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China’s ports will stay number one

July 4, 2011 By roel Leave a Comment

According to an outlook report by the Chinese Academy of Sciences, China’s ports will remain the busiest in the whole world for 2011. This will be the case even if the economic recovery in the U.S. and the European Union is very slow and will probably affect container volume growth.

The same report suggested that the global container volumes will rise continuously this 2011 but the increase will be smaller than last year’s.

The top 20 ports in the world will have an average growth of 8.5 percent and 10.3 percent these numbers are definitely smaller than last year’s increase which is a very impressive 15.2.

The Dalian port in China is expected to be the 20th largest port in the whole world this year, and aside from Dalian, nine other Chinese ports would also be included in the top 20, which is really amazing. The other rankings are just the same.

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China’s May oil demand stays solid

June 15, 2011 By roel Leave a Comment

China’s May oil demand ranked number one in terms of the nine million barrel-per-day mark for the seventh consecutive month. This scenario suggests that the demand is increasing even if the growth of the world’s second largest economy is dawdling.

According to Reuters calculations which is based on the preliminary government reports showed that just last month’s oil demand already totaled to 9.27 million barrel-per-day, while last April’s was 9.36 million bpd, slightly higher, and March’s 9.15 million bpd.

Refineries in China processed 38.47 million tons of crude oil last month. This is equivalent to nearly 9.06 million bpd, the third highest rate ever recorded.

Some of the analysts said that China’s oil needs may slow down a little because of the moderation of the growth of their economy.

China has actually requested two of the oil giants, China National Petroleum Corp and Sinopec Group, to expand their commercial oil storage facilities to answer to the domestic supply even if they are still in the middle of fluctuations in terms of international oil prices.

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China took the place of US as the world’s largest energy consumer

June 13, 2011 By roel Leave a Comment

Now, China is the largest energy consumer in the whole world, taking over the number one spot from the United States of America. Between 2009 and 2010, China’s energy consumption increased by 11.2 percent, this is said to be the highest for any country in the world. And according to the Statistical Review of World Energy, India also recorded a 9.2% increase in their own energy consumption which is not so far behind China’s.

According to the report that was released by the petroleum giant, BP, this year, the years 2009 and 2010 were considered as energy-hungry years. This was the period when the world saw the global oil went up to 2.7 million barrels per day.

China as well as India increased during the period of 2009-2010, China by 10.1% and India by 10.8%. Just last year China consumed 48.2% of the world’s coal which is equivalent to almost two-thirds of the global consumption.

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Russia kept out from WTO is uncalled for: China

April 15, 2011 By roel Leave a Comment

WTO

China has shown strong support for Russia’s accession this year to the World Trade Organization or WTO.

According to Chen Deming, China’s Commerce Minister, as quoted by the China Daily, that it is uncalled for, for Russia to be kept out from the multilateral trading system.

This was a statement that Mr. Deming announced, in Sanya, at a joint news conference that happened after the very first meeting of the economic and trade ministers from the BRICS countries (Brazil, Russia, India, China, and South Africa).

It was a decade and eight years ago when Russia first applied to join the global trade framework. And they are hoping to settle accession negotiations before the year ends.

Other than the 153 WTO member countries, Russia is deemed the largest economy.

According to Russia’s Deputy Economic-Development Minister, Oleg Fomichev, he is very confident that finding the middle ground will all be done this year.

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China Sees Up-and-coming Markets Bloc Cooperation

April 3, 2011 By roel Leave a Comment

According to a Chinese diplomat, a meeting of all the leaders of the world’s leading economies is expected to increase agreement and mutual aid among them. The group should also yet to determine whether to set up a permanent secretariat.

The said meeting will happen in the Southern Chinese resort of Sanya will comprise of heads of Brazil, Russia, India, China, and South Africa, which will join the assembly for the very first time. The five countries are also known as BRIC with members consisting 40 percent of the overall world population and 15 percent of global trade.

The BRIC countries will discuss trade and finance, political issues, and other things, as stated by Wu Hailong, Assistant Chinese Foreign Minister, during the reporters’ briefing.

Another thing that will be covered during the BRIC countries meeting is whether to establish a formal BRIC secretariat as well as the group’s future development.

Wu also said that the BRIC countries also recognized the existence of oppositions and differing views among the members, but the group would do everything to put off impending problems.

Wu also said that Chinese President Hu Jintao is planning to conduct some bilateral meetings together with his counterparts regarding on the crisis happening in Libya at present.

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China embraces G20 managing the global economy

April 2, 2011 By roel Leave a Comment

China welcomes the help of the G20 in playing a greater role in terms of spearheading the global economy. This was confirmed when all financial ministers and central bank officers met in Nanjing, Jiangsu, China, just recently.

Spokesperson of the Foreign Ministry, Jiang Yu, announced China’s support to France, as they lead the G20 summit in Cannes, France, towards the end of this year. China is very willing to strengthen its relationship with France in the preparations for the said summit.

French President Nicolas Sarkozy and Timothy Geithner, the US Secretary of the Treasury made a suggestion at the meeting in Nanjing to establish a more flexible foreign exchange system and the expansion of SDRs or the special drawing rights, while keeping the USD and Euro stable. Further, Sarkozy said that the FOREX system should be more flexible, but he also said that the whole system would not function without rules and supervision.

Sarkozy also called for an expansion of the SDRs to the currencies of emerging economies just like the Chinese Yuan, from the present US dollar, JPY, Euro and British pound sterling.

In 1969, the IMF or International Monetary Fund created the SDR under an initiative by 10 Paris Club members to become a monetary unit of international reserve assets.

The aim of the SDR is to supply the member nations with an extra financial resource to keep foreign exchange rates constant against domestic currencies and control the use of USD and gold as the only international payment tools facilitating international payments in this way.

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China confronts pressure from the global trade due to their low-carbon economy, according to experts.

March 24, 2011 By roel Leave a Comment

According to an academic report, China is said to be confronting pressure from the imbalanced global trading mode because of their low-carbon economy.

Experts coming from different research institutions in Japan, the United States and in China stated that China should find more increased involvement in the global division of labor. This was discussed during the Annual Report on China’s Low-carbon Economic Development.

The study also showed that such situation would only benefit developed countries with brands, channels, technologies and market advantages, and not the developing countries, especially those that are stuck in low-end manufacturing.

Another problem, according to the report, that could result from China’s development of low-carbon economy is the rise in the use of coal in their energy consumption, lower efficiency in energy use, and the escalating number of people in the urban areas.

If China would hold on to their principle of upholding economic growth by setting growth-backed emission reduction targets, then this could be a good idea.

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