"The serious fall in external demand is a pronounced problem for China's economy, and our country is still facing great pressure in the employment situation," Zhang told a session of the standing committee of parliament, according to state radio. Presenting a report on the economy's performance, he said domestic demand was still not strong enough a driver of growth, and that housing prices in some cities had risen by too much.
Zhang added the global economy would take a long time to recover from recession, and that improvement over the long run would involve many ups and downs along the way. The government would make efforts to increase domestic demand and stabilise exports, he said, without elaborating.
Showing posts with label China. Show all posts
Showing posts with label China. Show all posts
China still faces challenges to recovery: planner
Posted by imdurrani Labels: Asia, China, global economy, world economyWednesday, August 26, 2009
BEIJING: China continues to face significant challenges to its economic recovery, including weak demand for its exports, the head of the main planning agency was cited as saying on Tuesday. The comments by Zhang Ping, head of the National Development and Reform Commission, largely echoed those of Premier Wen Jiabao a day earlier, who said the government would maintain its relatively loose policy stance because the economic recovery was not on solid footing.
(Reuters)
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Eight MoUs signed during Zardari's visit to China
Posted by imdurrani Labels: Asia, China, Pak Economy, pakistanWednesday, August 26, 2009ISLAMABAD: President Asif Ali Zardari's recent visit to China during which the two countries signed eight Memoranda of Understanding (MoUs) in diverse fields, is a significant step to help the country learn from Chinese model of economic development.
President Zardari during his four-day visit to Zhejiang and Guangdong provinces - China's two most prosperous models of economic development, not only witnessed the signing of MoUs particularly on power generation and agriculture, but also held a series of meetings with China's business giants.
The President invited a Chinese firm to visit Pakistan for coal gasification in Sindh and met Chinese Foreign Minister to discuss a host of bilateral, regional and international issues. Talking to journalists spokesperson to the President Farhatullah Babar said the centre piece of the President's visit was the memorandum of understanding signed particularly the one relating to the building of 7,000 MW hydro power in Bunji in the Northern Areas.
The project will be built on BOOT (build, operate, own and transfer) basis with total foreign investment. The MoU was signed by the Water and Power Ministry of the government of Pakistan and China's Three Gorges Project Corporation that has recently built the world's largest hydropower project in China capable of generating over 22,000 MW and a water reservoir spread overt 650 square kilometers.
During the visit, Pakistan also invited private companies in China engaged in building small and medium dams to bid for the construction of twelve small and medium dams the sites for which have already been identified in the four provinces. Five of the dams will be built in Balochistan, four in Sindh, two each in Punjab and Frontier, he said. A MoU on co-operation in drug regulation and production of hepatitis B and C vaccines was also signed during the visit.
The Sindh Agricultural University (SAU) in Tandojam and the South China Agricultural University (SCAU) in Guangzhou province also signed MoU for co-operation in agricultural research, plant protection and animal husbandry. The President also visited the Pearl River Fisheries Research Institute where another memorandum of understanding was signed for setting up of a model fisheries farm in Pakistan and also to train Pakistani fishermen in the latest techniques.(BRecorder)Visit Finance.kalpoint.com for latest financial stories..!
Pak, China to increase border trade
Posted by imdurrani Labels: Asia, business finance, China, International business, investment, pakistanFriday July 03, 2009
BEIJING: Pakistan and China would intensify their efforts to increase bilateral trade through land route, Ambassador Masood Khan said on Thursday. Ambassador Khan who led a delegation to the fifth Central and South Asian Commodity Fair organised by Kashgar prefecture told APP after three day visit to Kashgar.
He said that two more delegations from Pakistan participated in the fair. Syed Ahmed Hussain Shah, NWFP Industries Minister, and Babar Yaqoub Fateh Muhammad, Chief Secretary Northern Areas, led these delegations in the trade fair, which was largely attended by diplomats and delegations of several Central Asian and South Asian countries.
Besides, official delegations, hundreds of Pakistani businessmen participated in the seminar. There were about more than 80 Pakistani exhibitors who established their stalls in the international fair. During his visit, Ambassador Masood Khan said he held in-depth talks with Commissioner of Kashgar Akbar Gopur to explore ways and means to strengthen economic and trade ties between Xinjiang and Northern Areas of Pakistan.
"Border trade right now constitutes merely 5 per cent of the overall trade. Both sides are keen to enhance overall trade and increase the volume of bilateral trade which has immense potential", Ambassador Khan observed.
The border trade takes place through Karakoram Highway (KKH) also known as Pakistan-China friendship highway. Extensive work is being done to repair and upgrade the KKH of the Pakistani side. The repair and upgradation is likely to be completed by 2011-2012, Khan said. "With upgradation of KKH, the volume of trade would increase, the speed of transportation would pick up", the Pakistani Ambassador said.
Ambassador Masood Khan visited Pakistani stalls, mingled with Pakistani businessmen and talked about trade potential between Pakistan and China and how it can further be enhanced.
He also visited Pakistan trade house in Kashgar and addressed a large gathering of Pakistanis. The gathering was hosted by Zahid Traders, a leading Pakistani enterprise doing business in Pakistan, Xinjiang, and Central Asia. Kashgar government also organised a culture evening during, which a popular Xinjiang Singer Muhammad Amin sang Pakistan's national song "Ye mera Pakistan he; ye tera Pakistan he", this made all Pakistanis proud and several of them rushed to the stage to sing and dance with Chinese singer.
(APP)
BEIJING: Pakistan and China would intensify their efforts to increase bilateral trade through land route, Ambassador Masood Khan said on Thursday. Ambassador Khan who led a delegation to the fifth Central and South Asian Commodity Fair organised by Kashgar prefecture told APP after three day visit to Kashgar.
He said that two more delegations from Pakistan participated in the fair. Syed Ahmed Hussain Shah, NWFP Industries Minister, and Babar Yaqoub Fateh Muhammad, Chief Secretary Northern Areas, led these delegations in the trade fair, which was largely attended by diplomats and delegations of several Central Asian and South Asian countries.
Besides, official delegations, hundreds of Pakistani businessmen participated in the seminar. There were about more than 80 Pakistani exhibitors who established their stalls in the international fair. During his visit, Ambassador Masood Khan said he held in-depth talks with Commissioner of Kashgar Akbar Gopur to explore ways and means to strengthen economic and trade ties between Xinjiang and Northern Areas of Pakistan.
"Border trade right now constitutes merely 5 per cent of the overall trade. Both sides are keen to enhance overall trade and increase the volume of bilateral trade which has immense potential", Ambassador Khan observed.
The border trade takes place through Karakoram Highway (KKH) also known as Pakistan-China friendship highway. Extensive work is being done to repair and upgrade the KKH of the Pakistani side. The repair and upgradation is likely to be completed by 2011-2012, Khan said. "With upgradation of KKH, the volume of trade would increase, the speed of transportation would pick up", the Pakistani Ambassador said.
Ambassador Masood Khan visited Pakistani stalls, mingled with Pakistani businessmen and talked about trade potential between Pakistan and China and how it can further be enhanced.
He also visited Pakistan trade house in Kashgar and addressed a large gathering of Pakistanis. The gathering was hosted by Zahid Traders, a leading Pakistani enterprise doing business in Pakistan, Xinjiang, and Central Asia. Kashgar government also organised a culture evening during, which a popular Xinjiang Singer Muhammad Amin sang Pakistan's national song "Ye mera Pakistan he; ye tera Pakistan he", this made all Pakistanis proud and several of them rushed to the stage to sing and dance with Chinese singer.
(APP)
China's first IPO in nine months sees big demand
Posted by imdurrani Labels: Asia, business finance, China, global economy, world financeTuesday June 30, 2009
SHANGHAI: Guilin Sanjin Pharmaceutical, the first firm to launch an initial public offering in China since September, started taking orders on Monday, expecting the offer to be heavily oversubscribed, dealers said. Analysts said the retail tranche of the IPO drew heavy demand from the early hours as investors believe Sanjin will shine on its debut due to ample liquidity in the market.
"As the first IPO, it is bound to appeal to retail investors and draw great amounts of subscription funds," Cai Junyi, an analyst with Shanghai Securities, told AFP. The company said last week it would raise 910.8 million yuan (133 million dollars), or 44 percent more than originally planned in its prospectus for the IPO. It said 20 percent, or 9.2 million shares, of the offering is available for institutional investors while the remaining 80 percent is earmarked for retail investors. Cai said that once Sanjin debuts on the stock exchange in mid-July, the price will have little to do with fundamentals and much more with market sentiment.
Guilin Sanjin said premarketing indicated the institutional tranche was 165 times oversubscribed. It is scheduled to announce the results of the subscriptions and the date of debut later this week. China's securities regulators halted IPOs in September due worries that pressure on liquidity would worsen the already ailing domestic stock markets.
The key index plummeted 65.5 percent last year as the global financial crisis kicked in. However, it has rebounded nearly 57 percent since the beginning of 2009 to become one of the world's best performing markets. More than 30 companies, including the country's largest home builder China State Construction Engineering Corp, have received initial regulatory approval but have been waiting for up to a year to sell shares to the public.
(AFPc)
"As the first IPO, it is bound to appeal to retail investors and draw great amounts of subscription funds," Cai Junyi, an analyst with Shanghai Securities, told AFP. The company said last week it would raise 910.8 million yuan (133 million dollars), or 44 percent more than originally planned in its prospectus for the IPO. It said 20 percent, or 9.2 million shares, of the offering is available for institutional investors while the remaining 80 percent is earmarked for retail investors. Cai said that once Sanjin debuts on the stock exchange in mid-July, the price will have little to do with fundamentals and much more with market sentiment.
Guilin Sanjin said premarketing indicated the institutional tranche was 165 times oversubscribed. It is scheduled to announce the results of the subscriptions and the date of debut later this week. China's securities regulators halted IPOs in September due worries that pressure on liquidity would worsen the already ailing domestic stock markets.
The key index plummeted 65.5 percent last year as the global financial crisis kicked in. However, it has rebounded nearly 57 percent since the beginning of 2009 to become one of the world's best performing markets. More than 30 companies, including the country's largest home builder China State Construction Engineering Corp, have received initial regulatory approval but have been waiting for up to a year to sell shares to the public.
(AFPc)
China mulling new policies for western development
Posted by imdurrani Labels: Asia, China, global economy, world financeFriday June 26, 2009
BEIJING: China plans to unveil a fresh package of policies to drive growth in its vast underdeveloped western regions as the "Go West" policy goes into its second decade, a senior official said on Thursday. Worried by the yawning wealth gap between booming eastern coastal areas and the less developed central and western provinces, Beijing launched the policy in early 2000 to promote development in its interior, giving incentives to invest and work there.
"The current 'Go West' policies will be in force until 2010, so we are working on new policies to further push ahead the development of western regions," Li Yingming, deputy head of the department of western region development under the National Development and Reform Commission, told a news conference. The new set of policies would probably be announced around the end of this year, she said.
Despite the decade of efforts to shift growth inland, and an acceleration of those efforts in the past few years, average incomes in the interior lag far behind those in coastal areas.
For instance, average annual wages among urban workers in western Gansu province, at 20,700 yuan ($3,030), were less than half those in the capital Beijing in the latest published data. Apart from spending more on rural infrastructure and subsidies, the current leadership has abolished the centuries-old agricultural tax, made compulsory education free in the countryside and set up a rural medical insurance scheme. Recently, the central government has allowed local governments to issue bonds for the first time and has given western and central provinces bigger quotas than those in the east.
(Reuters)
China to cut unnecessary government spending
Posted by imdurrani Labels: Asia, China, global economy, world financeThursday June 25, 2009
BEIJING: China will try every possible means of increasing fiscal revenue this year, while working to ensure that government money is not wasted, Finance Minister Xie Xuren said on Wednesday, according to state media. Xie made the comments in a work report delivered to China's legislative body, the official Xinhua news agency said.
China has pledged to cut taxes and pump money into local projects to stimulate economic growth, which is adding strain to China's fiscal situation. China has targeted a 950 billion yuan ($139 billion) fiscal deficit for this year, a hefty increase from 2008's actual fiscal deficit of 180 billion yuan.
Xie reiterated that the government would spend less on cars, overseas travel and office buildings and spend more welfare, but he did not give detailed numbers. Nation-wide fiscal revenue was up 4.8 percent in May from a year earlier at 656.9 billion yuan, reversing a downward trend in recent months.
(Reuters)
BEIJING: China will try every possible means of increasing fiscal revenue this year, while working to ensure that government money is not wasted, Finance Minister Xie Xuren said on Wednesday, according to state media. Xie made the comments in a work report delivered to China's legislative body, the official Xinhua news agency said.China has pledged to cut taxes and pump money into local projects to stimulate economic growth, which is adding strain to China's fiscal situation. China has targeted a 950 billion yuan ($139 billion) fiscal deficit for this year, a hefty increase from 2008's actual fiscal deficit of 180 billion yuan.
Xie reiterated that the government would spend less on cars, overseas travel and office buildings and spend more welfare, but he did not give detailed numbers. Nation-wide fiscal revenue was up 4.8 percent in May from a year earlier at 656.9 billion yuan, reversing a downward trend in recent months.
(Reuters)
China defends export policies against WTO complaint
Posted by imdurrani Labels: Asia, China, global economy, world financeThursday June 25, 2009
BEIJING: China on Wednesday rejected US and European charges that its restrictions on raw materials exports violate international trade rules, saying that its policies were in keeping with WTO regulations. The European Union and the United States said on Tuesday they were taking a complaint to the World Trade Organisation over China's export curbs on some industrial raw materials used in steel, cars, microchips, planes and other products.
By arguing that the export taxes and quotas keep a lid on Chinese firms' costs, the WTO complaint takes the view that they are essentially a subsidy and distort competition for chemical, steel and non-ferrous metal producers outside China. The latest WTO case comes as Washington and Brussels look for China's co-operation in pulling the world economy out of a slump. It could add to recent friction over military modernisation, Internet controls and United States' own economic policies.
-- China agrees to WTO consultation process over complaint
-- Complaint may become another irritant in Sino-US ties
-- China requests WTO panel on its poultry exports to US
"The main objective of China's relevant export policies is to protect the environment and natural resources. China believes the policies in question are in keeping with WTO rules," the Ministry of Commerce press office said in a mildly-worded response. "Following the WTO procedures for dispute resolution, China will appropriately handle the request for consultations."
The case is an unusual one, since most WTO complaints argue that a country restricts imports through taxes or other barriers, or otherwise subsidises or protects domestic firms. Export taxes or quotas are thus rarely a concern. China's massive industrial overcapacity, its low labour costs and efficient infrastructure mean that Chinese goods are spilling out into world markets, threatening profit margins, jobs, and the very existence of some sectors in Europe and the United States.
The complaint does not name other items on which China also imposes export taxes, for example steel products or semi-finished aluminium, which it would otherwise export in even greater amounts, at lower prices. China's reasons for restricting exports are varied.
They stem from an effort to limit unbridled expansion in hot sectors, often by private companies, that has strained electricity supplies, added to rampant pollution, driven up the cost of raw materials and ruined profits for more established Chinese firms. Chinese officials argue that the export restrictions, which are tweaked regularly, help stabilise supply to world markets.
China is likely to defend itself by turning the spotlight on similar restrictions by other countries, as well as by arguing that there is no violation, said an official who advises the Ministry of Commerce on WTO strategy. "China will strongly question the motive of this case," the official said. "A lot of countries have this type of export restriction, for instance restrictions on the export of raw logs, allowing only processed wood to be shipped instead."
He noted that the United States restricts exports of certain types of technology. Indeed, Beijing regularly points out that its trade surplus would be smaller if Washington permitted the sale of dual-use high-technology gear that it fears China could used for military as well as civilian purposes.
In another sign of friction, China on Tuesday took to the next level a complaint it has brought against the United States, by requesting that the WTO set up a panel of judges to rule on US laws limiting imports of Chinese cooked poultry, the Commerce Ministry said.
The materials in the export complaint include bauxite, the raw material for aluminium, coke, used in steelmaking, and strategic minor metals used in alloys, ceramics and cell phones. China generally imports raw materials, but it is a major source of these items. For instance, it produces 70 to 80 percent of the world's magnesium, which carries a 10 percent export tax.
(Reuters)
BEIJING: China on Wednesday rejected US and European charges that its restrictions on raw materials exports violate international trade rules, saying that its policies were in keeping with WTO regulations. The European Union and the United States said on Tuesday they were taking a complaint to the World Trade Organisation over China's export curbs on some industrial raw materials used in steel, cars, microchips, planes and other products.
By arguing that the export taxes and quotas keep a lid on Chinese firms' costs, the WTO complaint takes the view that they are essentially a subsidy and distort competition for chemical, steel and non-ferrous metal producers outside China. The latest WTO case comes as Washington and Brussels look for China's co-operation in pulling the world economy out of a slump. It could add to recent friction over military modernisation, Internet controls and United States' own economic policies.
-- China agrees to WTO consultation process over complaint
-- Complaint may become another irritant in Sino-US ties
-- China requests WTO panel on its poultry exports to US
"The main objective of China's relevant export policies is to protect the environment and natural resources. China believes the policies in question are in keeping with WTO rules," the Ministry of Commerce press office said in a mildly-worded response. "Following the WTO procedures for dispute resolution, China will appropriately handle the request for consultations."
The case is an unusual one, since most WTO complaints argue that a country restricts imports through taxes or other barriers, or otherwise subsidises or protects domestic firms. Export taxes or quotas are thus rarely a concern. China's massive industrial overcapacity, its low labour costs and efficient infrastructure mean that Chinese goods are spilling out into world markets, threatening profit margins, jobs, and the very existence of some sectors in Europe and the United States.
The complaint does not name other items on which China also imposes export taxes, for example steel products or semi-finished aluminium, which it would otherwise export in even greater amounts, at lower prices. China's reasons for restricting exports are varied.
They stem from an effort to limit unbridled expansion in hot sectors, often by private companies, that has strained electricity supplies, added to rampant pollution, driven up the cost of raw materials and ruined profits for more established Chinese firms. Chinese officials argue that the export restrictions, which are tweaked regularly, help stabilise supply to world markets.
China is likely to defend itself by turning the spotlight on similar restrictions by other countries, as well as by arguing that there is no violation, said an official who advises the Ministry of Commerce on WTO strategy. "China will strongly question the motive of this case," the official said. "A lot of countries have this type of export restriction, for instance restrictions on the export of raw logs, allowing only processed wood to be shipped instead."
He noted that the United States restricts exports of certain types of technology. Indeed, Beijing regularly points out that its trade surplus would be smaller if Washington permitted the sale of dual-use high-technology gear that it fears China could used for military as well as civilian purposes.
In another sign of friction, China on Tuesday took to the next level a complaint it has brought against the United States, by requesting that the WTO set up a panel of judges to rule on US laws limiting imports of Chinese cooked poultry, the Commerce Ministry said.
The materials in the export complaint include bauxite, the raw material for aluminium, coke, used in steelmaking, and strategic minor metals used in alloys, ceramics and cell phones. China generally imports raw materials, but it is a major source of these items. For instance, it produces 70 to 80 percent of the world's magnesium, which carries a 10 percent export tax.
(Reuters)
Recovery in Chinese economy still not secure: PBOC
Posted by imdurrani Labels: Asia, China, global economy, world financeWednesday June 24, 2009
BEIJING: The Chinese economy is headed in the right direction, but the foundations of the recovery are not yet solid, Su Ning, a vice-governor of the People's Bank of China, said on Tuesday. Speaking at a mergers and acquisitions conference, Su said he hoped China would be the first major economy to emerge from the global crisis. "The overall situation is stabilising and moving in the right direction," he said.
But he cautioned that the pick-up was still not firmly anchored and expressed particular concern about the "grim" international environment for Chinese exporters as the two-year-old financial crisis continues to take a toll on global growth. The World Bank also cited poor prospects for exports - and for private investment - when it cautioned last week that a rapid, broad-based recovery was unlikely even as it marked up its forecast for 2009 GDP growth to 7.2 percent from 6.5 percent.
A clutch of banks, including Standard Chartered, Barclays Capital and Royal Bank of Canada, have also raised their forecasts for China's gross domestic product growth in the past week following statistics for May that, except for trade, were generally robust.
The May data showed the economy benefiting from a 4 trillion yuan ($585 billion) government stimulus package as well as a loose monetary policy that has led to a burst of money and credit growth. In the first five months of the year, banks extended a record 5.84 trillion yuan in loans, exceeding the minimum target set by the government of 5 trillion yuan for all of 2009.
(Reuters)
BEIJING: The Chinese economy is headed in the right direction, but the foundations of the recovery are not yet solid, Su Ning, a vice-governor of the People's Bank of China, said on Tuesday. Speaking at a mergers and acquisitions conference, Su said he hoped China would be the first major economy to emerge from the global crisis. "The overall situation is stabilising and moving in the right direction," he said.
But he cautioned that the pick-up was still not firmly anchored and expressed particular concern about the "grim" international environment for Chinese exporters as the two-year-old financial crisis continues to take a toll on global growth. The World Bank also cited poor prospects for exports - and for private investment - when it cautioned last week that a rapid, broad-based recovery was unlikely even as it marked up its forecast for 2009 GDP growth to 7.2 percent from 6.5 percent.
A clutch of banks, including Standard Chartered, Barclays Capital and Royal Bank of Canada, have also raised their forecasts for China's gross domestic product growth in the past week following statistics for May that, except for trade, were generally robust.
The May data showed the economy benefiting from a 4 trillion yuan ($585 billion) government stimulus package as well as a loose monetary policy that has led to a burst of money and credit growth. In the first five months of the year, banks extended a record 5.84 trillion yuan in loans, exceeding the minimum target set by the government of 5 trillion yuan for all of 2009.
(Reuters)
EU and US launch trade case against China
Posted by imdurrani Labels: China, Europe, global economy, US, world financeWednesday June 24, 2009
WASHINGTON: The United States and European Union on Tuesday began a case against China at the World Trade Organisation over its export restrictions on industrial raw materials, saying Beijing was trying to tilt the playing field in favour of its own industries.
The action followed failure to persuade resource-hungry China to reduce its export tariffs and raise quotas on a number of key materials such as coke, zinc and yellow phosphorus.
The materials are used in steel, microchips, planes and other products, and the trade flows affected are worth billions of dollars, US officials said. "After more than two years of urging China to lift these unfair restrictions, with no result, we are filing at the WTO today," US Trade Representative Ron Kirk told a news conference in Washington.
"We are most troubled that this appears to be a conscious policy to create unfair preferences for Chinese industries" that use the materials, he said. The United States and the European Commission - which oversees trade for the 27-nation EU bloc - are formally seeking consultations with Beijing at the global trade watchdog. If these talks fail, after 60 days the next step would be to request a WTO panel to hear the complaint.
"It is very much hoped that we will not have to proceed to the next stage," Kirk said. In Brussels, EU Trade Commissioner Catherine Ashton said in a statement, "The Chinese restrictions on raw materials distort competition and increase global prices, making things even more difficult for our companies in this economic downturn." "I hope that we can find an amicable solution to this issue through the consultation process," she said.
Chine limiting exports
The EU and the United States say China continues to restrict exports of raw materials despite its pledge to eliminate export taxes and charges when it joined the WTO in 2001.
This seriously disadvantages foreign "downstream producers" of goods, such as aluminium producers and steelworkers, since the export restraints limit their access to raw materials and raise world market prices for the materials while lowering the prices that domestic Chinese producers have to pay, US officials said.
US officials said the nine materials covered by their case were bauxite, coke, fluorspar, magnesium, manganese, silicon carbide, silicon metal, yellow phosphorus and zinc. In Ottawa, Canadian officials indicated they haven't ruled out joining the case. "For the moment, we are closely monitoring developments in this file," said Melisa Leclerc, spokeswoman for Canadian Trade Minister Stockwell Day.
Taking action at the WTO is expected to further damage already brittle trade relations with China. US-China tensions have been exacerbated by the growth in the US trade deficit. This is the first case brought by President Barack Obama's administration against China at the WTO.
Trade disputes between Brussels and Beijing are on the rise since the EU's trade deficit with China has ballooned. Brussels has imposed a number of anti-dumping tariffs on imports of Chinese goods ranging from shoes to steel products. In a move that may have been an attempt to forestall US and European action, Beijing had said on Monday it was cutting export taxes on a range of materials.
But the steps China took had no impact on eight of the nine materials in the US complaint, with phosphorus being the exception, a US trade official said, speaking on condition of anonymity. "We are still studying what China did," she said. The Alliance for American Manufacturing praised the US-EU move, saying it could be the first step in a "new and promising era of trade enforcement."
(Reuters)
WASHINGTON: The United States and European Union on Tuesday began a case against China at the World Trade Organisation over its export restrictions on industrial raw materials, saying Beijing was trying to tilt the playing field in favour of its own industries.
The action followed failure to persuade resource-hungry China to reduce its export tariffs and raise quotas on a number of key materials such as coke, zinc and yellow phosphorus.
The materials are used in steel, microchips, planes and other products, and the trade flows affected are worth billions of dollars, US officials said. "After more than two years of urging China to lift these unfair restrictions, with no result, we are filing at the WTO today," US Trade Representative Ron Kirk told a news conference in Washington.
"We are most troubled that this appears to be a conscious policy to create unfair preferences for Chinese industries" that use the materials, he said. The United States and the European Commission - which oversees trade for the 27-nation EU bloc - are formally seeking consultations with Beijing at the global trade watchdog. If these talks fail, after 60 days the next step would be to request a WTO panel to hear the complaint.
"It is very much hoped that we will not have to proceed to the next stage," Kirk said. In Brussels, EU Trade Commissioner Catherine Ashton said in a statement, "The Chinese restrictions on raw materials distort competition and increase global prices, making things even more difficult for our companies in this economic downturn." "I hope that we can find an amicable solution to this issue through the consultation process," she said.
Chine limiting exports
The EU and the United States say China continues to restrict exports of raw materials despite its pledge to eliminate export taxes and charges when it joined the WTO in 2001.
This seriously disadvantages foreign "downstream producers" of goods, such as aluminium producers and steelworkers, since the export restraints limit their access to raw materials and raise world market prices for the materials while lowering the prices that domestic Chinese producers have to pay, US officials said.
US officials said the nine materials covered by their case were bauxite, coke, fluorspar, magnesium, manganese, silicon carbide, silicon metal, yellow phosphorus and zinc. In Ottawa, Canadian officials indicated they haven't ruled out joining the case. "For the moment, we are closely monitoring developments in this file," said Melisa Leclerc, spokeswoman for Canadian Trade Minister Stockwell Day.
Taking action at the WTO is expected to further damage already brittle trade relations with China. US-China tensions have been exacerbated by the growth in the US trade deficit. This is the first case brought by President Barack Obama's administration against China at the WTO.
Trade disputes between Brussels and Beijing are on the rise since the EU's trade deficit with China has ballooned. Brussels has imposed a number of anti-dumping tariffs on imports of Chinese goods ranging from shoes to steel products. In a move that may have been an attempt to forestall US and European action, Beijing had said on Monday it was cutting export taxes on a range of materials.
But the steps China took had no impact on eight of the nine materials in the US complaint, with phosphorus being the exception, a US trade official said, speaking on condition of anonymity. "We are still studying what China did," she said. The Alliance for American Manufacturing praised the US-EU move, saying it could be the first step in a "new and promising era of trade enforcement."
(Reuters)
China worried about foreign investment slump
Posted by imdurrani Labels: Asia, China, global economy, world financeMonday June 22, 2009
BEIJING: China's Commerce Ministry has submitted a proposal to the state council pleading for top authorities to take measures to stop foreign investment from sliding further, local media reported on Saturday. Foreign direct investment (FDI) has seen sharp falls for the eight months since October as investors tightened purse strings in the face of the global economic crisis.
Worrying about a further slump in FDI, which is an important source for jobs, investments and taxes, the Commerce Ministry recently drew up a plan to relax rules on foreign investment, the Beijing-based China Times said, citing a source from the ministry.
The plan, listing 42 rules covering tax, foreign exchange, other regulatory supervision, was submitted to the state council, or the cabinet, for approval, the paper said. In the plan, the Commerce Ministry suggests giving foreign investors access to China's high-tech industry and to further relax checks on individual foreign investment, the paper said. It also recommended loosening regulations on foreign investment in the property sector.
In June 2007 the ministry issued new rules making it harder for foreigners to invest in property, partly by making them obtain land use rights before developing projects. It also banned foreign investors in Chinese real estate from borrowing offshore.
China's cabinet in 2006 approved rules restricting purchases of property by foreigners in a move to prevent foreign speculators from cashing in on China's red hot property market. China drew $34.05 billion in FDI in the first five months of the year, 20.4 percent less than in the same period in 2008.
In May alone, China attracted $6.38 billion in FDI, down 17.8 percent from a year earlier. This marked the eighth straight month that FDI inflows have fallen from their year-earlier levels, but the drop was less steep than in April, when inflows fell 22.5 percent from a year earlier. Inflows surged in the years after the country joined the World Trade Organisation in 2001, and peaked in 2008 when China attracted a record $92.4 billion in non-financial FDI, an increase of 23.6 percent from 2007.
(Reuters)
BEIJING: China's Commerce Ministry has submitted a proposal to the state council pleading for top authorities to take measures to stop foreign investment from sliding further, local media reported on Saturday. Foreign direct investment (FDI) has seen sharp falls for the eight months since October as investors tightened purse strings in the face of the global economic crisis.
Worrying about a further slump in FDI, which is an important source for jobs, investments and taxes, the Commerce Ministry recently drew up a plan to relax rules on foreign investment, the Beijing-based China Times said, citing a source from the ministry.
The plan, listing 42 rules covering tax, foreign exchange, other regulatory supervision, was submitted to the state council, or the cabinet, for approval, the paper said. In the plan, the Commerce Ministry suggests giving foreign investors access to China's high-tech industry and to further relax checks on individual foreign investment, the paper said. It also recommended loosening regulations on foreign investment in the property sector.
In June 2007 the ministry issued new rules making it harder for foreigners to invest in property, partly by making them obtain land use rights before developing projects. It also banned foreign investors in Chinese real estate from borrowing offshore.
China's cabinet in 2006 approved rules restricting purchases of property by foreigners in a move to prevent foreign speculators from cashing in on China's red hot property market. China drew $34.05 billion in FDI in the first five months of the year, 20.4 percent less than in the same period in 2008.
In May alone, China attracted $6.38 billion in FDI, down 17.8 percent from a year earlier. This marked the eighth straight month that FDI inflows have fallen from their year-earlier levels, but the drop was less steep than in April, when inflows fell 22.5 percent from a year earlier. Inflows surged in the years after the country joined the World Trade Organisation in 2001, and peaked in 2008 when China attracted a record $92.4 billion in non-financial FDI, an increase of 23.6 percent from 2007.
(Reuters)
Airbus to deliver first China-made airplane
Posted by imdurrani Labels: Asia, business finance, China, Europe, world financeMonday June 22, 2009
BEIJING: European aviation giant Airbus will deliver the first A320 airplane assembled at its factory in China on Tuesday, in a symbolic event further marking the nation's global rise. The first plane to be made at plant in northern Tianjin, the only Airbus factory outside Europe, will be delivered to Dragon Aviation Leasing and will be flown by Sichuan Airlines, a regional Chinese air carrier.
A grand ceremony is expected to be held for the roll out, but so far Airbus has remained discreet about who has been invited to the event which will take place with no minister-level officials from Germany or France, sources said. The plane took its first test flight last month with the first Chinese test engineer trained by Airbus.
Ten middle-distance A319/320 aircraft will be delivered by the end of the year, before the factory starts to churn out up to four planes a month before the end of 2011. The Tianjin plant, modelled on Airbus' factory in Hamburg, Germany, has an investment of nearly 10 billion yuan (1.47 billion dollar) and went into operation in September in the presence of Prime Minister Wen Jiabao. The joint venture factory, about 120 kilometres (72 miles) south-east of Beijing, is 51 percent owned by Airbus, subsidiary of the European group EADS, and 49 percent by a Chinese aviation consortium.
Unions raised concerns when the deal was struck, but the aviation giant insisted orders would not fall at its European plants and that it had worked to minimise technology transfers to China.
The venture has also revealed the extent that Airbus has gone to get a foot hold in one of the world's most dynamic markets. At the inauguration Airbus chief-executive-officer Thomas Enders said the company's "new house" would become "the jump off point for the future development of Airbus in China and in the region."
China's air market, the second biggest in the world, makes up 15 percent of sales at Airbus, which sold its first plane here - an A310 - in 1985.
The decision to build the China plant was based on strong growth estimates that expect the nation to buy up to 2,800 passenger and transport planes over the next 20 years.
These planes, of which 190 are expected to be jumbo jets, are valued at about 329 billion dollars. In the next two decades, passenger travel is also expected to increase five-fold, according to industry estimates.
Airbus' goal is to gain half of the China market from now until 2012, compared with a 39 percent market share in mid-2008 and up from a seven percent share in 1995. Its main rival is current global market leader Boeing.
Coinciding with Tuesday's roll out, China Eastern Airlines, the nation's third largest air carrier, signed an order last week at the Le Bourget Air Show in France for 20 Airbus A320s to be delivered between 2011 and 2013. The order is part of a deal for 160 jets - 110 A320s and 50 A330s - that China said it would buy in 2007 during a visit to Beijing by French President Nicolas Sarkozy. In September, Chinese air carriers had signed agreements and memoranda for the purchase of a total of 280 planes, Airbus said.
Tuesday's delivery and the China Eastern order will be a boost for Airbus as it tries to weather the recent fatal accident of the Air France jet over the Atlantic, as well as a market still reeling from the global financial downturn.
(AFP)
Pakistan pavilion becomes centre of attraction at BITE 2009
Posted by imdurrani Labels: China, Pak Economy, pakistanSaturday, June 20, 2009
ISLAMABAD: Pakistan Pavilion at Beijing International Tourism Exhibition (BITE), China stunned thousands of visitors by showcasing fascinating tourist products of the country. A colourful inauguration of BITE 2009 was held at the site of the Expo, which was attended by 281 public and private sector tourism organisations from 30 countries and destinations of the World.
A high ranking Pakistan delegation led by Minister for Tourism Maulana Atta ur Rehman was there to exploit three-day event by attracting foreign tourism to enchanting destinations of Pakistan. Other members of Pakistani delegation included: MD PTDC, Amjad Ayub, President of Pakistan Association of Tour Operators and General Manager, Pearl Tours, Nake Nam Karim of Adventure Tours Pakistan and Ghulam Ahmad of Mountain Tours Pakistan, officials of PIA and Tourism Development Corporation of Punjab.
Pakistani delegation attended the event to promote the country as a tourist friendly destination and to project the soft image of the country. It gave information on tourist attractions, distributed literature and marketed country's tourist attracting places to attract maximum number of foreign tourists towards Pakistan.
Pakistan pavilion was decorated professionally with large pictures and loudly appreciated by the visitors and a number of VVIPs. Besides, Minister for Tourism in the Pakistan Pavilion, Vice Mayor of Beijing along with other senior officials and Deputy Minister for Tourism of Syria remained there for sometime and discussed with the minister the matters of mutual interest for promotion of tourism.
The international media representatives also conducted interviews of the minister. The minister on the occasion said participation in such internationally reputed events contributes a lot in dispelling negative propaganda against Pakistan.
He said since China was rapidly emerging as one of the world's largest out bound tourist generating market, Pakistan's participation in such international events would go a long way for promotion of foreign tourism in Pakistan thereby enhancing country's foreign exchange earnings.
(APP)
A high ranking Pakistan delegation led by Minister for Tourism Maulana Atta ur Rehman was there to exploit three-day event by attracting foreign tourism to enchanting destinations of Pakistan. Other members of Pakistani delegation included: MD PTDC, Amjad Ayub, President of Pakistan Association of Tour Operators and General Manager, Pearl Tours, Nake Nam Karim of Adventure Tours Pakistan and Ghulam Ahmad of Mountain Tours Pakistan, officials of PIA and Tourism Development Corporation of Punjab.
Pakistani delegation attended the event to promote the country as a tourist friendly destination and to project the soft image of the country. It gave information on tourist attractions, distributed literature and marketed country's tourist attracting places to attract maximum number of foreign tourists towards Pakistan.
Pakistan pavilion was decorated professionally with large pictures and loudly appreciated by the visitors and a number of VVIPs. Besides, Minister for Tourism in the Pakistan Pavilion, Vice Mayor of Beijing along with other senior officials and Deputy Minister for Tourism of Syria remained there for sometime and discussed with the minister the matters of mutual interest for promotion of tourism.
The international media representatives also conducted interviews of the minister. The minister on the occasion said participation in such internationally reputed events contributes a lot in dispelling negative propaganda against Pakistan.
He said since China was rapidly emerging as one of the world's largest out bound tourist generating market, Pakistan's participation in such international events would go a long way for promotion of foreign tourism in Pakistan thereby enhancing country's foreign exchange earnings.
(APP)
Dams construction: China's EXIM Bank to provide $700 million
Posted by imdurrani Labels: Asia, China, investment, Pak Economy, pakistanSaturday, June 20, 2009
BEIJING: The Government of Pakistan and China's EXIM Bank have signed a Memorandum of Understanding (MoU) for $700 million to finance the construction of 12 small and medium sized dams. Secretary General to the President, Salman Faruqui, said here on Friday that the credit line would help in the construction of dams and water reservoirs for generation of electricity to local communities in all the four provinces. It would also help irrigate millions of acres of agricultural land, he added.
"This credit line will help us alleviate poverty," the Secretary General said after the MoU signing ceremony at the EXIM Bank. Secretary Economic Affairs Division, Farrakh Qayyum, and Executive of the EXIM Bank of China, Zhu Li, signed the MoU.
WAPDA Chairman, Shakeel Durrani, Pakistan's Ambassador to China, Masood Khan, and senior officials of the Pakistan Embassy witnessed the signing ceremony. The Secretary General said President, Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China.
The Secretary General said the construction of small and medium sized dams and water reservoirs in far-flung areas of the country would help improve living standard of poor people, and provide them employment opportunities.
He pointed out that alleviating poverty was one of the top priorities of the PPP government. He appreciated the EXIM Bank of China for smooth processing of the financial package. The Executive of the EXIM Bank on the occasion referred to the Pakistan-China friendship as a model of friendly relations, and said his bank would continue to extend its support to economic and commercial projects in Pakistan.
(APP)
BEIJING: The Government of Pakistan and China's EXIM Bank have signed a Memorandum of Understanding (MoU) for $700 million to finance the construction of 12 small and medium sized dams. Secretary General to the President, Salman Faruqui, said here on Friday that the credit line would help in the construction of dams and water reservoirs for generation of electricity to local communities in all the four provinces. It would also help irrigate millions of acres of agricultural land, he added.
"This credit line will help us alleviate poverty," the Secretary General said after the MoU signing ceremony at the EXIM Bank. Secretary Economic Affairs Division, Farrakh Qayyum, and Executive of the EXIM Bank of China, Zhu Li, signed the MoU.
WAPDA Chairman, Shakeel Durrani, Pakistan's Ambassador to China, Masood Khan, and senior officials of the Pakistan Embassy witnessed the signing ceremony. The Secretary General said President, Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China.
The Secretary General said the construction of small and medium sized dams and water reservoirs in far-flung areas of the country would help improve living standard of poor people, and provide them employment opportunities.
He pointed out that alleviating poverty was one of the top priorities of the PPP government. He appreciated the EXIM Bank of China for smooth processing of the financial package. The Executive of the EXIM Bank on the occasion referred to the Pakistan-China friendship as a model of friendly relations, and said his bank would continue to extend its support to economic and commercial projects in Pakistan.
(APP)
World Bank sees faster China growth
Posted by imdurrani Labels: business finance, China, global economy, International, world financeFriday, June 19, 2009
BEIJING: Massive policy stimulus should keep China growing at a respectable rate this year and next, but a robust recovery is unlikely given global weakness and soft non-government investment, the World Bank said on Thursday. In a quarterly update, the bank raised its forecast for gross domestic product growth this year to 7.2 percent, still below Beijing's official target of 8.0 percent but up from the 6.5 percent it projected in March.
Growth in 2010 was likely to be just a bit stronger, at 7.7 percent, the report said. The bank expects China's foreign exchange reserves to grow by $218 billion this year, the smallest increase since 2005, after leaping by $419 billion in 2008 and $462 billion in 2007.
That is largely because the bank is now forecasting a whopping capital account deficit of $170 billion this year, driven by a variety of financial outflows including undisclosed transactions between the central bank and financial institutions and a growing stream of outbound foreign direct investment.
These outflows already totalled $109 billion in the first quarter, limiting the increase in FX reserves in the January-March period to just $8 billion. China's reserves were $1.95 trillion at the end of the first quarter, the world's largest stockpile. "There seems to have been an intention to let capital flow out of China in these various guises," Louis Kuijs, an economist in the World Bank's Beijing office, told a news conference.
He said such outflows would chime with China's oft-stated desire to diversify the country's foreign assets. Beijing is hunting in particular for energy and commodity investments. The forecast on reserves brings the World Bank broadly into line with those of private-sector economists. HSBC, for example, expects reserves to grow by $154 billion in 2009. The report welcomed an unfolding surge in government-influenced investment, triggered by a 4 trillion yuan ($585 billion) stimulus package announced in November.
"However, it is unlikely to lead to a rapid, broad-based recovery in China, given the current global environment and the subdued short-term prospects for market-based investment. China's economic growth is unlikely to rebound to a high single-digit pace before the world economy recovers to solid growth," it said.
A boom in bank lending in the first five months of the year would also support growth in coming quarters. While the full-year outcome might not meet the official target, it would be "very respectable" given the global setting, the report said. "On current projections it is not necessary, and probably not appropriate, to add more traditional fiscal stimulus in 2009," the bank said.
With its budget deficit set to leap to 4.9 percent of GDP this year from 0.4 percent in 2008, the government should instead keep some powder dry in case it is needed next year. Policymakers should also have the confidence to emphasise forward-looking policies and structural reforms to promote service-driven consumption and energy efficiency in the world's third-largest economy, the bank said.
(Reuters)
BEIJING: Massive policy stimulus should keep China growing at a respectable rate this year and next, but a robust recovery is unlikely given global weakness and soft non-government investment, the World Bank said on Thursday. In a quarterly update, the bank raised its forecast for gross domestic product growth this year to 7.2 percent, still below Beijing's official target of 8.0 percent but up from the 6.5 percent it projected in March.
Growth in 2010 was likely to be just a bit stronger, at 7.7 percent, the report said. The bank expects China's foreign exchange reserves to grow by $218 billion this year, the smallest increase since 2005, after leaping by $419 billion in 2008 and $462 billion in 2007.
That is largely because the bank is now forecasting a whopping capital account deficit of $170 billion this year, driven by a variety of financial outflows including undisclosed transactions between the central bank and financial institutions and a growing stream of outbound foreign direct investment.
These outflows already totalled $109 billion in the first quarter, limiting the increase in FX reserves in the January-March period to just $8 billion. China's reserves were $1.95 trillion at the end of the first quarter, the world's largest stockpile. "There seems to have been an intention to let capital flow out of China in these various guises," Louis Kuijs, an economist in the World Bank's Beijing office, told a news conference.
He said such outflows would chime with China's oft-stated desire to diversify the country's foreign assets. Beijing is hunting in particular for energy and commodity investments. The forecast on reserves brings the World Bank broadly into line with those of private-sector economists. HSBC, for example, expects reserves to grow by $154 billion in 2009. The report welcomed an unfolding surge in government-influenced investment, triggered by a 4 trillion yuan ($585 billion) stimulus package announced in November.
"However, it is unlikely to lead to a rapid, broad-based recovery in China, given the current global environment and the subdued short-term prospects for market-based investment. China's economic growth is unlikely to rebound to a high single-digit pace before the world economy recovers to solid growth," it said.
A boom in bank lending in the first five months of the year would also support growth in coming quarters. While the full-year outcome might not meet the official target, it would be "very respectable" given the global setting, the report said. "On current projections it is not necessary, and probably not appropriate, to add more traditional fiscal stimulus in 2009," the bank said.
With its budget deficit set to leap to 4.9 percent of GDP this year from 0.4 percent in 2008, the government should instead keep some powder dry in case it is needed next year. Policymakers should also have the confidence to emphasise forward-looking policies and structural reforms to promote service-driven consumption and energy efficiency in the world's third-largest economy, the bank said.
(Reuters)
Pak, China sign loan agreement for $300 million
Posted by imdurrani Labels: Asia, China, Pak Economy, pakistanFriday, June 19, 2009 ISLAMABAD (updated on: June 18, 2009, 22:38 PST): The Government of Pakistan has signed an MoU, with the Government of China on Thursday to reconstruct and rehabilitate three major cities of AJK destroyed in the 2005 earthquake, under AJK Urban Development Programme. The umbrella contract for this project has already been signed between ERRA and the Two Chinese Construction Companies. In order to assist the Government of Pakistan to complete the development work in the earthquake affected areas of Muzaffarabad, Bagh and Rawalakot, the Government of China offered credit worth US$ 300 million, whereas the Government of Pakistan contributed additional US$ 53 million to complete various reconstruction projects under AJK Urban Development Project. For smooth and effective implementation of MCDP, a Steering Committee” has been constituted under the Deputy Chairman ERRA Lt. Gen Sajjad Akram, which has the mandate to give policy direction for Project Implementation and ensure timely and effective coordination of all inputs. The contract signing is in line with ERRA’s Mission of “Build Back Better”. The AJK Urban Development Programme aimed at providing safe housing, improved city environment, modern physical and social infrastructures with the target to boost economic and social growth in the Earthquake affected areas. For Muzaffarabad City, an amount of US$ 190.62 million has been allocated for completion of 90 projects. In Bagh 50 projects worth $ 123.55 million and in Rawalakot city, 30 projects with a cost of US$ 38.83 million will be completed in the next 4 and half years. These projects will provide all modern day facilities including construction of Government buildings, roads bridges, shopping centers, Satellite towns, play grounds, parks, education and health facilities, wholesale markets, slaughterhouses, transport terminals, neighborhood centers, designing and Laying of infrastructure facilities like water supply, sewerage, underground electricity and telecom cables. These facilities will be developed by Chinese Companies. (APP) |
World Bank Raises China 2009 Growth Forecast to 7.2%
Posted by imdurrani Labels: China, global economy, International, International business, world economyThursday, June 18, 2009
The World Bank raised its growth forecast for China this year and advised policy makers to delay until 2010 any additional stimulus plan to boost the world’s third-largest economy.
China’s economy will expand 7.2 percent in 2009 from a year earlier, up from a 6.5 percent forecast in March, the Washington-based lender said in a quarterly report released today in Beijing. Stocks gained after the announcement.
The World Bank joins Goldman Sachs Group Inc., Morgan Stanley and UBS AG. in raising growth forecasts this year after a 4 trillion yuan ($585 billion) stimulus package triggered record loans and surging investment. The lender said it’s “too early” to say there is a sustained recovery, citing the economy’s dependence on government spending and echoing a State Council caution yesterday against excessive optimism.
It’s “not necessary, and probably not appropriate” for China to add fiscal stimulus this year, the World Bank said. Consumption is likely to slow, pushing down wages and employment, and the nation should retain room for stimulus in 2010, in case the global economy takes a turn for the worse, the bank said.
The Shanghai Composite Index rose 0.9 percent as of the 11:30 a.m. local time break in trading. Industrial & Commercial Bank of China Ltd. climbed 2 percent.
‘Critical’ Phase
Gross domestic product grew 6.1 percent in the first quarter this year from a year earlier, the least since 1999, as exports slid because of the global recession. The economy is in a “critical” phase, the State Council said yesterday, warning that a recovery is not yet on solid foundations.
“Overall growth prospects have improved somewhat, compared to three months ago, but with little carry-over into 2010,” the World Bank said. “The massive monetary impulse of the first five months will support economic growth in the coming quarters.”
Goldman Sachs forecasts an 8.3 percent expansion this year, Morgan Stanley estimates 7 percent and UBS predicts growth of 7.5 percent.
“I don’t think China will see a V-shaped recovery back to high single-digit growth rates,” said Louis Kuijs, the World Bank’s senior economist for China in Beijing. “The impact of the policy stimulus next year can realistically not be as large as it has been this year.”
(Bloomberg)
China assures help in developing agriculture, telecom sectors
Posted by imdurrani Labels: China, Pak Economy, pakistanThursday, June 18, 2009
BEIJING: The Chinese Vice-Minister for Industries and Information Technology assured that his country will help Pakistan in developing agriculture and telcom sectors. He held out the assurance during his meeting with visiting Minister for Investment Senator Waqar Ahmed Khan.
The two sides also reached an agreement to strengthen their interaction to bring together the relevant private sectors of the two countries to achieve the results. On the occasion, Senator Waqar briefed the Chinese Minister who had visited Pakistan in 1993, about the investment opportunities his country offered for foreign investment particularly for Chinese.
Meanwhile, Commerce and Sourcing House (CASH), a Pakistani company based in Shenzen China organised an 'Agriculture Investment' conference in collaboration with the Ministry of Investment and Pakistan Embassy in Beijing. CASH plans to bring a group of Chinese investors in agriculture sector to Pakistan in near future for which discussion was also held with the Board of Investment (BOI).
The Chinese companies participated in the conference include manufactures of agriculture machinery, agro-based industry, poultry and husbandry equipment, horticulture and other related agriculture fields.Addressing the conference, Waqar Ahmed said Pakistan attached great importance to its socio-economic partnership with China.
The two sides geared up their co-operation for developing KK highway and digging a tunnel along this land link. Through this tunnel, "not only we lay gas pipeline to fetch gas from Turkmenistan but also lay a railway track and optical fibre. These utilities could also be used by our Chinese brethren," he pointed out.
(BRecorder)
BEIJING: The Chinese Vice-Minister for Industries and Information Technology assured that his country will help Pakistan in developing agriculture and telcom sectors. He held out the assurance during his meeting with visiting Minister for Investment Senator Waqar Ahmed Khan.
The two sides also reached an agreement to strengthen their interaction to bring together the relevant private sectors of the two countries to achieve the results. On the occasion, Senator Waqar briefed the Chinese Minister who had visited Pakistan in 1993, about the investment opportunities his country offered for foreign investment particularly for Chinese.
Meanwhile, Commerce and Sourcing House (CASH), a Pakistani company based in Shenzen China organised an 'Agriculture Investment' conference in collaboration with the Ministry of Investment and Pakistan Embassy in Beijing. CASH plans to bring a group of Chinese investors in agriculture sector to Pakistan in near future for which discussion was also held with the Board of Investment (BOI).
The Chinese companies participated in the conference include manufactures of agriculture machinery, agro-based industry, poultry and husbandry equipment, horticulture and other related agriculture fields.Addressing the conference, Waqar Ahmed said Pakistan attached great importance to its socio-economic partnership with China.
The two sides geared up their co-operation for developing KK highway and digging a tunnel along this land link. Through this tunnel, "not only we lay gas pipeline to fetch gas from Turkmenistan but also lay a railway track and optical fibre. These utilities could also be used by our Chinese brethren," he pointed out.
(BRecorder)
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