Chinese Economics Thread

[Hendrik_2000]

At the end of civil war 1949 the urbanization rate is less than 10%. Now close to 60% But average industrial countries rate is 90%. So China still has a long way to go and with economic development I say a decade of fast growth then plateau
Urban population grew steadily at around 3%-20% from 1950 to 1965. Urban population experienced a 'great jump' in 1958-1961 during the "

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" in conjunction with the massive

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effort. During the

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years of 1965-1975, urban population growth dropped as a result of '

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'.
China makes steady progress in urbanization
Xinhua Published: 2018-09-10 23:16:01

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China has made steady progress in urbanization during the past 40 years thanks to its reform and opening-up, with a rapidly-growing population of city dwellers.

[File Photo: VCG]

Permanent urban residents amounted to 810 million at the end of the last year, up by 640 million from 1978, with an annual average growth of 16.44 million, the National Bureau of Statistics (NBS) said in a report Monday. The urbanization rate stood at 58.52 percent, surging from 17.92 percent four decades ago.

The number of Chinese cities more than tripled to 661 from 1978 to 2017. A total of sixteen cities boast more than 5 million residents according to household registration data, while only Shanghai had reached that level 40 years ago.

Chinese cities are seeing stronger overall competitiveness and have a bright outlook, the NBS said.

There has been a significant improvement in public transport and infrastructure in cities. The total track length of rail transit in 32 cities stood at 4,484 km at the end of 2017, up from 23.6 km, only seen in Beijing, four decades ago. The number of buses rose from 17,000 in 1978 to 477,000 in 2016 in prefecture-level cities.

The livelihood of urbanites has also improved dramatically as the disposable income soared by 14.4 times to 36,396 yuan (5,322 U.S. dollars) from 1978 to 2017. The urban employed figure stood at 424.62 million people at the end of last year.

 

[solarz]

At the end of civil war 1949 the urbanization rate is less than 10%. Now close to 60% But average industrial countries rate is 90%.

The urbanization rate of the US is 80%, as is that of Canada. Russia is only 73%.

I don't know how the 90% average is calculated, but it's irrelevant. It's impossible for China to have the urbanization rate of Singapore, for example. I'd say 80% is the relevant target.

 

[Jura The idiot]

now I read
Chinese premier stresses market regulation for fair business environment
Xinhua| 2018-09-13 22:22:34

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Chinese Premier Li Keqiang has stressed fairness in market regulation to create a level playing field for businesses.

Efforts should be made to improve the business environment, reduce institutional transaction costs and keep business confidence stable, Li said during an inspection tour Tuesday at the State Administration for Market Regulation (SAMR).

Market regulation should be strengthened and improved to better unleash market vitality, unlock domestic demand potential and enhance development momentum, Li added.

At the SAMR, Li enquired about product qualification rates, especially the quality of children's products. He said product quality is key to China's upgrade of the manufacturing and service sectors, and market regulators should take advantage of the internet in the supervisory process to ensure the quality and safety of products and services.

Li said China should deepen the reform of the business system, further broaden market access and let market entities have more development opportunities.

He stressed the key role of market regulation in the creation of a fair market environment, saying that market regulators should innovate their supervisory methods and take tailored measures to regulate different kinds of products and services.

 

[solarz]

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CALGARY – Two major Chinese companies and a group of Albertan Indigenous communities are proposing to build a new oilsands refinery and petrochemical complex in the province, according to a press release issued by consultants Stantec Inc.

Beijing-based and state-owned China Petroleum & Chemical Corp., better known as Sinopec, along with China Construction Industrial & Energy Co. Ltd. and a consortium of Alberta Indigenous groups signed an agreement with the Edmonton-based engineering and design firm Stantec Inc. on Thursday to pursue permits for a new bitumen refinery.

According to a Stantec release, the partnership of Sinopec, China Construction and the Indigenous groups will be called SinoCan Global, which will begin seeking permits to build a 167,000-barrels-per-day bitumen refinery and petrochemical complex north of Edmonton.

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If built, it would become the second-largest refinery in Alberta after Imperial Oil Ltd.’s 194,000-bpd Strathcona Refinery in Edmonton.

“We are very excited to be working with SinoCan Global on this bitumen-based refinery and petrochemical facility,” Stantec CEO Gord Johnston said in the release.

While Stantec will provide consulting and regulatory assistance, Sinopec and China Construction will provide “the expertise and investment needed to develop the facility.”

“Stantec Consulting Services has been selected to perform the regulatory review and permitting processes for the project,” according to the release. “The global design firm will also leverage local relationships and engage in strong stakeholder relations to ensure SinoCan’s success in the Alberta marketplace.”

The release did not include the investments required to build the refinery but a project of that magnitude would range in the billions of dollars.

The North West Refinery, which has recently been completed in the same region, processes 50,000 bpd and cost $9.5 billion. That project was the first new refinery to be built in Canada in 30 years.

“Stantec has significant energy and resources and environmental science experience, and we are excited to work on a project to boost investment and opportunity in Alberta’s energy market,” Johnston said.

The companies involved were in a joint meeting Thursday afternoon and not immediately available for comment before deadline.

Details are scarce on which First Nations will be partners in the project with the two Chinese companies, but the release from Stantec indicates a group called Alberta First Nations Energy Development will own an equity stake in the project. Teedrum Inc., an Edmonton-based company, working in partnership with the Alberta First Nations Energy Centre, will lead the development.

An equity stake in a major project would represent a significant energy holding for First Nations in the province. Last November, Fort McKay First Nation and Mikisew Cree First Nation invested $503 million to acquire a 49 per cent stake in Suncor’s East Tank Farm, which is used to store oilsands crude before it is shipped to market.

A First Nations group is also proposing the Eagle Spirit Energy oil pipeline connecting Fort McMurray, Alta. to Grassy Point, B.C.

It's heartening for me to see cooperation between a Chinese company and indigenous groups in Canada. This project would create a lot of economic activity for Alberta. Let's hope the Liberal government does not throw a wrench into the process due to some anti-China prejudice.

 

[Jura The idiot]

now noticed the tweet

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Chinese public schools are facing an increasing shortage of male teachers due to chronically low pay. Do you think we need more male teachers?

 

[Jura The idiot]

the part I'm going to repeat in a bar next week: "The growth has remained between 6.7 percent and 6.9 percent for 12 consecutive quarters, ..."

anyway, now I read
Economic Watch: China's economy posts steady growth, structural reform proceeds
Xinhua| 2018-09-14 19:07:25

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China's economy maintains steady growth amid domestic and external challenges as the country pushes structural reform and fosters new growth drivers.

The country registered sound growth in industrial output and retail sales, though fixed-asset investment increase continued to slow, data from the National Bureau of Statistics (NBS) showed Friday.

Despite fluctuation of some indicators, NBS spokesperson Mao Shengyong said the economy has been generally stable with improving momentum for growth.

Industrial output rose 6.1 percent in August from one year earlier, a notch higher than July's 6-percent rise.

The output of 336 of 596 key industrial products monitored by the government, including steel, coal, crude oil, and integrated circuits, climbed, but production of autos, ethylene, and computers fell.

Retail sales posted a better-than-expected growth of 9 percent last month, accelerating from 8.8 percent in July. Analysts had forecast an increase of 8.8 percent for August.

Fixed-asset investment (FAI) growth further slowed to 5.3 percent for January-August, weighed down again by weakening infrastructure investment.

The growth of infrastructure investment continued to slow, albeit more modestly. Infrastructure investment increased 4.2 percent in the first eight months, down from 5.7 percent for January-July.

To boost infrastructure investment, the country has accelerated approval of railway and grid projects over the past few months.

Railway investment in the January-August period reached 461.2 billion yuan (67.4 billion U.S. dollars), or 63 percent of the total railway investment planned for the whole year, according to the China Railway Corporation. It was up from 56.8 percent for the same period last year.

Mao expected the FAI growth to stabilize in the coming months as the government's policies to boost infrastructure investment will gradually come through, while property investment and manufacturing investment maintain stable increases.

He said the government will increase investment in sectors of infrastructure and public services in the country's comparatively less-developed central and western regions.

Besides boosting investment, the country's central bank has been injecting funds into the market through open market operations to lower financing costs and urged financial institutions to enhance support for small and micro businesses.

As the country continued to restructure the economy and foster new growth drivers, the high-tech sector, strategic emerging industries, equipment manufacturing and services posted fast expansion.

Looking ahead, Mao warned about risks from a more complicated external environment and long-standing issues caused by domestic structural imbalance.

The country's GDP expanded 6.8 percent in the first half of the year, above the government's annual target of around 6.5 percent. The growth has remained between 6.7 percent and 6.9 percent for 12 consecutive quarters, highlighting its economic resilience.

The sound economic fundamentals have remained unchanged, providing a solid foundation for the economy to weather challenges, said Wang Jun, chief economist at the Central China Securities.

 

[PiSigma]

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It's heartening for me to see cooperation between a Chinese company and indigenous groups in Canada. This project would create a lot of economic activity for Alberta. Let's hope the Liberal government does not throw a wrench into the process due to some anti-China prejudice.

Trudeau will kill this with his new bill c-69. Trudeau is fairly anti-alberta because he knows he can't win seats here in Alberta.

 

[solarz]

Trudeau will kill this with his new bill c-69. Trudeau is fairly anti-alberta because he knows he can't win seats here in Alberta.

I googled bill c-69, and all I read was a lot of hyperbole, very little information on exactly what it is and why it would be bad.

 

[PiSigma]

I googled bill c-69, and all I read was a lot of hyperbole, very little information on exactly what it is and why it would be bad.

Anyone is allowed a say under bill c-69 no matter if the project impacts them or not. This means some Quebecers can veto a Albertan project because they want more equalisation bribe or some native band in BC is not happy they are not getting their share.

Also Trudeau wants gender studies and LGBTQ-Z!+V whatever letters they slap on every few years to be considered on every project. So if there aren't enough women being hired for a rig or gays, then the project can't go through.

Basically all new projects that would need c69 approval is being cancelled as we speak.

 

[Jura The idiot]

now I read
China to invest multi-billion dollars to develop digital economy
Xinhua| 2018-09-19 11:36:51

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China will invest 100 billion yuan (about 14.6 billion U.S. dollars) for developing the digital economy in the next five years.

The investments will go to projects on big data, internet of things (IoT), cloud computing, smart cities and the digital Silk Road, according to an agreement signed by China Development Bank and the National Development and Reform Commission at the International Conference on Digital Economy and Digital Silk Road that opened Tuesday.

Development of digital economy is listed as an important task for building modern economic setup in China and achieve high-quality development. China has attained vital progress in the cause over the past years by way of rolling out a raft of measures, including a national big data strategy.

A report released by the Cyberspace Administration of China said that the size of China's digital economy grew to 27.2 trillion yuan last year, up 20.3 percent year on year and accounting for 32.9 percent of the country's gross domestic product.

The two-day International Conference on Digital Economy and Digital Silk Road, held in Hangzhou, a scenic city in east China's Zhejiang Province, is hosted by Zhejiang Provincial Government, under the auspices of the National Development and Reform Commission and the Cyberspace Administration of China.