China Economy - News & Updates
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Deals worth 1b euro inked with Turkey
Five Chinese companies signed agreements worth 1 billion euros with a visiting Turkish business delegation on Friday even as officials of both countries called for more trade and investment exchanges.
The projects cover a range of sectors, including metro construction in Turkey and trade of agricultural products, steel products and marble. The agreements were signed in Beijing during Turkish President Abdullah Gul's visit to China. Detailed volume of each agreement is unavailable.
"As two major emerging economies, China and Turkey are complementary with each other and enjoy a promising future in cooperation," Chen Jian, vice-minister of commerce, said at the China-Turkey Business Forum in Beijing on Friday.
He said the two sides should work together to expand cooperation in areas ranging from traditional trade and contracting to sectors such as new energy and hi-tech industries.
Bilateral trade between the two countries jumped from $1.2 billion in 2001 to $12.6 billion in 2008. But investment to each other is comparatively low: Turkey's accumulated investment to China hit $150 million while China's investment is only $60 million.
Turkish officials said Turkey's geographic and economic advantages are attractive for Chinese enterprises to invest in the country.
"For Chinese enterprises, Turkey, which is located at the junction of Europe, Middle East and Central Asia, could serve as a bridge to Europe and other regions and also as a logistics center," said Turkey's Minister of Industry and Trade Zafar Caglayan.
(China Daily June 27, 2009)
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aimarraul
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Decline in industrial profits slows
Chinese industrial profits are expected to rebound in the second half as stabilizing producer prices may boost margins, analysts said.
Decline in industrial profits slows
The country's industrial profits fell 22.9 percent in the first five months, but most analysts feel that the decline would slow in the second half of the year. [CFP]
Industrial profits nationwide fell 22.9 percent in the first five months from a year earlier, the National Bureau of Statistics (NBS) said on Friday. This was 14.4 percentage points less compared with a fall of 37.3 percent in the first two months of the year.
"The slower rate of decline is mainly due to a recovery in domestic demand, a decline in operating costs and a stabilization in producer prices," NBS said in a statement published on its website.
Prices of fuel, power and other raw materials, which have a big impact on industrial profits, have stopped falling month-on-month since April, and that is helping to slow the pace at which profits are dropping, it said. Fast growth in investment and a steady increase in domestic consumption are also pushing up industrial activity.
Analysts said industrial profits are expected to rebound further in the second half as the decline in the producer price index (PPI) eases.
"The PPI decline is expected to ease in the second half, and this would help increase the margins of many industrial enterprises," Li Jianfeng, analyst, Shanghai Securities, said.
The PPI has dropped 5.5 percent year on year from January to May this year, squeezing industrial margins. But the decline is expected to slow in the second half, especially after August, according to Li.
"PPI will continue to see significant drop until August considering the tail-raising factor, but after that, the decline may slow significantly, and this will help increase producer's margins," Li said.
The PPI in August 2008 rose as much as 10.1 percent year on year, the highest in 12 years.
Meanwhile, analysts said profits of industries such as food processing, textile, telecommunications, automobile as well as equipment manufacturing are likely to see a slower decline as the stabilizing of international commodity prices would help them cut costs.
Operating costs in the first five months dropped by 0.9 percent from a year earlier, according to NBS figures.
The NBS this year is releasing nationwide year-to-date profit data for February, May, August and November. In the other months it is issuing year-to-date data compiled from 22 provinces that account for 78.6 percent of nationwide industrial earnings.
The improvement chimes with other indicators suggesting that the economic recovery is gaining momentum.
China's GDP growth is expected to accelerate to nearly 8 percent in the third quarter and over 9 percent in the fourth quarter, a senior government economist said in remarks published on Friday.
Annual growth in the first three months was 6.1 percent. Figures for the second quarter are due on July 16.
Chinese industrial profits are expected to rebound in the second half as stabilizing producer prices may boost margins, analysts said.
Decline in industrial profits slows
The country's industrial profits fell 22.9 percent in the first five months, but most analysts feel that the decline would slow in the second half of the year. [CFP]
Industrial profits nationwide fell 22.9 percent in the first five months from a year earlier, the National Bureau of Statistics (NBS) said on Friday. This was 14.4 percentage points less compared with a fall of 37.3 percent in the first two months of the year.
"The slower rate of decline is mainly due to a recovery in domestic demand, a decline in operating costs and a stabilization in producer prices," NBS said in a statement published on its website.
Prices of fuel, power and other raw materials, which have a big impact on industrial profits, have stopped falling month-on-month since April, and that is helping to slow the pace at which profits are dropping, it said. Fast growth in investment and a steady increase in domestic consumption are also pushing up industrial activity.
Analysts said industrial profits are expected to rebound further in the second half as the decline in the producer price index (PPI) eases.
"The PPI decline is expected to ease in the second half, and this would help increase the margins of many industrial enterprises," Li Jianfeng, analyst, Shanghai Securities, said.
The PPI has dropped 5.5 percent year on year from January to May this year, squeezing industrial margins. But the decline is expected to slow in the second half, especially after August, according to Li.
"PPI will continue to see significant drop until August considering the tail-raising factor, but after that, the decline may slow significantly, and this will help increase producer's margins," Li said.
The PPI in August 2008 rose as much as 10.1 percent year on year, the highest in 12 years.
Meanwhile, analysts said profits of industries such as food processing, textile, telecommunications, automobile as well as equipment manufacturing are likely to see a slower decline as the stabilizing of international commodity prices would help them cut costs.
Operating costs in the first five months dropped by 0.9 percent from a year earlier, according to NBS figures.
The NBS this year is releasing nationwide year-to-date profit data for February, May, August and November. In the other months it is issuing year-to-date data compiled from 22 provinces that account for 78.6 percent of nationwide industrial earnings.
The improvement chimes with other indicators suggesting that the economic recovery is gaining momentum.
China's GDP growth is expected to accelerate to nearly 8 percent in the third quarter and over 9 percent in the fourth quarter, a senior government economist said in remarks published on Friday.
Annual growth in the first three months was 6.1 percent. Figures for the second quarter are due on July 16.
aimarraul
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great news for chinese,it's time to face our problems if we want another 30 years ,go china 
China: Data fraud officials will be sacked
By Xie Chuanjiao (China Daily)
Updated: 2009-06-29 07:11
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Officials who falsify economic data could face the sack under a new law aimed at wiping out fraudulent figures.
The revised Law on Statistics bans staff at all levels from tampering with government data and was approved by China's top legislature on Saturday.
It will come into effect on Jan 1 next year.
Officials will also be stopped from asking workers and agencies to fake data, or take revenge on those who refuse to.
"Violators will be ordered to make rectification and imposed administrative punishments," the law now states.
According to the rules that govern civil servants in China, administrative punishments include warnings, fines and dismissal.
Ma Jiantang, director of the National Bureau of Statistics (NBS), said the fabrication of statistics and falsely altered data accounted for about 60 percent of all violations.
Former NBS director Li Deshui said the cumulative gross domestic product data submitted by local governments for 2004 was 3.9 percentage points higher than the NBS data for that year - a difference of nearly 2.66 trillion yuan ($380 billion).
Wu Bangguo, chairman of the Standing Committee of the 11th National People's Congress (NPC), said the revision was focused on coping with data fraud and deception, including the prevention of administrative intervention in statistical work.
Related readings:
China revises statistics law to curb data falsification
Crackdown on invoice fraud intensified
Market hit by false claims, fraud
Discrepancy in May economic data reflects industry restructuring
May fiscal data point to 'recovery'
"The law will make statistical data more reliable so it can play a better role in understanding national realities and capacity, and better serve economic and social development," he said.
The law also stipulates that agencies submitting data, including government departments, must keep the original records.
"Statistical staff in charge of examination and signatures must be responsible for data authenticity, accuracy and integrity," the law states.
While government officials face tough action, individuals who refuse to cooperate or give false or incomplete data during the national census will be counseled, replacing the previous punishment of a 1,000-yuan fine.
The NPC uncovered serious frauds during inspections into the implementation of the old statistics law, including in Chongqing municipality, where two officials asked workers to add a "0" to the production value of a local enterprise, which saw it jump to "30 million yuan" from the previous "3 million yuan", in order to achieve its annual economic development goal.
Analysts believe a blinkered view of economic growth, once the measure of an official's performance, was the major reason behind the faked figures.
Huang Yong, dean of the school of economic law at the University of International Business and Economics, said the revised law would boost the country's statistical work.
"Besides the deterrence from the legislative sector, we still need to deepen system reforms, especially improving the independence of statistical work and enhance statistical expertise and intensify supervision," he added.
China: Data fraud officials will be sacked
By Xie Chuanjiao (China Daily)
Updated: 2009-06-29 07:11
Comments(0) PrintMail
Officials who falsify economic data could face the sack under a new law aimed at wiping out fraudulent figures.
The revised Law on Statistics bans staff at all levels from tampering with government data and was approved by China's top legislature on Saturday.
It will come into effect on Jan 1 next year.
Officials will also be stopped from asking workers and agencies to fake data, or take revenge on those who refuse to.
"Violators will be ordered to make rectification and imposed administrative punishments," the law now states.
According to the rules that govern civil servants in China, administrative punishments include warnings, fines and dismissal.
Ma Jiantang, director of the National Bureau of Statistics (NBS), said the fabrication of statistics and falsely altered data accounted for about 60 percent of all violations.
Former NBS director Li Deshui said the cumulative gross domestic product data submitted by local governments for 2004 was 3.9 percentage points higher than the NBS data for that year - a difference of nearly 2.66 trillion yuan ($380 billion).
Wu Bangguo, chairman of the Standing Committee of the 11th National People's Congress (NPC), said the revision was focused on coping with data fraud and deception, including the prevention of administrative intervention in statistical work.
Related readings:
China revises statistics law to curb data falsification
Crackdown on invoice fraud intensified
Market hit by false claims, fraud
Discrepancy in May economic data reflects industry restructuring
May fiscal data point to 'recovery'
"The law will make statistical data more reliable so it can play a better role in understanding national realities and capacity, and better serve economic and social development," he said.
The law also stipulates that agencies submitting data, including government departments, must keep the original records.
"Statistical staff in charge of examination and signatures must be responsible for data authenticity, accuracy and integrity," the law states.
While government officials face tough action, individuals who refuse to cooperate or give false or incomplete data during the national census will be counseled, replacing the previous punishment of a 1,000-yuan fine.
The NPC uncovered serious frauds during inspections into the implementation of the old statistics law, including in Chongqing municipality, where two officials asked workers to add a "0" to the production value of a local enterprise, which saw it jump to "30 million yuan" from the previous "3 million yuan", in order to achieve its annual economic development goal.
Analysts believe a blinkered view of economic growth, once the measure of an official's performance, was the major reason behind the faked figures.
Huang Yong, dean of the school of economic law at the University of International Business and Economics, said the revised law would boost the country's statistical work.
"Besides the deterrence from the legislative sector, we still need to deepen system reforms, especially improving the independence of statistical work and enhance statistical expertise and intensify supervision," he added.
aimarraul
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great news for chinese,it's time to face our problems if we want another 30 years ,go china
China: Data fraud officials will be sacked
By Xie Chuanjiao (China Daily)
Updated: 2009-06-29 07:11
Comments(0) PrintMail
Officials who falsify economic data could face the sack under a new law aimed at wiping out fraudulent figures.
The revised Law on Statistics bans staff at all levels from tampering with government data and was approved by China's top legislature on Saturday.
It will come into effect on Jan 1 next year.
Officials will also be stopped from asking workers and agencies to fake data, or take revenge on those who refuse to.
"Violators will be ordered to make rectification and imposed administrative punishments," the law now states.
According to the rules that govern civil servants in China, administrative punishments include warnings, fines and dismissal.
Ma Jiantang, director of the National Bureau of Statistics (NBS), said the fabrication of statistics and falsely altered data accounted for about 60 percent of all violations.
Former NBS director Li Deshui said the cumulative gross domestic product data submitted by local governments for 2004 was 3.9 percentage points higher than the NBS data for that year - a difference of nearly 2.66 trillion yuan ($380 billion).
Wu Bangguo, chairman of the Standing Committee of the 11th National People's Congress (NPC), said the revision was focused on coping with data fraud and deception, including the prevention of administrative intervention in statistical work.
"The law will make statistical data more reliable so it can play a better role in understanding national realities and capacity, and better serve economic and social development," he said.
The law also stipulates that agencies submitting data, including government departments, must keep the original records.
"Statistical staff in charge of examination and signatures must be responsible for data authenticity, accuracy and integrity," the law states.
While government officials face tough action, individuals who refuse to cooperate or give false or incomplete data during the national census will be counseled, replacing the previous punishment of a 1,000-yuan fine.
The NPC uncovered serious frauds during inspections into the implementation of the old statistics law, including in Chongqing municipality, where two officials asked workers to add a "0" to the production value of a local enterprise, which saw it jump to "30 million yuan" from the previous "3 million yuan", in order to achieve its annual economic development goal.
Analysts believe a blinkered view of economic growth, once the measure of an official's performance, was the major reason behind the faked figures.
Huang Yong, dean of the school of economic law at the University of International Business and Economics, said the revised law would boost the country's statistical work.
"Besides the deterrence from the legislative sector, we still need to deepen system reforms, especially improving the independence of statistical work and enhance statistical expertise and intensify supervision," he added.
China: Data fraud officials will be sacked
By Xie Chuanjiao (China Daily)
Updated: 2009-06-29 07:11
Comments(0) PrintMail
Officials who falsify economic data could face the sack under a new law aimed at wiping out fraudulent figures.
The revised Law on Statistics bans staff at all levels from tampering with government data and was approved by China's top legislature on Saturday.
It will come into effect on Jan 1 next year.
Officials will also be stopped from asking workers and agencies to fake data, or take revenge on those who refuse to.
"Violators will be ordered to make rectification and imposed administrative punishments," the law now states.
According to the rules that govern civil servants in China, administrative punishments include warnings, fines and dismissal.
Ma Jiantang, director of the National Bureau of Statistics (NBS), said the fabrication of statistics and falsely altered data accounted for about 60 percent of all violations.
Former NBS director Li Deshui said the cumulative gross domestic product data submitted by local governments for 2004 was 3.9 percentage points higher than the NBS data for that year - a difference of nearly 2.66 trillion yuan ($380 billion).
Wu Bangguo, chairman of the Standing Committee of the 11th National People's Congress (NPC), said the revision was focused on coping with data fraud and deception, including the prevention of administrative intervention in statistical work.
"The law will make statistical data more reliable so it can play a better role in understanding national realities and capacity, and better serve economic and social development," he said.
The law also stipulates that agencies submitting data, including government departments, must keep the original records.
"Statistical staff in charge of examination and signatures must be responsible for data authenticity, accuracy and integrity," the law states.
While government officials face tough action, individuals who refuse to cooperate or give false or incomplete data during the national census will be counseled, replacing the previous punishment of a 1,000-yuan fine.
The NPC uncovered serious frauds during inspections into the implementation of the old statistics law, including in Chongqing municipality, where two officials asked workers to add a "0" to the production value of a local enterprise, which saw it jump to "30 million yuan" from the previous "3 million yuan", in order to achieve its annual economic development goal.
Analysts believe a blinkered view of economic growth, once the measure of an official's performance, was the major reason behind the faked figures.
Huang Yong, dean of the school of economic law at the University of International Business and Economics, said the revised law would boost the country's statistical work.
"Besides the deterrence from the legislative sector, we still need to deepen system reforms, especially improving the independence of statistical work and enhance statistical expertise and intensify supervision," he added.
aimarraul
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Shenzhen mayor sacked over corruption allegations
The government yesterday sacked tainted Shenzhen mayor Xu Zongheng even as it continued investigating him for alleged corruption.
The 54-year-old former boss of the pivotal city of reform may now face a criminal probe.
Meanwhile, media named more officials and celebrities, including an Olympic gymnast, alleging their possible involvement with Xu.
Shenzhen mayor sacked over corruption allegations
Xu's fall is bound to uncover the involvement of some major players, who either bribed the mayor for government positions or to win bids for construction projects, media said.
The Hong Kong-based Ming Pao newspaper reported on Monday that vice-mayor Yan Xiaopei, a non-Communist Party official "close to Xu", was also being questioned by the government's discipline commission.
The online version of the Beijing-based Caijing magazine reported yesterday that Yan's recent absence from the city's major events was unrelated to Xu's probe. The vice-mayor, who is reportedly ill, is "still under medical observation", it said.
The city's executive vice-mayor Xu Qin, who ranks first among the deputies, has taken over the mayor's responsibilities for now, the report said. The 48-year-old Jiangsu native was in charge of the nation's high-tech industry before he was posted to Shenzhen just over a year ago.
In a desperate bid to get a clean chit from the ongoing investigation, most of the city's nine vice-mayors have made high profile public appearances since the central government confirmed Xu's detention on Monday.
Six of them showed up in different administrative meetings on Tuesday, while a seventh figured in the government's official daily on Wednesday.
In another development yesterday, actress and Olympic gold-medalist gymnast Liu Xuan, and actress Zhou Xun rejected claims they were ever involved with the tainted mayor.
Liu, who shares her hometown in Hunan province with Xu, wrote on her Web blog that she felt "wronged" to be considered the "secret lover of a potentially corrupt official".
The Ming Pao newspaper reported on Tuesday that Xu has been "close to a mainland actress, who has secured residence in Hong Kong through the Quality Migrant Admission Scheme".
The media targeted six mainland actresses, including Zhang Ziyi, Tang Wei, Liu Xuan and Zhou Xun, as Xu's "possible secret lovers".
The government is yet to reveal the reason behind Xu's detention.
But Shi Dongbing, a well-known political writer, who claimed to be a close friend of Xu, said the former mayor has been "found guilty of bribing superiors to secure promotions and striking profitable deals with real estate developers" in Shenzhen.
It was rumored Xu bribed 64-year-old Chen Shaoji, former chairman of the Guangdong committee for the Chinese People's Political Consultative Conference, for a promotion.
Chen was also probed for his involvement in corruption charges against Huang Guangyu, founder of home alliance giant GOME.
Analysts said Xu's growing unpopularity among local political rivals might have led to the probe.
Xu's wife, a manager of a State company in Shenzhen, is also under investigation, Ming Pao reported.
The government yesterday sacked tainted Shenzhen mayor Xu Zongheng even as it continued investigating him for alleged corruption.
The 54-year-old former boss of the pivotal city of reform may now face a criminal probe.
Meanwhile, media named more officials and celebrities, including an Olympic gymnast, alleging their possible involvement with Xu.
Shenzhen mayor sacked over corruption allegations
Xu's fall is bound to uncover the involvement of some major players, who either bribed the mayor for government positions or to win bids for construction projects, media said.
The Hong Kong-based Ming Pao newspaper reported on Monday that vice-mayor Yan Xiaopei, a non-Communist Party official "close to Xu", was also being questioned by the government's discipline commission.
The online version of the Beijing-based Caijing magazine reported yesterday that Yan's recent absence from the city's major events was unrelated to Xu's probe. The vice-mayor, who is reportedly ill, is "still under medical observation", it said.
The city's executive vice-mayor Xu Qin, who ranks first among the deputies, has taken over the mayor's responsibilities for now, the report said. The 48-year-old Jiangsu native was in charge of the nation's high-tech industry before he was posted to Shenzhen just over a year ago.
In a desperate bid to get a clean chit from the ongoing investigation, most of the city's nine vice-mayors have made high profile public appearances since the central government confirmed Xu's detention on Monday.
Six of them showed up in different administrative meetings on Tuesday, while a seventh figured in the government's official daily on Wednesday.
In another development yesterday, actress and Olympic gold-medalist gymnast Liu Xuan, and actress Zhou Xun rejected claims they were ever involved with the tainted mayor.
Liu, who shares her hometown in Hunan province with Xu, wrote on her Web blog that she felt "wronged" to be considered the "secret lover of a potentially corrupt official".
The Ming Pao newspaper reported on Tuesday that Xu has been "close to a mainland actress, who has secured residence in Hong Kong through the Quality Migrant Admission Scheme".
The media targeted six mainland actresses, including Zhang Ziyi, Tang Wei, Liu Xuan and Zhou Xun, as Xu's "possible secret lovers".
The government is yet to reveal the reason behind Xu's detention.
But Shi Dongbing, a well-known political writer, who claimed to be a close friend of Xu, said the former mayor has been "found guilty of bribing superiors to secure promotions and striking profitable deals with real estate developers" in Shenzhen.
It was rumored Xu bribed 64-year-old Chen Shaoji, former chairman of the Guangdong committee for the Chinese People's Political Consultative Conference, for a promotion.
Chen was also probed for his involvement in corruption charges against Huang Guangyu, founder of home alliance giant GOME.
Analysts said Xu's growing unpopularity among local political rivals might have led to the probe.
Xu's wife, a manager of a State company in Shenzhen, is also under investigation, Ming Pao reported.
Less than half of consumer products on sale in south China are safe, according to a survey quoted by state media Tuesday.
The government survey was carried out between April and June in Guangdong province, which borders Hong Kong, and covered 202 items, including tissues, beverages and women's sanitary products, the China Daily reported.
Only 49 per cent met the government's basic hygiene standards while the rest were substandard or even "dangerous to consumers' health," the paper said, citing Guangdong's bureau of industry and commerce.
Only a third of the bottled water brands sampled met quality standards, down from more than 90 per cent a year ago, according to the paper.
However, Guangdong authorities decided not to make public the list of products deemed to be substandard, saying "it is not the right time" to disclose the names of the problem companies.
The decision triggered anger among local consumers, who were worried they might continue using unsafe products, the paper said.
"What's the point of telling us some products we are consuming are harmful without telling us which ones?" asked Huang Chunhong, a local businessman.
Product safety has been a growing concern among Chinese consumers, especially after a scandal erupted in 2008 over baby milk formula.
At least six babies died and nearly 300,000 fell ill after they consumed milk powder contaminated by the industrial chemical melamine, which was mixed in to give the appearance of a higher protein content.
South China consumer goods sub-standard: report- Hindustan Times
The government survey was carried out between April and June in Guangdong province, which borders Hong Kong, and covered 202 items, including tissues, beverages and women's sanitary products, the China Daily reported.
Only 49 per cent met the government's basic hygiene standards while the rest were substandard or even "dangerous to consumers' health," the paper said, citing Guangdong's bureau of industry and commerce.
Only a third of the bottled water brands sampled met quality standards, down from more than 90 per cent a year ago, according to the paper.
However, Guangdong authorities decided not to make public the list of products deemed to be substandard, saying "it is not the right time" to disclose the names of the problem companies.
The decision triggered anger among local consumers, who were worried they might continue using unsafe products, the paper said.
"What's the point of telling us some products we are consuming are harmful without telling us which ones?" asked Huang Chunhong, a local businessman.
Product safety has been a growing concern among Chinese consumers, especially after a scandal erupted in 2008 over baby milk formula.
At least six babies died and nearly 300,000 fell ill after they consumed milk powder contaminated by the industrial chemical melamine, which was mixed in to give the appearance of a higher protein content.
South China consumer goods sub-standard: report- Hindustan Times
duhastmish
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Another brilliant plan from chinese but i am still skeptic if it will work.
it might be best innovation after sliced bread.
A PRIVATE airline in China is submitting plans for journeys where passengers can opt to stand to save money.
Spring Airlines first initiated the standing ticket idea earlier this year. It is now considering officially submitting it to the aviation regulator before the year is out.
The airline has been trying to cope with surging passenger numbers and new flight routes, but only has 13 planes.
"The process of plane making is really long," Spring Airlines' Zhang Wuan told China's CCTV.
We already ordered 14 new jets. But some of them will only be delivered next year.
And you have to wait for at least five years to lease a plane, and it is also very expensive.
The standing jet could accommodate 40 per cent more passengers compared to a traditional plane.
It could also help airlines cut 20 per cent of their costs, while lowering airfares for consumers.
It's just like bar stools. The safety belt is the most important thing. (Ofcourse captain Obvious) It will still be fastened around the waist,
( i think you still fasten it around waist) Mr Wuan said.
The airline would need government backing to go ahead with the plans.
But Spring Airlines president Wang Zhenghua said that he was confident because the idea had been suggested by China's vice premier Zhang Dejiang.
He suggested that, for a lower price, passengers should be able to get on a plane like catching a bus, with no seat, no luggage consignment, no food, no water, but very convenient, said Mr Zhenghua.
He added that the company had consulted with Airbus, the company which built most of its aeroplanes, and had been told the proposals were safe.
So once the government approves it formally, we'll try it, he said.
it might be best innovation after sliced bread.
A PRIVATE airline in China is submitting plans for journeys where passengers can opt to stand to save money.
Spring Airlines first initiated the standing ticket idea earlier this year. It is now considering officially submitting it to the aviation regulator before the year is out.
The airline has been trying to cope with surging passenger numbers and new flight routes, but only has 13 planes.
"The process of plane making is really long," Spring Airlines' Zhang Wuan told China's CCTV.
We already ordered 14 new jets. But some of them will only be delivered next year.
And you have to wait for at least five years to lease a plane, and it is also very expensive.
The standing jet could accommodate 40 per cent more passengers compared to a traditional plane.
It could also help airlines cut 20 per cent of their costs, while lowering airfares for consumers.
It's just like bar stools. The safety belt is the most important thing. (Ofcourse captain Obvious) It will still be fastened around the waist,
( i think you still fasten it around waist) Mr Wuan said. The airline would need government backing to go ahead with the plans.
But Spring Airlines president Wang Zhenghua said that he was confident because the idea had been suggested by China's vice premier Zhang Dejiang.
He suggested that, for a lower price, passengers should be able to get on a plane like catching a bus, with no seat, no luggage consignment, no food, no water, but very convenient, said Mr Zhenghua.
He added that the company had consulted with Airbus, the company which built most of its aeroplanes, and had been told the proposals were safe.
So once the government approves it formally, we'll try it, he said.
duhastmish
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thanksalot for comparing india to china. i thought they are regional leaders -lol
anyways - if you are intended to say chinese copied this idea TOO. then i accept your words.
anyways - if you are intended to say chinese copied this idea TOO. then i accept your words.
aimarraul
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Xinjiang to build 303,000 indemnificatory houses in 3 years
China's Xinjiang Uygur Autonomous Region plans to build 303,000 indemnificatory houses over the next three years, including approximately 244,000 units of low-rent apartments, according to the autonomous region's department of construction.
In 2009, Xinjiang expects to build 85,000 low-rent houses, 28,000 affordable apartments and additional housing of 180,000 square meters to address its housing problems.
Last year Xinjiang invested RMB 1.44 billion for the construction of low-rent houses and provided affordable housing with a total area of 1.22 million square meters for 20,000 families.
China's Xinjiang Uygur Autonomous Region plans to build 303,000 indemnificatory houses over the next three years, including approximately 244,000 units of low-rent apartments, according to the autonomous region's department of construction.
In 2009, Xinjiang expects to build 85,000 low-rent houses, 28,000 affordable apartments and additional housing of 180,000 square meters to address its housing problems.
Last year Xinjiang invested RMB 1.44 billion for the construction of low-rent houses and provided affordable housing with a total area of 1.22 million square meters for 20,000 families.
aimarraul
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Tibet to invest RMB 3 bln in indemnificatory housing
China's Tibet Autonomous Region plans to spend RMB 3 billion to build 30,000 flats under its indemnificatory housing projects in the coming three years, sources reported.
Chen Jin, Head of Tibet's Construction Department, told sources that RMB 1 billion will be used for the construction of 10,000 units of low-rent and budget housing, while the remaining RMB 2 billion to be invested in 20,000 units of temporary houses for low-income families.
The autonomous region has started the low-rent housing project since 2007. So far, the first project has completed construction and 1,056 families have moved in.
China's Tibet Autonomous Region plans to spend RMB 3 billion to build 30,000 flats under its indemnificatory housing projects in the coming three years, sources reported.
Chen Jin, Head of Tibet's Construction Department, told sources that RMB 1 billion will be used for the construction of 10,000 units of low-rent and budget housing, while the remaining RMB 2 billion to be invested in 20,000 units of temporary houses for low-income families.
The autonomous region has started the low-rent housing project since 2007. So far, the first project has completed construction and 1,056 families have moved in.
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China Resources plans to increase wind power capacity
China Resources plans to increase wind power capacity
John Duce, Bloomberg Published: Tuesday, May 19, 2009
China Resources Power Holdings Co., the third-largest Hong Kong-listed mainland electricity supplier by market value, plans to expand its wind-power capacity by more than four-fold to tap demand for cleaner fuels.
About 900 megawatts of the company's capacity will be produced by wind power by next year, compared with 200 megawatts now, Chief Financial Officer Wang Xiaobin said at a conference in Hong Kong.
The Chinese government is drafting a stimulus package to more than double the nation's output of alternative energy by 2020 to reduce its reliance on more polluting coal and oil, the chief director of China's Renewable Energy Society, Shi Dinghuan, said on May 5. About 80% of China's electricity is produced by coal-fired power plants.
"Wind power offers us a steady stream of income and it also isn't subject to same volatility with coal prices," said Ms. Wang. China Resources Power has four wind farms and this will increase to about 18 within the next two years, she said.
Net income at China Resources Power fell 47% last year to HK$1.72-billion (US$221-million) because of high coal prices. Coal reached a record last July and has since declined about 41%.
"China's power sector will perform much more strongly because of the drop in coal prices," said Ms. Wang. "Our company will perform in line with that forecast," she said, without elaborating.
Wind power plants offer a return of about 15% on equity and the renewable form of energy will make up about 4.5% of the company's total capacity by 2010 compared with about 1% now, she said.
Problems with distribution in China mean investment in cleaner-burning gas is unlikely to take off for at least five years in the power sector when national pipelines and other infrastructure are in place, Ms. Wang said.
China plans renewable sources such as wind and hydro-electricity to produce about 15% of the nation's energy by 2020.
The company's electricity sales rose 13% to 5.7 million megawatt-hours last month, compared with the same period a year earlier, China Resources Power said in a statement on its Web site said on April 14.
Sales climbed 2.4% to 15.4-million megawatt-hours in the first quarter, the Hong Kong-listed company. A megawatt is enough to power a 10-story office building.
China Resources plans to increase wind power capacity
John Duce, Bloomberg Published: Tuesday, May 19, 2009
China Resources Power Holdings Co., the third-largest Hong Kong-listed mainland electricity supplier by market value, plans to expand its wind-power capacity by more than four-fold to tap demand for cleaner fuels.
About 900 megawatts of the company's capacity will be produced by wind power by next year, compared with 200 megawatts now, Chief Financial Officer Wang Xiaobin said at a conference in Hong Kong.
The Chinese government is drafting a stimulus package to more than double the nation's output of alternative energy by 2020 to reduce its reliance on more polluting coal and oil, the chief director of China's Renewable Energy Society, Shi Dinghuan, said on May 5. About 80% of China's electricity is produced by coal-fired power plants.
"Wind power offers us a steady stream of income and it also isn't subject to same volatility with coal prices," said Ms. Wang. China Resources Power has four wind farms and this will increase to about 18 within the next two years, she said.
Net income at China Resources Power fell 47% last year to HK$1.72-billion (US$221-million) because of high coal prices. Coal reached a record last July and has since declined about 41%.
"China's power sector will perform much more strongly because of the drop in coal prices," said Ms. Wang. "Our company will perform in line with that forecast," she said, without elaborating.
Wind power plants offer a return of about 15% on equity and the renewable form of energy will make up about 4.5% of the company's total capacity by 2010 compared with about 1% now, she said.
Problems with distribution in China mean investment in cleaner-burning gas is unlikely to take off for at least five years in the power sector when national pipelines and other infrastructure are in place, Ms. Wang said.
China plans renewable sources such as wind and hydro-electricity to produce about 15% of the nation's energy by 2020.
The company's electricity sales rose 13% to 5.7 million megawatt-hours last month, compared with the same period a year earlier, China Resources Power said in a statement on its Web site said on April 14.
Sales climbed 2.4% to 15.4-million megawatt-hours in the first quarter, the Hong Kong-listed company. A megawatt is enough to power a 10-story office building.
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China's wind-power boom to outpace nuclear by 2020
China's wind-power boom to outpace nuclear by 2020 | Markets | Reuters
By Rujun Shen and Tom Miles
BEIJING, April 20 (Reuters) - China will have 100 gigawatts of wind-power capacity by 2020, a senior energy official said on Monday, more than three times the 30 GW target the government laid down in an energy strategy drawn up just 18 months ago.
"Installed wind-power capacity is expected to reach 100 million kilowatts in 2020. That will be eight times more than in 2008," Fang Junshi, head of the coal department of the National Energy Administration, told a Coaltrans conference in Beijing. "The annual growth rate will be about 20 percent."
Fang's remarks confirm what industry experts have long maintained -- wind power has the potential to take a much bigger share of China's power mix than the government had planned.
China, the world's second-largest energy user, has around 12 GW of wind-power capacity and has already said it wants to raise that to around 20 GW by next year, suggesting it was on course to smash the 2020 target, which was set in 2007.
That means wind is set to be a bigger source of power than nuclear, despite a construction boom in nuclear power plants, and far bigger than solar, which is expected to hit 1.8 GW by 2020, according to the 2007 plan.
Suppliers to China's wind sector include China Wind Systems (CWSI.OB), China High (0658.HK), Hansen Transmissions (HSNT.L), Siemens (SIEGn.DE), Vestas (VWS.CO), Suzlon (SUZL.BO) and local leader Goldwind Science & Technology Co. Ltd 002202.SZ.
The original 2020 target for nuclear was set at 40 GW, but China is now aiming for 60 GW and officials have spoken of 70 GW. China had 9.1 GW of nuclear power capacity at the end of last year and is building 24 reactors with a further 25.4 GW. At least five more are planned but not yet approved for construction.
Both wind and nuclear have got a shot in the arm from the economic crisis, since China's 4 trillion yuan ($585 billion) stimulus plan promised more nuclear spending and upgrades to the power grid, which should help stranded wind farms get connected.
Coal will continue to dominate China's power mix, although it is likely to slip from its 80 percent share.
China was aiming at 1,400-1,500 GW total capacity by 2020, Fang said. Hydropower would account for 300 GW, while coal-fired power capacity would need to reach 900-1,000 GW to ensure a supply-demand balance of energy.
That meant China's annual coal demand would increase by 600 million tonnes to 3.4 billion tonnes, he said.
China has repeatedly failed to hit targets for bringing polluting and greenhouse-gas-emitting industries under control, jeopardising a pledge to cut 20 percent off the energy-intensity of its economy in the five years to 2010.
But the economic slowdown has cut power consumption in China and a new fuel pricing regime has stopped some of the oil price slump filtering straight through to pump prices.
Since China's gross domestic product (GDP) has kept growing, although at a much reduced rate, the overall energy intensity of the economy could show a sharp decline.
"It's very likely that China will be able to achieve the goal of reducing energy consumption per unit of GDP by 20 percent by the end of the eleventh five-year plan (in 2010)," said Fang. ($1=6.833 Yuan).
China's wind-power boom to outpace nuclear by 2020 | Markets | Reuters
By Rujun Shen and Tom Miles
BEIJING, April 20 (Reuters) - China will have 100 gigawatts of wind-power capacity by 2020, a senior energy official said on Monday, more than three times the 30 GW target the government laid down in an energy strategy drawn up just 18 months ago.
"Installed wind-power capacity is expected to reach 100 million kilowatts in 2020. That will be eight times more than in 2008," Fang Junshi, head of the coal department of the National Energy Administration, told a Coaltrans conference in Beijing. "The annual growth rate will be about 20 percent."
Fang's remarks confirm what industry experts have long maintained -- wind power has the potential to take a much bigger share of China's power mix than the government had planned.
China, the world's second-largest energy user, has around 12 GW of wind-power capacity and has already said it wants to raise that to around 20 GW by next year, suggesting it was on course to smash the 2020 target, which was set in 2007.
That means wind is set to be a bigger source of power than nuclear, despite a construction boom in nuclear power plants, and far bigger than solar, which is expected to hit 1.8 GW by 2020, according to the 2007 plan.
Suppliers to China's wind sector include China Wind Systems (CWSI.OB), China High (0658.HK), Hansen Transmissions (HSNT.L), Siemens (SIEGn.DE), Vestas (VWS.CO), Suzlon (SUZL.BO) and local leader Goldwind Science & Technology Co. Ltd 002202.SZ.
The original 2020 target for nuclear was set at 40 GW, but China is now aiming for 60 GW and officials have spoken of 70 GW. China had 9.1 GW of nuclear power capacity at the end of last year and is building 24 reactors with a further 25.4 GW. At least five more are planned but not yet approved for construction.
Both wind and nuclear have got a shot in the arm from the economic crisis, since China's 4 trillion yuan ($585 billion) stimulus plan promised more nuclear spending and upgrades to the power grid, which should help stranded wind farms get connected.
Coal will continue to dominate China's power mix, although it is likely to slip from its 80 percent share.
China was aiming at 1,400-1,500 GW total capacity by 2020, Fang said. Hydropower would account for 300 GW, while coal-fired power capacity would need to reach 900-1,000 GW to ensure a supply-demand balance of energy.
That meant China's annual coal demand would increase by 600 million tonnes to 3.4 billion tonnes, he said.
China has repeatedly failed to hit targets for bringing polluting and greenhouse-gas-emitting industries under control, jeopardising a pledge to cut 20 percent off the energy-intensity of its economy in the five years to 2010.
But the economic slowdown has cut power consumption in China and a new fuel pricing regime has stopped some of the oil price slump filtering straight through to pump prices.
Since China's gross domestic product (GDP) has kept growing, although at a much reduced rate, the overall energy intensity of the economy could show a sharp decline.
"It's very likely that China will be able to achieve the goal of reducing energy consumption per unit of GDP by 20 percent by the end of the eleventh five-year plan (in 2010)," said Fang. ($1=6.833 Yuan).
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