News & Reports News Year 2010 May , 2010 News 20th May 2010

News 20th May 2010

China to be world's biggest luxury goods market in five years: blue paper   2010-05-19 22:00:37
Feedback  Print  RSS   

BEIJING, May 19 (Xinhua) -- China will rank as the world's biggest market for luxury goods in five years, a blue paper on China's commercial development from 2009 to 2010 released in Beijing Wednesday said.
Released by the Chinese Academy of Social Sciences, the blue paper said China's luxury goods market had increased to 9.4 billion U.S. dollars by the end of 2009, accounting for 27.5 percent of the world's luxury goods market and supplanting the United States as the world's second largest luxury goods market
In five years, the market for luxury goods in China will reach 14.6 billion U.S. dollars, becoming the largest in the world, the paper predicted.
The paper said most luxury goods makers have opened outlets in Chinese metropolises and provincial capital cities.
With increased competition, however, some of the makers have opened outlets in smaller cities, too.
The paper quoted a Mckinsey & Company report as saying rich consumers in China are generally younger than those in other countries, although it gave no definition for such a consumer.
The report found 80 percent of China's rich consumers are under the age of 45, while only 30 percent of such consumers in the U.S. and 19 percent in Japan are under 45.
The paper quoted the Hurun Report 2009 as saying the average age of people with personal wealth over 100 million yuan is 43 in China and those with wealth over 10 million yuan is 39.
In addition, the paper said young people born in the 1980s, especially those with wealthy parents, have a better awareness of luxury goods and are more likely to buy them.

China's SOEs post 579.52 bln yuan in profits in Jan-April   2010-05-19 16:28:38
Feedback  Print  RSS   

BEIJING, May 19 (Xinhua) -- China's state-owned enterprises posted a 69.6-percent year-on-year surge in profits during the January-April period, the Ministry of Finance announced Wednesday.
In the first four months, combined profits of China's SOEs hit 579.52 billion yuan (84.85 billion U.S. dollars), the ministry's statistics showed.
Operating revenue of the SOEs reached about 9 trillion yuan (1.32 trillion U.S. dollars), up 46 percent from a year earlier.
The SOEs paid a total of 794.63 billion yuan (116.34 billion U.S. dollars) in taxes in the first four months, up 30.4 percent, with taxes payable amounting to 806.3 billion yuan (118 billion U.S. dollars).
The ministry did not provide reasons for the surge in profits and revenues, but analysts believed a low comparison base for the same period of last year helped fuel the strong growth.
Inventory levels and costs of however, both rose from January to April, leading to a slowdown in profit margin growth, according to the ministry.
The oil and petrochemical, coal, communications and automobile industries continued to see big increases in profits from January to April but the growth rate had slowed down.
Iron and steel, non-ferrous metals and power generation sectors posted steady growth in revenues from January to April.

China Entrepreneur Summit 2010 HK Forum kicks off   2010-05-19 15:46:38
Feedback  Print  RSS   

HONG KONG, May 19 (Xinhua) -- The China Entrepreneur Summit ( CES) 2010 HK Forum, a gathering of entrepreneurs and experts of different fields from Hong Kong and Chinese mainland, was held Wednesday at the Hong Kong Convention and Exhibition Center, focusing on exploring new drive for business growth.
It was the first time for the CES, a platform for exchanges between entrepreneurs and academic experts, to take place in Hong Kong.
Supported by the Hong Kong Trade Development Council (HKTDC), the Forum has brought together hundreds of well-known entrepreneurs, including Liu Chuanzhi, president of Legend Holdings Ltd., Ma Weihua, president of China Merchants Bank, and Victor K Fung, Chairman of the Li & Fung Group, who will also deliver a theme speech at the Forum.
Corporate growth in the crisis aftermath, planning Corporate Succession -- the Chinese ways, and Hong Kong as a global business partner for Chinese mainland enterprises will be the highlighted topics for discussion during the 2-day forum.
"We believe that Hong Kong, for the next 10 years, will serve as a bridge and a window for Chinese mainland enterprises to step forward into the international market," said Jack So, chairman of HKTDC, at the opening ceremony.

Average price of Macao's residential unit up 4.7% in Q1   2010-05-19 13:08:02
Feedback  Print  RSS   

MACAO, May 18 (Xinhua) -- The average transaction price of Macao's residential units rose by 4.7 percent quarter-to-quarter to 26,845 patacas (3,356 U.S. dollars) per square meter of usable area in the first quarter of 2010, according to the figures released on Tuesday by the city's Statistics and Census Service ( DSEC).
Of the residential unit price, that of the Macao Peninsula went up by 5 percent to 26,674 patacas (3,334 dollars) per square meter, while the average price of those in Taipa Island rose by 3.4 percent to 27,342 patacas (3,418 dollars) per square meter, according to the DSEC figure.
Meanwhile, the average price of office units also rose by 2.4 percent quarter-to-quarter to 23,740 patacas (2,968 dollars) per square meter in the period, and that of industrial units went up by 3.7 percent to 6,526 patacas (816 dollars) per square meter.
There were 3,370 cases of real estate sale and purchase contracts made in the first quarter of 2010, of which the number of units transacted increased by 5.4 percent quarter-to-quarter to 4,307 whereas the total value dropped by 21.5 percent to 4.98 billion patacas (623 million dollars), according to the DSEC.
In the first quarter of 2010, construction of new buildings with a gross floor area of 124,615 square meters has been started, which will provide 508 units, 496 parking spaces for cars and 93 parking spaces for motorcycles upon completion, the DSEC also said.
Editor: Jiang Yuxia

China cuts timber production to protect major forest   2010-05-19 20:11:53
Feedback  Print  RSS   

HARBIN, May 19 (Xinhua) -- Timber output has been cut to help sustain the environment of the Greater Hinggan Mountains in northeast China.
Annual timber output in the area since 2007 has been one-third less than the approved level of 2.1 million cubic meters under natural forest protection rules, said Zheng Xuehui, director of the planning and statistics department under the Greater Hinggan Forestry Group.
The group reduced output by 350,000 cubic meters in the first four months of the year. Between 2007 and 2009, the production was more than 2 million cubic meters under the allowed amount.
"After decades of over-felling, the quality of the forest is deteriorating," said Zheng. "If the practice continued, it would have a further negative impact on the environment."
The Greater Hinggan Mountains, which has the largest virgin forest in China, had 76.9 million cubic meters of wood resources, Zheng cited a 2006 survey as saying.

China Shipping Container Lines Co. plunges into red in 2009   2010-05-19 19:08:29
Feedback  Print  RSS   

BEIJING, May 19 (Xinhua) -- China Shipping Container Lines Co., China's biggest container shipping company by carrying capacity, swung into the red in 2009 with a loss of 6.49 billion yuan (950 million U.S. dollars) as the financial crisis took its toll.
The loss compared to a net profit of 134.69 million yuan in 2008, the company said in its annual report filed with the Shanghai Stock Exchange on Wednesday.
Revenue dived 43.4 percent year on year to 19.9 billion yuan.
The company attributed the big loss to the financial crisis which had reduced the major economies' demand for shipping services.
The lackluster performance also stemmed from fierce competition from domestic shipping service providers. The company said its domestic shipping rates dropped 33.9 percent on average to 1,329 yuan last year.
The company's stock fell 0.26 percent to 3.81 yuan per share Wednesday.
Editor: Yang Lina

Visitors surpass 3 million since opening

The number of Expo 2010 visitors hit 3.19 million by 8pm yesterday since the fair's opening on May 1, the organizers announced yesterday, the Expo's 17th day.
About 238,500 visitors entered the Expo site by 8pm yesterday on the 17th day, among whom 96,000 were on group tours, accounting for about 41 percent of yesterday's visitor flow.
A total of 35,828 tickets were sold on site by 8pm.
The most crowded gates were still Shangnan Road, Gaoke Road W., Houtan, and Changqing Road. More than 30,000 visitors passed each gate yesterday, with Houtan receiving as many as 55,000 visitors.
By 5pm, 94 performances had been staged, attracting nearly 107,300 visitors. Altogether 6,004 volunteers served on the site.
Editor: Hu Min