Beijing: Trade protectionism targeting China will continue to be "severe" unless developed markets - especially the United States and the European Union - stop politicizing trade investigations into made-in-China goods, a senior commerce official has warned. "The situation remains challenging and complicated," said Zhou Xiaoyan, head of the Bureau of Fair Trade for Imports & Exports at the Ministry of Commerce. "More and more high-end Chinese exports, such as telecom goods, are getting embroiled in trade investigations, and this will continue," she said.
Beijing: China said Tuesday that the United States has overtaken the European Union as its biggest export market, as the continent's debt crisis has sent demand slumping. "The biggest is the US and the EU is second," Commerce Ministry spokesman Shen Danyang told reporters at a regular briefing, without saying when the reversal occurred. "The EU used to be the biggest," he added. Chinese customs figures for the first 10 months of this year showed that China's exports to the United States totalled $289.3 billion, while shipments to the EU came to $276.8 billion.
China and the United States are the world’s two largest economies. According to the International Monetary Fund, in 2010 they accounted for 14 per cent and 19 per cent respectively of global production, measured at purchasing power parity (PPP). For those who distrust PPP conversions, the World Bank reports 2011 global GDP at $70 trillion at current prices, with US output at $15 trillion and that of China less than half that, at $7.3 trillion. (The Indian economy, at $1.8 trillion, is just short of one-quarter the size of the Chinese economy on the same measure, despite a population 92 per cent as big. According to the same source, a decade ago, our economy was half as large as that of China.)
Nuuk: By a remote fjord where icebergs float in silence and hunters stalk reindeer, plans are being drawn up for a huge iron ore mine that would lift Greenland's population by four percent at a stroke - by hiring Chinese workers. The $2.3-billion project by the small, British company London Mining Plc would also bring diesel power plants, a road and a port near Greenland's capital Nuuk. It would supply China with much needed iron for the steel its economy.
Geneva: United Nations High Commissioner for Human Rights Navi Pillay on Friday urged Chinese authorities to promptly address the longstanding grievances that have led to an alarming escalation in desperate forms of protest, including self-immolations, in Tibetan areas. The United Nations human rights chief said she was disturbed by "continuing allegations of violence against Tibetans seeking to exercise their fundamental human rights of freedom of expression, association and religion," and pointed to "reports of detentions and disappearances, of excessive use of force against peaceful demonstrators, and curbs on the cultural rights of Tibetans."
Canberra: With Asia set to become the world’s largest economic region before the end of this decade, the Asian century offers our nation immense opportunities. While the shape of the Asian century is not set in stone, the structural shift of global economic gravity towards our region mean the scale and pace of Asia’s rise in the coming decades will be truly transformative. Within only a few years, the Asian region will not only be the world’s largest production zone, it will be the world’s largest consumption zone.
Sydney/Canberra: Australia risks losing an opportunity to become a farmyard for Asia, as growing unease over foreigners buying rural land threatens to provoke protectionist policies that may deter much needed investment in agriculture. With its vast landmass, abundant natural resources and stable government, Australia has relied on foreign farm investments for more than 100 years, with interest set to grow as the world looks to dramatically boost food production to feed Asia's booming middle class over the next 40 years.
Beijing: The mother of China’s prime minister was a schoolteacher in northern China. His father was ordered to tend pigs in one of Mao’s political campaigns. And during childhood, “my family was extremely poor,” the prime minister, Wen Jiabao, said in a speech last year. But now 90, the prime minister’s mother, Yang Zhiyun, not only left poverty behind — she became outright rich, at least on paper, according to corporate and regulatory records. Just one investment in her name, in a large Chinese financial services company, had a value of $120 million five years ago, the records show.
Beijing: China's top leaders have asked policy think-tanks to draw up their most ambitious economic reform proposals in decades that could curb the power of state firms and give more freedom to the setting of interest rates and the yuan currency. But after almost 10 years of delay to painful structural reforms by the outgoing leadership, some of the authors of the proposals told Reuters they fear a nascent rebound in economic growth could derail the recommended agenda.
New Delhi: The country's grid managers have been forced to look at rewriting rules in the country's power transmission business, following a formal move by the State Grid Corporation of China (SGCC) to set up base in India. The government-owned Chinese firm - the world's largest electrical utility and ranked seventh in the 2011 Fortune Global 500 list of the largest global companies by revenue - has already conducted a preliminary recce for a transmission link project in the country. It has also put in a bid for another corridor through the competitive bidding route.