World Bank raises China growth forecasts
THE World Bank boosted its growth forecast for China and said rising inflation should level off but warned the Chinese Government needs to make the economy less reliant on trade to sustain its expansion.
In a quarterly update released yesterday, the bank raised China s 2010 growth outlook from 9.5 percent to 10 percent and its growth outlook for next year from 8.5 percent to 8.7 percent.
Oct. non-manufacturing sector PMI down
THE Purchasing Managers Index (PMI) for China s non-manufacturing sector in October dropped to 60.5 percent, the China Federation of Logistics and Purchasing (CFLP) said yesterday.
The figure was 1.2 percentage points lower than in September, the first decline since July, the CFLP said in a statement. The new orders index dropped 0.6 percentage points month on month to 56.3 percent. A decline in commercial activity in the construction and real estate sector caused the index drop to slow down.
Shanghai cracks down on home presales
SHANGHAI will crack down on real estate developers and property agents involved in illegal new home presale practices, Shanghai Daily reported yesterday, citing the city s housing bureau.
Illegal practices include accepting buyers deposits, deliberately postponing launch dates and holding back property sales to boost profits, the report said.
FedEx launches direct SZ-Memphis flight
U.S. cargo airline FedEx Express launched a direct flight route from Shenzhen to Memphis on Tuesday.
All routes use new Boeing 777 freighters on four flights weekly from Tuesday through Friday.
The direct flight from Shenzhen to FedEx s super hub in Memphis, Tennessee, helps promote international trade in Southern China, said Wilson Chung, vice president of FedEx Express International Priority Operations for FedEx China.
Boeing expects China fleet to triple
BOEING said Tuesday it expects China s civil aircraft fleet to triple over the next 20 years and is aiming to control more than half of the market, the world s second largest after the United States.
China will have 5,180 aircraft serving the civil aviation industry by 2029, up from 1,570 last year, the vice president of marketing for the U.S. aerospace giant, Randy Tinseth, said. Chinese airlines will need 4,330 new jets valued at US$480 billion over the next two decades, compared with global demand of 30,900 units during the period, he said. More than 80 percent of those aircraft would be needed for market growth, while the rest would replace existing planes.
