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China's trade surplus drops 53.5% in January

China orders curbs on international conferences
Beijing (AFP) Feb 14, 2011 - China's government has called for a reduction in the number of international conferences and forums held in the country, apparently out of fear the proliferating meetings are squandering public funds. Officials across the country have been asked to restrict the number of international meetings they host and stop holding events with no "substance", according to the finance and foreign ministries. Conferences with the same or similar themes must not be held at the same time or even at short intervals, the ministries said in a joint statement issued over the weekend. State media reports on Monday suggested the new restrictions took aim at the spiralling costs of some gatherings.

Organisers should also refrain from inviting Communist Party officials or Chinese leaders to their events, the statement added, without giving a reason for the new rules. The clampdown appears to be aimed at restricting wasteful spending on costly conferences that often rely on local government funding. China has seen a surge in the number of international gatherings in recent years as it seeks to flaunt its rising soft power. According to the International Congress and Convention Association, China was the ninth-most popular country in the world to host conferences in 2009, putting it in the top 10 for the first time, with 245 international forums held that year.
by Staff Writers
Beijing (AFP) Feb 14, 2011
China said Monday its politically sensitive trade surplus shrank in January but analysts warned the data may have been skewed by a surge in imports leading up to the Lunar New Year holiday.

The data came hours after Tokyo confirmed China had surpassed Japan as the world's second biggest economy and as economists look to the release on Tuesday of January inflation figures at a time when Beijing is trying to rein in prices.

The trade surplus fell 53.5 percent to $6.45 billion in January as both exports and imports grew strongly ahead of the holiday, the General Administration of Customs said.

Exports increased 37.7 percent from a year earlier, while imports surged 51 percent.

Analysts said the figures indicated strong underlying growth in trade demand in China and abroad.

"Export growth momentum is supported by improvements in economic conditions in China's major trading partners, and strong import growth momentum is supported by strong domestic demand growth," Goldman Sachs economist Yu Song said in a note.

However, economists cautioned that figures were typically volatile early in the year, when the country's biggest holiday falls.

Imports and exports rose as businesses accelerated shipments in advance of the roughly two-week festive period, which started at the beginning of February, the customs bureau said in a statement.

The trade surplus was lower than the $10.7 billion median forecast in a Dow Jones Newswires survey of 11 economists. Rising raw material costs probably increased China's import bill, narrowing the surplus, economists said.

The increasing materials costs come as China struggles to keep inflation in check.

Prices hit a two-year high of 5.1 percent in November before easing slightly in December and there are fears January inflation figures could also be high.

Japanese gross domestic product figures out Monday showed that in 2010 it surrendered to China its 42-year status as the world's number two economy.

The Chinese trade data pointed to continued demand for the exports that have pushed the economy to second-place behind the United States, Hong Kong-based Deutsche Bank economist Ma Jun told AFP.

"The biggest factor is stronger-than-expected foreign demand," Ma said.

"Sixty percent of China's imports are used in the making of exports. (A rise in imports) is a leading index for exports in a few months," he added.

The trade surplus figure -- a sore point in relations with the United States -- marks the lowest level since early last year and compares with $13.1 billion in December and $22.9 billion in November.

The United States has pressured Beijing to allow its yuan currency to strengthen as a way of addressing a chronic trade imbalance between the two countries in China's favour.

Critics say the yuan is massively undervalued and gives China's exporters an unfair advantage. It has strengthened slightly since China pledged in June to free up the yuan but Beijing still keeps a tight grip on the currency.

Analysts said January's smaller trade surplus was unlikely to have much impact on debate surrounding China's currency policy.

Chinese officials have said boosting domestic consumption and imports were priorities this year as the country rebalances its economy after the trade downturn caused by the global financial crisis exposed its export dependence.

January's strong domestic demand growth was supported by continued loose liquidity conditions despite a spate of tightening measures aimed at cooling the economy, Goldman Sachs' Yu said.

China's overall full-year trade surplus in 2010 stood at $183.1 billion compared with $196.1 billion in 2009.

The Shanghai Composite Index closed 2.5 percent higher at a more than one-month high as traders said the market was encouraged by the export data and hopes that inflation figures expected Tuesday could be lower than expected.

-- Dow Jones Newswires contributed to this report --



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