China to lead Asian recovery with 8.5% growth in 2009: IMF

The International Monetary Fund (IMF) projected recently that China will grow by 8.5 percent this year and 9.0 percent in 2010, saying China will lead Asia out of the economic recession.

Recent indicators point to a strengthening recovery in Asia "led by a rapid rebound in China, where growth accelerated to an annual rate of 7.1 percent in the first half of the year," IMF said in its World Economic Outlook (WEO) issued in Istanbul on October 1.

Asia's growth momentum will build during the second half of 2009, forming the basis for a generally moderate recovery in 2010, said the report.

China and India will lead the expansion this year and will grow at 8.5 percent and 5.4 percent respectively, boosted by large policy stimulus which is increasing demand from domestic sources, it said.

"The policy stimulus in China could support recoveries in other parts of Asia," the report said.

According to the report, China will see growth rise to 9.0 percent in 2010, while "emerging" Asia will grow by 5.0 percent this year and 6.8 percent in 2010.

While the manufacturing-oriented economies such as South Korea and Singapore slumped and had recorded peak declines in industrial production of about 25 percent by the end of 2008, only China, Indonesia and India escaped a severe recession, said the report.

The intensifying rebound in Asia can be linked to three factors, said the report, namely expansionary fiscal and monetary policy, a rebound in financial markets and capital inflows and the growth impulse for industry following large inventory adjustments.

IMF on Thursday raised its 2010 growth forecast for the world economy to 3.1 percent from 2.5 percent, saying the global recession "is ending."

The WEO presents the IMF's analysis and projections of economic developments at the global level, in major country groups which are classified by region and stage of development, and in many individual countries.

It focuses on major economic policy issues as well as on the analysis of economic developments and prospects.

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China's 2009 luxury consumption to exceed $5 billion

Sales of luxury goods in China will reach $5 billion in 2009, according to a report released recently by investment banking firm Goldman Sachs. That is a striking increase from 2008, when the total was $3 billion, Chinanews.com reported.

The luxury market in China is still expanding despite a decrease in overall global demand as a result of the global economic crisis, the report said.

China's current luxury consumption accounts for 25 percent of global luxury consumption, the report noted. That means China has likely passed the United States to become the world's second largest consumer of luxury goods after Japan

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China's president rolls into US

From September 21 to September 25, 2009, China’s President Hu Jintao will attend in New York the UN Climate Change Summit, the 64th annual general debate of the UN General Assembly, the nuclear non-proliferation and disarmament summit of UN Security Council and the Group of 20 (G20) financial summit in Pittsburgh.

This overseas visit by President Hu is "a major diplomatic move" at a time when the People's Republic of China is about to celebrate the 60th anniversary of its founding on October 1, Ambassador Zhang Yesui told a press briefing at UN Headquarters. It is also the first time that a Chinese head of state will attend so many summits for a single visit, Zhang noted.

"At these summits, President Hu will show China's support for multilateralism, the promotion of effective cooperation to tackle common threats and challenges faced by the international community and greater role of the United Nations in handling international affairs," he said.

The ambassador said that the summits will focus on a wide range of issues, including climate change, nuclear non-proliferation and disarmament, the economic and financial crisis, regional hot spots and development.

At the summits, President Hu will elaborate on China's stance and policies on major global issues, and exchange views with foreign leaders on ways to strengthen international cooperation, Zhang added.

Golden Week a golden time for travel industry

Mainland tourists are expected to make the upcoming Golden Week truly golden. With a longer holiday this year, a record 200 million travelers are set to drop an estimated 100 billion yuan ($14.6 billion) on vacations during the upcoming Golden Week, said the China Tourism Academy.

The Chinese National Day holiday, which falls in the first week of October, and the Mid-Autumn Festival, which falls on Oct 3 this year, will provide an eight-day holiday from Oct 1-8.

The average traveler is expected to spend 500 yuan this year, up from 448 yuan in 2008. Last year, 177 million tourists hit the roads during Golden Week.

Because of the additional day, nearly 30 percent of 1,500 netizens surveyed said they may arrange longer trips, and 10 percent said they would increase their budgets. The number of people, who plan to travel for five or six days during Golden Week, increased by 50 percent compared with last year.

The China Tourism Academy estimated that 1.2 million mainland tourists will visit Hong Kong, Taiwan and Macao during the week, and that 300,000 will travel abroad.

Insiders said the price of tours to overseas destinations usually increases at least 20 percent during Golden Week, but this year the increase will be around 10 percent. It will encourage more tourists to book vacations.

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UNCTAD projects China's economic growth at 7.8%

The Chinese economy is expected to grow 7.8 percent this year while the global economy is likely to drop more than 2.5 percent, the United Nations Conference on Trade and Development (UNCTAD) said in a report released recently.
In the Trade and Development Report 2009, the UN agency said expanding domestic demand policies had helped China resist recessionary pressures.

In the first half, the Chinese economy registered a growth of 7.1 percent, of which more than 80 percent was fueled by government investment.

The report was unveiled during the 5th China Jilin Northeast Asia Investment and Trade Expo that ran from September 1 to 6, but its content was not be published until September 8.
The Chinese government announced its 4-trillion-yuan (US$585-billion) stimulus package in November last year to boost domestic demand and economic growth amid the global downturn. The money will be mainly spent on new highways, railways, housing, schools, hospitals and environmental protection projects.
According to the UNCTAD report, the global economy will decrease by more than 2.5 percent this year. It said GDP in the developed nations will contract by 4 percent and output in the transition economies is expected to fall by more than 6 percent. In developing countries, growth is expected to decelerate from 5.4 percent in 2008 to 1.3 percent in 2009.

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China's national flag to go up in White House on Sept 20

The national flag of the People's Republic of China (PRC) will be hoisted at the South Lawn of the White House in Washington on September 20, media reported Sunda Chinese associations in the United States had applied to hold a ceremony in front of the US President’s residence to celebrate the 60th anniversary of the founding of PRC.

Chen Ronghua, chairman of Fujian Association of the United States, told reporters that their application was approved not only because of the sound Sino-US relations but also because China is a responsible country.

"Many Americans admire China due to the success of last year’s Beijing Olympics," said Chen.

More than 1,000 people will attend the ceremony and the performances held after it, according to Zhao Luqun, who will direct the performances.

Zhao said the performances will demonstrate the friendship, magnanimous spirit and kindness of modern Chinese people.

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China concludes National Day celebration rehearsal

China concluded the first round of rehearsal for the massive National Day celebration in Tian'anmen Square early Sunday morning, one month ahead of the actual show on October 1, the 60th anniversary of the founding of the People's Republic of China.

Starting early Saturday morning, the rehearsal featured a mass pageant involving nearly 200,000 citizens and 60 simulated floats, a gala by around 12,000 performers and a military review.

The rehearsal was held at night to avoid affecting the public, said a spokesperson for the 60th National Day celebration preparation committee of the Beijing municipal government.

The rehearsal attracted a large audience of citizens. Witnesses of the rehearsal included central media organizations that were to cover the actual celebration in October.

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Dalai Lama to keep politics out during visit

In Taiwan, seven Taiwan mayors and county chiefs from the DPP last Wednesday invited the Dalai Lama, who had visited in 1997 and 2001, to join religious activities for victims of Typhoon Morakot.

As the Dalai Lama arrived in Taiwan Sunday to comfort victims, more than 10 Taiwan political organizations denounced the opposition Democratic Progressive Party (DPP) for inviting him, calling the move "unethical" and "politically motivated".

Morakot, the worst typhoon to hit Taiwan in 50 years, has claimed at least 461 lives and left 192 missing and 46 injured, Taiwan's disaster response authorities said.

"We believe the Dalai Lama will have the wisdom to distinguish between religious empathy and political maneuvering," Wu Poh-hsiung, chairman of the ruling Kuomintang (KMT), told reporters Sunday.

"Because Taiwan has been badly hit by the typhoon, Dalai Lana’s visit should help the island instead of adding difficulty to it."

Taiwan authorities, including Taiwan leader Ma Ying-jeou, have said that they will not meet the Dalai Lama publicly or privately.

A spokesman for the Dalai Lama, Tenzin Taklha, has denied the visit has any political subtext. "It is a spiritual visit. The purpose is to offer prayers for the victims and to offer comfort and succor to those who have survived," Takhla said on Saturday.

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China’s largest investment in Australia’s natural resources sectors so far

China’s Yangzhou Coal Mining has agreed to buy Felix Resources for just under US$3 billion, making it China’s largest investment in Australia’s natural resources sector.

Yangzhou Coal’s proposed takeover is subject to approval by Australian regulators including the Foreign Investment Review Board, which vets all foreign sovereign investments.

Felix, which has mines in New South Wales and Queenland, urged its shareholders to accept the deal. A spate of Chinese natural resources deals in Australia are awaiting Canberra’s approval.

Yangzhou Coal’s offer will dwarf China Minmetals Corp’s US$1.4 billion acquisition of OZ Mineral’s mining assets earlier this year.

Mainland China mergers and acquisitions in Australia have reached US$9 billion so far this year. Australia is the mainland’s most targeted nation, accounting for 29 percent of outbound deals.

The deal will bring much-needed growth to Yanzhou Coal, whose sales at 37.5 million tones last year have been stagnant in recent years.

Disneyland in China-- even larger than the one in Tokyo?

China has proposed to build its second Disneyland in Shanghai, according to Shanghai’s leading tourism official.

China with its population at 1.4 billion, can sustain three Disney theme parks. A Disneyland in Shanghai would not post a threat to the Hong Kong park. The proposed Shanghai Disneyland might be 10 times bigger than the one in Hong Kong—the smallest Disneyland in the world, and even larger than the one in Tokyo.

The venture in Shanghai would not be modeled on the Hong Kong Disneyland deal. And enterprise rather than the mainland government will pay for the park. The entrance fee for the proposed Shanghai Disneyland had not been discussed.

Although a joint application to build a park had been submitted to the Chinese central government, no deal had been agreed to and no project had been approved so far.

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China's "green power" economy

China has invested heavily in environmentally-friendly sectors to achieve sustainable development by boosting green economy despite the financial crisis which has gravely strained liquidity.

In fact, a green strategy is being materialized in China. In China's 4 trillion yuan (US$525.28 billion) stimulus package, 580 billion yuan (US$84.87 billion) would go to green projects like energy-efficient and pollution-control programs, ecological approach and technological innovations to fight climate change.

Through years of green endeavors, China has surpassed some advanced nations in such areas as wind and solar power.

China outnumbered the United States in new wind turbines built in the first half of 2009.

China's wind industry installed about 4.5 gigawatts of new power generating capacity through the first half of this year, while the United States added 4 gigawatts.

China has made equally impressive headway in solar industry. It took up about one third of global solar cell production in 2008 while Europe's share declined to about a quarter.

Some analysts believe China is creating more "green collar" jobs than ever by adopting green strategy. With vigorous growth in both production and application of environmentally-friendly devices, China is becoming a green contributor to the world.

And China's achievement in developing green economy deserves recognition.