China 2009 auto sales to top the world

By Yan Pei
0 CommentsPrint E-mail, December 11, 2009
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China's business press carried the following stories on Friday. has not checked the stories and does not vouch for their accuracy.

China 2009 auto sales to top the world -- China Securities Journal

According to statistics released on the Web site of the Ministry of Commerce, China's auto production and sales reached 12.27 and 12.23 million units respectively, increasing 41.59 and 42.39 percent year-on-year respectively.

"China has entered the 'age of the automobile.' It's estimated that China's auto sales for the entire year will reach 13 million, but I think we can do even better," Ministry of Commerce official Chang Xiaocun said. Chang said that despite the global auto market being hit by the financial crisis, China's auto sales this year could exceed previous expectations and become No.1 in the world.

China announced Wednesday that it will extend the automobile industry's stimulus policies for one more year, with small adjustments. In 2010, tax for purchasing smaller cars will be lifted from the current 5 percent of the total vehicle price to 7.5 percent. Furthermore, the government also decided to raise the subsidy for trade-in cars from between 3,000-6,000 yuan to between 5,000-18,000 yuan per vehicle.

Baosteel takes the lead in hiking prices of carbon steel products -- Shanghai Securities News

Baosteel Group, China's leading steel maker, announced Thursday that it will raise the January ex-factory prices of all major carbon steel products from 50 to 600 yuan per ton, Shanghai Securities News reported Friday.

For example, plain carbon's prices are raised by 300 yuan per ton compared to December. High-strength steel and auto-used steel products' prices are raised by 400 yuan per ton.

Market insiders think that other steel mills will follow the trend started by Baosteel and also hike their product prices. However, some analysts think otherwise, as trading in the steel market remains quiet and steel makers continue to face pressure from excess inventory.

China's new loans may exceed 290b yuan in November -- China Securities Journal

China's new bank loans may exceed 290 billion yuan in November, the China Securities Journal reported several banking industry insiders as saying.

In October, new RMB loans dropped to 253 billion yuan, the lowest level in the first ten months. From January to October, RMB lending increased by 8.92 trillion yuan, which is 5.26 trillion yuan more compared to the same period last year.

Chongqing proposes allocating housing coupons -- Shanghai Securities News

In light of the current high property prices and the housing problems faced by low-income residents, Shenzhen is now proposing allocating housing coupons in the city, the Shanghai Securities News reported Friday.

According to an official with the Bureau of Housing & Construction of Shenzhen, housing coupons exploit policy for the sake of improving the current housing security system. According to this official, 80 percent of the low-income registered permanent residents have solved their housing problems. However, the "sandwiched class"—citizens with lower middle incomes—and the non-permanent population with residence permits have yet to be helped.

The official said that the housing coupons proposition is still being discussed in terms of allocating forms and the scope of the population to be benefited. The final plan will be submitted to the Shenzhen municipal government for review.

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