BEIJING, July 5 -- The tourism regulator is working on details to further open the market to foreign operators by lowering capital requirements and allowing subsidiaries.
Foreign tour agencies will be treated on par with domestic counterparts when it comes to registered capital, a China National Tourism Administration (CNTA) official has said.
Currently, they are required to have a minimum of 2.5 million yuan (328,000 U.S. dollars) in registered capital, compared to 300,000 yuan for domestic tours and 1.5 million yuan (197,000 dollars) for outbound and inbound tours for Chinese counterparts.
The CNTA has also allowed foreign-funded travel agencies to set up subsidiaries in China starting July 1, four months ahead of the November 11 deadline set by the World Trade Organization (WTO ).
However, details of the two moves are yet to be released.
By May, there were 29 solely-funded or joint-venture foreign tour operators, according to CNTA figures.
But the tourism regulator has not taken any steps to allow foreign tour agencies to handle outbound business. Currently, they are allowed to operate only inbound and domestic travel.
Another CNTA official said outbound tourism - the most lucrative part of the market - will remain closed to foreign tour agencies for now, because "it is not part of China's promise to the WTO".
The World Tourism Organization estimates China will become the world's fourth-largest source of outbound tourists by 2015.
"It is the potential of the outbound market that has attracted so many foreign operators in the first place," said an industry insider, who left a large State-owned tourism company to join a Beijing-based joint-venture tour agency a few years ago.
"We are looking forward to the day when the outbound market opens," he said.
One positive signal is that the CNTA recently allowed Hong Kong and Macao-funded tour agencies to cater to mainland tourists in eight provinces and regions bound for the two special administrative regions.
Takashi Ota, president of Kinki Nippon Tourist Co Ltd, Japan's second-largest tourism company, suggested the CNTA consider allowing collaboration between foreign and Chinese tour operators in the outbound market as a start.
But some large domestic agencies said they prefer current policies that bar access to the outbound market for foreign firms.
Thursday, July 5, 2007
Xinjiang becomes world's largest production base of colored cotton
BEIJING, July 5 -- Xinjiang's output of colored cotton makes up half of the entire global production, making the autonomous region the world's largest production base of colored cotton, according to China Colored Cotton (Group) Co Ltd.
At last week's 2007 China International Cotton Conference, Zhao Xiaolin, chairman of China Colored Cotton Group, said China's growing area of colored cotton and output of the colored fiber both saw a 20-fold increase in the past decade. At present, Xinjiang has grown colored cotton in an area of more than 130 square km.
China Color Cotton Group, located in Xinjiang, is China's largest producing enterprise of colored cotton. Its output reached 8,000 tons last year, making up 95 percent of China's total production of colored cotton and half of the world's colored cotton supply.
The company has developed over 400 kinds of colored cotton products. Some experts believe the colored cotton products, which are environmentally friendly products, have become a pillar of China's textiles export.
(Source: China Daily)
At last week's 2007 China International Cotton Conference, Zhao Xiaolin, chairman of China Colored Cotton Group, said China's growing area of colored cotton and output of the colored fiber both saw a 20-fold increase in the past decade. At present, Xinjiang has grown colored cotton in an area of more than 130 square km.
China Color Cotton Group, located in Xinjiang, is China's largest producing enterprise of colored cotton. Its output reached 8,000 tons last year, making up 95 percent of China's total production of colored cotton and half of the world's colored cotton supply.
The company has developed over 400 kinds of colored cotton products. Some experts believe the colored cotton products, which are environmentally friendly products, have become a pillar of China's textiles export.
(Source: China Daily)
Report: soaring rents pinch businesses across U.S.
WASHINGTON, July 5 (Xinhua) -- Office rents are skyrocketing across the United States, driving up costs for businesses large and small, thanks to a dearth of space in some major markets and anew breed of deep-pocketed landlords who can afford to hold out for premium tenants, The Wall Street Journal reported Thursday.
Nationwide, effective rents on office properties, the amount tenants pay after concessions, jumped an average of 3.1 percent during this year's second quarter, up from gains of 2.8 percent in the first quarter and 2.1 percent in the year-earlier period, said the report, quoting a report by real-estate research firm Reis Inc..
That was the sharpest quarterly increase since the third quarter of 2000, before the combined effects of the technology-stock bust and the Sept. 11, 2001, terrorist attacks caused office vacancies to rise and rental rates to fall.
The red-hot commercial sector offers a sharp contrast with the housing market, which has been slumping for the past two years or so, the report said.
In some cities, today's higher rents reflect strong economic fundamentals. In New York and Washington, for example, fatter corporate profits are spurring companies to step up hiring, fueling demand for additional space at a time when supply is tight.
In other markets, such as Boston and San Francisco, rising rents are the by-product of a deal-making frenzy that has left large numbers of offices buildings in the hands of nontraditional landlords such as private-equity firm Blackstone Group LP and investment bank Morgan Stanley.
Meanwhile, demand for office space has been growing. Net absorption, a measure of the space taken up by commercial tenants, increased markedly during the latest quarter, a sign that the economy is producing more office jobs, Sam Chandan, chief economist for Reis, was quoted as saying.
Nationwide, the office-vacancy rate, at 12.7 percent, is the lowest since the third quarter of 2001, according to the report.
Nationwide, effective rents on office properties, the amount tenants pay after concessions, jumped an average of 3.1 percent during this year's second quarter, up from gains of 2.8 percent in the first quarter and 2.1 percent in the year-earlier period, said the report, quoting a report by real-estate research firm Reis Inc..
That was the sharpest quarterly increase since the third quarter of 2000, before the combined effects of the technology-stock bust and the Sept. 11, 2001, terrorist attacks caused office vacancies to rise and rental rates to fall.
The red-hot commercial sector offers a sharp contrast with the housing market, which has been slumping for the past two years or so, the report said.
In some cities, today's higher rents reflect strong economic fundamentals. In New York and Washington, for example, fatter corporate profits are spurring companies to step up hiring, fueling demand for additional space at a time when supply is tight.
In other markets, such as Boston and San Francisco, rising rents are the by-product of a deal-making frenzy that has left large numbers of offices buildings in the hands of nontraditional landlords such as private-equity firm Blackstone Group LP and investment bank Morgan Stanley.
Meanwhile, demand for office space has been growing. Net absorption, a measure of the space taken up by commercial tenants, increased markedly during the latest quarter, a sign that the economy is producing more office jobs, Sam Chandan, chief economist for Reis, was quoted as saying.
Nationwide, the office-vacancy rate, at 12.7 percent, is the lowest since the third quarter of 2001, according to the report.
Hong Kong shares close at third-straight record high
HONG KONG, July 5 (Xinhua) -- Strong liquidity propelled Hong Kong's benchmark index to its third-straight record close Thursday, after the market shrugged off concerns about further tightening by the Chinese government, which dragged down stocks on the Chinese mainland.
The Hang Seng Index rose 34.44 points, or 0.2 percent, to 22, 252.99 after trading between 22,126.97 and 22,328.61 during the session.
Turnover reached 85.13 billion Hong Kong dollars (10.90 billion U.S. dollars), up from 83.43 billion Hong Kong dollars (10.69 billion U.S. dollars) Wednesday.
Analysts said the index is likely to consolidate in the near term as the index has gained 1,670 points since May 31. They added potential tightening measures on the Chinese mainland remain an overhang on the market.
A sharp fall in mainland's stock markets sent the Hong Kong index lower in the early afternoon, but it regained ground to end at a new record high.
The benchmark Shanghai Composite Index, which tracks both A and B shares, fell 5.3 percent to 3615.87, following a 2.1 percent fall Wednesday, on expectations for more tightening measures.
Blue chips were mixed. Heavyweight HSBC rose 0.14 percent to 143.20 Hong Kong dollars while mobile giant China Mobile fell 0.1 percent to 86.50 Hong Kong dollars on profit-taking.
Chinese banks made further gains on prospects of further strength in the yuan, traders said.
China Construction Bank ended up 2.9 percent at 5.77 Hong Kong dollars, following its gain of 2.6 percent Wednesday.
Bank of China rose 2 percent to 3.98 Hong Kong dollars and ICBC increased 1 percent to 4.53 Hong Kong dollars.
Chinese developer C C Land rose 9 percent to 7.56 Hong Kong dollars after Citigroup initiated its coverage with a buy rating and a price target of 8.68 Hong Kong dollars.
"C C Land is the only property play that offers pure exposure to western China - a high-growth region," said Citigroup.
HK and China Gas gained 2 percent to 16.80 Hong Kong dollars after the exchange disclosed Chairman Lee Shau-kee had increased his stake to 40.14 percent from 40.07 percent. Lee bought 4.418 million shares from June 27-29 at 16.475-16.511 Hong Kong dollars each.
xinhuanet
The Hang Seng Index rose 34.44 points, or 0.2 percent, to 22, 252.99 after trading between 22,126.97 and 22,328.61 during the session.
Turnover reached 85.13 billion Hong Kong dollars (10.90 billion U.S. dollars), up from 83.43 billion Hong Kong dollars (10.69 billion U.S. dollars) Wednesday.
Analysts said the index is likely to consolidate in the near term as the index has gained 1,670 points since May 31. They added potential tightening measures on the Chinese mainland remain an overhang on the market.
A sharp fall in mainland's stock markets sent the Hong Kong index lower in the early afternoon, but it regained ground to end at a new record high.
The benchmark Shanghai Composite Index, which tracks both A and B shares, fell 5.3 percent to 3615.87, following a 2.1 percent fall Wednesday, on expectations for more tightening measures.
Blue chips were mixed. Heavyweight HSBC rose 0.14 percent to 143.20 Hong Kong dollars while mobile giant China Mobile fell 0.1 percent to 86.50 Hong Kong dollars on profit-taking.
Chinese banks made further gains on prospects of further strength in the yuan, traders said.
China Construction Bank ended up 2.9 percent at 5.77 Hong Kong dollars, following its gain of 2.6 percent Wednesday.
Bank of China rose 2 percent to 3.98 Hong Kong dollars and ICBC increased 1 percent to 4.53 Hong Kong dollars.
Chinese developer C C Land rose 9 percent to 7.56 Hong Kong dollars after Citigroup initiated its coverage with a buy rating and a price target of 8.68 Hong Kong dollars.
"C C Land is the only property play that offers pure exposure to western China - a high-growth region," said Citigroup.
HK and China Gas gained 2 percent to 16.80 Hong Kong dollars after the exchange disclosed Chairman Lee Shau-kee had increased his stake to 40.14 percent from 40.07 percent. Lee bought 4.418 million shares from June 27-29 at 16.475-16.511 Hong Kong dollars each.
xinhuanet
China to Further Open Mining Market
Chinese Vice Premier Zeng Peiyan says China will further open its national mining market to attract more foreign investment. Zeng Peiyan made the announcement on Tuesday at the China Mining 2006 conference in Beijing. He said China will increase international communication and cooperation for geological surveys, as well as actively absorb foreign capital, advanced technology and management for mutual benefit. Zeng Peiyan added China will support excellent domestic enterprises to go abroad to learn about the prospects of tapping into the country’s mineral resources. Officials from the Ministry of Land and Resources say to encourage more foreign investment, China will improve its mining industry and investment environment to ensure investors‘ legal rights.
CRI
Airbus A380 to Have 7-day Trial Flight in China
An Airbus A380 plane will arrive in Hong Kong on Saturday for the start of its seven-day trial flight in China. The plane with 555 seats will fly to Guangzhou, Beijing and Shanghai in the tour. Airbus A380 started trial flight on Nov. 13 to test its function and reliability in world major airports. The final authentification is expected to be finished in the middle of December. Up to date, five Airbus A380 planes have successfully complete their trial flights and Airbus has received orders for 166 jets from 15 customers. Airbus announced a 150-plane order from China on Oct. 26 when French President Jacques Chirac was on his visit to China.
FDI climbs after falling for 4 months
Nov.16 - Realized foreign direct investment (FDI) in the country rose in October after annualized declines in the previous four months, the Ministry of Commerce said Wednesday. The amount grew nearly 16 per cent to US$5.99 billion and 3,047 foreign-invested enterprises were approved. The country attracted US$48.58 billion in FDI from January to October, up 0.34 per cent from a year earlier, ministry spokesman Chong Quan told a news briefing. During the same period, 33,068 foreign-invested ventures were approved, down 6.32 per cent year on year. The ministry did not reveal figures for contracted FDI. Hong Kong ranked first among sources of FDI, followed by the British Virgin Islands and Japan. Although the increase was slight compared with last year, the average value of each investment deal rose, said Gao Hong, a research fellow with the Chinese Academy of Social Sciences. He attributed it to the government paying more attention to the quality of overseas investment rather than quantity. The figures released by the commerce ministry did not include investment flows to the financial sector, which has become a major destination of FDI since last year. "A lot of foreign money is coming into China‘s banking sector as the deadline at the year-end for the full opening of the banking sector draws near," Citigroup economist Huang Yiping said. The National Development and Reform Commission (NDRC), the top economic planner, said last week that the country welcomes foreign companies as strategic investors in commercial banks and State-owned insurers as long as the Chinese side holds a controlling stake. The move is expected to attract more inflows to the financial services sector during the 11th Five-Year Plan (2006-10). The banking regulator is expected to publish revised administrative rules on foreign banks, allowing them to deal with renminbi retail business. FDI in the sector jumped to US$12 billion last year, compared with less than US$2 billion in 2004. The spokesman also touched on China‘s trade and economic relations with Viet Nam, India and Pakistan with President Hu Jintao yesterday starting his visit to the three countries. Chong said he believes that Chinese products and services would have an easier access to Viet Nam after the Southeast Asian nation recently concluded negotiations for accession of the World Trade Organization. Bilateral trade between China and Viet Nam reached US$8.2 billion in 2005, and Viet Nam is one of the major overseas investment destinations of Chinese enterprises. Trade between China and India is expected to reach US$20 billion this year, two years ahead of the target set by the two governments. China is also likely to reach a free trade agreement with Pakistan in the near future, Chong said.
Mining a new hotspot for overseas investment
Chinanews, Beijing, November 15 – Mining industry has become another hotspot for overseas investment this year, especially the mines in western provinces and autonomous regions, like Yunnan, Xinjiang, Qinghai, etc. The great demand for energy in the world has injected new vigor into mining industry worldwide. This country being in the key period of its 11th Five-Year Plan, energy and resources have never been more important to China. With abundant reserves and thriving domestic demand, mining industry in China nearly has infinite potential, no wonder it has attracted so much overseas investment. China will stick to its opening-up policy, and the government is pressing ahead with the reform to create a perfect market environment. New laws and regulations are being made to protect the rights and interests of investors. It can be estimated that mining industry in the country will welcome a win-win situation for both China and the world.
Report: Food price hikes will not cause "serious inflation"
BEIJING, July 4 (Xinhua) -- Recent food price hikes will not lead to serious inflation in China, according to a report co-authored by three officials with the National Bureau of Statistics.
There will be no "serious inflation" unless grain prices rise by more than 20 percent or cause a chain reaction in the prices of industrial products and services, the report argued, without defining "serious inflation".
Food prices rose by 6.8 percent year and prices of consumer goods and services climbed 2.9 percent in the first five months, said the report.
The report acknowledged that meat and poultry prices rose by 22 percent and eggs by 33 percent in May alone but argued that the impact of food price rises on people's living standards would be "limited and temporary".
China's consumer price index (CPI), the country's inflation rate, rose 2.9 percent in the first five months this year, with food prices contributing 76 percent of the hike.
The country's ample grain reserves should act to restrain prices, said the report.
Rising international grain prices have pushed up domestic prices since November 2006 but were unlikely to do so this year, said the report, citing figures from the United Nations, which predicted world grain prices would rise by three to five percent in 2007.
There will be no "serious inflation" unless grain prices rise by more than 20 percent or cause a chain reaction in the prices of industrial products and services, the report argued, without defining "serious inflation".
Food prices rose by 6.8 percent year and prices of consumer goods and services climbed 2.9 percent in the first five months, said the report.
The report acknowledged that meat and poultry prices rose by 22 percent and eggs by 33 percent in May alone but argued that the impact of food price rises on people's living standards would be "limited and temporary".
China's consumer price index (CPI), the country's inflation rate, rose 2.9 percent in the first five months this year, with food prices contributing 76 percent of the hike.
The country's ample grain reserves should act to restrain prices, said the report.
Rising international grain prices have pushed up domestic prices since November 2006 but were unlikely to do so this year, said the report, citing figures from the United Nations, which predicted world grain prices would rise by three to five percent in 2007.
China, EU call for more exchanges in financial sector
BRUSSELS, July 4 (Xinhua) -- China and the European Union (EU) on Wednesday held the Third China-EU Financial Dialogue here, aiming at beefing up exchanges in financial policies.
At the one-day meeting, the two sides discussed various topics of mutual concern, such as the macro-economic situation and policies, reforms to financial sectors, guidelines on accounting and governmental purchases.
The two delegations, led by Chinese Vice Minister of Finance Zhu Zhigang and EU Commissioner for Economic and Monetary Affairs Joaquin Almunia, signed a joint statement after their talks.
In the document, the two sides agreed that despite high oil prices, the world economy maintains robust growth thanks to healthy financial market conditions and booming global trade.
On their respective economies, the Chinese side said China's economic growth is running above previous expectations and the EU side said its economy is growing faster than expected.
The Chinese side agreed to implement prudent fiscal policies and suitably tight monetary policies, and to further restructure the economy and transform its growth pattern so as to achieve sustainable development. It also agreed to gradually improve the mechanism for setting the yuan exchange rate.
On the EU side, the document said EU members need to further improve their budget situations. It said prudent budgets are crucial to increasing the sustainability of public finances.
Regarding reforms to financial sectors, China and the EU reached a consensus that the well-functioning and increasing opening up of financial markets are important to economic development by lowering financing costs and improving the allocation of resources.
The Chinese side promised to further open up, strengthen supervision and risk management, increase transparency as well as step up relative legislation to deepen reforms of the financial sectors.
The EU side said it is advocating for an integrated, open, more competitive and efficient financial services market.
The joint statement also covers the two sides' shared views on accounting, auditing and government purchases, and their agreement to hold the Fourth China-EU Financial Dialogue in China next year.
The China-EU Financial Dialogue was officially launched in February, 2005, thus creating a new channel for the two sides to conduct cooperation in broad economic policies and financial areas.
It also serves as a significant platform to increase mutual understanding, promote cooperation and enhance the all-round strategic partnership between China and the EU.
This year, the Chinese delegation to Brussels is composed of officials from Ministry of Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission.
The EU side draws together representatives from the EU Commission in charge of economic and monetary affairs, internal market and services and external relations, as well as officials from the European Central Bank.
At the one-day meeting, the two sides discussed various topics of mutual concern, such as the macro-economic situation and policies, reforms to financial sectors, guidelines on accounting and governmental purchases.
The two delegations, led by Chinese Vice Minister of Finance Zhu Zhigang and EU Commissioner for Economic and Monetary Affairs Joaquin Almunia, signed a joint statement after their talks.
In the document, the two sides agreed that despite high oil prices, the world economy maintains robust growth thanks to healthy financial market conditions and booming global trade.
On their respective economies, the Chinese side said China's economic growth is running above previous expectations and the EU side said its economy is growing faster than expected.
The Chinese side agreed to implement prudent fiscal policies and suitably tight monetary policies, and to further restructure the economy and transform its growth pattern so as to achieve sustainable development. It also agreed to gradually improve the mechanism for setting the yuan exchange rate.
On the EU side, the document said EU members need to further improve their budget situations. It said prudent budgets are crucial to increasing the sustainability of public finances.
Regarding reforms to financial sectors, China and the EU reached a consensus that the well-functioning and increasing opening up of financial markets are important to economic development by lowering financing costs and improving the allocation of resources.
The Chinese side promised to further open up, strengthen supervision and risk management, increase transparency as well as step up relative legislation to deepen reforms of the financial sectors.
The EU side said it is advocating for an integrated, open, more competitive and efficient financial services market.
The joint statement also covers the two sides' shared views on accounting, auditing and government purchases, and their agreement to hold the Fourth China-EU Financial Dialogue in China next year.
The China-EU Financial Dialogue was officially launched in February, 2005, thus creating a new channel for the two sides to conduct cooperation in broad economic policies and financial areas.
It also serves as a significant platform to increase mutual understanding, promote cooperation and enhance the all-round strategic partnership between China and the EU.
This year, the Chinese delegation to Brussels is composed of officials from Ministry of Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission.
The EU side draws together representatives from the EU Commission in charge of economic and monetary affairs, internal market and services and external relations, as well as officials from the European Central Bank.
May retail sales in HK grew by 9.4%
BEIJING, July 5 -- Retail sales in Hong Kong showed strong growth in May, reflecting positive consumer sentiment backed by the buoyant stock market and continued growth in inbound tourism, the government said.
The territory recorded total retail sales of HK$20.5 billion in May, which when adjusted for inflation, shows sales increased by 9.4 percent over the previous year, according to the Census and Statistics Department (C&SD).
Growth was led by sales in motor vehicles and parts, which increased 26.6 percent, and consumption in jewelry, watches and clocks, which surged some 22 percent during the period.
Electrical goods stores also recorded stronger demand for various home appliances and photographic equipment, with an 18 percent jump year-on-year, followed by sales in clothes, which surged 12 percent, C&SD said in a statement.
The increased volume of total retail sales showed vibrant and broad-based growth in May, reflecting generally upbeat consumer sentiment on the back of a favorable economic environment and positive effects on wealth generated by the rising stock market, a government spokesman said.
He also noted that May's rise in inbound tourism added further strength to retail sales in the month.
"Rising labor income and a better job market should continue to uphold consumer sentiment. This, together with the further expansion of inbound tourism, should provide solid support to the retail sector going forward," he said.
A 9 percent increase was recorded in footwear sales and other clothing accessories, along with an 8.6 percent rise in sales of commodities in department stores.
Furniture and fixtures sales grew by 6.3 percent and consumer durable goods rose 5.4 percent.
Yet there were decreases in some retail consumption. Sales of food, alcoholic drinks and tobacco slid by 0.5 percent in May compared with a year earlier.
Total retail sales in the first five months this year was 8.3 percent higher in value and 6.2 percent higher in volume than the same period in 2006.
Revised estimates of the value of total retail sales in April, some HK$19.2 billion, show an increase of 3.2 percent over the same month last year, while sales volume rose by 1.7 percent in the same period.
(Source: China Daily)
The territory recorded total retail sales of HK$20.5 billion in May, which when adjusted for inflation, shows sales increased by 9.4 percent over the previous year, according to the Census and Statistics Department (C&SD).
Growth was led by sales in motor vehicles and parts, which increased 26.6 percent, and consumption in jewelry, watches and clocks, which surged some 22 percent during the period.
Electrical goods stores also recorded stronger demand for various home appliances and photographic equipment, with an 18 percent jump year-on-year, followed by sales in clothes, which surged 12 percent, C&SD said in a statement.
The increased volume of total retail sales showed vibrant and broad-based growth in May, reflecting generally upbeat consumer sentiment on the back of a favorable economic environment and positive effects on wealth generated by the rising stock market, a government spokesman said.
He also noted that May's rise in inbound tourism added further strength to retail sales in the month.
"Rising labor income and a better job market should continue to uphold consumer sentiment. This, together with the further expansion of inbound tourism, should provide solid support to the retail sector going forward," he said.
A 9 percent increase was recorded in footwear sales and other clothing accessories, along with an 8.6 percent rise in sales of commodities in department stores.
Furniture and fixtures sales grew by 6.3 percent and consumer durable goods rose 5.4 percent.
Yet there were decreases in some retail consumption. Sales of food, alcoholic drinks and tobacco slid by 0.5 percent in May compared with a year earlier.
Total retail sales in the first five months this year was 8.3 percent higher in value and 6.2 percent higher in volume than the same period in 2006.
Revised estimates of the value of total retail sales in April, some HK$19.2 billion, show an increase of 3.2 percent over the same month last year, while sales volume rose by 1.7 percent in the same period.
(Source: China Daily)
Macao's gaming receipts see rise in first half of 2007
MACAO, July 5 (Xinhua) -- The gross revenues of Macao's 26 casinos saw a year-on-year rise of 47.2 percent in the first half of the year, local media reported Thursday.
The Macao Post Daily quoted government sources as saying that however, the gaming receipts in June dropped 23 percent over May.
Some local analysts due the month-to-month receipts decrease to "the less flexible" granting of individual travel permits by the Chinese mainland authorities.
The mainland authorities recently tightened the travel authorization in an effort to fight illegal labor and the influx of illegal capital. Many vex that the tightening will affect Macao's gaming profit as well.
Some argue that June was "a traditionally weak month" for the gaming industry, as the casino's gross receipts month-to-month dropped 9.5 percent in June last year.
The Macao Post Daily quoted government sources as saying that however, the gaming receipts in June dropped 23 percent over May.
Some local analysts due the month-to-month receipts decrease to "the less flexible" granting of individual travel permits by the Chinese mainland authorities.
The mainland authorities recently tightened the travel authorization in an effort to fight illegal labor and the influx of illegal capital. Many vex that the tightening will affect Macao's gaming profit as well.
Some argue that June was "a traditionally weak month" for the gaming industry, as the casino's gross receipts month-to-month dropped 9.5 percent in June last year.
China, EU seek greater global regulatory convergence in financial sector
BRUSSELS, July 4 (Xinhua) -- China and the European Union agreed to work towards greater global regulatory convergence in the financial sector at their third Economic and Financial Dialogue here on Wednesday.
"The two sides agreed to work towards greater global regulatoryconvergence including sound international standards and principles-based regulation with a view to promoting efficiency, competition and to strengthen investor protection and financial stability," reads the joint statement issued after the one-day meeting.
Both China and the EU expressed their willingness to work closely, to develop their financial relations and to expand cooperation whenever possible. They agreed to strengthen their cooperation in the reform and supervision of the financial sector.
The Chinese side, led by Vice Minister of Finance Zhu Zhigang, said measures have been taken by China to strengthen reforms in the financial sector, such as increasing the capital adequacy ratio, improving the corporate governance of financial institutions and promoting information disclosure.
The Chinese side also reaffirmed its commitment to advancing financial sector reforms by deepening opening-up policies, strengthening prudent supervision and risk prevention, enhancing transparency and improving the legal framework of financial sectorsupervision.
EU participants, including EU Commissioner for Economic and Monetary Affairs Joaquin Almunia, highlighted the progress achieved in the 27-nation bloc's financial sector integration and the development of its financial markets, stressing the importanceof enhanced supervisory convergence, of creating more competition between service providers, and of better positioning the EU in theglobal context.
The China-EU Economic and Financial Dialogue was officially launched in February 2005, thus creating a new channel for the twosides to conduct cooperation in broad economic policies and financial areas. It also serves as a significant platform to increase mutual understanding, promote cooperation and enhance theall-round strategic partnership between China and the EU.
The Fourth China-EU Economic and Financial Dialogue will be held in China next year. Enditem
"The two sides agreed to work towards greater global regulatoryconvergence including sound international standards and principles-based regulation with a view to promoting efficiency, competition and to strengthen investor protection and financial stability," reads the joint statement issued after the one-day meeting.
Both China and the EU expressed their willingness to work closely, to develop their financial relations and to expand cooperation whenever possible. They agreed to strengthen their cooperation in the reform and supervision of the financial sector.
The Chinese side, led by Vice Minister of Finance Zhu Zhigang, said measures have been taken by China to strengthen reforms in the financial sector, such as increasing the capital adequacy ratio, improving the corporate governance of financial institutions and promoting information disclosure.
The Chinese side also reaffirmed its commitment to advancing financial sector reforms by deepening opening-up policies, strengthening prudent supervision and risk prevention, enhancing transparency and improving the legal framework of financial sectorsupervision.
EU participants, including EU Commissioner for Economic and Monetary Affairs Joaquin Almunia, highlighted the progress achieved in the 27-nation bloc's financial sector integration and the development of its financial markets, stressing the importanceof enhanced supervisory convergence, of creating more competition between service providers, and of better positioning the EU in theglobal context.
The China-EU Economic and Financial Dialogue was officially launched in February 2005, thus creating a new channel for the twosides to conduct cooperation in broad economic policies and financial areas. It also serves as a significant platform to increase mutual understanding, promote cooperation and enhance theall-round strategic partnership between China and the EU.
The Fourth China-EU Economic and Financial Dialogue will be held in China next year. Enditem
China's business index up in second quarter
BEIJING, July 5 (Xinhua) -- China's business index, a major measurement of company performance and development trends, was up to 146 in the second quarter, according to data released by the National Bureau of Statistics on Thursday.
The indicator, produced on a survey of 19,500 companies nationwide, was 6.3 points higher than the first quarter level or 10.1 points higher than the same period last year.
The manufacturing and power and water supply sectors recorded higher growth in their respective indices. Manufacturing was 145.8,up 6.5 points quarter-on-quarter or 11.8 points from the same period last year; while the power and water supply averaged 148.3,up 11.3 points over the first-quarter or 9.8 points over the year-earlier level.
Transport, warehousing, mail, wholesale and retail enterprises had their indicators remain roughly the same as the previous quarter, with indicators of other categories of enterprises all rising.
In comparison with the same period last year, all sectors, except mining, recorded growth in their indices.
The indicator, produced on a survey of 19,500 companies nationwide, was 6.3 points higher than the first quarter level or 10.1 points higher than the same period last year.
The manufacturing and power and water supply sectors recorded higher growth in their respective indices. Manufacturing was 145.8,up 6.5 points quarter-on-quarter or 11.8 points from the same period last year; while the power and water supply averaged 148.3,up 11.3 points over the first-quarter or 9.8 points over the year-earlier level.
Transport, warehousing, mail, wholesale and retail enterprises had their indicators remain roughly the same as the previous quarter, with indicators of other categories of enterprises all rising.
In comparison with the same period last year, all sectors, except mining, recorded growth in their indices.
Sex Scandal Actress Attacks Again
Actress Zhang Yu in this undated photo. [File Photo: Sina.com]Actress Zhang Yu, who became widely known for revealing the "sex-for-work" scandal in the showbiz industry, has made another attempt to fight against the system on Wednesday, by trying to report 13 more directors for such abuses of power.Upon her invitation, a reporter from the Beijing Morning Post accompanied Zhang Yu to a nearby office of the Discipline Inspection Commission of the Communist Party of China in Dongcheng district, Beijing, on Wednesday afternoon."As I have already lost lawsuits against those directors, I think it will be hard to prevail through more appeals to the court. Thus I have decided to report them," Zhang Yu told the reporter.At the commission office, Zhang Yu submitted a letter listing sex deals involving 13 directors.However, after looking through the letter, a commission officer said such cases were not included in their scope of administration, as the commission was only responsible for supervising party members and officials.Undaunted, Zhang Yu said she would not give up trying, "The commission officer told me some other possible avenues. I will try all the suggestions." She said she may even report the directors to police for abuses against women.Zhang Yu declares that she is endeavoring to help purifying the showbiz industry, and to aid other actresses who have suffered from the ugly sex-for-work system.In 2003, the then unknown actress stirred up the whole country by accusing numerous famous TV and film directors of frequently requesting sex from actresses in return for casting opportunities. Zhang released audio and video tapes of herself and other actress friends having sex with certain big name directors as evidence. But disapproving voices claimed she only did so to gain herself public notoriety.
World Bank Inks Gas Deal
The World Bank has signed its first greenhouse gas reduction agreement in China to develop a landfill gas project.
The Shuangkou landfill gas project, located in Tianjin, will recover gas from the Shuangkou landfill and use it for electricity generation.
Reductions achieved in greenhouse gas emissions will also be sold to the Spanish Carbon Fund under the global mechanism for trade in carbon credits.
Project developer Tianjin Clean Energy and Environmental Engineering Company Ltd (TCEE) will collect landfill gas, half of which is expected to be methane that has 21 times the global warming potential of carbon dioxide (CO2). The rest will be CO2 and other gases.
It will produce power by installing a landfill gas collection system, electricity generation equipment and a gas flaring system on the site.
Under its agreement signed with the World Bank, TCEE will then sell 635,000 tons of CO2 equivalent greenhouse gas emission reductions to the Spanish Carbon Fund managed by the bank.
"Tianjin is the first landfill gas project the bank has undertaken in China and is a prototype of what could be," said Greg Browder, senior environmental engineer and task leader of the project.
There are 87 cities in China with a population of 1 million residents or more that produce large amounts of greenhouse gases.
"The residents of these and other large cities discard significant quantities of waste that will emit methane in a disposal site. The potential for landfill gas projects like Tianjin is enormous," he said.
The landfill gas project is expected to start by early 2008. Gas will be collected in pipes from a series of wells that tap into waste disposal sites.
The collected gas will be then transported in pipes to a central facility where it will be burned to produce electricity for sale to the North China Power Grid.
"As a renewable energy project, the Tianjin project will provide societal, economic and environmental benefits and result in a positive impact on the global climate," said a TCEE official who declined to be named.
"With its approval in China and with the emission reductions purchase agreement signed, the project is now on its way to being registered as a Clean Development Mechanism project."
Landfill gas is the fourth-largest contributor to non-CO2 greenhouse gas emissions.
The Shuangkou landfill was the first modern sanitary landfill in the North China city.
(China Daily July 6, 2007)
2007-07-06 08:35:55World Bank Inks Gas Dealbank,gas,greenhouse,landfill,world1007Top Newswww.china.org.cn/enpproperty-->
The Shuangkou landfill gas project, located in Tianjin, will recover gas from the Shuangkou landfill and use it for electricity generation.
Reductions achieved in greenhouse gas emissions will also be sold to the Spanish Carbon Fund under the global mechanism for trade in carbon credits.
Project developer Tianjin Clean Energy and Environmental Engineering Company Ltd (TCEE) will collect landfill gas, half of which is expected to be methane that has 21 times the global warming potential of carbon dioxide (CO2). The rest will be CO2 and other gases.
It will produce power by installing a landfill gas collection system, electricity generation equipment and a gas flaring system on the site.
Under its agreement signed with the World Bank, TCEE will then sell 635,000 tons of CO2 equivalent greenhouse gas emission reductions to the Spanish Carbon Fund managed by the bank.
"Tianjin is the first landfill gas project the bank has undertaken in China and is a prototype of what could be," said Greg Browder, senior environmental engineer and task leader of the project.
There are 87 cities in China with a population of 1 million residents or more that produce large amounts of greenhouse gases.
"The residents of these and other large cities discard significant quantities of waste that will emit methane in a disposal site. The potential for landfill gas projects like Tianjin is enormous," he said.
The landfill gas project is expected to start by early 2008. Gas will be collected in pipes from a series of wells that tap into waste disposal sites.
The collected gas will be then transported in pipes to a central facility where it will be burned to produce electricity for sale to the North China Power Grid.
"As a renewable energy project, the Tianjin project will provide societal, economic and environmental benefits and result in a positive impact on the global climate," said a TCEE official who declined to be named.
"With its approval in China and with the emission reductions purchase agreement signed, the project is now on its way to being registered as a Clean Development Mechanism project."
Landfill gas is the fourth-largest contributor to non-CO2 greenhouse gas emissions.
The Shuangkou landfill was the first modern sanitary landfill in the North China city.
(China Daily July 6, 2007)
2007-07-06 08:35:55World Bank Inks Gas Dealbank,gas,greenhouse,landfill,world1007Top Newswww.china.org.cn/enpproperty-->
Phone Battery Explosion Victim's Battery Not Original
The welding technician killed in a mobile phone battery explosion in Gansu Province has been confirmed to have been using a Motorola cell phone, but with a battery not included with the original package.The Star Daily reports sources with the local administration of work safety as saying that, since the phone battery was not a Motorola battery, public security staff are investigating the identity of the as-yet unidentified battery manufacturer.Motorola's Beijing press officer Yang Boning also told the newspaper that preliminary investigation results show that it is almost impossible for a cell phone to have caused such an explosion. Nonetheless, Motorola is actively cooperating with relevant departments in conducting the investigation.In an interview with the Lanzhou Morning Post on Wednesday afternoon, Vice Director Chen Gang with Jinta County's Administration of Work Safety said the death of the 22-year old welding technician Xiao Jinpeng has been defined as a 'production safety incident' occurring at work.The family of the deceased has been paid 130 thousand yuan in compensation by the Yingpan iron smelting plant in Jinta County, Gansu Province, where the victim used to work.At midday on June 19, an unusually warm day, welder Xiao's mobile phone exploded in his chest pocket while he was welding. He was immediately rushed to hospital, but died later despite all rescue efforts.The mobile phone used by the technician was purchased by his relative from an out-of-town store, and is currently undergoing tests.The investigation team responsible for tracing the explosion's cause concluded that this is not the first mobile phone explosion incident, but certainly the first to have killed a phone user in China.Since there is no regulation in China to cope with mobile phone explosions, Chen Gang says much trouble exists regarding how to deal with this specific incident.Meanwhile, the mobile phone instructions fail to specify that a welding technician cannot take his mobile phone with him to work.The official has urged government departments to set up specific regulations concerning compensation for such mobile phone explosions in future.
China's cabinet appoints new officials
BEIJING, July 5 (Xinhua) -- China's State Council, the cabinet, has recently appointed five high-ranking officials.
Zhang Hongli was appointed deputy finance minister and Yang Mingsheng was appointed deputy head of the China Insurance Regulatory Commission.
Zhang Yutai was appointed head of the Development Research Center of the State Council, replacing Wang Mengkui.
Wang Qiu was appointed head of the Central People's Broadcasting Station, replacing Yang Bo.
Shi Shuyun, female, was appointed ambassador and permanent delegate to the United Nations Educational, Scientific and Cultural Organization, replacing Zhang Xuezhong.
In the meantime, Wang Chunzheng was removed of deputy head of the National Development and Reform Commission and Xiang Junbo of vice president of the People's Bank of China.
Tang Shuangning was removed of deputy head of the China Banking Regulatory Commission.
Jiao Yi'an and Han Xizheng were removed of chairpersons of Board of Supervisors for Key Large-Sized State-Owned Enterprises and Wu Xiaoping of chairperson of Board of Supervisors for Key State-Owned Financial Organizations.
Zhang Hongli was appointed deputy finance minister and Yang Mingsheng was appointed deputy head of the China Insurance Regulatory Commission.
Zhang Yutai was appointed head of the Development Research Center of the State Council, replacing Wang Mengkui.
Wang Qiu was appointed head of the Central People's Broadcasting Station, replacing Yang Bo.
Shi Shuyun, female, was appointed ambassador and permanent delegate to the United Nations Educational, Scientific and Cultural Organization, replacing Zhang Xuezhong.
In the meantime, Wang Chunzheng was removed of deputy head of the National Development and Reform Commission and Xiang Junbo of vice president of the People's Bank of China.
Tang Shuangning was removed of deputy head of the China Banking Regulatory Commission.
Jiao Yi'an and Han Xizheng were removed of chairpersons of Board of Supervisors for Key Large-Sized State-Owned Enterprises and Wu Xiaoping of chairperson of Board of Supervisors for Key State-Owned Financial Organizations.
Nigerian militants kidnap 3-year-old British girl
LAGOS, July 5 (Xinhua) -- A three-year-old British girl was seized by armed kidnappers in Nigeria's southeastern Niger Delta area, local media quoted police as saying in Port Harcourt, the capital city of the area's Rivers State, on Thursday.
The three-year-old, Margaret Hill, a daughter of a British oil worker, was taken hostage on her way to school in the rebellious oil city by unidentified gunmen, according to reports.
The kidnapping follows that of five oil workers on Wednesday, the first since the main militant group in the area called off a month-long cease-fire.
Margaret Hill is the third child to be kidnapped by unknown gunmen in Nigeria in the last couple of weeks.
Since the beginning of this year, more than 100 foreigners have been abducted in southeastern Nigeria. Nigeria is Africa's largest oil producer with a daily crude output of 2.6 million barrels.
However, the repeated occurrence of kidnapping has scared thousands of foreign oil workers away since last year, forcing the oil production to reduce by nearly 25 percent.
Britain urges release of kidnapped girl in Nigeria
LONDON, July 5 (Xinhua) -- The British Foreign Office on Thursday called for the "immediate safe release" of a British girl kidnapped by gunmen in Nigeria's Niger Delta region.
"We do not know who took her. We are in contact with her parents and are providing assistance. High Commission officials are in contact with the Nigerian authorities," a Foreign Office spokesman said.
Officials were "aware of reports of a three-year-old girl missing in Nigeria and we are urgently seeking information," he added.
The three-year-old, Margaret Hill, a daughter of a British oil worker, was taken hostage on her way to school in the rebellious oil city by unidentified gunmen, according to reports.
The kidnapping follows that of five oil workers on Wednesday, the first since the main militant group in the area called off a month-long cease-fire.
Margaret Hill is the third child to be kidnapped by unknown gunmen in Nigeria in the last couple of weeks.
Since the beginning of this year, more than 100 foreigners have been abducted in southeastern Nigeria. Nigeria is Africa's largest oil producer with a daily crude output of 2.6 million barrels.
However, the repeated occurrence of kidnapping has scared thousands of foreign oil workers away since last year, forcing the oil production to reduce by nearly 25 percent.
Britain urges release of kidnapped girl in Nigeria
LONDON, July 5 (Xinhua) -- The British Foreign Office on Thursday called for the "immediate safe release" of a British girl kidnapped by gunmen in Nigeria's Niger Delta region.
"We do not know who took her. We are in contact with her parents and are providing assistance. High Commission officials are in contact with the Nigerian authorities," a Foreign Office spokesman said.
Officials were "aware of reports of a three-year-old girl missing in Nigeria and we are urgently seeking information," he added.
Yuan hits new high against dollar
Chinese and US banknotes are seen in this file photo. [newsphoto]
China's currency hit a new high against the US dollar on Tuesday as the country's trade surplus is projected to top US$100 billion in the first half of the year.
Before trading started on Tuesday morning, the People's Bank of China (PBoC) set the midpoint at 7.5951, breaking the 7.60 barrier for the first time since China ended its peg to the US dollar in July 2005.
The PBoC widened the yuan's daily trading limit against the US dollar to 0.5 percent to 0.3 percent on May 18, making it possible for faster gains.
The yuan has appreciated 6.35 percent against the US dollar since the exchange rate reform in 2005.
However, that has failed to appease the Bush administration, American lawmakers and businesses. US Treasury Secretary Henry Paulson said Monday he was unhappy with the slow pace at which the yuan is rising in value.
American lawmakers and businesses claim China is keeping the yuan artificially low to give its exports an unfair advantage and demand a faster rise in yuan's value.
The new midpoint came after a senior Chinese government economist says the country's trade surplus for the first half of this year may top $100 billion on top of a US$177.5 billion surplus in 2006.
"The trade surplus reached $85.7 billion in January-May, and for the first half of the year will exceed $100 billion," said Yao Jingyuan, chief economist for the National Bureau of Statistics.
That is expected to give more ammunition to American lawmakers who are calling for legislation to impose higher tariffs on imports of Chinese goods, or take other punitive steps if Beijing fails to ease currency controls.
The Chinese government has said it is not actively pursuing a surplus and has taken steps to slow exports.
The latest move happened on June 19 when the Ministry of Finance announced it will eliminate or reduce tax rebates for more than 2,800 export items from July 1. That accounts for 37 percent of all export products.
China also insisted on the gradual reform of the yuan exchange rate and said a stronger renminbi alone could not put an end to the high-flying surplus.
(Source: chinadaily)
China's currency hit a new high against the US dollar on Tuesday as the country's trade surplus is projected to top US$100 billion in the first half of the year.
Before trading started on Tuesday morning, the People's Bank of China (PBoC) set the midpoint at 7.5951, breaking the 7.60 barrier for the first time since China ended its peg to the US dollar in July 2005.
The PBoC widened the yuan's daily trading limit against the US dollar to 0.5 percent to 0.3 percent on May 18, making it possible for faster gains.
The yuan has appreciated 6.35 percent against the US dollar since the exchange rate reform in 2005.
However, that has failed to appease the Bush administration, American lawmakers and businesses. US Treasury Secretary Henry Paulson said Monday he was unhappy with the slow pace at which the yuan is rising in value.
American lawmakers and businesses claim China is keeping the yuan artificially low to give its exports an unfair advantage and demand a faster rise in yuan's value.
The new midpoint came after a senior Chinese government economist says the country's trade surplus for the first half of this year may top $100 billion on top of a US$177.5 billion surplus in 2006.
"The trade surplus reached $85.7 billion in January-May, and for the first half of the year will exceed $100 billion," said Yao Jingyuan, chief economist for the National Bureau of Statistics.
That is expected to give more ammunition to American lawmakers who are calling for legislation to impose higher tariffs on imports of Chinese goods, or take other punitive steps if Beijing fails to ease currency controls.
The Chinese government has said it is not actively pursuing a surplus and has taken steps to slow exports.
The latest move happened on June 19 when the Ministry of Finance announced it will eliminate or reduce tax rebates for more than 2,800 export items from July 1. That accounts for 37 percent of all export products.
China also insisted on the gradual reform of the yuan exchange rate and said a stronger renminbi alone could not put an end to the high-flying surplus.
(Source: chinadaily)
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