|KINA EN ØKONOMISK KJEMPE
|Har bekjentskap som importerer luksusvarer fra Kina. Alt de mottar er innpakt i plast, og det er faktisk et tykt lag med sot som følger med. Før eller siden må de gjøre noe med fritt utslipp der også når de begynner å krepere som fluer!!!
Importerer mye fra Kina - er i Kina flere ganger i året :-)
Har ikke noe av det problemer som du beskriver.
|Utmothavet  - hvor i Kina er det du har reist hvor forurensing ikke er et problem?
|Utmothavet, tja, vet ikke mer enn hva jeg er blitt fortalt. De tjener jo sinnsykt med penger på businessen sin. Men når de kommer hjem sier de at vi vet ikke hvor godt vi har det i dette landet. Har sett endel reisebrev fra Kina, og synest det er mye grått og trist og se. Men Kina er jo stort da, så bombastisk er jeg ikke. Jobber sjøl i aluminiumsindustrien og synest det er tragisk at vi taper for land som slipper kyoto-avtaler og kan slippe gørra fritt ut. Vi er faktisk i verdenstoppen i produktivitet og lager verdens "reneste" aluminium, men hva hjelper det når globaliseringen kun gjelder økonomi og ikke miljø? Tror kineserne til slutt sager av den greinen de sitter på, idag er det nemlig slik at direktøren på en fabrikk med 1000 ansatte tjener like mye som alle arbeiderne til sammen. Dette vil man ikke finne seg i i lengden og i hvert fall ikke når man dør av lungesykdommer i ung alder. Idag utnytter vi Kina, vi får billige varer fra dem og de kjøper dyr olje fra oss, vi har bukten i begge ender.........
Skal ikke gå i dybden - men forurensing i Kina er et problem. MEN England hadde for 10 år siden like stort problem som Kina har i dag. Kina har sett størst fokus på spillvann rensing fra industrien (bedre en i Norge) - og mindre på luft rensing.
Varer som står på lager 2-6 mnd før skipning blir "svart" - men varer jeg kjøper, blir skipet innen 1-2 uker. Her kan være en grunn, - men noen plasser i Kina er det opplagt mere "svart industri røyk" en andre plasser. Mest besøker jeg "Shanghai distriktet" (lite i byen).... Vist en kjører 3-4 timer med bil utenfor byen, - er det mere "gammel statlig industri" som ikke her rensing av noen betydning.
Kullkraft er fortsatt stor andel av energi produksjonen, forurensende !!!
I Kina kan du noen steder kjøpe frokost, Lunch og middag "ute" for en timeslønn . Det kan vi ikke i Norge :-0
|China's B Shares Jump on Speculation of Merger With A Shares
Sept. 18 (Bloomberg) -- Shanghai's foreign-currency B-share indexes surged by the most in more than four years today on speculation the stocks will be merged with local-currency A shares. Shenzhen's had their biggest gain in almost three years.
``There are rumors going around the market that the securities regulator is studying a merger between A and B shares,'' said Zhang Qi, a market analyst with Haitong Securities Co. in Shanghai. ``If a merger takes place, holders of B shares will benefit.''
The Shanghai B-Share Index jumped 8.674, or 9.7 percent, to 98.551 at the 3 p.m. local-time close, the biggest advance since June 24, 2002. The Shenzhen B-Share Index surged 23.372, or 8 percent, to 314.383, the largest gain since Oct. 10, 2003. Both measures had their highest closes since May 22.
China's B shares, which can only be bought and sold by domestic individuals and overseas investors, are traded in U.S. dollars in Shanghai and Hong Kong dollars in Shenzhen. Zhang estimates they trade at an average 50 percent discount to yuan- denominated A shares and predicts a merger will bring B-share valuations more in to line with more liquid A shares.
Liu Fuhua, a media communication official with the China Securities Regulatory Commission, declined to comment.
Among the 109 companies with B shares trading on the Shanghai and Shenzhen stock market, 70 surged by the 10 percent ceiling limit today.
Shanghai Zhenhua Port Machinery Co., China's biggest maker of cranes used to load and unload ship container cargoes, surged 9.3 U.S. cents, or 10 percent, to US$1.023. Shanghai Lujiazui Finance & Trade Zone Development Co., a developer in Shanghai's financial district, soared 6.6 U.S. cents, or 10 percent, to 72.2 U.S. cents.
Shandong Airlines Co., partially owned by China's biggest international carrier Air China Ltd., jumped 14 Hong Kong cents, or 10 percent, to HK$1.49 in Shenzhen.
Zhou Qinye, executive vice president of the Shanghai Stock Exchange said in a January interview that the exchange was looking to merge foreign-currency B shares and yuan A shares this year via share buybacks or stock swaps.
Even after today's surge, B shares are cheaper relative to earnings than their A share counterparts. B shares of Lujiazui are trading at 15 times estimated earnings, compared with 21 times for the company's A shares.
The B-share market, initially restricted to just foreign investors, was opened to locals in 2001 after overseas interest waned, hurt partly by the growth of H shares sold by mainland companies in Hong Kong. In 2003, China allowed selected overseas institutions to start buying A shares under the qualified foreign institutional investor, or QFII, program.
|Vietnam, With 49 Stocks, Attracts Investors to `Emerging China'
Vietnamese stocks are Asia's best performers this year and the International Monetary Fund's chief economist is touting the country as an ``emerging China.''
International investors, who have had too few stocks to select from, may soon gain choices in Vietnam. Companies are listing as the communist nation expands its two-decade-long move to a capitalist system. Entry into the World Trade Organization this year may encourage companies to follow the lead of Intel Corp. and Ford Motor Co. and invest in Vietnam.
The stock exchange, the six-year-old Ho Chi Minh City Securities Trading Center, lists 49 stocks with a market value of $3.1 billion, according to Vietcombank Securities Co. Neighboring Thailand has 485 listings with a value of $132.3 billion.
``As more companies list on the stock market, I'd expect interest in Vietnam, underpinned by strong growth and foreign direct investment flows, to steadily increase,'' said Brad Aham, who manages the $1.7 billion SSgA Emerging Markets Fund at State Street Global Advisors in Boston.
An average of just $6.6 million worth of Vietnamese shares traded daily in the past three months, compared with $314 million in Thailand and $3.2 billion in Hong Kong, Bloomberg data show.
The Vietnam Stock Index has surged 66 percent this year in dollar terms, the most of 413 Asian indexes tracked by Bloomberg. Chinese indexes are the next-best performers.
Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, in July became the first lender to trade on the stock exchange, raising the market's value by 50 percent. Bank for Foreign Trade of Vietnam will sell shares next year, followed by Mekong Delta Housing Bank, according to Tran Dac Sinh, director of the Trading Center.
The Next China?
The stock market started in July 2000 with just two listed companies and a total value of 270 billion dong ($16.8 million).
The International Monetary Fund's Chief Economist Raghuram Rajan said at a Sept. 14 news conference in Singapore that Vietnam ``was considered by many to be the `emerging China,''' owing to its ``relatively strong rates of growth.''
The IMF forecasts 7.8 percent growth this year, the fastest of any developing Southeast Asian economy, according to the organization's Web site, while predicting China will grow 10 percent this year. Standard & Poor's this month raised Vietnam's credit rating to two levels below investment grade, citing the nation's economic growth potential and commitment to market- oriented policies.
Christopher Wood, a strategist at CLSA Ltd., recommends investors buy into Vietnam.
``It's a very exciting story,'' Wood, voted the second-best Asian strategist in an Institutional Investor survey this year, said in an interview at a CLSA investor conference in Hong Kong last week. It featured a seminar on investing in Vietnam.
``In the next couple of years, we might see the Vietnamese stock market reach critical mass as more companies are listed,'' Wood said. ``The stock market program is finally coming to fruition.'' He recommends investors put 3 percent of an Asia- excluding-Japan portfolio in Vietnam.
At the moment, though, investing in the nation's stock market remains difficult for international investors, who typically seek companies with enough shares trading so that they can buy and sell without moving the stock price dramatically. By contrast with Vietnam, China has 1,381 listed companies in two markets, with a value of $650 billion.
``Vietnam is not on our radar screen at the moment because there isn't enough liquidity for us,'' said London-based Nick Timberlake, who manages the $221 million HSBC Global Emerging Markets Equity fund.
Overseas investors are restricted to a 49 percent stake in companies listed on the Ho Chi Minh City bourse and a 30 percent holding in Sacombank. What's more, investors seeking Vietnamese stocks must do so through a securities company registered domestically and must have local currency bank accounts.
One avenue for foreign investors is through Vietnam funds incorporated outside the country, such as the $193 million Vietnam Growth Fund, which is based in the Cayman Islands, and the $96 million Vietnam Dragon Fund, based in Bermuda. Both are managed by Ho Chi Minh City-based Dragon Capital Management Ltd.
The number of targets on Vietnam's exchange is picking up as the government sells shares in state-controlled companies. Vietnam in the next four years plans to increase the value of its stock market to between 20 percent and 30 percent of gross domestic product from 6 percent, Tran from the Ho Chi Minh City Securities Trading Center said in August.
That would lift the stock market's value to as much as $24 billion, based on Sinh's estimate of GDP reaching $80 billion by 2010. Besides Bank for Foreign Trade and Mekong Delta Housing Bank, companies including Electricity of Vietnam and Vietnam Post & Telecommunications Corp. will sell shares by 2010, Sinh said. All the companies are government-owned.
The government, which has cut poverty in half since 1993, is aiming to move the country out of the ranks of the world's lower- income nations by 2010.
Intel, the world's biggest chipmaker, said this year it would invest as much as $605 million in a semiconductor test and assembly plant in the Ho Chi Minh City area, the biggest investment in Vietnam by a U.S. company. Ford, the second-biggest U.S. carmaker by sales, has invested $100 million in an assembly plant in the Hanoi area in the past decade.
Mark Mobius, who oversees about $30 billion in emerging market equities at Templeton Asset Management, said his funds are ready to pour money into Vietnam. Templeton owns an apartment complex in Hanoi.
``If we were to get more involved in Vietnam we would want a purer exposure'' through equities, Mobius said. ``Vietnam is still rath
|Can China win a Western game?
CAMARET-SUR-AYGUES, France Yi Liu has spent five long years trying to persuade Europeans that Chinese tomatoes can match the quality of produce ripened in the Provencal sun - and at a lower price.
Today, Liu's triumph seems complete: Le Cabanon, a struggling farm cooperative he bought two years ago, turns out ketchups and sauces that sell under French brand names like Ducros and Masque d'Or. And even local chefs agree that the cooperative's products taste as good as ever despite the fact that a crucial ingredient - processed tomato concentrate - is now shipped several thousand kilometers from Liu's factories in the Chinese far west.
Still, the picture of success is not all it seems. Liu's company, Xinjiang Chalkis of Urumqi, China, is losing about €3 million, or $3.8 million, a year on Le Cabanon, his first European acquisition, mainly because efforts to run the factory more efficiently are taking longer than expected. On top of that, Liu already has endured two strikes, negotiations with unions and restrictions on working hours that he says make it impossible to fill some last-minute orders from clients.
"We can try and find a new way for a French company to survive," said Liu, 49. "We don't think that in France we can get too much profit."
Liu's experience sums up the way Chinese owners are struggling to impress their vision of how to do business on skeptical - and sometimes defiant - locals as Chinese businesspeople start out on a period of what is likely to be relentless expansion through mergers and acquisitions. In their eagerness to build global businesses, Chinese industrialists have spent several billion dollars over recent years to buy energy and technology companies - and even food and cosmetics makers.
The numbers are still relatively small: purchases by Chinese companies abroad in 2004 were worth $1.1 billion, about one-tenth of the value of purchases abroad made by Singapore-based companies and about one-fifteenth of the value of purchases made by French companies abroad that year, according to figures from the UN Conference on Trade and Development.
The Chinese effort has been worldwide, but France has been a particular target, as it offers brands with cachet and a large home market at the heart of the world's largest trade bloc, the European Union.
As Chinese entrepreneurs learn how to make everything from tomato sauces to television screens, however, they are encountering challenges less familiar to their home-grown form of capitalism, like labor laws that are relatively generous to employees and workers who challenge superiors. Even as bosses like Liu overcome initial challenges, the lesson from France may be that China's ambitions to be an industrial power beyond its own borders will take more time than people expect.
Chinese companies investing abroad "have everything to learn - it's a kind of apprenticeship," said Jean-François Huchet, an associate professor at the University of Rennes in France.
One thing Chinese executives do not need to learn is mathematics. The cost of tomato concentrate made in China and imported into Europe is about €550 a ton after processing, shipping and taxes, whereas the concentrate produced in France costs more than €650 a ton. The difference is mainly the cost of labor and regulations in France. Because of their access to less expensive raw materials, Chinese owners abroad can often operate at a lower cost than locals.
But low cost is not everything, and one gap in the knowledge of many Chinese executives, management experts say, is a lack of experience at guiding businesses through wrenching transformations. There are not enough of them who really understand countries like France and too few French executives who want to work for Chinese companies, said Bernard Gainnier, who leads the China business group for PricewaterhouseCoopers in Paris.
"The French law is the French law and you're not going to change that," Gainnier said. "But you can change a lot of things if you're very clear about what you want to achieve and you work as a team - but that's definitely more difficult for a Chinese manager than a French manager."
Chinese entrepreneurs are frequently surprised that Europeans often allow workers' rights to trump managers' rights and that many farmers still benefit from quotas and price controls - particularly at a time Europeans are accusing the government in Beijing of meddling in industries from car parts to leather shoes.
"The biggest difficulty has been the culture shock," Liu said during a recent interview, puffing on a Panda cigarette wedged into a polished pipe made from a rare Chinese coral.
"In China the employees hope to work more because if they work more they will be paid more," he said. "But in France, they don't want to be paid more." They want "time to relax, to have holidays," he said.
Mer på denne linken:
|Fin oversiktsartikkel over Kina's higen etter oljereserver (klippet fra oljepris-topic)
China's Oil Deals With Iran, Myanmar Put It at Odds With U.S.
By William Mellor and Le-Min Lim
Sept. 27, 2006 (Bloomberg)
[Endret 27.09.06 08:52 av OldNick]
|China reaps big fruits for future Internet
China has successfully built its next generation Internet with Internet Protocol Version 6 (IPv6), replacing Internet Protocol Version 4(IPv4), to become the world leader in this field.
China's next generation Internet, or CNGI, has proposed a new search system structure and developed a special method for the transition between the two Internet generations. It has present seven draft standards to the International Internet Organization. In developing the CNGI, China built the world's first IPv6-only network and for the first time used domestic IPv6 routers, the core Internet components in the national network.
The CNGI-CERNET2/6IX passed an examination by an expert team organized by the Ministry of Education at Tsinghua University over the weekend. Experts say the network is world standard and its three innovations will give China more clout in this field. China launched the CNGI project in 2003 and in 2005 completed its first next generation internet, the CNGI-CERNET2.
The success of the CNGI's core network has freed China from dependence on foreign key internet technologies and products and ensured national information security.
Proposed in the mid-1990s, it is estimated that the next generation Internet will transmit information 1000 times faster, at a speed of 40 gigabytes per second.
|NEW DELHI (XFN-ASIA) - India's gross domestic product (GDP) grew 8.9 pct in the first quarter to June, helped by strong performances in the manufacturing, utility and construction sectors, official data showed.
The fiscal first-quarter growth came in above the forecasts of analysts, which were for a growth of 8.5 to 8.7 pct.
|Schumer, Graham Drop Legislation to Pressure China With Tariffs
Sept. 29 -- Two senators agreed to drop their legislation to apply tariffs on Chinese goods entering the U.S. under pressure from the Bush administration.
The senators, Democrat Charles Schumer of New York and Republican Lindsey Graham of South Carolina, had been calling for a Senate vote this week on the measure in an effort to force China to raise the value of its currency. A weak currency makes its products cheaper on world markets.
They changed their minds yesterday under urging from President George W. Bush, Treasury Secretary Henry Paulson, and companies such as Citigroup Inc. and General Electric Co., who said they risked provoking retaliation by China and undermining a dialogue with China that Paulson just began.
``It's a win for the secretary of Treasury,'' said Nicholas Lardy, a fellow at the Institute for International Economics in Washington and an expert on China. Paulson said ``he had to be given an opportunity to produce results,'' Lardy said.
Graham said he was asked by Bush yesterday not to force a vote on his bill. He said he and Schumer will work on a new measure next year to prod the Chinese without running afoul of international trade rules, which prohibit countries from raising duties on any one country. The new legislation would comply with World Trade Organization rules, ``have bite and will become law if China continues down its current path,'' Graham said.
``The bottom line is that this bill was designed as a wake- up call, and in that it has been a rousing success,'' Schumer said at a news conference yesterday. ``We felt it's now time to refine our instrument and pass some legislation that will force the Chinese to go the rest of the way.''
China's currency has appreciated almost 5 percent over the past 15 months, Schumer said. Still, the Chinese understood that Schumer's bill, which would have imposed tariffs of 27.5 percent, would never become law, Lardy said. ``My impression is that they had basically discounted Schumer for months,'' he said.
Schumer and Graham said they will now work with Senators Charles Grassley, an Iowa Republican and chairman of the Senate Finance Committee, and Max Baucus of Montana, the top Democrat on the finance committee, to come up with new legislation early next year. They didn't provide details.
Schumer said last week he didn't envision that the tariff bill would become law. Rather, it was meant to protest what the lawmakers call China's policy of artificially depressing the value of its currency, the yuan.
Senate Majority Leader Bill Frist, a Tennessee Republican, had pledged to allow a vote on the measure this week if Schumer and Graham demanded it after they won a procedural vote on the measure last year. This is the fourth time those senators opted not to force the issue each time a vote neared.
The bill had little chance of becoming a law this year because there was no companion vote scheduled in the House of Representatives. Still, Paulson met this week with Schumer and Graham to try to persuade them to delay a vote.
``I'm doing my best job to make the case to Chuck Schumer and Lindsey Graham that their bill wouldn't help anything, and that's not the right way to negotiate with China,'' Paulson said Sept. 27 in a speech to the National Association of Manufacturers in Washington.
Paulson and Wu Yi, China's vice premier, agreed Sept. 20 in Beijing to meet twice a year for talks on economic relations, the first such arrangement between the two countries. Paulson said he hoped the U.S. could use the dialogue to persuade China to allow the yuan to appreciate and open its capital markets.
Representatives for manufacturers say lawmakers need to take some action to counteract a de facto subsidy supporting Chinese exports. The NAM, the largest U.S. manufacturers' group, said yesterday it started a task force focused on China's lack of progress toward establishing a freely traded currency. The U.S. trade deficit surged to an unprecedented $68 billion in July, the Commerce Department said this month. The shortfall with China was $19.6 billion, close to an all-time high.
``The Chinese are driving a truck through a loophole in the global trading system,'' said Peter Morici, an economist at the University of Maryland at College Park. ``The United States and Europeans are not going to put up with it forever.''
China revalued the yuan in July 2005 and allowed it to strengthen or weaken by a maximum of 0.3 percent against the dollar each day. The yuan, a denomination of China's currency the renmimbi, gained 0.07 percent to 7.8965 against the dollar at 5:30 p.m. yesterday in Shanghai, according to the Web site of the China Foreign Exchange Trade System. The currency has strengthened 2.6 percent since July last year and 0.7 percent this month. In July of last year, its value was raised 2.1 percent and its peg reworked.
|Og veksten fortsetter, foreløpig med uforminsket styrke.
Positivt at innenlands forbruk øker.
Central Bank Forecasts China's Growth
Central Bank Expects China's Economy to Grow by 10.5 Percent in 2006, Stronger Than Predicted
Oct. 1, 2006
BEIJING (AP) -- The central bank says China's economy should grow by 10.5 percent this year, state media reported Sunday, even stronger than the 10 percent predicted last week by the National Bureau of Statistics.
The People's Bank of China also projected growth for the first half of 2007 at 9.5 percent, the official Xinhua News Agency said.
China's economy grew 10.2 percent in 2005 and surged by 10.9 percent in the first half of 2006.
The bank also said China's high rate of domestic spending will continue to grow.
Growth in domestic investment and exports, however, will ease, Xinhua reported, blaming a slowing global economy and "rising trade frictions" for the impact on exports.
The United States has accused China of undervaluing its currency to promote export growth.
The People's Bank report also predicted continuing low Chinese inflation rates -- 1.5 percent in 2006 and 1.8 percent for the first half of 2007.
Last week, the deputy director of the National Bureau of Statistics said China's economy would grow by 10 percent in 2006, while inflation would come in at about 2 percent.
The World Bank and other organizations have forecast China's 2006 economic growth at up to 10.4 percent.
|China to surpass US in auto sales
PRESS TRUST OF INDIA
Beijing, October 2: China's automobile sales are expected to reach nearly seven million units this year, making up one-tenth of the world's total with the potential to surpass the US as the world's top auto market by 2020, analysts said.
The figure will climb to 10 million by 2010, and 20 million in 2020, overtaking the United States (som har ca. 16 mill biler/år, min komm.) to become the world's top first-hand automobile market, according to a forecast of the State Information Centre.
China will overtake Japan this year to become the world's second largest automobile seller.
The centre predicted that more middle-income Chinese families could afford a car in the coming years due to rising income and falling car prices.
Since China joined the World Trade Organisation five years ago, Chinese consumers' demand for sedans has been growing on an average of 37.5 per cent annually, Xinhua news agency quoted the centre as saying.
This year, the sale of sedans is estimated to hit four million, compared with 800,000 units in 2001.
China's automobile sales stood at 3.24 million units in 2002, ranking fourth in the world. The position rose to third in 2004.
[Endret 03.10.06 19:45 av OldNick]
|China reforms one-child policy
China has announced that it will reform its one-child policy so that parents in rural areas who reach 60 without having more than one son - or two daughters - will now receive an annual cash reward.
The government is adopting the new policy from next year as part of a new attempt to rein in population increase and relieve poverty in rural areas, state media reported on Monday.
The annual 600 yuan ($75.95) a year stipend is supposed to lessen the burden on single children who have to look after their aged parents, many of whom in rural areas have no health insurance, the official China Daily newspaper said.
China introduced a one-child policy in 1979 but later relaxed it to allow farmers in particular to have more children, especially if they have a daughter first.
The one-child policy however varies from region to region, and is more rigorously enforced in urban areas. Families having more than one child are often fined or denied benefits given to families which have only one child.
China now has 1.3 billion people, making it the world's most populous nation. The government's one-child policy remains in effect in most urban areas, although some exceptions have been allowed.
Parents prefer sons
Chinese parents traditionally prefer sons, who are seen as being able to carry on the family name and provide for them in old age.
"In the policy's early years local governments' main enforcement measure was to impose fines on rural families that violated the policy," the newspaper said.
"Experts said although imposing fines has contributed to the project's success, the policy should be adapted as the nation develops," it added.
"More encouraging measures and public education should be used to raise awareness of the need for family planning," the report said.
It added that about 95 per cent of survey respondents who had either one son or two daughters reported financial problems.
The survey was carried out by a development body under the State Council, or cabinet, in rural areas of Jiangxi, Gansu and Shanxi provinces.
Another change is to give one-off payments to rural families who have been given permission to have a third child but who choose not to have the child, the report said.
|ICBC Raises $19 Billion in World's Biggest IPO, With Offering Priced at Top End of Range
HONG KONG (AP) -- China's biggest bank, Industrial & Commercial Bank of China, raised $19 billion Friday in the world's biggest initial public offering, pricing its IPO at the top end of expectations, thanks to overwhelming demand.
The stock sale, the first ever for shares to list in both Hong Kong and Shanghai, surpasses the previous record, a $18.4 billion IPO by Japanese mobile phone company NTT DoCoMo Inc. in 1998.
The state-owned bank, called ICBC, priced its Hong Kong offering at 3.07 Hong Kong dollars a share, at the top end of the indicative price range of HK$2.56-HK$3.07 ($0.33-$0.39), Dow Jones Newswires reported, citing an unidentified person familiar with the deal.
At that price, the bank is raising $13.9 billion from the Hong Kong offering.
The Shanghai portion of the offering was priced at 3.11 yuan ($0.39) -- near the top of its price range of 2.60 yuan to 3.12 yuan ($0.33-$0.39), Dow Jones Newswires said. The mainland portion will raise $5.1 billion.
If the so-called greenshoe option is exercised and the bank decides to increase its offering, the entire IPO could grow to $22 billion.
Mainland Chinese banks have a long track record of bad debts and lending scandals, but investors have been keen to buy shares, betting that government support will limit risks while allowing them to tap into China's economic boom.
Like the two other major state banks that have already sold shares in Hong Kong, Bank of China and China Construction Bank, ICBC has restructured and wiped out billions of dollars in bad debts.
ICBC's Hong Kong offering has attracted the largest amount of orders ever from retail investors, drawing orders of more than HK$420 billion ($53.9 billion), The Standard newspaper and the Hong Kong Economic Journal said.
More than 1 million people -- or one in seven of Hong Kong's total population -- placed those orders, the Journal said.
The keen demand surpassed the record set by Bank of China, the mainland's No. 2 lender, whose IPO in June drew HK$280 billion in retail orders.
Meanwhile, the institutional book for the Hong Kong offering was more than 30 times covered, attracting around $325 billion in orders from investors, Dow Jones quoted another person familiar with the deal as saying.
|Shares in China’s ICBC bank have made a strong start in trading following a world record initial public offering which raised up to $21.9 billion.
Following massive demand from investors, shares jumped as high as 18% above their offer price in Hong Kong as trading opened on Friday. State-owned ICBC is China’s largest bank with assets of more than $800 billion, 360,000 staff and more than 18,000 branches across China. For the first time ever in a Chinese IPO, shares in the bank made a simultaneous debut on the Hong Kong and Shanghai stock markets.
In both cases the ICBC offering ranked as the most popular ever among investors, attracting $400 of share orders for the Hong Kong portion of the offering and $99 billion for the Shanghai offering. The huge demand for ICBC shares is being seen as a sign of confidence in the continued rapid growth of the Chinese economy. “Investors foresee China’s economy maintaining 10 per cent growth every year before the 2008 Olympics in Beijing, so they’re buying mainland bank shares now to access that growth,” K. C . Chan of financial management firm KDB International told Reuters.
|China's growth revolution offers potential wins
Despite the cooling efforts of monetary policymakers, China's growth locomotive remains on track, offering potential stock wins for sectors linked to property, banking, basic goods and domestic consumption.
As recently as August, economists said China appeared to be heading for a sharp deceleration in the range of 8% gross domestic product growth next year as the effects of austerity measures at home and the backdrop of a global economic cooling helped tap the brakes.
Desperate to mop up excess liquidity and head off an investment bubble, authorities lifted lending rates twice since March, boosted the deposit ratio for commercial banks in two separate moves, placed curbs on lending to real estate, and loosened controls on capital outflows.
Economic growth slowed in the third quarter to 10.4% on the year from a heady 11.3% in the second quarter, but that now looks more like a "soft patch" than a genuine deceleration.
"The tightening-induced slowdown in growth evident since July represents a pause in the China story rather than an end," wrote Paul Cavey, China economist for Macquarie Bank, in a report to clients.
"Given that there has never been a strong consensus in Beijing that the economy was overheating in the first place, a mild slowdown was all that officials ever wanted to achieve," he added. See more global markets coverage.
Cavey and economists at Goldman Sachs (GS), Standard Chartered and other banks have revised upwards their estimates for China growth next year, predicting the economy will expand at about 9.8% in real terms, slightly above its long-term average of 9.5% a year seen over the past 25 years.
Investors jump onboard
Equities investors have been quick to pick up on that growth rebound, recently sending the H-share index, which is Hong Kong's benchmark for China stocks, to 13-year highs. Chinese banking shares have been powering those gains.
The buying interest has been largely driven by institutional fund managers who view position-building in Chinese financials as one of the best ways to play the emerging wealth story.
The banking sector, in particular, is seen as ripe for expansion, with relatively few Chinese holding credit cards, life insurance policies or mortgages.
China Construction Bank (HK:939: news, chart, profile) , one of China's big four state-owned banks, has won favor among investors seeking medium-risk exposure to mainland growth since its listing on the Hong Kong Stock Exchange last year.
Its shares have risen 59% so far this year, but analysts see room for further gains, anticipating the bank will be able to sustain double-digit profit growth in coming years. Morgan Stanley recently upgraded CCB to "overweight" with a target price of HK$4.62, saying the bank ranks as the most profitable among mainland lenders listed in Hong Kong.
"Chinese banks, CCB included, are in a sweet spot of low cost of equity and high growth," Morgan Stanley analysts Eric Mak, Shary Wu, and Amit Rajpal wrote in a research report. "We estimate that China banks will deliver average earnings per share growth of 23% over 2006 to 2008, the fastest among Asian banks."
Citigroup this month added China Construction Bank to its list of 10 "China strategy top picks," saying the mainland lender has delivered strong first-half earnings and seems to be on the right footing.
The bank posted first-half pre-tax profits of 32.8 billion yuan ($4.85 billion), up 3% on the year. Looking forward, Citigroup forecasts China Construction Bank will increase its net profit by 25% in calendar 2007 on continued strong operating trends.
Despite its short history as a listed entity, however, CCB trades at a valuation of at least 2.6 times 2006 book value, much higher than HSBC Holdings on 2.1 times book value, even though the global lender has a much more consistent record of earnings growth.
Shares of mainland banks listed in Hong Kong have also been on a major run since the October flotation of Industrial & Commercial Bank of China , the world's largest-ever at more than $19 billion, awakened interest in the sector.
Many fund managers who didn't get their allocation in the hugely popular IPO have also been accumulating shares in ICBC's listed peers.
Shares in Bank of China another of China's top four state-owned lenders, have risen 33% since its June listing in Hong Kong, while shares in peer Bank of Communications have vaulted 105% so far this year.
The telecoms sector, too, is benefiting from China's economic leap forward.Citigroup includes wireless provider China Mobile among its top ten China picks for investors seeking to leverage the rising spending power of consumers on the mainland.
Shares of China Mobile have risen more than 85% year to date. China Mobile is big by any measure. At a market capitalization of $171.1 billion, the telecom ranks behind only HSBC Holdings at $216.5 billion among Hong Kong-listed blue chips. What's more, analysts say, its massive subscriber base of about 270 million, the biggest of any wireless provider, looks set to get bigger.
Last month, China Mobile signed a record 4.59 million new subscribers, roughly the equivalent of New Zealand's entire population. Almost half are coming from rural areas, where rising wages are making cellular ownership more affordable.
Of an estimated 750 million rural dwellers, only 12 in every 100 own a mobile phone. "We foresee rural subscriptions will remain as China Mobile's growth driver in the next eight to 10 years," wrote UOB telecom analysts Kay Hian, who has a HK$77.70 target price on the share.
Despite the recent gains...
[Endret 26.11.06 14:04 av grong2]
|Despite the recent gains, analysts remain upbeat China Mobile's fast growth rate can compensate for more demanding price-to-earnings multiples. Macquarie Research estimates the wireless operator can sustain earnings growth in the high teens for two to three years.
On an operational level, Citigroup says falling tariff rates are being offset by rising usage levels, while the cost of acquiring new subscribers is on the wane.
The biggest challenges are likely to come from regulatory changes as Beijing seeks to create a more level playing field among large telecom operators while the rollout of 3G services also presents additional risks.
Citigroup telecom analyst Rohit Sobti says changes to the regulatory environment are a worry, but he sees little to disrupt China Mobile's winning streak anytime soon.
"Continued delays and in regulatory changes means China Mobile's window of unchallenged growth is lasting longer and operational trends are strong," Sobti wrote in a research report.
A piece of the patch
An upturn in the credit cycle also bodes well for the property sector, says Henry Chan, head of research at Quam Research, a Hong Kong-based group that focuses on locally listed shares.
Seeking to head off an investment bubble, Beijing introduced a round of tightening measures in late 2004 that were designed to slow the rate of loan issuance from stratospheric-levels of 23% annual growth. New loan issuance fell to 9.5% annual growth in late 2005, but has since reaccelerated to 13% in July, a level Chan believes is in line with Beijing's policy goals for the next several years.
Chan says the best way to play the sector is through any of the blue-chip developers listed in Hong Kong, such as Henderson Land and Cheung Kong Holdings His favored pick is Hang Lung Group , which owns a 51% stake in locally listed developer Hang Lung Properties Ltd.The developer currently has five major projects underway in second-tier mainland cities valued at $2.48 billion and plans to invest an additional $1.3 billion in coming years. Hang Lung's previous Shanghai developments include the commercial complex The Grand Gateway and the mixed commercial and office complex Plaza 66.
Chan estimates fair value for Hang Lung Group shares at HK$26.40, or about 21% above its recent closing price of HK$21.88.
"Historically there is a big discount but we gather that the discount has been narrowing over the years," Chan said.
The momentum also favors retailers, as increasing flush Chinese go looking to spend.
Food and retail conglomerate China Resources Enterprise Ltd , a component of the Hang Seng Index, is striving to become the largest consumer company in China through a triumvirate strategy focused on breweries, shopping malls and apparel.
Among its core holdings, the group counts majority ownership of CR Snow Breweries, which saw sales of its Snow brand beer soar 91% in the first nine months of the year. CR Snow, which includes 46 breweries across the country, has overtaken long-time market leader Tsingtao as China's top brewer by volume. The brewery has foreign participation in the form of a 49%-ownership stake by the U.K.'s SABMiller Earlier this week China Resources said revenue jumped 26% in the third quarter ending in September on strong growth in its brewery and supermarkets divisions.
Quam Research's Chan says the retailer's strategy of building out its network of hypermarkets in coastal regions looks set to bear fruit, and upgraded his call on the shares to "accumulate" following third-quarter earnings.
Despite China's booming 16% year-on-year growth in retail sales, some analysts caution the sector faces hard times as competition heats up.
Among new players bumping up stakes, Wal-Mart Stores, Incinked an October deal to acquire 100 supermarkets over three years from Taiwan's Trust-Mart, adding to the 66 stores it currently operates.
Shot over the bow
While many investors jump in, some analysts have sounded the warning bell, saying expectations have run ahead of fundamentals.
"I am concerned the share prices have risen too fast and basically I expect some kind of consolidation or correction near term," said Marco Mak, head of research at Tai Fook Securities in Hong Kong.
In spite of the softening export outlook, China appears set to benefit from a self-reinforcing liquidity boom driven by surging trade surpluses, a rebound in bank lending, continuing foreign direct-investment flows and the effects of yuan appreciation.
"For the time being it's not such a bad position for China to be in, growth is strong, you've got lots of liquidity, asset prices are going to rise," Macquarie's Cavey said.
|China's Economy Unlikely to Slow `Sharply' in 2007
China's economy is unlikely to slow ``sharply'' in 2007 because rising consumer spending and industrial production will underpin growth, said Yao Jingyuan, chief economist of the National Bureau of Statistics.
``The government's policy to boost consumption will show better results next year,'' Yao said in an interview at a business forum in Beijing today. Consumer spending should make a ``greater contribution to economic growth, even though investment may slow amid the government's curbing measures.''
China has raised minimum wages and increased welfare spending to get households to spend more and make the economy less dependent on investment and exports. As it encourages spending by consumers, China has increased interest rates and ordered banks to set aside more money as reserves to damp business investment and clamp down on wasteful factory expansion.
``Growth will continue to be strong, but weaker than this year,'' Federico Bazzoni, head of Asian equities at BNP Paribas SA, said in an interview in Milan on Nov. 24. ``That's good news, as there are fewer risks of overheating. Growth in 2007 will be less than 10 percent.''
China's economic expansion slowed in the third quarter for the first time in a year as lending curbs damped business investment. The economy grew 10.4 percent in the quarter from the same period a year earlier, compared with 11.3 percent in the prior three months.
The world's fourth-largest economy will maintain ``steady and relatively fast growth'' in 2007, Yao said at today's conference, without providing a forecast.
World Bank Forecasts
The World Bank on Nov. 14 raised its estimate for China's 2007 economic growth for a second time in four months. The World Bank said the world's fastest growing major economy may expand 9.6 percent next year after advancing 10.4 percent in 2006.
China's 2006 growth rate may be as high as 10.7 percent, Yao said yesterday. Gross domestic product will rise between 10 percent and 10.7 percent this year, he said in Shanghai.
Consumer spending is gathering pace as curbs on lending and land use slow business investment, helping China's economy skirt a sharp slowdown. Retail sales jumped in October at the fastest pace in almost two years.
China is planning to increase wages for government employees by the end of the year, a move aimed at raising urban incomes and further stoking household spending, Yao said.
The World Bank has urged China to boost spending on healthcare, education and social security to encourage its 1.3 billion citizens to spend rather than putting their money in bank deposits. China's savings rate is double the world average.
China needs to continue its economic, monetary and administrative measures to control bank lending and fixed-asset investment, Yao said. Growth in investment spending is still ``relatively high,'' he said.
Eight provinces out of the 31 in China had annual investment growth of more than 35 percent at the end of October, and three of those had investment growing faster than 40 percent annually, Yao said.
Investment growth in China's towns and cities slowed to 26.8 percent in the first 10 months from a year earlier, after rising 28.2 percent through September, a government report on Nov. 16 showed.
``Further tightening is expected since the government has failed to control investment growth to its targeted 18 percent for this year,'' said Zhu Baoliang, chief economist at the State Information Center, an affiliate of the country's top planning agency, the National Development and Reform Commission.
``We see next year's economic growth slowing mildly to around 9.5 percent, as investment and trade growth falls after government's curbing measures,'' Zhu said today.
|Kinesiske prostituerte i gapestokk
Kinesiske prostituerte blir stilt opp i gaten for å statuere et skrekkeksempel.
Send NA til 1984 eller epost.
Av Thomas Paust Den siste uken har kinesisk politi pågrepet 100 kvinner mistenkt for prostitusjon, samt et hundretalls med sex-kunder i Guangdong-provinsen sør i Kina. I et forsøk på å bekjempe prostitusjonen i regionen har politiet gått til et drastisk skritt.
Flere hundre prostituerte og sex-kunder ble stilt ut midt i sentrum av byen Shenzhen til skue for alle. Samtlige var iført håndjern og gule gensere. Hundrevis av borgere samlet seg rundt den omfattende «gapestokken» for å høre at dommen til de kriminelle bli lest opp, skriver Ekstra Bladet.
Prostitusjon er forbudt i Kina og er for tiden et hett tema i kinesiske medier. Vanligvis blir de prostituerte straffet med en bot, men denne gangen skulle de virkelig føle det på kroppen.
Forbudt siden 1949
Prostitusjon ble forbudt i Kina i 1949 etter at kommunistene overtok makten i landet. Prostituerte ble før i tiden tvangssendt til skoler hvor de ble utdannet til andre yrker. Men helt siden Mao døde i 1976 har styresmaktene sett gjennom fingrene på prostitusjon, noe som har ført til at sexindustrien har vokst i en eksplosiv fart.
Det finnes rundt 20 millioner prostituerte i Kina, og
industrien står for ti prosent av bruttonasjonalproduktet.
[Endret 08.12.06 21:08 av cipo]
[Endret 08.12.06 21:08 av cipo]
|er det mulig?
|Hvert eneste år er det samme melodien, veksten vil avta dramatisk neste år. Ca 10% annualisert vekst har vel vært fasiten, mens myndighetene forsikrer gang på gang at veksten vil bli langt lavere enn forrige år, og i stabilisert nedtrend, bla..bla..bla.
Veksten i Kina har rom for å holde takten i flere tiår til.
Det må en dramatisk økning i oljeprisen/energiprisen for å bremse særlig på dette.
Det var nå voldsomt til knulling, eller kanskje prisene pr nummer er erigert over evne??
[Endret 09.12.06 07:37 av nynatural]
|Asian stocks broadly higher in 2006 finale - Among several regional standouts, China's Shanghai Composite jumped 4.2% to a record, tallying its second-biggest single day percentage gain this year bank and airline stocks moved higher.
In China, the Shanghai Composite surged 107.88 points to 2,675.47. For the year, the index has risen 130%.
Although China's growth is likely to have cooled in the fourth quarter, the economy should expand 10.5% in 2007, The Wall Street Journal reported in its online edition, citing comments by Yao Jingyuan, chief economist of the National Bureau of Statistics.
Yao said he expects China's trade surplus to total $170 billion, up from $102 billion in 2005. Industrial output, Yao added, is likely to have grown 17%, up from 11.4% in the previous year, the report said.
In Hong Kong, the Hang Seng Index ended 0.2% lower, falling 37.19 points to 19,964.72. The China Enterprises Index slipped 0.2%, giving up 22.92 points to 10,340.36, also retreating from a record close the previous session.
The blue-chip Hang Seng, which had closed above the 20,000-point level for the first time on Thursday, was dragged lower as a result of pressure on index heavyweights HSBC Holdings (HBC HBC91.81, +0.17, +0.2%) (HK:5:) and China Mobile Ltd. (CHL : CHL44.16, +0.61, +1.4%), traders said.
"The market was a bit tentative, testing the 20,000 level," said Howard Gorges, vice chairman of South China Brokerage in Hong Kong.
He added that the ability of the Hang Seng to hold ground near Thursday's record close reflected underlying strength, saying: "The market did run into a bit of profit-taking but firmed up quite quickly, and basically ended up pretty firm. ... The buyers are certainly still around."
Year of the 'China play'
For the year, the Hang Seng posted a 34% gain. The China Enterprises Index, which comprises major Chinese companies, or H shares, such as PetroChina (PTR : petrochina co ltd PTR142.12, +1.70, +1.2%) (HK:857: ) and aluminum maker Chalco (HK:2600: ) , nearly doubled in value.
Gorges added the broader market was stronger than reflected by the blue-chip Hang Seng as investors sought direct stakes in the China growth story.
"There has been pretty strong performance in a lot of China stocks over the last four months or so and quite a few of the Hong Kong stocks haven't performed that well because the interest has been in China," Gorges said.
In Hong Kong trading, shares of CNOOC Ltd. (CEO : CNOOC, Ltd.
CEO92.49, +1.45, +1.6%) (HK:883: ) , China's largest offshore oil producer, rose 3.2%. Index bellwether HSBC fell 0.1% and China Mobile, the nation's biggest mobile operator by subscribers, fell 1.1%.
Chinese financial shares were generally lower as investors booked profits after recent gains. On Wednesday, mainland banking and insurance shares, among other China-focused plays, soared on reports that Beijing may move to trim the corporate tax rate on domestic firms.
Shares of Industrial & Commercial Bank of China (HK:1398: ) slipped 1.8%, trimming its gain since its October listing to 38%. China Construction Bank (HK:939: ) , fell 2%; the company's share have risen 87% this year.
Shares of China Life Insurance Co. (HK:2628: ) , which had soared 294% through 2006, fell 1.7%.
Hong Kong Exchanges & Clearing (HK:388: , added 1.2%, becoming the top performing blue chip, rising 162% for the year.
Another Friday standout, shares of Hutchison Telecom (HK:2332: ) gained 3.5% as potential bidders jostled for its 67% stake in India's Hutchison Essar. Recent bids reportedly value Hutchison Essar, the nation's fourth-largest wireless operator, at a minimum of $17 billion.
Shares of mainland carriers Air China (HK:753: ) rose 2.4%, while China Southern Airlines (HK:1055: ) jumped 5.4%. Analysts said gains were driven by an upbeat earnings outlook on a stronger yuan and softer oil prices.
[Endret 29.12.06 15:42 av grong2]
[Endret 29.12.06 15:43 av grong2]
|Nå skal eiendomsretten vedtas i Kina, dermed er det snart raka vegen for den alminnelige investor. Leve gammelkommunistene og nykapitalistene i Kina.
Regner med deltakerne på Kina-topicen sitter tungt i bulk på OSE? Her skal det fraktes malm og kull!
[Endret 08.03.07 23:44 av Pickr]