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87 mln Chinese shopping online in 2009
More than 87 million Chinese bought goods on the Internet in 2009, about 24 million more than 2008 and an increase of 38.9 percent year-on-year, the Beijing Times reported, citing a recent report by the China Internet Network Information Center (CNNIC).
Most online shoppers are students or white-collar workers between the ages of 18 and 30, with a monthly income of 1,000 yuan (USD 146) to 3,000 yuan (USD 439). More women shop online than men, and clothing and home-use products are the most popular goods bought online.
According to the “Report on China’s Online Shopping 2009”, the total sum of national online consumption for the first half of the year was 119.5 billion yuan (USD 17.5 billion), 89 percent of which through consumer to consumer websites like Taobao.com.
CNNIC estimates the total sum of annual online shopping will reach 250 billion yuan (USD 36.6 billion) in 2009.
China leads the world in auto sales, production
China’s passenger vehicle production and sales in November 2009 both more than doubled from a year earlier, continuing the robust growth and causing China’s auto market to lead the global industry for the whole year of 2009.
It’s also the first time the domestic monthly production and sales broke the 1 million units barrier.
Sales of passenger vehicles, including cars, multi-purpose vehicles (MPVs), sports-utility vehicles (SUVs) and minivans, reached 1.01 million in November 2009, surging 103.7 percent year-on-year, and increased 9.5 percent from October, Rao Da, secretary-general of China Passenger Car Association, said on December 12, 2009.
The total output of the sector hit 1.08 million units, 101 percent higher than that of November 2008.
“It is strong evidence of how hot automobile sales are in China, despite the oil price hike and bad snow which had an impact on logistics in November,” said Rao.
He predicted that the market performance of the passenger vehicle segment would continue to hit record highs in December, with production and sales figures 80,000 to 10,000 units more than those in November.
“And the sales peak is coming in January,” he added.
“It will be unprecedented in any country’s auto industry that the monthly sales continued to break records for seven months in a year,” said Rao.
China’s total vehicles sales exceeded 12 million in the first 11 months, retaining its lead as the world’s top auto market since January, reported Xinhua News Agency, citing the China Association of Automobile Manufacturers.
The association is going to release the details this week.
Boosted by government stimulus measures such as tax cuts and subsidies for trade-ins, sales of all automobiles for the whole year are set to break the 13 million barrier, compared with 9.38 million units in 2008.
Cross-border yuan
settlement picks up
The volume of cross-border business transactions settled in the Chinese yuan has started to increase significantly, but experts fear the rising trend is unsustainable due to the de facto pegging of the currency to the US dollar.
The aggregate yuan settlement amount in Shanghai alone was estimated to have surpassed 300 million yuan (USD 43.9 million) as of November, China Business News (CBN) reported on December 10, 2009. As of November 20, the Shanghai branch of Bank of China had handled 120 million yuan (USD 17.6 million) in the settlement, according to the bank.
An unnamed person in charge of international business in a Chinese bank in Shanghai told CBN that the increase was due to the completion of related regulations on such issues as customs claims and tax rebates, but the acceptance of the yuan by overseas companies remains a problem.
Tan Yaling, a Beijing-based foreign exchange expert, told the Global Times that firms in Southeast Asia are willing to accept the yuan because they expect it to appreciate. If the yuan starts to decline, the settlement volume is at risk of going down.
Bank of America Merrill Lynch said in a research report on December 9 that they expect the yuan to appreciate gradually in 2010 and the short-term inflation risks and a longer-term orientation toward the consumer argue for ending the artificial weakening of the currency.
Calyon, the investment bank arm of Credit Agricole, a major French bank, forecast the dollar-to-yuan exchange rate would rise to 6.50 by 2010 and 6.20 by 2011.
The Chinese mainland began testing cross-border settlement in the yuan with Hong Kong and Southeast Asian countries first in Shanghai on July 6, followed immediately by four other cities in South China’s Guangdong Province, involving 365 companies in the five cities.
However, ever since they made the first settlements on July 8, 2009 many of the companies stopped settling accounts in the yuan, China News Service reported in August. One of the reasons was that there was no measure to give tax rebates to the exporters which adopted the currency.
Tan said that the current foreign exchange regime does not effectively support the broadening of the settlement.
She said that the internationalization of the currency should rely on the country’s economic fundamentals and the yuan targeting a basket of foreign currencies.
China launches venture capital foundation for small businesses
A venture capital foundation aiming to raise money for China’s small businesses was launched on December 12, 2009 to help relieve their financing hardships.
The China Association of Small and Medium Enterprises and the Shenzhen Junsheng Capital, a leading private equity and asset management company, will jointly operate the foundation.
In the initial phase, the fund aims to raise 1 billion yuan (USD 147 million), with 2 billion more to be collected after the road show completed, said Li Zibin, chairman of the association.
The money will be raised through private offering. Subscription should be no less than 50 million yuan, Li said.
The foundation will help push private capital to finance the growth of small businesses, said Wang Liming, head of the small business department of the Ministry of Industry and Information Technology.
More than 87 million Chinese bought goods on the Internet in 2009, about 24 million more than 2008 and an increase of 38.9 percent year-on-year, the Beijing Times reported, citing a recent report by the China Internet Network Information Center (CNNIC).
Most online shoppers are students or white-collar workers between the ages of 18 and 30, with a monthly income of 1,000 yuan (USD 146) to 3,000 yuan (USD 439). More women shop online than men, and clothing and home-use products are the most popular goods bought online.
According to the “Report on China’s Online Shopping 2009”, the total sum of national online consumption for the first half of the year was 119.5 billion yuan (USD 17.5 billion), 89 percent of which through consumer to consumer websites like Taobao.com.
CNNIC estimates the total sum of annual online shopping will reach 250 billion yuan (USD 36.6 billion) in 2009.
China leads the world in auto sales, production
China’s passenger vehicle production and sales in November 2009 both more than doubled from a year earlier, continuing the robust growth and causing China’s auto market to lead the global industry for the whole year of 2009.
It’s also the first time the domestic monthly production and sales broke the 1 million units barrier.
Sales of passenger vehicles, including cars, multi-purpose vehicles (MPVs), sports-utility vehicles (SUVs) and minivans, reached 1.01 million in November 2009, surging 103.7 percent year-on-year, and increased 9.5 percent from October, Rao Da, secretary-general of China Passenger Car Association, said on December 12, 2009.
The total output of the sector hit 1.08 million units, 101 percent higher than that of November 2008.
“It is strong evidence of how hot automobile sales are in China, despite the oil price hike and bad snow which had an impact on logistics in November,” said Rao.
He predicted that the market performance of the passenger vehicle segment would continue to hit record highs in December, with production and sales figures 80,000 to 10,000 units more than those in November.
“And the sales peak is coming in January,” he added.
“It will be unprecedented in any country’s auto industry that the monthly sales continued to break records for seven months in a year,” said Rao.
China’s total vehicles sales exceeded 12 million in the first 11 months, retaining its lead as the world’s top auto market since January, reported Xinhua News Agency, citing the China Association of Automobile Manufacturers.
The association is going to release the details this week.
Boosted by government stimulus measures such as tax cuts and subsidies for trade-ins, sales of all automobiles for the whole year are set to break the 13 million barrier, compared with 9.38 million units in 2008.
Cross-border yuan
settlement picks up
The volume of cross-border business transactions settled in the Chinese yuan has started to increase significantly, but experts fear the rising trend is unsustainable due to the de facto pegging of the currency to the US dollar.
The aggregate yuan settlement amount in Shanghai alone was estimated to have surpassed 300 million yuan (USD 43.9 million) as of November, China Business News (CBN) reported on December 10, 2009. As of November 20, the Shanghai branch of Bank of China had handled 120 million yuan (USD 17.6 million) in the settlement, according to the bank.
An unnamed person in charge of international business in a Chinese bank in Shanghai told CBN that the increase was due to the completion of related regulations on such issues as customs claims and tax rebates, but the acceptance of the yuan by overseas companies remains a problem.
Tan Yaling, a Beijing-based foreign exchange expert, told the Global Times that firms in Southeast Asia are willing to accept the yuan because they expect it to appreciate. If the yuan starts to decline, the settlement volume is at risk of going down.
Bank of America Merrill Lynch said in a research report on December 9 that they expect the yuan to appreciate gradually in 2010 and the short-term inflation risks and a longer-term orientation toward the consumer argue for ending the artificial weakening of the currency.
Calyon, the investment bank arm of Credit Agricole, a major French bank, forecast the dollar-to-yuan exchange rate would rise to 6.50 by 2010 and 6.20 by 2011.
The Chinese mainland began testing cross-border settlement in the yuan with Hong Kong and Southeast Asian countries first in Shanghai on July 6, followed immediately by four other cities in South China’s Guangdong Province, involving 365 companies in the five cities.
However, ever since they made the first settlements on July 8, 2009 many of the companies stopped settling accounts in the yuan, China News Service reported in August. One of the reasons was that there was no measure to give tax rebates to the exporters which adopted the currency.
Tan said that the current foreign exchange regime does not effectively support the broadening of the settlement.
She said that the internationalization of the currency should rely on the country’s economic fundamentals and the yuan targeting a basket of foreign currencies.
China launches venture capital foundation for small businesses
A venture capital foundation aiming to raise money for China’s small businesses was launched on December 12, 2009 to help relieve their financing hardships.
The China Association of Small and Medium Enterprises and the Shenzhen Junsheng Capital, a leading private equity and asset management company, will jointly operate the foundation.
In the initial phase, the fund aims to raise 1 billion yuan (USD 147 million), with 2 billion more to be collected after the road show completed, said Li Zibin, chairman of the association.
The money will be raised through private offering. Subscription should be no less than 50 million yuan, Li said.
The foundation will help push private capital to finance the growth of small businesses, said Wang Liming, head of the small business department of the Ministry of Industry and Information Technology.