Bharat Rakshak

China’s GDP will slow below 10% this year to 9.4%, but that’s still on par with the country’s average over the last five years.

The China Daily reported on Monday that Fan Jianping, a government economist, said over the weekend in Beijing that China will undoubtedly grow single digits this year and likely by just 8.7% next year. However, a look at China’s GDP over the last five years shows that despite the engineered slowdown from Beijing policy makers, China’s growth is still fairly even keel.

China grew a massive 14.7% in 2007. However, government officials have said that kind of growth was unsustainable and has introduced a series of new policies focused on the domestic economy instead of China’s behemoth export economy. Beijing essentially wants China to see average growth between 7% and 8% for years to come, instead of wild swings in GDP.

Neshant wrote:They cooking the GDP numbers for sure.

passengers looking shockingly calm while the Shanghai subway train zips through the underground with one of its doors open. By the time the train arrived at the next station, one of the passengers called the metro staff to inspect the “broken” door. The staff fixed it, and the subway train continues to travel. Video after the break.

More than a dozen passersby ignored a two-year-old girl as she lay critically injured on a street in southern China after being run over twice, the official Xinhua news agency said on Monday.

The incident has sparked outrage on China’s hugely popular social media sites.Surveillance cameras showed a series of people walk past the girl, named Yue Yue, after she was hit first by a van and then a truck outside her family’s shop in the southern Chinese city of Foshan.

Xinhua said a rubbish collector who finally came to the girl’s aid, moving her to the curb and shouting for help, was ignored by several shopkeepers before he finally tracked down her mother who took her to hospital.

In response, one netizen on Sina Weibo, a Chinese micro-blog similar to Twitter, wrote: “This society is seriously ill. Even cats and dogs shouldn’t be treated so heartlessly.”

But others linked the incident to an earlier case in which a man who tried to help an elderly woman after she fell over was prosecuted, apparently because his intervention broke government rules on dealing with accident victims.

RamaY wrote:Could Foxcon moving to Brazil mean the beginning of separation of rashtra and mercantile interests as Bji postulated in Strategy threads?

NEW YORK (CNNMoney) -- China's red hot economic growth cooled slightly from July through September, but remains the envy of many western countries still struggling to recover from the global economic meltdown.

China's gross domestic product grew at an annual pace of 9.1% during the third quarter, down from 9.5% growth in the second quarter and 9.7% growth in the first three months of the year.

Economists are expecting demand for Chinese exports to weaken in coming months, as the U.S. and European economies struggle to grow at even a modest pace.

At the same time, they don't expect weaker exports to pose a significant threat to China's overall economy, since the government there is also focused on promoting more domestic demand. To top of page

The story, in a nutshell: Hong Kong-listed Ausnutria Dairy Corp. (HK:1717), based in Changsha, is China’s 13th largest producer of baby formula, using quality-ensured milk imported from Australia. In April, it invested RMB 200 million (US$31 million) — roughly two years’ worth of profits – in Yunnan International Trust Co., which used the money to buy four loans from China Merchants Bank: two loans to Hunan Nonferrous Metals (HK:2626), which mines and refines zinc, lead, tungsten, and antimony, and one each to Chenzhou Diamond Tungsten Products Co. and Hunan Bismuth Industry Co. After fees, Ausnutria hopes to earn at least RMB 11 million ($1.7 million) in interest on the loans, and says that it already earned RMB 10 million on loans to a Hunan highway company it bought in a similar transaction with Hunan Trust and Investment Co.

The result has been an explosion in trusts and similar investment vehicles (see my previous post on this subject). As Shai notes, non-bank lending has grown from just 4% of loans in China in 2002, to an estimated 55% this year — which means that the supply of credit in China is more than double the official reported figures. This is actually the second ”trust boom” that China has seen in recent years. The first one came to an ugly end in the late 1990s, when numerous trusts imploded, including the Guangdong International Trust and Investment Co. (GITIC) which defaulted on $200 million in bonds, many of them held by foreign investors — the largest bankruptcy China has seen to date. The current one, which really only gathered steam at the beginning of this year, is being driven by the pressure to find ways around tighter bank lending controls in an economy that has become dependent on cheap and unlimited credit to drive investment-led growth:

Many of the 6 million migrant workers employed in China's massive railway buildup have not been paid for months, with some 10,000 kilometres (6,200 miles) of projects halted due to a lack of money, reports said Wednesday.

Contractors also owe huge sums to cement and steel suppliers, the China Daily newspaper reported, citing Wang Mengshu, a member of the Chinese Academy of Engineering.

"If efficiency is low there will be a gap between revenues and costs, and the only one who can help the situation is the government," he said.
The ministry held 2 trillion yuan ($315 billion) in debt as of the end of June and is due to issue about 100 billion yuan (nearly $16 billion) in bonds this year to help fund construction.

Theo_Fidel wrote:If there is one blog you should read on Pandaland it is Patrick Chenovec.

One of the odd things he mentions is that the Chinese savers are still being taken to the cleaners by the banks for the loan busts in 1999. Those losses are the prime reason for the low returns on savings today and in turn forcing the cash to be diverted to ever more risky 'plays'.

Shankas wrote:China railway, road projects face cash crunch, slowing payments to suppliers, workers

Many of the 6 million migrant workers employed in China's massive railway buildup have not been paid for months, with some 10,000 kilometres (6,200 miles) of projects halted due to a lack of money, reports said Wednesday.

Contractors also owe huge sums to cement and steel suppliers, the China Daily newspaper reported, citing Wang Mengshu, a member of the Chinese Academy of Engineering.

"If efficiency is low there will be a gap between revenues and costs, and the only one who can help the situation is the government," he said.
The ministry held 2 trillion yuan ($315 billion) in debt as of the end of June and is due to issue about 100 billion yuan (nearly $16 billion) in bonds this year to help fund construction.

Theo_Fidel wrote:Is that right, 6 million are working on the Rail lines.
Where do they go after the project goes bankrupt as seems likely soon.

As the system runs out of free money expects standards & maintenance to drop. More and worse accidents are in the future.

here were only a few people to begin with who really thought India’s economic growth rate would outpace China’s – at least anytime soon.

Now, those voices are likely to be fewer and weaker.

Those observers would appear to include the World Bank, which in a report released Wednesday echoed Mr. Mukherjee’s fears: it said that India’s economic growth is likely to slow from 8.5% last year to between 7% and 8% over the next two years. In other words, all those GDP headlines are likely to include a 7, or 7 point something, not the 8 or 9 or even 10 of the government’s dreams.

abhischekcc wrote:After Sudan, this is the second African country that China has lost to the west.

ashi wrote:Yawn, yawn ...

Mr. Vina, your bet that India's GDP growth will exceed China in the next five year doesn't look too good now.

India Loses More Ground on China

here were only a few people to begin with who really thought India’s economic growth rate would outpace China’s – at least anytime soon.

Now, those voices are likely to be fewer and weaker.

Those observers would appear to include the World Bank, which in a report released Wednesday echoed Mr. Mukherjee’s fears: it said that India’s economic growth is likely to slow from 8.5% last year to between 7% and 8% over the next two years. In other words, all those GDP headlines are likely to include a 7, or 7 point something, not the 8 or 9 or even 10 of the government’s dreams.

Singha wrote:the biggest problem is even if china grows at 25% / annum India will not pay tribute. and seeing India, others like vietnam also will not.

deal with it. you can parade your growth rate all you want, but no tribute.

you are going to have to go to war to prove your point. if you want...bring it on.

all these attempts to parade growth rate, maglevs, skyscrapers to win the 'war' without a shot being fired elicit just bored yawns from the collective here.

if you are prepared to put some meat behind the issue and risk blood and treasure against India, come forward, else well go live in your skyscraper....we will go live in bamboo huts, catch some fish, harvest some rice and sharpen our knives still further.

vina wrote: India to grow faster than China in 2013

Take it for what it is worth. But the trend is unmistakeable. India is poised to outperform China. I am willing to bet on it.. come on, I thought you Chinese were betting men. How come I dont see you and wrdos put your money where your mouths are. Go on, bet on it.

wong wrote:^^^^
Yawn. Higher growth from 1/3rd the base.

10% of 2 <<< 8% of 6

abhischekcc wrote:I take full credit because I was the first China bear on this forum

abhischekcc wrote:more to do with the fact that China has 200 million more people than India

China Has Homemade Supercomputer Gain

By JOHN MARKOFF


China has made its first supercomputer based on Chinese microprocessor chips, an advance that surprised high-performance computing specialists in the United States.

The announcement was made this week at a technical meeting held in Jinan, China, organized by industry and government organizations. The new machine, the Sunway BlueLight MPP, was installed in September at the National Supercomputer Center in Jinan, the capital of Shandong Province in eastern China.

The Sunway system, which can perform about 1,000 trillion calculations per second — a petaflop — will probably rank among the 20 fastest computers in the world. More significantly, it is composed of 8,700 ShenWei SW1600 microprocessors, designed at a Chinese computer institute and manufactured in Shanghai.

Currently, the Chinese are about three generations behind the state-of-art chip making technologies used by world leaders such as the United States, South Korea, Japan and Taiwan.

“This is a bit of a surprise,” said Jack Dongarra, a computer scientist at the University of Tennessee and a leader of the Top500 project, a list of the world’s fastest computers.

Last fall, another Chinese-based supercomputer, the Tianhe-1A, created an international sensation when it was briefly ranked as the world’s fastest, before it was displaced in the spring by a rival Japanese machine, the K Computer, designed by Fujitsu. But the Tianhe was built from processor chips made by American companies, Intel and Nvidia, though its internal switching system was designed by Chinese engineers. Similarly, the K computer was based on Sparc chips, originally designed at Sun Microsystems in Silicon Valley.

Dr. Dongarra said the Sunway’s theoretical peak performance was about 74 percent as fast as the fastest United States computer — the Jaguar supercomputer at the Department of Energy facility at Oak Ridge National Laboratory, made by Cray Inc. That machine is currently the third fastest on the list.

The Energy Department is planning three supercomputers that would run at 10 to 20 petaflops. And the United States is embarking on an effort to reach an exaflop, or one million trillion mathematical operations in a second, sometime before the end of the decade, though most computer scientists say the necessary technologies do not yet exist.

To build such a computer from existing components would require immense amounts of electricity — roughly the amount produced by a medium-size nuclear power plant. In contrast, Dr. Dongarra said it was intriguing that the power requirements of the new Chinese supercomputer were relatively modest — about one megawatt, according to reports from the technical conference. The Tianhe supercomputer consumes about four megawatts and the Jaguar about seven.

The ShenWei microprocessor appears to be based on some of the same design principles that are favored by Intel’s most advanced microprocessors, according to several supercomputer experts in the United States.

But there is disagreement over whether the machine’s cooling technology is appropriate for designs that will be required by the exaflop-class supercomputers of the future.

Photos of the new Sunway supercomputer reveal an elaborate water-cooling system that may be a significant advance in the design of the very fastest machines. “Getting this cooling technology correct is very, very difficult,” said Steven Wallach, chief scientist at Convey Computer, a Richardson, Tex., supercomputer firm. “This tells me that this is a serious design. This cooling technology could scale to exaflop. They are in the hunt to win.”