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The Chinese rating agency Dagong Global Credit Rating Co. put the local and foreign currency sovereign credit ratings of the United States on a negative watch list on December 25, 2012.
The addition to the watch list is due to the ongoing U.S. debt crisis and political deadlock in Washington.
The debt burden of the U.S. Federal Government increased 9.1 percent year on year in 2011 and 11.7 percent in 2012, far exceeding the country’s nominal GDP growth rate of 3.9 percent in 2011 and 3.4 percent in 2012, Dagong said.
Dagong said that it expected the outstanding debt of the United States to rise to 104.8 percent of its GDP and 608.7 percent of its fiscal revenue by the end of 2012, indicating that its solvency is experiencing a descending trend.
“Due to the pending fiscal cliff, the U.S. economy is likely to fall into recession in 2013 and stay weak in the long term, which will further weaken the material basis for the government to repay debt,” Dagong said.
Utilizing Legacy
A 330,000-square-meter shopping mall, which was converted from the Expo Axis from the World Expo in Shanghai in 2010, opens for business on December 28, 2012
Stock Delisting
The Shenzhen Stock Exchange delisted two companies on December 24, 2012, amid a push to improve its stock delisting procedures.
The bourse said in a statement that Jiangsu Chinese Online Logistics Co. Ltd. and Powerise Information Technology Co. Ltd. failed to win approval to resume trading and would be delisted.
Jiangsu Chinese Online Logistics suffered losses for three straight years from 2003 to 2005. Its trading was suspended on May 15, 2006. Powerise Information Technology saw losses from 2004 to 2006 and its trading was suspended on May 24, 2007.
In late June 2012, both the Shanghai and Shenzhen stock exchanges released programs to improve delisting rules in a bid to protect investors and promote a healthy development of the stock market.
The new rules set specific requirements concerning the stock performance of listed companies on the two bourses.
“As China’s stock market becomes mature and more marketoriented, stock delisting will become an increasingly common phenomenon,” according to a statement of the Shenzhen bourse.
Mining Regulation
China has made key progress in protecting mining resources in recent years. Some 5.01 billion tons of petroleum reserves, 2.6 trillion cubic meters of natural gas and 279.8 billion tons of coal were discovered between 2008 and 2011 in a largescale geological survey, said Xu Shaoshi, Minister of Land and Resources, on December 25, 2012.
According to Xu, the country has formed a geological exploration system that values both public and commercial interests and encourages investment from multiple sources.
Between 2008 and 2011, some 370.8 billion yuan ($59.47 billion) was spent on mining exploration, up 110 percent year on year. Among the total, central and local government funds took up only 15.3 percent, while the rest came from non-state investors, Xu said.
Meanwhile, a security deposit system to protect the environment in mining regions has been implemented in 30 provinces so far, Xu said.
Under the system, mine owners have to pay a security fee before they begin mining. The fee will be returned to the owners if they successfully restore natural environment damaged by mining activities.
Xu said that efforts have also been made to solve persistent environmental problems, clean up tailing mines and crack down on illegal mining.
Production Halt
On December 25, 2012, China’s largest rare earth producer announced that it would continue to halt some of its production for a third straight month to stabilize tumbling prices.
The Inner Mongolia Baotou Steel Rare Earth (Group) Hi-tech Co. Ltd. will maintain its suspension of rare earth roasting and smelting operations, which began last October, for another month, the company said in a statement filed to the Shanghai Stock Exchange.
“The rare earth market recovered a bit in the past two months but did not improve fundamentally,” the statement said.
The burst of a speculative bubble in China’s rare earth industry and a slowing economy have led to a plunge in prices of 17 rare earth metals used in products ranging from smartphones to hybrid cars since last year.
Baotou Steel Rare Earth saw its third quarter net profits dive 89.6 percent year on year to 120 million yuan ($19.24 million) due to declines in prices and sales.
Green Meeting
The Fourth China International Forum of Ecological Competition kicked off in Beijing on December 20, 2012, demonstrating the latest achievements made in ecological conservation. The annual event, which began in 2008, showed off an array of green projects and new technology and products for ecological protection.
At this year’s forum, northeast China’s Heilongjiang Province was granted the title of China’s Most Ecologically Competitive Province, for its efforts in ecological conservation.
The China Green Carbon Foundation was set up at the forum, which aims to collect donations from the public to use in ecological conservation.
Last-Minute Check
A border police officer at the Beijing Capital International Airport prepares to receive 72-hour visa-free tourists on December 25, 2012. Foreign tourists from 45 countries were allowed a 72-hour visa-free stay in the Chinese capital beginning from New Year’s Day
Numbers
40%
The year-on-year drop of flower sales in Guangzhou, capital of south China’s Guangdong Province, in December, due to a call to cut spending on official meeting decorations, according to the Southern Metropolis Daily
785 bn yuan
The estimated B2C online sales in China in 2013, nearly double the 2012 figure, according to Analysys International, a Beijingbased consulting firm
11.1%
The proportion of China’s exports against world trade during the first three quarters of 2012, according to the Ministry of Commerce
$106.3 billion
The total amount of outbound direct investment by Chinese companies in the form of mergers and acquisitions from 2008-11, an average annual growth of 44 percent, according to the Ministry of Commerce
The addition to the watch list is due to the ongoing U.S. debt crisis and political deadlock in Washington.
The debt burden of the U.S. Federal Government increased 9.1 percent year on year in 2011 and 11.7 percent in 2012, far exceeding the country’s nominal GDP growth rate of 3.9 percent in 2011 and 3.4 percent in 2012, Dagong said.
Dagong said that it expected the outstanding debt of the United States to rise to 104.8 percent of its GDP and 608.7 percent of its fiscal revenue by the end of 2012, indicating that its solvency is experiencing a descending trend.
“Due to the pending fiscal cliff, the U.S. economy is likely to fall into recession in 2013 and stay weak in the long term, which will further weaken the material basis for the government to repay debt,” Dagong said.
Utilizing Legacy
A 330,000-square-meter shopping mall, which was converted from the Expo Axis from the World Expo in Shanghai in 2010, opens for business on December 28, 2012
Stock Delisting
The Shenzhen Stock Exchange delisted two companies on December 24, 2012, amid a push to improve its stock delisting procedures.
The bourse said in a statement that Jiangsu Chinese Online Logistics Co. Ltd. and Powerise Information Technology Co. Ltd. failed to win approval to resume trading and would be delisted.
Jiangsu Chinese Online Logistics suffered losses for three straight years from 2003 to 2005. Its trading was suspended on May 15, 2006. Powerise Information Technology saw losses from 2004 to 2006 and its trading was suspended on May 24, 2007.
In late June 2012, both the Shanghai and Shenzhen stock exchanges released programs to improve delisting rules in a bid to protect investors and promote a healthy development of the stock market.
The new rules set specific requirements concerning the stock performance of listed companies on the two bourses.
“As China’s stock market becomes mature and more marketoriented, stock delisting will become an increasingly common phenomenon,” according to a statement of the Shenzhen bourse.
Mining Regulation
China has made key progress in protecting mining resources in recent years. Some 5.01 billion tons of petroleum reserves, 2.6 trillion cubic meters of natural gas and 279.8 billion tons of coal were discovered between 2008 and 2011 in a largescale geological survey, said Xu Shaoshi, Minister of Land and Resources, on December 25, 2012.
According to Xu, the country has formed a geological exploration system that values both public and commercial interests and encourages investment from multiple sources.
Between 2008 and 2011, some 370.8 billion yuan ($59.47 billion) was spent on mining exploration, up 110 percent year on year. Among the total, central and local government funds took up only 15.3 percent, while the rest came from non-state investors, Xu said.
Meanwhile, a security deposit system to protect the environment in mining regions has been implemented in 30 provinces so far, Xu said.
Under the system, mine owners have to pay a security fee before they begin mining. The fee will be returned to the owners if they successfully restore natural environment damaged by mining activities.
Xu said that efforts have also been made to solve persistent environmental problems, clean up tailing mines and crack down on illegal mining.
Production Halt
On December 25, 2012, China’s largest rare earth producer announced that it would continue to halt some of its production for a third straight month to stabilize tumbling prices.
The Inner Mongolia Baotou Steel Rare Earth (Group) Hi-tech Co. Ltd. will maintain its suspension of rare earth roasting and smelting operations, which began last October, for another month, the company said in a statement filed to the Shanghai Stock Exchange.
“The rare earth market recovered a bit in the past two months but did not improve fundamentally,” the statement said.
The burst of a speculative bubble in China’s rare earth industry and a slowing economy have led to a plunge in prices of 17 rare earth metals used in products ranging from smartphones to hybrid cars since last year.
Baotou Steel Rare Earth saw its third quarter net profits dive 89.6 percent year on year to 120 million yuan ($19.24 million) due to declines in prices and sales.
Green Meeting
The Fourth China International Forum of Ecological Competition kicked off in Beijing on December 20, 2012, demonstrating the latest achievements made in ecological conservation. The annual event, which began in 2008, showed off an array of green projects and new technology and products for ecological protection.
At this year’s forum, northeast China’s Heilongjiang Province was granted the title of China’s Most Ecologically Competitive Province, for its efforts in ecological conservation.
The China Green Carbon Foundation was set up at the forum, which aims to collect donations from the public to use in ecological conservation.
Last-Minute Check
A border police officer at the Beijing Capital International Airport prepares to receive 72-hour visa-free tourists on December 25, 2012. Foreign tourists from 45 countries were allowed a 72-hour visa-free stay in the Chinese capital beginning from New Year’s Day
Numbers
40%
The year-on-year drop of flower sales in Guangzhou, capital of south China’s Guangdong Province, in December, due to a call to cut spending on official meeting decorations, according to the Southern Metropolis Daily
785 bn yuan
The estimated B2C online sales in China in 2013, nearly double the 2012 figure, according to Analysys International, a Beijingbased consulting firm
11.1%
The proportion of China’s exports against world trade during the first three quarters of 2012, according to the Ministry of Commerce
$106.3 billion
The total amount of outbound direct investment by Chinese companies in the form of mergers and acquisitions from 2008-11, an average annual growth of 44 percent, according to the Ministry of Commerce