Econintersect: Here are some top of the news stories collected by Econintersect for Sunday 21 July 2013 and immediate preceeding days.
22 Reported dead in central Chinese earthquake – http://worldnews.nbcnews.com/
A 5.9-magnitude earthquake struck central China on Monday, killing 22 people and injuring hundreds of others, official state media reported. The U.S. Geological Survey told NBC News the quake hit in Gansu province about 8 miles east of Chabu at 7:45 a.m. Beijing time (7:45 p.m. ET Sunday). The USGS recorded it at 6 miles deep and said it caused shaking in a rural region where the infrastructure isn’t seismically resistant.
China Freeing Lending Rates Puts Focus on Saver Returns: Economy http://www.bloomberg.com/
The biggest step yet by China’s new leaders to move the nation’s financial system toward market-set lending rates heightens focus on what the central bank says is an even tougher reform: lifting restrictions on savers’ returns.
China blocks GSK finance head from leaving country – http://www.reuters.com/LONDON (Reuters)
Chinese authorities investigating the alleged bribery of doctors and officials by GlaxoSmithKline have stopped the drugmaker’s head of finance for China, a British citizen, from leaving the country, a company spokesman said on Wednesday.
GlaxoSmithKline executive prevented from leaving China – http://feeds.washingtonpost.com
China has stepped up its anti-corruption campaign against GlaxoSmithKline, blocking a senior executive of one of the world’s largest pharmaceutical companies from leaving the country. The government has previously detained four executives, all Chinese nationals, accusing them of a range of wrongdoing, such as bribing doctors and others to boost sales…
Construction of ‘world’s tallest building’ begins in China – http://www.telegraph.co.uk/
The Sky City tower is being built on the rural outskirts Changsha, a city in China’s Hunan province, and comes with an equally stratospheric price tag of around 5.25 billion yuan (£560 million).
Honda aims to make Acura in China by 2016 – http://www.reuters.com/BEIJING (Reuters)
Japan’s Honda Motor Co is planning to produce Acura cars in China with a local partner starting in 2016, part of an effort to tap growing demand for upscale vehicles in the world’s biggest auto market.
Chinese export downturn accelerates – http://www.markit.com/
Trade data provided further signs that China’s economic slowdown gathered pace in June. Official data confirmed signals from the PMI surveys that exports are falling, while a drop in imports also indicated that domestic demand is weakening.
China’s rate reform adds to concerns for bank investors – http://www.reuters.com/BEIJING (Reuters)
Beijing’s move to scrap the floor on lending rates is not yet a game-changer for Chinese banks, but it may have just started the countdown to an eventual industry overhaul which will deprive the banks of virtually risk-free profits.
IMF Urges Caution on China Capital Rules – http://online.wsj.com/
While Chinese leaders are putting final touches on a plan to allow capital to flow more freely, the IMF warned that such changes could lead to a massive exodus of money if not handled properly.
Xinjiang H1 foreign trade exceeds 10 bln USD – http://english.cntv.cn/
The foreign trade of northwest China’s Xinjiang Uygur Autonomous Region grew 6.6 percent year on year in the first half of 2013, reaching 10.47 billion U.S. dollars, local authorities said on Thursday.
China’s home prices continue to rise in June – http://english.cntv.cn/
Prices of both new and existing homes continued to rise in most Chinese cities in June, according to official data released Thursday.
End of China boom a challenge, not a crisis: Australia – http://news.yahoo.com
Treasurer Chris Bowen on Thursday insisted an end to the Chinese resources boom was not a crisis for Australia’s mining-driven economy, but admitted it was a challenge.
I.M.F. Tells China of Urgent Need for Economic Change – http://www.nytimes.com/
China’s domestic economic balance is precarious, the International Monetary Fund said, largely because of too little consumer spending and too much government spending.
Bridge across Hangzhou Bay set to open tomorrow – Straits Times – news.google.com
Bridge across Hangzhou Bay set to open tomorrow. The world’s longest and broadest multipylon cable-stayed bridge, linking Shanghai to Shaoxing city in eastern China’s Zhejiang province, will be open to traffic tomorrow. The part of the eight-carriageway bridge that spans Hangzhou Bay is 10…
GSK scandal: China vows to clean up drugs sector – http://www.standard.co.uk/business/
China today ratcheted up its attack on western pharmaceuticals giants, declaring a crackdown on corruption across the industry.
Chinese economic growth slips to 7.5% – http://www.markit.com/
China’s economic growth rate slowed for a second successive quarter in the three months to June. Official data showed gross domestic product up 7.5% on a year ago in the second quarter, down from 7.7% in the first quarter and 7.9% in the closing months of last year. The official data follow signs of deteriorating growth from the business surveys, which also indicate that growth could weaken further.
See also GEI News: China: GDP Down, Higher Than Some Expected
Alibaba Founder Jack Ma’s Reported Tiananmen Comments Draw Ire – Wall Street Journal – news.google.com
Jack Ma, seen in a May 2013 photo, has drawn criticism for comments he made to the South China Morning Post. AFP/Getty Images. BEIJING—Alibaba Group Holding Ltd. founder and executive chairman Jack Ma reportedly labeled the 1989 crackdown on …
IMF labels China’s debt ‘unsustainable’ as trade talks are suspended – http://feeds.washingtonpost.com
China’s economic policy came under fire Wednesday as the International Monetary Fund warned of developing risks in the country, and a group of Geneva-based officials broke off trade talks in frustration over China’s bargaining position.
Aker Solutions wins mooring system contract for accommodation unit – Your Oil and Gas News (press release) – news.google.com
Seatrade Global Aker Solutions wins mooring system contract for accommodation unit Your Oil and Gas News (press release) Aker Solutions has won a contract to supply a complete Pusnes wire mooring system for a cylindrical-shaped accommodation unit being built at Cosco Nantong Shipyard in China. The equipment includes three triple wire winches, three control cabins, nine …
U.S. Seen Losing to China as World Leader – http://online.wsj.com/
People in the U.S. and China view each other with increasing suspicion, and many others around the world see the U.S. losing its place to China as the leading economic and political power, a new poll shows.
Hidden Gems in Chinese Trade Data – econintersect.com
Investing Daily Article of the Week by Ben Shepherd, Investing Daily
There’s little room for debate as to whether China’s economy is growing, since June’s trade report was released earlier this week. Exports fell by 3.1 percent from a year earlier and imports declined by 0.7 percent…
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