The problem of global climate change will not be solved without the leadership and responsibility in China, “said Swedish Prime Minister Fredrik Reinfeldt as the rotating EU presidency. “We can not solve the climate challenge facing humanity, except for China to take a leadership position and to assume responsibility,” Reinfeldt said of the summit between the EU and China. Rotating EU presidency stressed that global efforts, “not sufficient” and “must do more,”. During a joint press conference, Chinese Premier Wen Jiabao said that China’s promise to slow the growth of greenhouse gases is a significant contribution to global efforts. “China attaches great importance to the forthcoming conference in Copenhagen. I will visit her to represent China, “he said.” China wants to work to focus the conference in the right direction, “added Out, speaking for the expected conference 7-18 December, aimed at achieving a new agreement on climate changes, Darik said.
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China will overtake Japan in economic development and will become the second largest world economy over the next two years. This will give Beijing more influence on the world economic and political scene and will enhance the reputation of the ruling Communist Party in the country, say analysts interviewed by AP. Statistics to be published this week in Beijing will probably show that gross domestic product (GDP) of China grew by an impressive 9.5% yoy in the third quarter. This will further reduce the difference to Japan, which is expected to account most 1 percent GDP growth annually in the third quarter. Economists expected in 2010 or in 2011 China to shift its Asian rivals of the position of second largest economy in the world that Japan held for more than 40 years. Shift in the rankings, however, would be largely symbolic and will have little impact on world trade, according to analysts. In 2008, GDP of the United States amounted to 14.2 trillion. dollars annually, while that of Japan – to 4,9 trillion. dollars. Before the economic crisis to hit China, the country’s economy is growing at double-digit annual growth from 2003 to 2007 to reach a value of GDP of 4,3 trillion. dollars in 2008, according to the World Bank.
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The biggest company in the world of creating and producing of processors Intel has announced that during the third quarter reached profit of 1.9 billion dollars or 33 cents a share. The data are weaker than the same period last year, when the positive financial result was $ 2 billion or 35 cents a share, but exceeded analysts’ forecasts. Experts expect the profit to be 28 cents a share. The company’s revenues fell to 9.4 billion dollars of 10.2 for the corresponding period last year, analysts expect was reduced to the more up to 9 billion USD. On the current quarter from Intel said it expected revenue of 10.1 billion dollars, which is more than the experts, which was 9.5 billion dollars.
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The policy of economic stimulation that the Chinese government has taken can lead to overheating of some sectors because local authorities are scrambling to absorb the funds, according to Ku Hongbin, chief China economist at HSBC Holdings Plc in Hong Kong. District Councils in China held a serious amount of investment plans this year and together with the growth of bank loans to finance construction of these measures can lead to overheating of some sectors and rising commodity prices, said Ku. “Test for Government will be how to solve the problem of imbalances in the economy,” said the financier added. The total amount of financial incentives are 4 trillion. Chinese yuan (586 billion), which were adopted in order to remove the economy from the strongest disturbance for the past decade. The funds are intended for construction of airports, power lines, roads and affordable housing, such measures are accompanied by increased access of citizens to credit.
Factory production in China climbed to a record annual basis in August, while retail sales went up most in the last 12 months. Only housing planned investments are 10 trillion. yuan as housing prices in 70 Chinese cities in August rose most rapidly for the past 11 months of growth in sales and construction, which in turn raise concerns about the emergence of “bubble” in the market. Agency otbelyazava that this year inflation has decreased 7 consecutive months.
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Despite his criticism to the U.S. dollar, China is still eager to absorb American government bonds. This actually made for other foreign and U.S. investors, who expect low inflation even if the depreciation of the dollar. Since the beginning of the year, foreign investors have swallowed 43.1 per cent of those issued by U.S. government bonds worth 1.41 trillion. dollars. For comparison, last year foreigners lost 27.1 percent of emissions, which were up 527 billion dollars. Currently 15 percent retreat dollar index against the tip of 4 March does not disturb the auction, organized by the Treasury of the United States, transmit Bloomberg. This indicates that the fund-managers are confident in the soundness of the dollar, as inflation expectations remain fairly low despite the high money supply. Since the beginning of the year the position of China in U.S. government bonds has risen by 10 percent and now exceeds 800 billion dollars. Only in July did the country has made purchases worth 24.1 billion dollars.
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The closure of the Cherkizovskiy market in Moscow in June 2009 tighten the relations between China and Russia because the market was a major center for the sale of counterfeit goods imported from China. The market remained Chinese goods worth 5 billion dollars. The Chinese authorities clearly expressed its concern, because 70 percent of the hundred thousand people working in the market, were citizens of China. Russia and China reached a consensus and develop a common plan and to combat the informal economy, said Deputy Minister of Commerce PRC Gao Huchen after negotiations with Moscow authorities. For its part Moscow mayoralty authorities agreed with the delegation of the Chinese Ministry of Commerce for the construction of a new mall at the site of the capital market Cherkizovskiy.
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Car group Audi AG intends to double the volume of production of cars in China to 200 thousand pieces per year. To achieve this goal car giant will open in the city Chanchun new production line with capacity 100 thousand cars a year. On the line will be put new A4 sedan will go and pattern Q5. Project cost is estimated at around 1 billion yuana (about 147 million dollars). Audi consider building a new plant as a strategic step in the development of its presence in the Chinese market is fastest developing. Since the beginning of the year the PRC and the U.S. went ahead first in the world in sales volume of cars. According to estimates, in 2009 the PRC will be sold 10.7 million cars. In the U.S., this indicator will not exceed 9.8 million units, analysts say. Belief in the Chinese automobile market strengthened after China twice since January 20 from 10 percent to 5 percent lower sales tax on cars with engines up to 1.6 liters. To stimulate sales, it was decided to establish a special fund amounting to 730 million dollars which will be directed to the renewal of rural fleet.
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