Monthly Archives: October 2010
1. Cover story
2. Economy outlook
3. Financial strategy
4. Legal spotlight
5. Point of interest
7. Remark from editor
With the recent dispute of rare earth in focus, it is a good time to look back at China’s mineral resource policy issued in the December of 2003 by the State Council.
China’s Policy on Mineral Resources (2003)
Mineral resources are an important part of natural resources, and an important material foundation for the development of human society. Great achievements have been obtained in the survey and development of China’s mineral resources in the past five decades since the founding of New China. A great number of mineral resources have been verified, and a fairly complete system for the supply of mineral products has been established, providing an important guarantee for the sustained, rapid and healthy development of the Chinese economy. At present, over 92% of the country’s primary energy, 80% of the industrial raw and processed materials and more than 70% of the agricultural means of production come from mineral resources.
In the first half of 2010 the Chinese economy generally performed well and was proceeding in the direction intended by the macroeconomic management policies.
Consumption picked up rapidly; investment growth moderated but remained high; foreign trade experienced a fast rebound; the contributions of consumption, investment, and exports to economic development were more balanced; both industrial output and corporate profits went up by a large margin and the Consumer Price Index (CPI) edged up slightly. In the first half of the year, China’s Gross Domestic Product (GDP) stood at 17.3 trillion yuan, up 11.1 percent year on year. The Consumer Price Index (CPI) rose year on year by 2.6 percent. Continue reading
Bank of China Limited (“BOC”: Hong Kong Stock Exchange stock code: 3988; Shanghai Stock Exchange stock code: 601988) announced its 2010 third quarter results on 27 October. According to International Financial Reporting Standards (“IFRS”), in the first three quarters of 2010, BOC recorded a profit after tax of RMB82.96 billion, an increase of 27.48% compared with the same period of 2009. The Bank achieved profit attributable to equity holders of RMB79.24 billion, an increase of 27.70% compared with the same period of 2009. As at 30 September 2010, The Bank’s total assets amounted to RMB10.10 trillion, an increase of 15.43% compared with the prior year-end, exceeding RMB10 trillion for the first time. Continue reading
The Dispute Settlement Body (DSB) of WTO adopted on October 25, 2010 the panel report (WT/DS392/R) which was circulated on 29 September 2010. Continue reading
Taiwan’s Premier Wu Den-yih on Oct. 7 called for 2011 to be the first year that a regular Taiwan Cycling Festival is held to encourage the healthy habit of bicycling among the Taiwan public, as well as to help raise the island’s international profile. Continue reading
Zhou Xiaochuan, Governor of People’s Bank of China (PBC). He was born in 1948 and is married to Li Ling who runs the treaty and laws department of China’s Ministry of Commerce. Zhou graduated from Beijing Chemical Engineering Institute in 1975 and received Ph.D in economic systems engineering from Tsinghua University in 1985. Continue reading
Typhoon Megi certainly made headlines of the Chinese circle in October. Megi was not projected to hit Taiwan at first. As fate should have it, interactions between Megi and monsoon weather patterns brought heavy rainfall to Taiwan, and torrential rains led to deadly landslides. According to the press, as of October 24, floods and landslides had killed as many as 31 people in this island. Unfortunately, most of these casualties happened in the scenic Suhua Highway along the east coast of Taiwan and to tourists. As a matter of fact, there is still a busload of about 20 mainland Chinese missing at this very moment. Continue reading