Shardul.....the lion
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S&P affirms China's sovereign credit rating on 'exceptional growth prospects'
S&P affirms China's sovereign credit rating on 'exceptional growth prospects' - The Economic Times
BEIJING: Standard & Poor's on Tuesday affirmed China's sovereign credit rating after warning 15 eurozone countries they faced possible downgrades, underscoring the strength of the world's second largest economy.
The ratings agency said China's "exceptional growth prospects" and "modest government indebtedness" were key factors supporting its creditworthiness and stable outlook.
"The stable rating outlook reflects ... that China can absorb potential balance sheet losses with little damage to its credit standing, given its substantial foreign exchange reserves and strong fiscal position," S&P said.
China's "AA-" long-term and "A-1+" short-term sovereign credit ratings rank just below S&P's highest rating of triple-A.
The announcement came after S&P placed France, Germany and 13 other eurozone countries on a negative credit watch -- a warning of a possible imminent cut in their sovereign credit ratings, which could increase their borrowing costs.
The ratings agency said it would complete a review "as soon as possible" following a European Union summit in Brussels on Thursday and Friday to bridge big splits over the region's deepening debt crisis.
S&P's warning came hours after France and Germany announced plans to save the euro with treaty changes that call for strict rules to manage eurozone members' accounts.
Despite S&P's upbeat assessment on China, there are growing concerns among top leaders and analysts that the Asian powerhouse is losing steam as demand for Chinese-made products weakens in crisis-hit Europe and the United States.
The country's manufacturing sector contracted in November for the first time in 33 months, official data showed last week.
=================================================================
China's poverty line reaches medium rank with new standard
China's poverty line reaches medium rank with new standard - The Economic Times
BEIJING: China's recent move to substantially raise its threshold of defining rural poverty has come in for praise from the World Bank, which said the new standard matches medium-ranked nations in the middle and low income countries.
The nearly doubling of the rural poverty threshold will make almost 130 million people eligible for various social support schemes funded by the government.
China's new poverty standard, up by almost a dollar a day, has reached the medium rank in the middle-and-low income countries, Chen Shaohua, a World Bank economist said.
Based on the Purchasing Power Parity level in 2005, China's new threshold of defining poverty, or 2,300 yuan (USD 362) in terms of the annual net income of farmers, equals to USD 1.80 a day, Chen, senior statistician in the Development Economics Research Group of the World Bank was quoted by the official media as saying today.
Last month's announcement by the Chinese government represented an increase of over 80 per cent from the 1,274-yuan standard in 2010. Until now the Chinese government defined those who earned less than 1,274 yuan (about USD 200) in income a year as "poor people".
Based on that a recent official survey said 67.34 million rural people were lifted out of poverty in the last decade bringing down the percentage of rural poverty from 10.2 to 2.8 per cent.
China's poverty-stricken rural population fell from 94.22 million at the end of 2000 to 26.88 million at the end of 2010, a white paper on China's poverty alleviation released few weeks ago said.
At present China has 26.88 million impoverished people, according to the white paper which also claimed that China has basically solved the problem of providing adequate subsistence, food and clothing for its rural residents, the 36-page white paper claimed.
The new purchasing parity level will make 128 million people eligible for government anti-poverty subsidies, or 13.4 per cent of the registered rural population, Fan Xiaojian, head of the Leading Group Office of Poverty Alleviation and Development under the State Council said.
"It is the most exciting news during my more than 20-year career at the World Bank," she said.
Her comment was echoed by Wang Yan, also a senior economist with the World Bank.
"China has scored big progress in adjusting poverty line. It means China's policy will do more good for the poor who will get more financial support," she said.
At a meeting last week, senior Chinese leaders mapped out efforts to alleviate poverty in the country's rural areas over the next decade as the government tries to narrow a widening wealth gap.
The chief target is to provide adequate food and clothing for poverty-stricken people while ensuring their access to compulsory education, basic medical services and housing by 2020.
The country had reduced its poverty-stricken population in rural regions to 26.88 million at the end of 2010 from 94.22 million a decade ago, said a government white paper released in mid-November.
===================================================================
Positive news about China are also published in indian media. (FYI)
The way China has decreased the poverty level is really commendable.
S&P affirms China's sovereign credit rating on 'exceptional growth prospects' - The Economic Times
BEIJING: Standard & Poor's on Tuesday affirmed China's sovereign credit rating after warning 15 eurozone countries they faced possible downgrades, underscoring the strength of the world's second largest economy.
The ratings agency said China's "exceptional growth prospects" and "modest government indebtedness" were key factors supporting its creditworthiness and stable outlook.
"The stable rating outlook reflects ... that China can absorb potential balance sheet losses with little damage to its credit standing, given its substantial foreign exchange reserves and strong fiscal position," S&P said.
China's "AA-" long-term and "A-1+" short-term sovereign credit ratings rank just below S&P's highest rating of triple-A.
The announcement came after S&P placed France, Germany and 13 other eurozone countries on a negative credit watch -- a warning of a possible imminent cut in their sovereign credit ratings, which could increase their borrowing costs.
The ratings agency said it would complete a review "as soon as possible" following a European Union summit in Brussels on Thursday and Friday to bridge big splits over the region's deepening debt crisis.
S&P's warning came hours after France and Germany announced plans to save the euro with treaty changes that call for strict rules to manage eurozone members' accounts.
Despite S&P's upbeat assessment on China, there are growing concerns among top leaders and analysts that the Asian powerhouse is losing steam as demand for Chinese-made products weakens in crisis-hit Europe and the United States.
The country's manufacturing sector contracted in November for the first time in 33 months, official data showed last week.
=================================================================
China's poverty line reaches medium rank with new standard
China's poverty line reaches medium rank with new standard - The Economic Times
BEIJING: China's recent move to substantially raise its threshold of defining rural poverty has come in for praise from the World Bank, which said the new standard matches medium-ranked nations in the middle and low income countries.
The nearly doubling of the rural poverty threshold will make almost 130 million people eligible for various social support schemes funded by the government.
China's new poverty standard, up by almost a dollar a day, has reached the medium rank in the middle-and-low income countries, Chen Shaohua, a World Bank economist said.
Based on the Purchasing Power Parity level in 2005, China's new threshold of defining poverty, or 2,300 yuan (USD 362) in terms of the annual net income of farmers, equals to USD 1.80 a day, Chen, senior statistician in the Development Economics Research Group of the World Bank was quoted by the official media as saying today.
Last month's announcement by the Chinese government represented an increase of over 80 per cent from the 1,274-yuan standard in 2010. Until now the Chinese government defined those who earned less than 1,274 yuan (about USD 200) in income a year as "poor people".
Based on that a recent official survey said 67.34 million rural people were lifted out of poverty in the last decade bringing down the percentage of rural poverty from 10.2 to 2.8 per cent.
China's poverty-stricken rural population fell from 94.22 million at the end of 2000 to 26.88 million at the end of 2010, a white paper on China's poverty alleviation released few weeks ago said.
At present China has 26.88 million impoverished people, according to the white paper which also claimed that China has basically solved the problem of providing adequate subsistence, food and clothing for its rural residents, the 36-page white paper claimed.
The new purchasing parity level will make 128 million people eligible for government anti-poverty subsidies, or 13.4 per cent of the registered rural population, Fan Xiaojian, head of the Leading Group Office of Poverty Alleviation and Development under the State Council said.
"It is the most exciting news during my more than 20-year career at the World Bank," she said.
Her comment was echoed by Wang Yan, also a senior economist with the World Bank.
"China has scored big progress in adjusting poverty line. It means China's policy will do more good for the poor who will get more financial support," she said.
At a meeting last week, senior Chinese leaders mapped out efforts to alleviate poverty in the country's rural areas over the next decade as the government tries to narrow a widening wealth gap.
The chief target is to provide adequate food and clothing for poverty-stricken people while ensuring their access to compulsory education, basic medical services and housing by 2020.
The country had reduced its poverty-stricken population in rural regions to 26.88 million at the end of 2010 from 94.22 million a decade ago, said a government white paper released in mid-November.
===================================================================
Positive news about China are also published in indian media. (FYI)
The way China has decreased the poverty level is really commendable.
