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Beijing top leaders reassure policies to boost domestic growth by ramping up public spending and cutting taxes after their 3-day meeting in the capital city – the Central Economic Work Conference, which is held annually at year-end to adjust policy for the coming year.

chinese-president-hu-jintao

Photo courtesty of China.com

Economic data released this week showed further risks to the economy.

  • The Producer Price Index (PPI) fell to 2 percent in November, down from 6.6 percent in October, the slowest pace ever since May 2006.
  • The Consumer Price Index (CPI), the barometer for gauging inflation, eased to 2.4 percent last month, down form 4 percent in October
  • Exports in November slid 2.2 percent year-on-year, the first monthly decline since June 2001. It’s down from 19.2 percent growth in October.
  • Foreign direct investment in to China last month reached US$5.32 billion, the least ever since October 2007

China is targeting around an 8 percent gross domestic product (GDP) growth rate for 2009 to ensure sufficient employment and safeguard social stability despite the challenges.

China has cut its lending rate four times since mid-September, with the latest reduction of 1.08 percentage points, and unveiled a 4 trillion yuan ($586 billion) stimulus package to avert an economic slump.

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Boom and Bust cycles are inherent to our global economy. Amid the financial meltdown, Chinese Premier Wen Jiabao took a swiftly move to substain economic growth by excerising a “proactive fiscal policy” and “moderately-loosened monetary policy”.

It is a quick shift from the “prudent fiscal policy ” and “tightened monetary policy” outlined by the mainland government at the end of last year.

The new set of policy apparently is good news to SMEs facing the menace of the financial tsunami. Premier Wen reckoned that loan quota controls imposed by the central bank to commercial lenders would be scrapped to stimulate lending to support key government projects, agriculture and SMEs.

Premier Wen highlighted the fact that a RMB4 trillion worth of economic plan was on its way to boost domestic demand up to 2010.

Also on today’s front-page story is Hong Kong Trade Development Council would spend HK$120 million from its reserves to attract overseas buyers and subsidize local companies to exhibit their goods and services.

The package is largely targeted to 20,000 Hong Kong-based SME companies whose clientes coming from Russia, Eastern Europe, the Middle East, North Africa, Southeast Asia and the mainland.

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The latest release of PPI and CPI gave the China government more leeway to boost the economy, the National Bureau of Statistics said on Tuesday. Aliuser reckons this as a good sign.

The producer price index (PPI) grew 6.6 percent in October – the slowest pace in eight months, compared with 4.6 percent in September.

China’s consumer price index (CPI), the main barometer of inflation, rose 4 percent in October from a year earlier, compared with 8.3 percent in the nine months through September. 

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Morgan Stanely economist Wang Qing and JP Morgan chief economist Frank Gong both expected China exports in October could be slipped by as much as 20 percent despite a resilient export growth in September.

The warning came before China releases its macro date for October in the upcoming week. They said industrial output has slowed faster than exports, indicating that China economy was shrinking faster than expected.

Good news is inflation rate in China is easing continuously, according to Mr Wang. He noted that producer inflation (PPI)  and consumer inflation (CPI) were expected to stay around 7.9 percent and 4.3 percent, respectively. It provide a favorable factor for the China government to adjust its monetary policy.

Aliuser learnt that Alibaba ( HKSE 1688) has earmarked US 30 million on global promotion in an effort to help SMEs to expand its oversea market following a task force was formed in October.

 

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