Source: China Daily
Date: 07/11/08

Foreign direct investment (FDI) in China rose 45.6 percent in the first half of 2008 from a year earlier, as overseas investors continued to bank on the business opportunities in the world’s fastest growing major economy.

The FDI amounted to $52.4 billion during the six months to June, the Ministry of Commerce said on Friday.

The surge was attributed to the country’s robust economic growth and stronger yuan, analysts said. Others factors include the sluggish US economic growth and declining dollar.

China’s economy expanded 10.6 percent year on year, in the first quarter. The yuan gained 6.5 percent against the US dollar in the first half.

The number of newly-approved foreign-funded companies totaled 14,544, down 22.2 percent from the same period last year, the ministry added.

China’s forex regulator has urged greater supervision over the inflows of short-term global speculative funds as a large-scale capital flight on rising dollar could undermine the economy and financial security.

Analysts believed that tens of billions of dollars of “hot money” has entered the country in the guise of trade and investment so far this year.

Exports increased 21.9 percent year-on-year to $666.6 billion in the first half, while imports rose 30.6 percent to $567.57 billion, the General Administration of Customs said on Thursday.

Source: China Daily
Date: 07/09/08

BEIJING – China’s consumer confidence index dropped in the second quarter, reflecting an expected cool down in the country’s economy.

The index fell 0.7 percentage points from the previous quarter to 94.1, said the National Bureau of Statistics (NBS) on Wednesday.

The index was also 2.7 percentage points lower than in the same period last year.

The Index, which measures consumers’ outlook toward employment, the economy, regular income, stock market and quality of life, was released following the disclosure of a slightly lower entrepreneurial confidence index and a lower business climate index, both year-on-year figures for the second quarter.

China’s business climate index dropped 8.6 points to 137.4 points from last year’s second quarter, while the entrepreneurial confidence index dipped 8.3 points to 134.8 from the same period last year.

Source: China Daily
Date: 07/08/08

BEIJING  — Chinese President Hu Jintao arrived in Sapporo, capital of Hokkaido, Monday for the Outreach Session of the Group of Eight (G8) Summit, slated for Wednesday in the northern Japanese resort of Toyako.

Chinese President Hu Jintao is welcomed by Japanese officials and officials from the Chinese embassy in Japan upon his arrival at New Chitose International Airport near Sapporo, capital of Hokkaido, July 7, 2008. [Chinanews]

In Sapporo, President Hu will attend a group meeting Tuesday with leaders from India, Brazil, South Africa and Mexico. They are expected to exchange views on issues of common interest, according to Chinese diplomats.

At the Outreach Session of the G8 Summit, leaders of the Group of Eight major industrialized nations, China and other countries invited to the meeting, will discuss the pressing issues facing the world today, such as the world economy, climate change, food security and energy security.

The G8 Summit, an informal forum of leading industrialized nations, gathers Germany, France, Britain, Italy, Japan, the United States, Canada and Russia.

The Chinese president will also attend the Major Economies Meeting on Energy Security and Climate Change Wednesday. Japan has invited Australia, Brazil, China, India, Indonesia, Mexico, South Korea and South Africa for the meeting with leaders of G8 members.

On the sidelines of the G8 outreach session, President Hu is expected to meet some leaders participating in the event to discuss bilateral ties and international issues of common concern.

The Group of Eight has strengthened links and dialogue with developing countries in recent years. Such a trend has helped advance the South-North dialogue and cooperation, push forward the development of multilateralism, and promote the resolution of global issues.

“China values dialogue between the Group of Eight and developing countries,” Chinese Assistant Foreign Minister Liu Jieyi told reporters in Beijing Thursday.

He urged developed and developing countries to work on common policies and cooperation to address the global challenges such as climate change and food security.

Date: 07/07/2008
Source:  China  Daily

The total assets of foreign-funded banks in the Chinese mainland stood at some $193 billion by the end of March, up 55 percent year on year, the China Banking Association (CBA) said Sunday.

The assets of foreign-funded banks accounted for 2.44 percent of the total assets of the banks in China, it said.

Yang Zaiping, CBA’s vice chairman, told a seminar over the reform of the country’s banking sector that the figure remains small despite a fast expansion of businesses by foreign-funded banks over the past years.

According to the association, the balance of loans among foreign-funded banks stood at $105.8 billion by the end of March, an increase of 61 percent over the the same period of last year. Their total deposits were $68.6 billion, up 84 percent.

By the end of March, Chinese branches operated by 57 foreign-funded banks, as well as 25 foreign-funded corporate banks, were approved to provide Renminbi services. Fifty foreign-funded banks were allowed to engage in transaction of financial derivatives.

Since foreign institutional investors were first allowed to invest in Chinese banks starting in 1996, 33 foreign banks have acquired stakes in 25 Chinese banks with a total investment of $21.3 billion by the end of last year, according to the CBA.

Date: June 23, 2008
Source: China Daily News

Insurance companies in China had paid out 334 million yuan ($48.5 million) for 250,000 quake-related claims as of Friday, the China Insurance Regulatory Commission (CIRC) said on Sunday.

Of that amount, 190 million yuan was for life claims and 144 million yuan for property claims, the industry regulator noted.

Chen Wenhui, CIRC’s assistant chairman, on Sunday urged to speed up paying out for claims related to insured company assets and construction projects.

The indemnities would help the quake-hit businesses to resume production at early dates, Chen added.

Most of the damage wasn’t covered by insurance, as awareness of such products is low in remote areas, analysts said.

Direct economic losses from the Sichuan province earthquake on May 12 could reach 400 to 500 billion yuan, the State Information Center said on Wednesday.

The magnitude 8.0 quake had killed 69,181 people as of Sunday noon, according to the State Council Information Office.

Julia Zhu will be representing the USA China Law Group on the 2008 Asian Pacific Chamber of Commerce Trade Mission to China in July.  While in China, Ms. Zhu will be addressing over 600 top Chinese and American manufacturing companies on the legal issues involved in establishing joint business ventures along with information on alternative investment vehicles.

Date: June 20, 2008
Source: China Daily News

BEIJING – Organizers of the Beijing Olympics said on Wednesday that about 6 million tickets for the August 8-24 Games have been purchased, accounting for 86 percent of the total tickets available for sale.

Zhu Yan, head of the Beijing Olympics Ticketing Center, told a press conference that around 1 million tickets remain unsold now and the majority of them are the tickets for soccer competitions in the four co-host cities — Tianjin, Shanghai, Qinhuangdao and Shenyang.

“We plan to put on sale the remaining tickets in late July, and people will be able to buy tickets at the Olympic venues by then,” said Zhu.

According to Zhu, of the six million tickets that have been sold, the Chinese domestic public purchased 3.43 million, including 800, 000 reserved for the primary and middle-school students, while the rest went to the National Olympic Committees, the International Federations, the International Olympic Committee and sponsors.

Zhu said that as many as 185 NOCs have booked Olympic tickets, and it is a proof of the attraction of the Beijing Games.

“As far as we know, 185 is a record number in the history of the Olympic Games,” he said. “So judging from the ticket sales, we can say that the Beijing Olympics is a grand party of the Olympic family.”

Meanwhile, Zhu also announced that 830,000 tickets for the September6-17 Paralympic Games will go on sale across China as of Friday, with the price ranging from 30 yuan (about US$ 4.35) to 80 yuan (about US$ 11.6).