Category: China

China’s Reserves Hit $3.4 Trillion

China’s foreign currency reserves rose in the first quarter by $130 billion, reaching a record $3.4 trillion, approximately the size of Germany’s economy, as a result of massive capital inflows into the Chinese financial system.

Strong growth in foreign capital inflows marks a significant change from last year when money flowed out from China. The return of foreign funds accelerated the domestic lending, according to authorities in Beijing, with total new financing rising by 58 percent to 6.2 trillion yuan ($1 trillion) compared with the first three months of 2012.

China Promises Level Playing Field for Foreign Businesses

Chinese President Xi Jinping has promised to protect the interests of foreign companies in China amid rising concern among global firms about discriminatory policies and complicated bureaucratic processes that hurt their businesses in the country.

In a rare audience with the head of the ruling Communist Party, global business leaders at the Bo’ao Forum on Monday appealed to Xi to reduce barriers and restrictions on investment that favour Chinese state firms as well as to end outright discrimination against foreign firms.

Chinese Fisheries Catching 12 Times More Than Reported: Study

China’s fishing vessels hauled in approximately 4.6 million tonnes, or $11.5 billion worth, of fish last year, claimed a study published by University of British Columbia scientists on Wednesday, which is more than 12 times larger than the catch the nation reports to the United Nation’s Food and Agriculture Organization; and taken from the waters of at least 90 countries – including 3.1 million tons from African waters.

China Pledges $16 Billion To Clean Up Beijing Pollution

China will spend more than 100 billion yuan ($16.1 billion) over the next three years to reduce pollution in its capital Beijing, reported the China Daily last Friday, as air quality continues to remain above “very unhealthy” and “hazardous” levels – since the start of 2013.

Chinese Economy Needs “Renewed Reform Momentum”, Says OECD

China’s growth is likely to accelerate this year and next even as it navigates a fragile global recovery, but a “renewed reform momentum” is necessary if the world’s second largest economy is to sustain vigorous and socially inclusive growth over the longer run, said the Organisation for Economic Cooperation and Development.

China May Ship $700 Billion In Commercial Trade Via Arctic By 2020

The shrinking ice caps in the Arctic may have opened a new shipping route worth up to $700 billion between China, Europe and the U.S. by 2020, said a leading Chinese scientist last week, with a shipping firm expected to launch China’s first commercial arctic voyage this year – cutting travel distance by nearly half.

China Overtakes UK As World’s Fifth Largest Arms Exporter

China, over the last decade, saw a 162 percent increase in its weapons exports, said a report by a Swedish think-tank on Monday, marking the first time the nation has been among the world’s top five arms exporters since the end of the cold war.

According to the Stockholm International Peace Research Institute (SIPRI), China supplied close to 5 percent of all arms exported from 2008-2012, with the U.S. occupying the top spot (30 percent) ahead of Russia (26 percent), Germany (7 percent), and France (6 percent).

China Likely To Float Yuan In Five Years

The Chinese government will allow its currency, the renminbi, to float on international markets sometime within the next five years, said Charles Li, the chief executive of Hong Kong Exchanges & Clearing Ltd (HKEx) on Wednesday, after more than a decade of stable currency policies, which have been routinely criticised overseas, particularly by the U.S.

China to Investigate Asset-Pooling by Banks

China’s banking regulator has launched a nationwide probe on the pooling of wealth management product-linked assets at several banks. Already, some wealth funds are said to be at risk of defaulting, sparking fears of a crisis similar to the 2008 U.S. subprime lending crash.