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Technology Stocks : C-Cube -- Ignore unavailable to you. Want to Upgrade?

To: DiViT who wrote (33172)	5/12/1998 8:33:00 PM
From: BillyG	Read Replies (1) \| Respond to of 50808

Maybe Shelly W. can help us with China news. Options are like fleas for this dog.

To: DiViT who wrote (33172)	5/12/1998 9:42:00 PM
From: John Rieman	Read Replies (1) \| Respond to of 50808

China's Central Bank says they will make targets.................. insidechina.com Central Bank Chief Says 1998 Growth Target Possible BEIJING -- (Reuters) China can reach its 8.0 percent economic growth target this year despite the regional financial crisis, central bank governor Dai Xianglong (pictured) was quoted on Tuesday as saying. "Judging from the 7.2 percent growth in gross domestic product in the first quarter, it's entirely possible for us to achieve 8.0 percent economic growth for the whole year," the Financial News quoted Dai as saying. China's economic growth was 8.8 percent in 1997. Analysts have increasingly cast doubt on China's ability to reach its growth target this year in light of cooling industrial output and signs of deflation. ********************************************* And growth picked up since March.................................. chinadaily.net Economy grows, no inflation CHINA's economy grew 7.2 per cent in the first quarter while inflation was almost zero, the State Statistics Bureau (SSB) said yesterday. That means the economy must progress at a much more rapid pace in the next three quarters to reach the country's goal of 8 per cent growth for 1998, which SSB chief economist Qiu Xiaohua said was achievable. "It is predictable that measures initiated by the government to stimulate domestic demand will push the growth rate to the target," he said at a press conference. Senior government officials have said China will launch a massive infrastructure building programme this year to spur investment and consumption. However, "there is always a time lag between a new kick-start policy and its effects," said Zhang Shuguang, an economist with the Institute of Economics of the Chinese Academy of Social Sciences. "I expect the growth to pick up speed in the second half of the year." China's economy needs to grow at a high speed to create jobs for workers laid off from the restructuring of State-owned enterprises. Against the backdrop of the Asian financial crisis and a widespread slowdown projected for the region, China's economic performance has become the focus of economists and policymakers observing the region. It is widely believed that weak currencies in Southeast Asian countries may significantly reduce the competitiveness of China's exports. The result of the first quarter in the trading sector was somewhat unexpected. Figures released yesterday indicated that China's exports increased 13.2 per cent to reach US$40 billion during the January-March period. The trade surplus during the period totalled US$10.6 billion. Contracted and actually used foreign investment also increased, by 10.1 per cent and 9.7 per cent respectively. Stressing the necessity not to underestimate repercussions that could show up later, trade experts said Chinese exporters are scoring points in tapping new markets. Although Asian countries were buying less from China, Chinese exporters expanded their business with other continents by 17 per cent during the January-March period, customs statistics indicated. In the first quarter, the country's industrial sector also achieved an unexpected result -- but in a negative way. The sector tumbled by 2.8 percentage points in output growth in the first quarter and slumped by 83 per cent in industrial profits in the first two months, according to SSB figures. "The deterioration of industrial efficiency was worse than we anticipated," Qiu said. The bureau's Industry and Transportation Department director, Li Qiming, attributed the profit decline to rising promotional spending, unchanged fixed costs and falling prices. The infrastructure projects were expected to create chances for industrial enterprises to expand production while cutting their inventories. Qiu also urged the enterprises to make business adjustments to keep up with market demand. The sluggish market resulted in weak price changes in the first quarter. The retail price index (RPI), a key indicator for inflation, dipped 1.5 per cent. The consumer price index (CPI), which also covers prices for services, inched up 0.3 per cent. China aims to contain the RPI within 3 per cent and the CPI within 5 per cent this year. -------------------------------------------------------------------------------- Date: 04/25/98 Author: Xu Binglan Copyrightc by China Daily