval battle near the Spratly reefs, inwhich more than 70 Vietnamese sailors died.

INTERNATIONAL LAW:

The 1982 United Nations Convention on the Law of the Seaallows coastal states to establish sovereignty over two areas:1. Territorial seas -- adjacent waters spanning a maximum of 12nautical-miles (22 km) from their coastlines, including thecoastline of offshore islands, and 2. Exclusive Economic Zones(EEZ) -- extending 200 nautical miles from the coast. UNCLOSsays overlapping claims should be resolved through ad hocarbitration or submission to international courts.

THE UNITED STATES:

The U.S. has not ratified UNCLOS, objecting to a clause onseabed mineral exploration. But when accused by China ofillegal trespass, it has referred to its provision for statesto conduct intelligence-gathering activities in EEZ's. U.S.surveillance aircraft and ships have long conducted surveys inthe sea. The country's main security concern in the area iskeeping open the sea routes that are vital for commercialshipping and warships.

CHINA:

China has signed and ratified UNCLOS.

Source: Reuters, United Nations Convention on the Law ofthe Sea,(http://www.un.org/Depts/los/convention_agreements/convention_ov erview_convention.htm)

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Hang Sen chinese antique furniture g Index down 0.05% on Tue

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Hang Seng Index down 0.05% on TuePublished: 04 Aug 2009 00:51:03 PST

<!--begin CK content-->
    Top 5 News From ChinaKnowledge.com CNOOC, Macquarie Bank sign agreement on calcinated coke Chinese stocks open 0.42% higher on Tue China Resources Land to purchase properties from parent China Southern to sell 6 Airbus A300 aircraft Hang Seng Index opens 389 points higher on Tue

    Aug. 4, 2009 (China Knowledge) - Hong Kong stocks fell on Tuesday. The Hang Seng Index, the benchmark, opened 389 points higher at 21,197. After touching the intraday low of 20,748.61 points, the blue-chip Hang Seng Index fell 10.83 points or 0.05% to close at 20,796.43.

    Mainboard turnover rose to HK$95.85 billion.

    The Hang Seng China Enterprise Index, which tracks the overall performance of 43 Chinese mainland state-owned enterprises on the Hong Kong Stock Exchange, slipped 149.53 points or 1.21% to 12,218.67 points.

    Market heavyweight HSBC Holdings Plc<0005><HBC>, which accounts for the largest weighting for the Hang Seng Index, increased 6.95% to HK$83.1.

    iOne Holdings Ltd<0982> surged 31.03% to HK$3.8. China Glass Holdings Ltd<3300> soared 19.83% to HK$1.39.

    Communication stocks were decliners. China Mobile<0941><CHL>, the largest firm by capitalization in the Hong Kong market, slipped 1.4% to HK$81.1. China Unicom (Hong Kong) Ltd<600050><0762><CHU> decreased 0.36% to HK$11.18. China Telecom Corp Ltd<0728><CHA> slipped 0.48% to HK$4.11. ZTE Corporation<000063><0763> fell 3.11% to HK$32.7.

    Airline stocks ended mixed. Air China Ltd<601111><0753> fell 1.93% to HK$5.09. China Eastern Airlines Co Ltd<600115><0670><CEA> went down 1.91% and closed at HK$2.57. China Southern Airlines Ltd<600029><1055><ZNH> fell 0.67% to HK$2.97. Cathay Pacific Airways Ltd<0293> grew 2.93% to HK$12.64.


    Copyright © 2009 www.chinaknowledge.com翻译公司 外国為替 宁波旅游 Superannuation 混合机 除湿机 搅拌器 Rift platinum
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Minsheng pipette sells Haitong stake for 5.46b

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Minsheng sells Haitong stake for 5.46bPublished: 25 Jun 2009 08:02:01 PST

China Minsheng Banking Corporation, the country's first listed non-State lender, announced yesterday that it had sold 380.91 million shares in China's third largest brokerage Haitong Securities for 5.46 billion yuan ($799.38 million).

The shares, equitable to 4.6 percent of the brokerage and Minsheng's entire holdings in Haitong, were sold at an average price of 14.33 yuan ($2.10) each, according to a statement Minsheng posted to the Shanghai Stock Exchange. Minsheng listed on the exchange in December 2000.

The bank was reported by China Business News to have realized a profit of 4.9 billion yuan ($717.35 million).

Minsheng acquired the Haitong shares during 2004 and 2005 as repayment on a debt.

Minsheng tried to sell the holdings twice last year, under article 42 of the Commercial Banking Law, which prescribes that shares obtained as debt repayment shall not be kept for more than two years. The sale attempts failed due to strict restrictions the bank set for possible buyers. None completed the stipulated bidder registration procedures or transferred bid bonds to designated accounts within the specified time.

In November 2008, the bank announced that the lockup period of the 380 million shares would expire on December 29 and that it would sell them in trading modes permitted by the industry watchdog. It sold 224 million shares via the secondary market before April 20 and the remainder by Monday.

Minsheng is expected to achieve a 35 percent rise in net profit this year, from 7.88 billion yuan ($1.15 billion) in 2008.

Minsheng Bank shares closed at 7.99 yuan ($1.17) yesterday, up 0.63 percent.

Haitong Securities dropped 1.46 percent to close at 16.23 yuan ($2.37).

Agencies

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Cannot y Warning tape et say China industry in recovery -minister

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Cannot yet say China industry in recovery -ministerPublished: 09 Mar 2009 21:14:45 PST

BEIJING, March 10 - It is too early to concludethat China's industrial sector has entered into a recovery phasedespite a number of positive indications, Li Yizhong, ministerof industry and information technology, said on Tuesday.

"Industry is still facing a serious situation. It's still ina very difficult state. We cannot conclude that it isrecovering," Li said at a news conference.

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