The Chinese economy may have already bottomed out, and been on the recovery phase, said Haruhiko Kuroda, President of Asian Development Bank Tuesday. Kuroda made the judgment at the press conference on the last day of the ADB's Annual Meeting, on the basis of his observations in this meeting as well as from various statistics already released. China's...
The economy is likely to expand 7 percent in the second quarter - up from the first quarter's 6.1 percent - even as it confronts the painful prospect of shedding industrial overcapacity, a top government think tank said Monday. Economic growth will pick up in the second quarter as the government's stimulus measures gradually take effect, the State Infor...
Credit extended by China's banks in April may have dropped to above 600 billion yuan (about 87.85 billion U.S.dollars) after staying at above 1 trillion yuan for three staight months, industry insiders said. Despite the sharp month-on-month decline, the scale and growth of the April new loans was more reasonable than that in the first three months this y...
Macao's trade deficit for the first quarter of 2009 dropped by 3.2 percent year-on-year to 6.18 billion patacas (782 million U.S. dollars), according to the figures released on Thursday by the city's Statistics and Census Service (DSEC). The figures showed that Macao's total exports of goods fell by 49.2 percent year-on-year to 2.03 billion patacas (25...
The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly to 49.7 U.S. dollars per barrel last week, the Vienna-based cartel said Monday. The daily average prices of the OPEC crude oil climbed to 50.36 and 50.41 U.S. dollars in the last two trading days of last week respectively, but the weekly prices rem...
The economies of the European Union (EU) and the euro zone are both set to shrink by 4 percent this year and by a further 0.1 percent in 2010, the European Commission said on Monday. The European economy is in the midst of its deepest and most widespread recession in the post-war era, said Joaquin Almunia, EU commissioner for economic and monetary affairs...
New Zealand's Treasury predicted on Tuesday that the country's recession deepened in the first quarter. In its monthly update, the Treasury forecast that the Gross Domestic Product shrank 1 percent in the first quarter, a sharper decline than any of the four quarters of the recession to date. The Treasury said data over the past month indicated that d...
China's government will eradicate more obsolete industrial plants in the next three years to maintain economic growth and boost industrial restructuring and upgrading, the country's top economic planner said. The government would eliminate 72 million tonnes of obsolete iron capacity and 25 million tonnes of obsolete steel capacity by 2011, said the Nati...
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