Category:

China exports bounce back ahead of leadership summit

The sun sets behind cranes at the Yangshan Deep Water Port, part of China (Shanghai) Pilot Free Trade Zone’s Yangshan free trade port area, in Shanghai, China ’s exports bounced back in October from the surprise drop recorded in September offering some improved economic news as the country’s leaders prepare to set its fiscal and political direction for the next decade. The 5.6 per cent year-on-year increase in exports in October was higher than market expectations for a 3.2 per cent rise, and an improvement on the 0.3 per cent contraction recorded in September. China’s trade surplus rose to $31.6bn in October, double that of the previous month. The numbers will be a reminder, however, that China cannot simply rely on exports to power the economy and provide jobs – which had been the model during the first three decades since China adopted a market-based economy. The export sector […]

Posted On : Published By : Tom Whipple
Category:

China Oil Data Show October Crude Imports Fall 13.8% on Year

By Wayne Ma BEIJING–China imported 20.41 million metric tons of crude oil in October, equivalent to 4.83 million barrels a day, preliminary data from the General Administration of Customs showed Friday. Imports were 13.8% lower than the 23.68 million tons of crude shipped during the corresponding month last year, and down 20.5% from 25.68 million tons in September, according to Dow Jones Newswires’ calculation. September’s crude imports were the highest on record for a single month when calculated on a daily basis. Refined oil product imports totaled 2.92 million tons, while exports totaled 2.41 million tons, the data showed. China exported 110,000 tons of crude oil in October, according to the preliminary data. Write to Wayne Ma at [email protected]

Posted On : Published By : Tom Whipple
Category:

Boom Years Are Over, Says Russia's Economy Ministry

MOSCOW—The Russian government slashed its economic forecasts for the next two decades, issuing a dire warning that the oil-fueled growth that has been a foundation of Vladimir Putin ‘s rule is over and there’s nothing likely to take its place, given the country’s poor investment climate and aging infrastructure. The Economy Ministry said it expects growth at an annual rate of 2.5% to 2030, below the global average, meaning Russia’s steady climb up the ranks of global economies in Putin’s early years is likely to reverse. Boosted by high oil prices and reforms following the Soviet collapse, the economy grew at an average rate of 7% in the years before the 2008 global financial crisis. Since he returned to the presidency in 2012, Mr. Putin has called for 5% growth for Russia to catch up with leading global economies, but the latest forecasts say that goal is far out […]

Posted On : Published By : Tom Whipple
Category:

Boom Years Are Over, Says Russia’s Economy Ministry

MOSCOW—The Russian government slashed its economic forecasts for the next two decades, issuing a dire warning that the oil-fueled growth that has been a foundation of Vladimir Putin ‘s rule is over and there’s nothing likely to take its place, given the country’s poor investment climate and aging infrastructure. The Economy Ministry said it expects growth at an annual rate of 2.5% to 2030, below the global average, meaning Russia’s steady climb up the ranks of global economies in Putin’s early years is likely to reverse. Boosted by high oil prices and reforms following the Soviet collapse, the economy grew at an average rate of 7% in the years before the 2008 global financial crisis. Since he returned to the presidency in 2012, Mr. Putin has called for 5% growth for Russia to catch up with leading global economies, but the latest forecasts say that goal is far out […]

Posted On : Published By : Tom Whipple
Category:

Shell to Drill First Wells in $10 Billion Ukrainian Project

Royal Dutch Shell Plc (RDSA) , which signed a $10 billion shale gas deal with the Ukrainian government this year, expects to start drilling in the Yuzivska field next year. Shell will need to drill as many as 15 wells to complete the initial exploration appraisal of the 8,000 square-kilometer (3,100 square-mile) Yuzivska field in the eastern part of the country, Graham Tiley, the country manager of Shell Ukraine , said in an interview in Kiev On Nov. 6. Separately, the company has also completed drilling its first well in the Kharkiv region and is preparing to drill two more next year, he said. Ukraine, which depends on expensive Russian gas imports to cover more than 60 percent of its consumption, is pushing to develop its own reserves, both onshore and offshore, in the Black Sea . The government signed a production-sharing agreement with Chevron Corp. (CVX) yesterday for […]

Posted On : Published By : Tom Whipple
Category:

Insight: Failure to end China's labor camps shows limits of Xi's power

BEIJING (Reuters) – Chinese President Xi Jinping has been blocked in efforts to dismantle the country’s labor camp system in a clear sign that he has yet to cement his grip on the ruling Communist Party a year after gaining power, leadership sources said. Xi, whose father was sacked as vice premier and then imprisoned for seven years during the 1966-76 Cultural Revolution, is deeply opposed to the use of labor camps for arbitrary detention and his failure to close them suggests he is not as strong as he appears, the sources said. "Xi Jinping loathes re-education through labor," a source who has known Xi since the 1990s told Reuters. Xi had approved a proposal by domestic security chief Meng Jianzhu to eradicate the system but was thwarted by conservative sections of the party, two other sources said. There are several other instances of Xi being unable to push […]

Posted On : Published By : Tom Whipple
Category:

Insight: Failure to end China’s labor camps shows limits of Xi’s power

BEIJING (Reuters) – Chinese President Xi Jinping has been blocked in efforts to dismantle the country’s labor camp system in a clear sign that he has yet to cement his grip on the ruling Communist Party a year after gaining power, leadership sources said. Xi, whose father was sacked as vice premier and then imprisoned for seven years during the 1966-76 Cultural Revolution, is deeply opposed to the use of labor camps for arbitrary detention and his failure to close them suggests he is not as strong as he appears, the sources said. "Xi Jinping loathes re-education through labor," a source who has known Xi since the 1990s told Reuters. Xi had approved a proposal by domestic security chief Meng Jianzhu to eradicate the system but was thwarted by conservative sections of the party, two other sources said. There are several other instances of Xi being unable to push […]

Posted On : Published By : Tom Whipple
Category:

China's exports return to growth, imports rise

HONG KONG (AP) — China’s exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world’s second-largest economy. Exports rose 5.6 percent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September’s unexpected and rare decline of 0.3 percent, blamed on weak global demand. The improvement in trade eases pressure on Beijing for additional economic stimulus, allowing communist leaders to focus on longer-term reforms meant to steer the economy to more sustainable growth based on domestic consumption instead of trade and investment. Communist Party leaders are due to meet Saturday for an annual congress that reform advocates hope produces commitments to more market-style changes. Economic growth rebounded to 7.8 percent in the three months ended in September after hitting a two-decade low of 7.5 percent the previous quarter. Surveys of manufacturers by […]

Posted On : Published By : Tom Whipple
Category:

China’s exports return to growth, imports rise

HONG KONG (AP) — China’s exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world’s second-largest economy. Exports rose 5.6 percent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September’s unexpected and rare decline of 0.3 percent, blamed on weak global demand. The improvement in trade eases pressure on Beijing for additional economic stimulus, allowing communist leaders to focus on longer-term reforms meant to steer the economy to more sustainable growth based on domestic consumption instead of trade and investment. Communist Party leaders are due to meet Saturday for an annual congress that reform advocates hope produces commitments to more market-style changes. Economic growth rebounded to 7.8 percent in the three months ended in September after hitting a two-decade low of 7.5 percent the previous quarter. Surveys of manufacturers by […]

Posted On : Published By : Tom Whipple
Category:

China Hesitates as Washington OKs Natural-Gas Exports

On paper, it’s a perfect match: The U.S. is awash in new supplies of natural gas, while China is trying to get off coal and use cleaner-burning fuels. Plus, the U.S. Department of Energy this year has begun approving new terminals to export liquefied natural gas around the world. But a Washington trade-policy expert says the political case for U.S. exports of natural gas to China isn’t as strong as the business case. Damian Ma of the Paulson Institute says China’s fear of increasing reliance on the U.S. could trump its need for natural gas. In a paper  just released by the National Bureau of Asian Research, Mr. Ma says China “has traditionally been wary of becoming overreliant on any particular country for its energy needs, believing that such dependence would allow other powers to exert leverage. Such wariness may also figure strongly in Beijing’s attitude toward receiving gas […]

Posted On : Published By : Tom Whipple