CASS: Chinese economy expected to grow 9.5% in 2010
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China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
CASS: Chinese economy expected to grow 9.5% in 2010 -- Beijing Business Today
This year, China's GDP growth will reach 9.5 percent and the consumer price index (CPI) will maintain the level of about 3 percent, the Chinese Academy of Social Sciences (CASS) said in its latest report Monday.
CASS, a government think-tank, said in the report that China won't see major inflation this year, although its asset price bubbles may expand. Housing prices in first-tier cities will continue to go up in 2010, CASS estimated.
According to the report, consumption, investment and net export will contribute 40, 50 and 10 percent to China's economic growth, respectively.
RMB lending is also expected to reach 7-8 trillion yuan this year.
The report also estimates that China's central bank will increase central bank note issuance, raise the reserve requirement ratio and hike interest rates of RMB deposits and loans in 2010.
SAIC Motor's car sales up 57% in 2009 -- China Securities Journal
SAIC Motor Corporation Ltd. announced on Monday that its vehicle sales in 2009 reached 2.72 million units, rising 57 percent year-on-year, China Securities Journal reported Tuesday.
According to the news release, SAIC sold 1.6 million units of passenger cars and 1.12 million units of commercial vehicles in 2009, up 57 and 58 percent year-on-year, respectively.
Sales of Shanghai Volkswagen, SAIC's joint-venture with Volkswagen AG, rose by 48.6 percent year-on-year to 728,000 units in 2009. Shanghai GM, SAIC's venture with General Motors sold 727,000 units in 2009, up 58.7 percent year-on-year. SAIC-GM-Wuling, SAIC's commercial vehicle tie-up with GM and Liuzhou Wuling Automobile, reported sales of 1.065 million units in 2009, rising 63.7 percent compared to last year.
SAIC also sold 90,000 cars of its own brand last year, rising by 153 percent year-on-year.
18 IPOs scheduled in 8 days after New Year holiday -- China Business News
From January 4-11, a total of 18 companies will be listed on the domestic stock market through initial public offering (IPO), China Business News reported Tuesday.
On Monday, Shenzhen INVT Electric Co., Ltd., Shenzhen RenRenLe Commercial Co., Ltd. and Xiamen Kelong Huasheng Co., Ltd. completed on-line and off-line subscription. Today, Tianjin Saixiang Technology Co., Ltd., Changchun Up Optotech Co., Ltd. and Anhui Xinhua Media Co., Ltd. will start their online subscription. Eight more companies will go listing on China's Growth Enterprise Market on January 7. Next Monday, January 11, Zhejiang Chint Electric Co., Ltd. will get listed on the Main Board, and three more companies will get listed on the SME Board.
Wind Info statistics suggest that the 18 IPOs will raise about 7.042 billion yuan. However, the six new shares issued yesterday and today have raised a total of 6.667 billion yuan.
PBOC's Zhou warns overcapacity, calls for cautious investment -- China Business news
"Some industries have seen excess capacity, therefore investment in such industries must be cautious," said China's central bank governor Zhou Xiaochuan in a recent interview with China Finance.
Zhou noted that there is overcapacity in certain industries especially in the manufacturing sector. Some areas of the infrastructure sector have also seen similar problems. "For example," Zhou said, "there will be no traffic flows if we invest in some highways too early, although they may be necessary in the long run.”
