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The Monthly China Journal of Confederation of Indian Industry
November 2013- Volume 10 No 11
India & China
India-China trade (Jan –Oct. 2013)
Oct. US$ billion
Imports from China
Exports to China
Jan- Oct. 2013
to Jan- Oct. 2012
China's CSR supplies cars to New Delhi subway
A subsidiary of major Chinese train manufacturer, CSR Corporation Ltd., has sold 21 cars to New Delhi's subway system.
This is second order from India, after it exported 15 metro cars to New Delhi in 2010. CSR is China's leading bullet train
maker and manufactures European-standard metro trains (More).
China’s external trade (Jan –Oct. 2013)
Jan- Oct. 2013
Change Compared to
China’s imports rose 7.6% in October, faster than the 7.4% growth in the previous month, yielding a trade surplus of $31.1
billion, the biggest monthly surplus so far this year. China's exports and imports regained momentum in October as global
conditions improved and domestic demand remained steady. The improvement in October increased the country's odds of
achieving the 8% trade growth target for 2013, which was set at the start of this year.
3.2%, up from 3.1% in
Down 1.5% YOY
New loan (Oct)
506.1 billion yuan, an increase of
700 million yuan YOY
Up 1.2% YOY to $8.4 billion
PMI (manufacturing sector
Retail sales (Jan-Oct)
Rose 13% YOY to 19.03 trillion
up 5.8% YOY to $97 billion
Up 20.1% YOY to 35.17 trillion
51.4%, a new high since May 2012
China's Q3 economic growth quickens to 7.8%
China's economic growth accelerated to 7.8% in the third quarter from 7.5% in the previous quarter, partly driven by the
government's stimulus spending. China’s economy expanded 7.7% in the first nine months this year (More).
Annual power consumption up 10.4%
China consumed 444.8 billion kilowatt-hours in September with an increase of 10.4% year on year. For the first nine
months, China's power consumption totaled 3.95 trillion kilowatt-hours, up 7.2 percent (More).
China's foreign debt stands at $772 billion
China's foreign debt stood at $771.95 billion at the end of June in 2013. Of which, $403.31 billion were international
commercial loans and $59.14 billion were loans extended by foreign governments and international financial
organizations. Meanwhile, $309.5 billion were debts stemming from trade loans between companies. 80.79% of the
nation's foreign debt was denominated in the U.S. dollar, followed by the Euro, which accounted for 5.96% in China's
foreign debt structure, and the Japanese yen, which accounted for 5.53% (More).
WB cuts growth forecast for China, East Asia
The World Bank cut its growth forecast for developing economies in East Asia and the Pacific region as a whole in 2013
to 7.1 percent from the previous forecast of 7.8 percent. For China the forecast has been cut from 8.3 percent to 7.5
Government & Politics
5-year plan set for shale gas sector
National Energy Administration (NEA) of China unveiled the country's first policy for the shale gas industry on its website
on October 30, promising to increase financial support for shale gas exploration and extraction to explore shale gas
resources in a reasonable and orderly manner, secure healthy development of the industry, increase natural gas supply,
assist energy conservation and emission reduction, and safeguard national energy security. The policy also encourages
development, innovation and Chinese-owned brands in shale gas exploration and extraction technologies. According to
the U.S. Energy Information Administration, China has the world's largest shale gas reserves, estimated at 36 trillion cubic
China secures slew of Russian energy deals
Russia signed a slew of deals with China on October 22, including a $85 billion deal to supply oil to China during the visit
of Russian Prime Minister, Dmitry Medvedev to China. The two governments also agreed to jointly construct an oil refinery
in Tianjin, which will be able to refine 16 million tons of crude oil each year. Russia and China will also cooperate over
natural gas supply. Russia’s biggest oil producer, Rosneft, will supply China another 70 million barrels of crude oil a year
for 10 years under the latest agreement. Russian energy companies operate two pipelines, one to move oil to China and
one to deliver gas. China imported 170 million barrels of oil from Russia in 2012 (More).
Vale expects iron ore sales of 1.1 billion tons over 6 years
Brazilian miner Vale SA expects to sell 1.1 billion tons of iron ore to China in the next six years (More).
Tianjin applies for China's second FTZ
Tianjin municipality is applying for a free trade zone of its own after the first such zone went operational in September in
Shanghai. According to Zong Guoying, head of the Tianjin Binhai New Area (BNA), BNA has completed a draft plan for
the zone, and all documents have been submitted to the central government (More).
China spends big to support SME's innovation
China has spent a total of 26.8 billion yuan ($4.4 billion) to support the innovation by small and medium sized enterprises
(SMEs) between 1999 and 2013. Fiscal support has helped enhance innovation capability and contributed to industrial
upgrading and restructuring. Chinese government had set up a special fund for encouraging the innovation of technologyintensive SMEs in 1999. In the past years, the fund has helped nurture a number of technology-intensive companies and
enhance China's capability of scientific and technological innovation. The number of micro, small and medium sized
enterprises represents 99.7 percent of the total in China. SMEs provide more than 80 percent of jobs in cities (More).
China, Indonesia aim for $80 billion in bilateral trade by 2015
Leaders of China and Indonesia have agreed to achieve $80 billion in bilateral trade by 2015, according to the joint
statement issued on October 3 by the visiting Chinese President Xi Jinping and his Indonesian counterpart, Susilo
Bambang Yudhoyono. Presently China is Indonesia's second largest trading partner, with bilateral trade standing at $66.2
billion in 2012, four times that of 2005 (More)
China, Vietnam set trade target of $100 billion for 2017
China and Vietnam have set bilateral annual trade target of $100 billion by 2017, during the visit of Chinese Premier Li
Keqiang to Vietnam. China has been Vietnam's largest trading partner for nine years. Trade volume between the two
countries exceeded $40 billion in the first eight months of this year, putting the annual target of $60 billion for 2015 within
reach. China ranks 12th among the 100 countries and regions making direct investments in Vietnam (More).
Forum to pool Cross-Strait political wisdom
The first Cross-Strait peace forum, an important platform for non-official political dialogue between the Chinese Mainland
and Taiwan, opened in Shanghai on October 11 to rally political wisdom and expand consensus. While current CrossStrait forums mainly focus on economic, cultural and social issues, the peace forum's agenda includes complicated and
sensitive Cross-Strait issues involving political relations, external affairs, military security and peace framework (More)
China, EU agree to 45 billion Euro currency swap
People's Bank of China and the European Central Bank on October 9 signed a 350 billion yuan (45 billion euro) currency
swap agreement to support bilateral trade and protect financial stability. It marks a major step in internationalizing its
currency by China. The agreement will last for three years and can be extended if both parties agree. So far China has
signed currency swap deals totaling 2.2 trillion yuan ($358 billion) with 22 countries and regions to push the international
use of its currency. On October 1, China had signed a 100-billion-yuan currency swap agreement with Indonesia. It also
signed similar agreements with Hungary and Albania in September, bringing China closer to making its currency fully
Yuan's rise against dollar hits 19-year record
The yuan appreciated to a 19-year record of 6.1073 against the US dollar on October 14 after the Chinese central bank
set a record reference rate as risks for a default mount in the US. Meanwhile, the People's Bank of China has set the
central parity rate at 6.1406, also the strongest since the government unified the official and market rates at the end of
Business & Industry
PMI growth hits 18-month high
China's purchasing managers' index (PMI) for the manufacturing sector rose to 51.4% in October, more than 0.3
percentage point higher than that for September, hitting a new high since May 2012, according to the National Bureau of
Statistics of China. PMI has rebounded for four consecutive months till October, showing that the country's manufacturing
activities are seeing a steady upward trend (More).
China issues guideline to cut overcapacity
China's State Council, the country's cabinet, has issued guidelines to tackle production overcapacity, according to a
statement on the government's website on October 17. The guidelines mainly target five sectors suffering from serious
overcapacity, including steel, cement, electrolytic aluminium, sheet glass and shipping. This is a key measure for the
government to achieve stable growth, restructuring, transformation and an upgraded version of the Chinese economy
Industrial profit growth quickens
Major Chinese industrial firms saw their profits rise 13.5 percent year on year in the first three quarters, a faster pace than
the 12.8-percent growth rate in the Jan.-Aug. period, according to the National Bureau of Statistics (NBS). From January
to September, industrial firms with annual revenues of more than 20 million yuan ($3.26 million) reached total profits of
4.05 trillion yuan. In September alone, profits of the surveyed industrial companies grew 18.4 percent from a year ago to
558.89 billion yuan, down from the 24.2 percent growth seen in August but up from July's 11.6 percent (More).
Xinjiang to launch huge coal gasification project
China plans to build a large coal gasification project in Xinjiang Uygur Autonomous Region. The demonstration project in
Zhundong area, Changji Hui Autonomous Prefecture of Xinjiang, will be the country's largest with a designed capacity of
30 billion cubic meters annually. The project will be jointly built by Sinopec, Huaneng Xinjiang Energy Development Co.,
Ltd. and some other energy companies with a total investment of 183 billion yuan (about $29.7 billion). The industrial
project will need 90 million tons of coal annually. The Zhundong area has estimated coal reserves of 390 billion tons and
proven reserves of 213.6 billion tons, the largest coal field in China (More).
CII India Office
U. D. Bhatkoti, Advisor
Confederation of Indian Industry
The Mantosh Sondhi Centre
23 Institutional Area, Lodi Road, New Delhi-110003
Tel: 91-11-2462 9994-7; Fax: 91-11-24601298
Email: email@example.com; Website: www.cii.in
CII China Office
Madhav Sharma, Chief Representative
Confederation of Indian Industry
Room No 11A47/49, Shanghai Mart,
2299 Yan'an Road (West), Shanghai 200336, China
Tel: +86 (21) 62360969; Fax: +86 (21) 32283510
Email: firstname.lastname@example.org; Website: www.cii.in
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