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  • greatcallbuy greatcallbuy Jan 27, 2013 6:29 PM Flag

    China BOOMS

    BEIJING (Reuters) - Profits earned by China's industrial companies rose 17.3 percent in December from a year earlier to 895.2 billion yuan ($143.91 billion), official data showed on Sunday, as a fourth-quarter recovery helped offset poorer corporate results in the third.

    The data from the National Bureau of Statistics is the latest sign of a gathering rebound in activity in the world's second-largest economy. The December rise moderated from November's 22.8 percent increase but still marked the third-fastest growth last year.

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    • China economy to underpin global demand in 2013: CIC
      Kevin YAO- "China's economic growth could be over 8 percent this year. China's economy supports a very large part of global demand," Lou Jiwei, chairman of the China Investment Corp. (CIC) (CIC.UL), told a forum. There are big opportunities for countries with cash on their hands, especially for China. We should grasp the opportunities and give firms more freedom in investing overseas," he said.
      China has accumulated the world's biggest store for foreign reserves, some $3.31 trillion as at the end of 2012, generated largely as a function of capital controls that have forced Chinese exporters to sell foreign currency to the central bank.
      Easing capital controls to let firms more readily use export earnings to buy overseas assets would please many executives who say strict rules and a lengthy approval process for outbound investments are big impediments to doing cross-border deals.
      Despite the difficulties, Chinese non-financial outbound foreign direct investment hit a record $14.7 billion in December, taking the 2012 total to $77.2 billion from 2011's $60.1 billion, Commerce Ministry data shows.
      Beijing targets a total of $560 billion in outbound foreign direct investment in the five years to end 2015.
      Problems in debt-constrained countries, though, meant opportunities for cash-rich China, Lou said, adding that the government should encourage local firms to step up their efforts to expand and invest abroad.
      "There are big opportunities for countries with cash on their hands, especially for China. We should grasp the opportunities and give firms more freedom in investing overseas," he said.
      China has accumulated the world's biggest store for foreign reserves, some $3.31 trillion as at the end of 2012, generated largely as a function of capital controls that have forced Chinese exporters to sell foreign currency to the central bank.
      Easing capital controls to let firms more readily use export earnings to buy overseas assets would please many executives who say strict rules and a lengthy approval process for outbound investments are big impediments to doing cross-border deals.
      Despite the difficulties, Chinese non-financial outbound foreign direct investment hit a record $14.7 billion in December, taking the 2012 total to $77.2 billion from 2011's $60.1 billion, Commerce Ministry data shows.
      Beijing targets a total of $560 billion in outbound foreign direct investment in the five years to end 2015.
      REFORMS NEED POLITICAL COURAGE
      Zeng Peiyan, a former vice-premier, told the same forum that China's leaders must have "political courage" to quicken economic reforms to help sustain long-term growth.
      Zeng, now chairman of top Beijing think-tank the China Centre for International Economic Exchanges (CCIEE), said the Chinese economy was "shifting gear" and clearly decelerating from the double-digit average growth rates of the past three decades to 7-8 percent in the foreseeable future.
      Chen Xiwen, deputy director of the office of the Central Financial Work Leading Group, a powerful body that charts key government economic policies, said China's growth strategy should focus on improving urbanization in its next stage of development.

    • It's worth noting that although the YoY decline in steel profits was still high (-37.3%) it certainly improved from Nov (-47.9%) and the low in Sept (-68%).

    • There can make for a big difference whether the companies are state owned or private! Many of the state owned companies get proped up.

 
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