Chinese Economics Thread

[Dolcevita]

Chinese locomotive manufacturers are making major progress with locomotive exports

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China's CSR to produce Turkmenistan passenger locomotives

English.news.cn 2013-11-24 16:10:48

BEIJING, Nov. 24 (Xinhua) -- China's leading train manufacturer, China South Locomotive and Rolling Stock Corporation Ltd. (CSR), announced on Sunday that it will produce two passenger locomotives for Turkmenistan, another step to occupy the niche in the central Asian market.

CSR Ziyang, China's largest internal-combustion locomotive manufacturer, is the only company to have signed a contract with China's Ministry of Commerce to produce two internal-combustion passenger locomotives and spare parts for Turkmenistan in 2013, according to CSR.

Since 2004, CSR Ziyang has exported over 200 locomotives to Turkmenistan in four orders, with the third order totaling 75 locomotives, marking China's largest economic and trade project in Turkmenistan.

CSR manufactures railway locomotives, passenger trains, freight wagons, bullet trains and subway cars. Its products have been exported to more than 80 countries or regions.

 

[AssassinsMace]

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I remember when there were doubters that Macau couldn't come close to replicating Las Vegas' success. Now I believe this year's numbers Macau makes about every month what Las Vegas makes in a year.

 

[Equation]

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I remember when there were doubters that Macau couldn't come close to replicating Las Vegas' success. Now I believe this year's numbers Macau makes about every month what Las Vegas makes in a year.

I wouldn't be surprise if one day Macau GDP will surpass its former colonialist Portugal.

 

[Franklin]

The Yuan overtakes the Euro as the second most used trading currency.

Yuan overtakes euro as 2nd most used currency in trade finance

The yuan has overtaken the euro as the second most used currency in international trade finance, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The share of the Chinese currency's usage in trade finance, such as Letters of Credit and Collections, grew to 8.7 percent in October, from 1.9 percent in January 2012, data from the transaction services organization showed.

It now ranks behind the U.S. dollar, which remains the leading currency with a share of 81.1 percent.

The euro's share, meanwhile, dropped to 6.6 percent in October, from 7.9 in January 2012, and is now in third place.

The top five countries using the renminbi (RMB) for trade finance in October were China, Hong Kong, Singapore, Germany and Australia.

"The RMB is clearly a top currency for trade finance globally and even more so in Asia, as shown by...the pace at which China's exporters and importers and their counterparts use the RMB for Letters of Credit," said Franck de Praetere, head of payments and trade markets, Asia Pacific, at SWIFT.

The yuan's use in international trade is set to continue growing in the coming years, say market watchers.

According to a poll by HSBC conducted earlier this year, a quarter of 700 global businesses surveyed said they expect to start using the currency in trade settlements within the next five years.

"Businesses trading with China that fail to seize the opportunity of using the yuan may be losing out to their competitors - it's not a level playing field," the bank said.

The bank expects the yuan to account for 30 percent of China's external trade settlement by 2015, up from 12 percent at the end of 2012, ultimately paving the way for full yuan convertibility.

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[Jeff Head]

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​

BEIJING/KIEV , Dec 5 (Reuters) – Wang Jing, a little known Chinese investor who has a concession to build a waterway in Nicaragua to rival the Panama Canal, announced he was also spearheading a $3 billion project to build a deepwater port in Ukraine.

“The strategic and cooperative partnership between China and Ukraine has moved a step forward,” Wang said at a press conference in Beijing on Thursday. “Even though this project is relatively big, you can say we fell in love at first sight.”

A senior Ukrainian official told Reuters, however, that she had not heard about the project. “I can say that such project did not pass through our ministry,” she said.

The 300 hectare port project is to be located about 60 kilometres north of Sevastopol on the Black Sea. Wang unveiled it at the same time that Ukrainian President Viktor Yanukovich was visiting China’s capital.

China and Ukraine signed several agreements on airlines, new energy sources, coal and travel during Yanukovich’s visit. No details or figures were provided.

In a joint statement, the two countries said they had signed a “treaty of friendly cooperation”, which “marks a stride towards a higher level of development in relations between China and Ukraine”.

Yanukovich is under pressure at home to show the success of his economic strategy amid public protests against his worsening relationship with the European Union.

“In this very difficult situation it is very important for Yanukovich to conclude large scale projects,” said Volodymyr Fesenko of Ukraine’s Penta think-tank. “The implementation of these projects will depend on how the political crisis is resolved,” he said.

Cheng Guoping, China’s vice minister of foreign affairs, told journalists that Ukraine was in “flux”.

“I believe the Ukrainian government has the ability to, within the scope of the law, safeguard Ukraine’s stability in this situation and continue on its own path to development,” he said.

A memorandum of understanding was signed earlier in the day between Wang’s Beijing Interoceanic Canal Investment Management Co. and Kievgidroinvest, a little known hydrogeology research firm registered in Sevastopol, which does not have a website.

The port project, to be built on a dried-out lake on the Crimean coast, would require a $3 billion investment in its first phase, Wang said, providing few further details.

Ukraine already operates more than a dozen big ports.

Wang, who says his initial wealth came from a gold mine investment in Cambodia, grabbed headlines earlier this year when Nicaragua’s Congress granted his Cayman Islands-registered company a 50-year concession to develop a $40 billion canal.

He is chairman of Beijing Xinwei Telecom Technology Co., a wireless equipment company that holds the patents on Chinese technology for 3G mobile telecommunications. That technology is now being superseded by next-generation networks.

Kievgidroinvest Chief Executive Alexsey Mayzuk said at the press conference that his company had preferred Wang’s firm over a large-scale, state-owned enterprise.

“We want a partner who is not purely a construction partner,” he said. “We need a partner who is also a strategic partner.”

China has money to invest...and it is doing so all over the world. This Ukrainian port, just 60 km north of Sevastopol, will be interesting.

The $40 billion (USD), 50-year canal project through Nicaragua is an amazing and phenominal project.

 

[no_name]

The Yuan overtakes the Euro as the second most used trading currency.

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If you look at the actual percentage though it is still only roughly 1/10 of USD trading amount.

 

[aquauant]

Although RMB/Yuan is only 8.7% share, it is quite significant. I think when it is doubled to like 20%, it will begin to have an impact on US interest rate as lesser demand for USD and therefore US asset like T-bills.

 

[aquauant]

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I remember when there were doubters that Macau couldn't come close to replicating Las Vegas' success. Now I believe this year's numbers Macau makes about every month what Las Vegas makes in a year.

This is not exact good news for our economic well-being. Most of casinos are operated by foreign companies. The gaming profit goes back overseas. The gaming tax revenue stays in Macau which makes it has higher per capital income than the region average. Gambling money is mainly from mainland and some from hong kong, taiwan and others.

If we Chinese cannot stop the habit, at least have some Chinese firms enter the gaming market and makes some profit out of it. Or the government monopolises it and use the profit for charity all over China. As of now, we are just leaking money out.

This is one area that I don't mind we fail miserably.

 

[antiterror13]

Interesting map of China's Global Economic Footprint

Very interesting map, in 2013

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[Equation]

This is not exact good news for our economic well-being. Most of casinos are operated by foreign companies. The gaming profit goes back overseas. The gaming tax revenue stays in Macau which makes it has higher per capital income than the region average. Gambling money is mainly from mainland and some from hong kong, taiwan and others.

If we Chinese cannot stop the habit, at least have some Chinese firms enter the gaming market and makes some profit out of it. Or the government monopolises it and use the profit for charity all over China. As of now, we are just leaking money out.

This is one area that I don't mind we fail miserably.

Actually there is a partnership between a Chinese gaming company and foreign companies, like 50/50 or 60/40 depending on the agreement. Also the loans for these casinos came from Chinese banks therefore the banks earned a good returned on the interests as well. Finally it's not just Chinese people that are coming to Macao, but other Asian countries near by as well.