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China's 3rd-Qtr GDP Grows 9.4% , More Than Expected (Update2)
Oct. 20 (Bloomberg) -- China's economy expanded faster than expected in the third quarter as rising wages spurred consumer spending and investment in coal mines and railways increased.
Gross domestic product rose 9.4 percent from a year earlier after climbing 9.5 percent in the second quarter, the National Bureau of Statistics said in Beijing. That beat the median 9.2 percent gain forecast in a Bloomberg survey of 17 economists. Growth will be at least 9 percent this quarter, Zheng Jingping, a bureau spokesman said at a press briefing in Beijing.
The Chinese economy, which accounted for a 10th of global growth in 2004, has defied expectations for a slowdown as consumers spent more on goods such as Nokia Oyj cell phones and services including China Eastern Airlines Corp. flights. Premier Wen Jiabao is seeking to channel more investment into power and transport networks, where capacity hasn't kept pace with demand.
``The growth risk is shifting from the downside to the upside,'' said Dong Tao, Chief Asia economist at Credit Suisse First Boston in Hong Kong, who was the only analyst in the Bloomberg poll to correctly predict third-quarter growth. ``Consumption isn't bad. Investment looks good because this is the kind of investment the government feels comfortable with.''
China's industrial production rose 16.5 percent in September, the fastest pace since June, the statistics bureau said. Overall fixed-asset investment, which accounts for more than a third of China's economy, increased 26.1 percent to 5.71 trillion yuan ($704 billion) in the first nine months of the year.
Railways, Mines
Investment in railway construction in China surged 41 percent and that in coal mines jumped 77 percent, the bureau said. Rail operators can only meet half the demand for their freight services, according to the government, and power cuts affected major cities and 18 of the nation's 27 provinces this summer.
Consumer prices last month rose 0.9 percent from a year earlier, the smallest gain in two years, while producer prices -- a measure of manufacturers' costs -- increased 4.5 percent. Zheng said he expects increases in costs of energy and raw materials will feed ``very slowly'' into consumer prices.
``The figures look pretty good,'' Shane Oliver, chief economist at AMP Capital Investors, Australia's biggest life insurer, said in Sydney. ``Growth has held up, headline inflation is under control. There is no need for the Chinese government to slam on the brakes to slow things down much more.''
Resources Demand
Shares of commodity companies such as BHP Billiton rose on expectations demand will increase in the world's biggest consumer of steel, copper and cement.
BHP Billiton, the world's largest mining company, rose 0.4 percent to A$20.12 at 2:40 p.m. in Sydney. Posco, the world's fifth-largest steelmaker, jumped 3.7 percent to 212,000 won. Nippon Steel Corp., Japan's largest steelmaker, rose 1 percent to 412 yen.
``There is structural change that is happening in China that should underpin strong resources demand for quite some time,'' said Hans Kunnen, who helps manage $54 billion in global stocks at Colonial First State in Sydney.
Retail sales increased 12.7 percent as wage increases made cars, computers and cell phones more affordable. Per capita disposable incomes in urban areas -- home to about two-fifths of China's 1.3 billion people -- rose 9.8 percent in real terms to 7,902 yuan in the first nine months, today's release said. Per capita incomes in rural areas climbed 11.5 percent to 2,450 yuan.
Handsets, Cars
Nokia Oyj, the world's largest mobile-phone maker, said its China sales jumped 76 percent to 7.4 million handsets in the second quarter. The nation is the world's biggest handset market and had 373 million cell-phone users at the end of August. China Eastern Airlines, the country's third-largest carrier, said today it flew 2.51 million passengers in September, 55 percent more than a year earlier.
A burgeoning upper class is also providing business opportunities for companies such as Bayerische Motoren Werke AG, the world's largest maker of luxury cars, which saw sales in the country jump 35 percent in the first nine months.
``China as a market is growing tremendously,'' said BMW Chief Executive Helmut Panke, speaking to journalists in Tokyo on Oct. 18. ``China will have a growing luxury market.''
That's helping shield the economy from cooling exports and government restrictions on investment in industries including steel and real estate.
Exports, Property
China's exports rose 25.9 percent last month, the smallest gain since January 2004, the customs bureau reported Oct. 11. Investment in real estate grew 22 percent in the first nine months of 2005, having risen 28 percent in the year-earlier period, today's report showed.
Restrictions on property development were introduced to ``avoid an abrupt drop in real-estate prices,'' Zheng said. Competition is driving down prices in industries including autos and steel, eroding earnings and prompting companies such as Volkswagen AG and Shanghai Baosteel Group to rein in expansion.
Volkswagen, the largest overseas carmaker in China, in August cut prices on 18 models made in Shanghai by as much as 14 percent and on Oct. 17 said it will stop expanding in China, citing the need to cut costs as its share of the world's third- largest vehicle market declines. China's steel-making capacity will exceed 500 million tons by 2015, more than a demand forecast of 350 million tons, the government has said.
Gluts
Shanghai Baosteel Group, China's largest steelmaker, is taking a ``more prudent attitude'' in its expansion plans amid the surge in the nation's steelmaking capacity, company President Xu Lejiang said Sept. 30. Baosteel is mulling taking over domestic rivals and is also looking to invest in overseas mills in response to a domestic glut, Xu said, without giving details.
The economy, which has averaged 9.5 percent growth for the past two decades, expanded 9.4 percent in the first nine months, today's report showed.
A ``strong'' GDP report may make Beijing policymakers more inclined to let the nation's currency, the yuan, appreciate further, economists at JPMorgan & Chase Co. said in a note to clients yesterday.
The government allowed the yuan to gain 2.1 percent against the U.S. dollar on July 21, ending a decade-old peg, and said it would manage the exchange rate against a basket of currencies. The U.S. is pressuring China to loosen the dollar peg further, saying an undervalued currency gives Chinese exporters an unfair advantage.
China won't revalue the yuan following the GDP release and the timing of the first revaluation, which came a day after the last output report, was ``just a coincidence,'' Zheng said.
China's 3rd-Qtr GDP Grows 9.4%
, More Than Expected (Update2) Oct. 20 (Bloomberg) -- China's economy expanded faster than expected in the third quarter as rising wages spurred consumer spending and investment in coal mines and railways increased.
Gross domestic product rose 9.4 percent from a year earlier after climbing 9.5 percent in the second quarter, the National Bureau of Statistics said in Beijing. That beat the median 9.2 percent gain forecast in a Bloomberg survey of 17 economists. Growth will be at least 9 percent this quarter, Zheng Jingping, a bureau spokesman said at a press briefing in Beijing.
The Chinese economy, which accounted for a 10th of global growth in 2004, has defied expectations for a slowdown as consumers spent more on goods such as Nokia Oyj cell phones and services including China Eastern Airlines Corp. flights. Premier Wen Jiabao is seeking to channel more investment into power and transport networks, where capacity hasn't kept pace with demand.
``The growth risk is shifting from the downside to the upside,'' said Dong Tao, Chief Asia economist at Credit Suisse First Boston in Hong Kong, who was the only analyst in the Bloomberg poll to correctly predict third-quarter growth. ``Consumption isn't bad. Investment looks good because this is the kind of investment the government feels comfortable with.''
China's industrial production rose 16.5 percent in September, the fastest pace since June, the statistics bureau said. Overall fixed-asset investment, which accounts for more than a third of China's economy, increased 26.1 percent to 5.71 trillion yuan ($704 billion) in the first nine months of the year.
Railways, Mines
Investment in railway construction in China surged 41 percent and that in coal mines jumped 77 percent, the bureau said. Rail operators can only meet half the demand for their freight services, according to the government, and power cuts affected major cities and 18 of the nation's 27 provinces this summer.
Consumer prices last month rose 0.9 percent from a year earlier, the smallest gain in two years, while producer prices -- a measure of manufacturers' costs -- increased 4.5 percent. Zheng said he expects increases in costs of energy and raw materials will feed ``very slowly'' into consumer prices.
``The figures look pretty good,'' Shane Oliver, chief economist at AMP Capital Investors, Australia's biggest life insurer, said in Sydney. ``Growth has held up, headline inflation is under control. There is no need for the Chinese government to slam on the brakes to slow things down much more.''
Resources Demand
Shares of commodity companies such as BHP Billiton rose on expectations demand will increase in the world's biggest consumer of steel, copper and cement.
BHP Billiton, the world's largest mining company, rose 0.4 percent to A$20.12 at 2:40 p.m. in Sydney. Posco, the world's fifth-largest steelmaker, jumped 3.7 percent to 212,000 won. Nippon Steel Corp., Japan's largest steelmaker, rose 1 percent to 412 yen.
``There is structural change that is happening in China that should underpin strong resources demand for quite some time,'' said Hans Kunnen, who helps manage $54 billion in global stocks at Colonial First State in Sydney.
Retail sales increased 12.7 percent as wage increases made cars, computers and cell phones more affordable. Per capita disposable incomes in urban areas -- home to about two-fifths of China's 1.3 billion people -- rose 9.8 percent in real terms to 7,902 yuan in the first nine months, today's release said. Per capita incomes in rural areas climbed 11.5 percent to 2,450 yuan.
Handsets, Cars
Nokia Oyj, the world's largest mobile-phone maker, said its China sales jumped 76 percent to 7.4 million handsets in the second quarter. The nation is the world's biggest handset market and had 373 million cell-phone users at the end of August. China Eastern Airlines, the country's third-largest carrier, said today it flew 2.51 million passengers in September, 55 percent more than a year earlier.
A burgeoning upper class is also providing business opportunities for companies such as Bayerische Motoren Werke AG, the world's largest maker of luxury cars, which saw sales in the country jump 35 percent in the first nine months.
``China as a market is growing tremendously,'' said BMW Chief Executive Helmut Panke, speaking to journalists in Tokyo on Oct. 18. ``China will have a growing luxury market.''
That's helping shield the economy from cooling exports and government restrictions on investment in industries including steel and real estate.
Exports, Property
China's exports rose 25.9 percent last month, the smallest gain since January 2004, the customs bureau reported Oct. 11. Investment in real estate grew 22 percent in the first nine months of 2005, having risen 28 percent in the year-earlier period, today's report showed.
Restrictions on property development were introduced to ``avoid an abrupt drop in real-estate prices,'' Zheng said. Competition is driving down prices in industries including autos and steel, eroding earnings and prompting companies such as Volkswagen AG and Shanghai Baosteel Group to rein in expansion.
Volkswagen, the largest overseas carmaker in China, in August cut prices on 18 models made in Shanghai by as much as 14 percent and on Oct. 17 said it will stop expanding in China, citing the need to cut costs as its share of the world's third- largest vehicle market declines. China's steel-making capacity will exceed 500 million tons by 2015, more than a demand forecast of 350 million tons, the government has said.
Gluts
Shanghai Baosteel Group, China's largest steelmaker, is taking a ``more prudent attitude'' in its expansion plans amid the surge in the nation's steelmaking capacity, company President Xu Lejiang said Sept. 30. Baosteel is mulling taking over domestic rivals and is also looking to invest in overseas mills in response to a domestic glut, Xu said, without giving details.
The economy, which has averaged 9.5 percent growth for the past two decades, expanded 9.4 percent in the first nine months, today's report showed.
A ``strong'' GDP report may make Beijing policymakers more inclined to let the nation's currency, the yuan, appreciate further, economists at JPMorgan & Chase Co. said in a note to clients yesterday.
The government allowed the yuan to gain 2.1 percent against the U.S. dollar on July 21, ending a decade-old peg, and said it would manage the exchange rate against a basket of currencies. The U.S. is pressuring China to loosen the dollar peg further, saying an undervalued currency gives Chinese exporters an unfair advantage.
China won't revalue the yuan following the GDP release and the timing of the first revaluation, which came a day after the last output report, was ``just a coincidence,'' Zheng said.
gastronomo
Forumer storico
Io mi sono allungato sull'australiano, vediamo se riesce a rimbalzare - il nz invece rimane stretto stretto, vuole salire e non sale, sotto 69 c'è solo denaro
ditropan
Forumer storico
gastronomo ha scritto:Io mi sono allungato sull'australiano, vediamo se riesce a rimbalzare - il nz invece rimane stretto stretto, vuole salire e non sale, sotto 69 c'è solo denaro
Io invece questa mattina sono fumatissio !!!
... long di 5 t-bond da 112,5625 ..... ed ora ... baldracca sali !!! 
gastronomo
Forumer storico
Concordo, vederti andare lungo è...incredibile 
