China's Anti-trust Structure Lacks Fairness, Unity, Details
China's new anti-trust Law will come into force today, and the government has decided to split responsibility for enforcing the different parts of the law between three separate government organizations. The lack of unified review this will entail along with an absence of detailed implementation regulations will certainly lead to confusion and delay both for the companies affected by the law and regulators as well.
Huge New Natural Gas Field Strengthens China's Energy Security
China National Petroleum Corporation (CNPC) is dipping into a new natural gas field in Sichuan Province, with a total reserve estimated to be over 300 billion cubic meters.
China's Export Tax Rebate Hike a Sign of Policy Loosening
Long-term rumors and lobbying have now become reality. A tax rebate for some exported textiles and clothing was lifted from 11% to 13% yesterday, meaning the tax rebate ratio has returned to the level in 2006. The government reduced the tax rebate ratio for textiles and clothing to 13% then 11% in 2006 and 2007, respectively. Is this increase a slight adjustment to the textile and export industry, or the beginning of a bigger policy adjustment?
"Olympic Market?" Maybe Not, But Welcome Anyway
The Beijing Olympic Games kicks off in four days, and last Friday's trading on the Shanghai Stock Exchange seemed to be celebrating prematurely. Is this the fable "Olympics Market" or just a bit of irrational exuberance? Or maybe a chance to scrape a little money out of the exchange before it continues its slide? Perhaps this week's run-up to the Games will present a clearer picture.
Shandong Sees Worst Power Shortage, Just in Time for the Olympics
Shandong Province, one of the economic power centers on China's coast, is so short of electrical power that the government has issued an urgent order to guarantee its nearly 100 million population enough of the stuff to catch the imminent Beijing Olympic Games on TV, though that may be a physical mission possible.
RMB Exchange Rate in Surprise Slump Against the USD
Last week, as the Chinese government decided that securing economic growth trumped inflation abatement, the RMB exchange rate saw its biggest fall since the beginning of exchange rate reform in July, 2005. And the slump continued on Monday.
First Chinese State Telecoms Monopolist Sued for Residence Discrimination
On August 1st, the very day the Anti-trust Law came into force, the Beijing Branch of China Netcom (Beijing Netcom) was charged with monopoly.
US-Indian Nuclear Deal:Moving ahead but Uncertain
Manmohan Singh's government recently survived a critical vote of confidence in the Indian parliament over its support of the US-Indian agreement on civilian nuclear cooperation. Though the win was rather marginal, by 275 votes to 256, New Delhi and Washington are now ready to consummate their nuclear pact.
VALE Orders Largest Ships from Rongsheng, Looking for Better Iron Ore Prices
Brazil-based iron ore mega-miner Companhia Vale do Rio Doce (VALE) plans to build the world's largest iron ore cargo ships jointly with China's biggest private shipbuilder, in an effort to reduce freight charges so as to negotiate higher prices in future iron ore deals.
PBoC Allows Banks 5% Lending Increase
China's monetary and supervisory authorities are loosening credit limits in the second half of the year. Commercial banks have received notice from the People's Bank of China (PBoC) saying that the credit limits for the second half of the year are to be raised by 5%. This number is lower than the expected 400 billion yuan, indicating PBoC's preference for monetary policy "tight with proper adjustment".
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