China has channeled 497.9 billion yuan ($72.9 billion) of central investment by September for the stimulus package to shore up the economy, a senior official has said.
The figure accounted for 42.2 percent of the total amount of 1.18 trillion yuan central budget earmarked to boost the recovery, Ding Xuedong, vice minister of China's Ministry of Finance, said Friday while attending a seminar.
The government unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years to bolster the world's fastest-growing economy, with 1.18 trillion yuan from the central budget.
"The government has adopted an active fiscal policy to cope with the global financial crisis in the past year, which proved to be effective," Ding said.
China's fiscal expenditure grew at a faster pace of 23 percent year on year for the first 10 months this year to 4.99 trillion yuan, triple the pace of revenue growth, according to figures revealed by the ministry on Friday.
China remains a favorable destination for foreign investment amid the global economic downturn, a well-known investment banker and a major sponsor of Shanghai World Expo pavilion believe.
During his recent visit to Shanghai, Duncan L. Niederauer, CEO of NYSE Euronext hardly mentioned the phrase "financial crisis" that had been most frequently repeated among economies around the globe over the past year.
The phrase he most favored was "the international board of the Shanghai Stock Exchange (SSE)". In mid May, the Shanghai government said that it would permit foreign companies to list on the city bourse "at the right time" in a bid to accelerate the process of turning the city into an international financial center, like New York and London, by 2020.
The NYSE Euronext is working with the China Securities Regulatory Commission to discuss which is the right shape or structure for the listing, according to Niederauer.
If the idea, launch of an international board for SSE, was materialized, it would be "successful", he believed, since Renminbi, the Chinese currency, was yet to be fully convertible, and such a juncture between the Chinese and international capital markets would be necessary. Moreover, China's institutional and individual investors were financially powerful, which would ensure the prosperity of the international board, he added.
The NYSE Eorunext estimated that the SSE international board would be kicked off during next year's World Expo in Shanghai, for which the U.S. pavilion has received financial support from the world's largest stock exchange.
Read more: China still in favor with foreign investors despite crisis effect
The Hong Kong government announced Friday that the city's economy saw further improvement in the third quarter, with real Gross Domestic Product growing 0.4percent over the second quarter.
The year-on-year fall in GDP in real terms narrowed to 2.4 percent from 3.6 percent in the second quarter.
With both domestic and external sectors likely to show further improvement in the fourth quarter, GDP for 2009 as a whole is now forecast to contract by 3.3 percent in real terms, up from the forecast drop of 3.5 percent to 4.5 percent in August.
Hong Kong government's economist Helen Chan Friday said further improvement in the domestic sector offset the drag from weak external demand.
Hong Kong's merchandise exports still declined notably year-on-year in the third quarter, although the pace of decline slowed distinctly toward the end of the quarter. Total exports fell 13.2 percent in real terms year-on-year in the third quarter. Total exports fell 13.2 percent in real terms year-on-year in the third quarter.
China's imports and exports fell 10.7 percent in October year on year, but monthly exports exceeded100 billion U.S. dollars for a fourth straight month this year, the General Administration of Customs announced Wednesday.
Imports stood at 86.8 billion U.S. dollars for October, a decrease of 6.4 percent compared with the same month last year; exports dropped 13.8 percent to 110.8 billion U.S. dollars.
From January to October, the country's imports and exports totaled 1.76 trillion U.S. dollars, down 19.9 percent compared with the same period last year.
Imports for the first 10 months were 798.13 billion U.S. dollars, down 19 percent year on year; exports declined 20.5 percent to 957.36 billion U.S. dollars.
The trade surplus for the first 10 months was down 27.2 percent at 159.23 billion U.S. dollars.
The EU was China's biggest trading partner for this period, though bilateral trade declined 18.7 percent to 292.42 billion U.S. dollars in value; the U.S. was second with bilateral trade at239.36 billion U.S. dollars, down 14.9 percent; Japan followed with bilateral trade down 19.3 percent at 182.34 billion U.S. dollars.
Page 95 of 125