Chinese economy overtakes Japan

China has almost certainly overtaken Japan to become the world’s second-biggest economy after state officials dramatically upgraded their estimates for the country’s growth last year.

[On track: China's output will surpass that of Japan's in 2010, according to the World Bank. Photo: Getty Images]

The fast-growing emerging economy had been expected to surpass Japan next year, but the transition looks to have happened in 2009, based on China’s new growth estimates. Its statistics bureau said that China grew by 9.6pc – rather than 9pc – in 2008, meaning its economic output was 31.405 trillion yuan, or $4.6 trillion (£2.9 trillion), last year.

According to the World Bank, Japan’s annual output was the equivalent of $4.9 trillion last year, but it is expected to shrink by 6.6pc this year. Meanwhile, Chinese officials project that its economy will grow by more than 8pc this year. It means it is likely that China became a larger economy than Japan some time in the second half of this year.

Statisticians said the bigger-than-expected expansion last year was fuelled largely by strong growth from the services sector, something which was only uncovered after a detailed census into economic activity during the year. The revisions continue a recent trend of officials upgrading their estimates for previous years’ economic growth.

In 2005, its statisticians dramatically upgraded their estimates of the size of the economy, catapulting it over Britain to become, at the time, the world’s fifth biggest economy.

Peng Zhilong, the head of the bureau’s national economy calculation department, said that the main difference was in the overall size of the economy, rather than its growth rate, adding that China would expand by more than 8pc this year.

David Cohen, of Action Economics in Singapore, said: “The big underlying factor propelling China’s growth is the migration of people from the agricultural sector to the more modern economy – industry and services. There’s no stopping China.”

But although China’s breakneck expansion looks likely to continue for some time yet, there are concerns over the country’s path.

Some economists compare China’s position – with the authorities combining low interest rates with high government investment and rising asset prices – to Japan in the late-1980s, warning that it, too, could fall victim to a crash.

Some worry about the country’s demography. The one-child policy means that in the coming years its population is likely to age extremely quickly, increasing the pressure on its public finances and dampening its long-term growth prospects.

Nevertheless, the news about the country’s strong growth will add to hopes that it will help support the wider world economy out of recession next year. Whereas 2009 was the year that brought the first worldwide economic contraction since the Second World War, the opening quarter of 2010 is expected to see the major economies back in growth again.

Although Britain contracted by 0.2pc in the third quarter of 2009, according to the latest official statistics, it is expected to move back towards growth in the final quarter of the year.

However, economists said the first quarter of 2010 would be marked by increasing tension over the fiscal position of various countries. Having had to borrow unprecedented amounts in order to prevent a deeper recession, a number of countries have generated large deficits, which may scare off international investors.

bron: www.telegraph.co.uk [26-12-2009]

Kenya woos Chinese investors

NAIROBI, Kenya, Dec 14 – Vice President Kalonzo Musyoka has urged more Chinese to take advantage of investment and tourism opportunities existing in Kenya.

Mr Musyoka said the country boasts of excellent opportunities in the two sectors, and noted that by participating in them, China would be strengthening the ties between the two countries and help boost Kenya’ s economy.

“One percent of Chinese population visiting in a year will translate in a 10 million increase in the number of visitors who come to Kenya,” he said and added that the benefits accruing will be felt both in the country and the entire Comesa region.
The Vice President was speaking on Monday when he received a Chinese delegation from the Xinhua News Agency at his Jogoo House office, Nairobi. It was led by the Agency’s Vice President Wei Lu.

Mr Musyoka lauded the government of China for their continuous support to Kenya and urged the country to continue investing in the country to strengthen the existing ties.

The Vice President also lauded the cordial relations existing between Kenya’s Ministry of Information and Communications and the Xinhua News Agency which he said has benefited journalists in the two countries through exchange programmes.

Vice President of Xinhua Wei Lu commended the partnership existing between the two countries and called for mutual understanding and trust.

“Cooperation must be built on the basis of equality and trust for the two countries to strengthen their business ties,” he said. He said the Chinese government will encourage its citizens to promote tourism and invest in Kenya.

Present at the function included the Chinese Ambassador to Kenya Deng Hongbo, the Permanent Secretary in the Ministry of Home Affairs Dr Ludeki Chweya and the Director of Information Ezekiel Mutua.

bron: http://www.capitalfm.co.ke [15-12-2009]

A 150.000 Euro offer for a pigeon

Marc de Cock, a man from Belgium, has turned down a 150.000 euro for his pigeon Eagle Eye.

A man from China offered him that amount after De Cock bought the competition-pigeon for 132.000 euro. “He can make about 50 younglings. And those I can sell for about a 1000 Euro each, and that is a much better deal”, according to De Cock.

bron: www.nos.nl [9-12-2009]

Four Chinese detained after clash in Bucharest, Romania

Four Chinese storeowners in the capital of Romania were detained yesterday after a fight broke out between authorities and the storeowners over an alleged misunderstanding, according to a consular with the Chinese embassy in Romania.

The tussle began when taxation authorities on Nov 24 suspended business for 221 stores in two neighboring markets in northeastern Bucharest for apparently lacking certificates stating where their merchandise came from. Authorities also claim that the storeowners were evading tax claims.

A Chinese consular surnamed Li, who would not provide his full name, said over half of the stores in the Niro and Red Dragon markets are owned by Zhejiang Chinese selling small goods, such as clothes and electronic appliances.

Nearly 20,000 Chinese have migrated to Romania seeking business opportunities since the 1990s, most of whom are from Zhejiang, the eastern Chinese coastal province prosperous in small commodities and trade.

The Chinese embassy in Bucharest stepped in to mediate after Nov 24, Li said, and tax authorities sent staff members to the market yesterday to reopen some of the stores. He said many of the owners provided certificates to the authorities within the past few days.

But as tax authorities approached the market, some Chinese storeowners believed that they were coming to close more stores and began to throw boards of wood, sticks and plastic bottles at them. Police arrived to quell the violence and detained four.

Injuries were suffered on both sides but Li did not provide details as to how many were injured.

Li said the problem dates to a conflict that began in early November when the Niro Group, the owner of the Niro and Red Dragon markets, announced that it would charge parking fees for all vehicles, including those of the storeowners.

A protest by the storeowners was staged on Nov 17 and seven days later, the group cut off water and power to the markets.

Further exacerbating the brewing issue between Chinese storeowners and the Niro Group was a decision by the market manager to tear down the Niro Market and move its shopowners to the newer, neighboring Red Dragon Market, said Li Guosheng, who is also from Zhejiang province and has been the head of the Romanian United Chinese Association for over 10 years.

When the Niro Market was initially established, Li Guosheng said, the stores were sold at $7,000 to $8,000 each with permanent ownership, “which was fairly cheap at that time.”

“But the market manager refused to compensate shopowners and instead asked them to pay for the new stores at the Red Dragon market,” he said.

It is not rare to see disputes between Chinese and people in other countries that they are doing business with, said Zhang Shengjun, deputy dean of Institute of Political Science and International Studies of the Beijing Normal University.

“The most important reason is Chinese businessmen are too benefit-oriented,” said Zhang. “We should learn to respect local customs and shoulder corresponding social responsibilities.”

bron: www.chinadaily.com [3-12-2009]

Gunmen rob Chinese restaurant in Portsmouth

Two black men with guns robbed a Chinese restaurant in Portsmouth.

They got cash from Hay Hing Chinese Restaurant on Deep Creek Blvd. on the evening of November 28.

Police say one suspect acted as a lookout as the other robbed the employees.

Authorities released surveillance camera images of the suspects, both of whom wore black clothing.

If you know anything about this robbery that can help police, call Crime Line at 1-888-LOCK-U-UP.

bron: www.wvec.com [1-12-2009]

Chinese company robbed in South Africa

Armed robbers assaulted a Chinese company here Thursday, fleeing with cash and laptops worth 50,000 U.S. dollars, Chinese consulate officials said Friday.

round 9:30 p.m. local time (1930GMT) Thursday, five armed men broke into the company’s house in northern Johannesburg, said Zuo Baoliang, consul from Chinese Consulate General in Johannesburg.

The company, Kunsan Tongyou Electric Lift Company, started doing lift installation business in South Africa this March. It has about 36 Chinese staffs.

The 28 Chinese staffs in the house were threatened by guns and tied up during the robbery.

Local police is investigating the case. However, no arrests have been made yet.

Lou Xiandi, police attache of the Chinese Embassy in South Africa, urged all Chinese in South Africa to be vigilant and take adequate measures to protect themselves and their properties.

bron: www.chinadaily.com.cn [29-8-2009]

Chinese tourists robbed in Amsterdam, the Netherlands

Around 25 Chinese tourists have been robbed in Amsterdam over the past few months, a number that is increasing very fast, Dutch media report. Many of the tourists take cash in stead of credit cards often to buy diamonds and criminals have discovered those easy targets.

China’s ambassador to the Netherlands Zhang Jun has asked the local authorities to look into the matter and – following a Dutch tradition – a steering group has started to look into the problem.

The larger number of tourist tour Europe on a fast track, doing many countries in a short time, and are mostly in Amsterdam for less than one day, visiting the diamond center Gazan and having dinner at a famous Chinese restaurant at the Jodenbreestraat.

While the trips are often low-budget tours in touring cars, many tourist use the opportunity to buy some high-value items. Not all robberies seem to have been reported, because most Chinese tourists speak only Chinese and the tour operators have no time for lengthy delays.

bron: www.chinaherald.net [31-01-2009]

Chinese woman convinces burglar to take nap, calls cops

A woman in China convinced a burglar that he looked very tired and should take a nap, promising him to give some money once he woke up. The woman tied the intruder with a rope when he fell asleep and phoned the police.

A Qingyuan county court in eastern Liaoning province (simp辽宁省trad遼寧省) sentenced the accused to six years in prison for attempted robbery, the China Daily reported Thursday.

The accused tried to commit the crime immediately after being released from prison last week. With no cash for food, Zhang barged into a 48-year-old woman’s house, hoping to steal some money.

bron: trak.in

China sends Western products back

China sends Western products back that don’t meet Chinese quality standards.

In July 2009, over 150 imported food-and cosmetics products of western companies didn’t meet Chinese quality standards. In a quarter of these cases, it conserned American products.

This is according to the Chinese Foodsafety- and Health authorities towards the Shanghai Daily newspaper. According to the inspection service, amongst products like concentrated oranges juice from PepsiCo and powdered milk from Mead Johnson didn’t meet the standards.

Of the recently 152 sent back products, there was also frozen chicken from America and by Mars produced Maltesers by England. Both were not of agreeable quality according to the Chinese authority.

The shipment of 300 kilograms of powdered baby milk of Mead Johnson would contain too little proteins according to the Chinese. The security measures for powdered baby milk is being extensively monitored because of a scandal which cost the lives of 6 children and caused illnesses to 300.000 other children.

Since this incident, China have ramped up their system of quality measures. In the first quarter of this year the Chinese quality controlers, intercepted and sent back over more than 1.800 imported food products.

Amongst the sent back products were frozen fish, chocolates, grape juice from over 60 countries from for example America and Japan. Products from European countries were treated in a similar fashion. For instance in July of this year, a large amount of Danish cookies, perceived as a much sought after gift in China, were sent back.

According to Shanghai Daily the content didn’t match with what was stated on the labels. And the cookies had too much bacteria.

bron: www.depers.nl [21-9-2009]

Chinese restaurant robbed by gun-toting American man

The police of Goose Creek, in America, are looking for a man who held up a restaurant with a rifle Saturday night.

A black man with a shirt over his face entered the Ocean Island Chinese Restaurant at 5 S. Alliance Drive near College Park Road about 10 p.m. Saturday, pointed a rifle, fired two shots into the ceiling, took money from the register and ran out, Police Sgt. Thomas Hill said.

The suspect appears to be about 18 to 20 years old, Hill said. Police believe it was the same man who robbed the restaurant with another man about two weeks ago.

Anyone with information can call 863-5200 and ask for the tip line.

bron: www.postandcourier.com [9-11-2009]