Beijing – China’s newly-appointed railway minister has said the country will continue to develop its high-speed rail network as planned even after its former minister was ousted. Sheng Guangzu, who took office on Feb 25 to replace former railway minister Liu Zhijun, made the remarks on Saturday when responding to questions whether China’s policy of [...]
China overtakes Japan as world’s second largest economy
China has leapfrogged Japan to become the world’s second largest economy, a title Japan has held for more than 40 years. While Japan grew 3.9% last year – its first annual growth in three years – this was not enough to hold off China’s booming economy. Japan’s nominal GDP was $5.4742tn (£3.4tn), less than China’s [...]
How China must change if it is to sustain its ascent
“In the case of China, there is a lack of balance, co-ordination and sustainability in economic development.” Who would dare to make such a downbeat assessment of the world’s most dynamic economy before a gathering of infliential foreigners in the heart of China itself? The answer is Premier Wen Jiabao at the recent “summer Davos” [...]
US firms still keen on China
China remains a highly desirable destination for investment and a major global priority for US companies despite some concerns, the American Chamber of Commerce said in a report published on Monday.
More than 91 percent of the surveyed companies said they were optimistic about their outlook for the next five years in China. Nearly 79 percent said their company will expand investment in China this year, and more than 51 percent indicated that investment growth would exceed 10 percent.
“China’s economy still has the potential for rapid growth over the medium term, propelled by its second and third-tier cities, and assuming an appropriate policy mix,” the chamber said in its annual White paper on the state of American business in China.
Investors take longer view on going global
Although the global investment environment is improving, Chinese investors are still very prudent and are unlikely to spend large amounts overseas in the short term, according to a report by the China Council for Promotion of International Trade (CCPIT).
The report, due to be published on Tuesday, said that 26 percent of corporate interviewees had plans to invest overseas in the next 12-months, while 30 percent said they had no plans to do so.
Their outlook was more bullish in the medium term, with 61 percent of companies saying that they would increase their overseas investment over the next two to five years.
But the investment volume is unlikely to be large, with 33 percent predicting they will inject funds of less than $1 million in the medium-term, and 36 percent planning to invest between $1 million and $5 million.
China gains more say in World Bank
Nation now third in terms of voting power at multilateral organisation The World Bank has agreed to increase the voting power of China and other major developing countries in a move that analysts said marks the start of a gradual but new change in global economic governance. China’s stake at the World Bank, in terms [...]
Japanese carmakers boost production in China
Japan’s largest carmakers made more cars in China last fiscal year than ever before, as surging demand in the booming Asian nation continued to drive a global recovery in car manufacturing. Due in part to the global financial crisis, China has passed Japan and the US to become the world’s No 1 car market. Carmakers [...]
A long drive to dominance for Chinese carmakers
hinese carmakers may have the world’s largest market to play in but face many hurdles including a shortage of original models, an overcrowded industry and a lack of overseas acquisition targets before they can challenge for global leadership. None of this has dimmed the ambition of the country’s leading entrepreneurs, however. BYD Co chairman Wang [...]
China poised once again to play key role in US rail construction
Nearly 150 years after American railroads imported thousands of Chinese labourers to build raillines across the West, China is poised once again to play a role in American rail construction. But this time it would be an entirely different role, supplying the technology and engineers to build high-speed rail lines. The Chinse government has signed [...]
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