China
Stock Market and Economy - 2009 Report - Student Class Assignment
After World War II, the Communists under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978, his successor DENG Xiaoping and other leaders focused on market-oriented economic development and by 2000 output had quadrupled. For much of the population, living standards have improved dramatically and the room for personal choice has expanded, yet political controls remain tight.Authors
Current Stock Market
Dec. 4 2008 (Xinhua)
The benchmark Shanghai Composite Index closed at 2,001.50 points, up 1.84 percent or 36.09 points. The smaller Shenzhen Component Index added 89.87 points, or 1.28 percent, to close at 7,130.93.
Turnover on the major Shanghai stock exchange stood at 122.82 billion yuan. It was the largest daily turnover in Shanghai since May 9 of this year. Turnover at Shenzhen was 57.12 billion yuan.
Source:
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Current Economy
The growth of the Chinese economy has been one of the most significant developments for the global economy. The implications of Chinese growth, combined with a population of 1.4billion, have far reaching implications.
Firstly, the Chinese economy has a growing an insatiable appetite for imported raw materials. China is taking up to 33% of the increase in demand for oil. Chinese manufacturing industries are increasing demand for raw materials causing rising prices and potential cost push inflation, if the growth rate increases.
The Chinese current account surplus remains stubbornly high, despite recent devaluations of the dollar, the Chinese current account deficit is over 10% of GDP or $250bn. With all the foreign currency the Chinese are wielding increasing economic and political influence. For example, recent comments by low ranking Chinese officials about the need to 'diversify from weak currency's ' led to further falls for the US dollar.
Despite the continued double digit growth of the Chinese economy there remain many potentials problems for 2009 and beyond
- Growing inequality between north and south
- Shortage of raw materials could push up prices and costs
- Slowdown in US economy - the main trading partner.
- Continued unemployment due to privatization of inefficient state owned industries.
- Disguised unemployment amongst the poor farmers, especially in the north
China unveils stimulus package for following sector
China signs $2 bln purchase deals with Britain
Chinese business delegation sealed deals amounting to 2 billion U.S. dollars with British firms in London on Friday afternoon in a significant move to stave off protectionism in the wake of the global financial crisis.The 11 procurement deals and agreements covered areas ranging from textile, metal services, airplane and automobile parts, pharmaceutical, new materials, eco-town building, and motion picture production.
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Stock Market - General Information
source : CEInet Data Co., Ltd
http://www1.cei.gov.cn
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Economy - General Information
CHINA GENERAL STATISTICS
| |
Population
|
1.313 million
|
Human Development Index
|
75.5%
|
Adult Literacy
|
90.9%
|
Capital
|
Beijing
|
Main Trading Partners
|
United States 21%, Hong Kong 17%, Japan 12% South Korea and Germany
|
Private business has overtaken the state sector to become the main engine of China's economic boom and the source of most exports and new jobs created, according to a report from the OECD published in 2005. (IHT, 2005)
CHINA ECONOMIC STATISTICS | |||
Agriculture>products
rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed, pork, fish | |||
$1.30
|
[64th of 65]
| ||
$363,000,000,000.00
|
[21st of 136]
| ||
47
|
[3rd of 43]
| ||
1.45
|
[129th of 156]
| ||
6.5
|
[11th of 25]
| ||
$1,220,000,000,000.00
|
[2nd of 189]
| ||
Source: Economic Importance, 1998 (GDP x PC Inc) figures in quadrillion people dollars
| |||
$2,668,071,000,000.00
|
[4th of 203]
| ||
$7,123,712,000,000.00
|
[2nd of 163]
| ||
11.9%
|
[8th of 198]
| ||
$1,186.00
|
[45th of 52]
| ||
46.9
|
[6th of 40]
| ||
$1,130,000,000,000.00
|
[6th of 0]
| ||
0.755
|
[88th of 0]
| ||
Lower middle income
| |||
Source: Human Development Report 2006, United Nations Development Programme
| |||
8%
|
[21st of 46]
| ||
Source:
| |||
22.12 % of world's poor
|
[2nd of 80]
| ||
18.4 % of GDP
|
[97th of 121]
| ||
Source: Country Responsibilities in Achieving the Millenium Development Goals", April 8 2003, by Janice Poling
| |||
0.3
|
[40th of 68]
| ||
23,770,000
|
[6th of 0]
| ||
Source: United Nations Development Program. Human Development Report 2001. New York: Oxford University Press,2001, Table A2.1. via ciesin.org
| |||
Views & Thoughts
The uncertainties such as the global slowdown and slack export demands are complicating the prospects of the economy; it was already under huge pressure of slower growth and economic restructuring, said Wang Yiming, a National Development and Reform Commission economist.
Meanwhile, the country's inflation rate eased to 6.3 percent in July from 7.1 percent in June, 7.7 percent in May and a peak of 8.7 percent in February. This was due to a series of measures including tightening monetary policies to rein in runaway prices.
But the country's decision makers are now in a dilemma of trying to seek a balance between fighting inflation and boosting economic growth in the rest of the year to ensure a steady and fast economic development.
It would maintain a steady growth this year, economist Wang said. "The overheating risks that once threatened the Chinese economy had been pared following the country's macro-control measures; three major drivers of growth -- investment, consumption and exports -- would maintain a good momentum."
China is expected to maintain a seven to eight percent growth, or even higher, for at least 15 to 20 years. They made the prediction on robust investment, great potential for further development and proper macro controls.
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