Two tidbits that caught my attention:
China's steel-makers are apparently cutting back their production quite sharply once again, as recent production increases have led to a massive surge in inventories.
China's "fiscal revenue" is down 11 % yoy for Jan/Feb. Local government revenue was stable, but the central government's revenue dropped by 20 %. Total tax revenue was down 13 %, of which "business tax" revenue was down 5 %. "Business profits" from SoEs were also down (the extent of their drop was unspecified, but considering that taxes and total revenues dropped by a similar amount, business profits were also in the same ballpark). That's quite a drop for a country used to nominal growth of 10-15 %. Though as usual, one shouldn't read too much into a mere two-month-period.
Shaun Rein on the TSM
vor 10 Monaten
Could you bring same link?
AntwortenLöschenThe drop in the revenue is interesiting.It mean that the export drop feed itself throught the domestic economy.And it is fast.
I picked it up here:
AntwortenLöschenhttp://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&NewsID=22162
And then noticed that the data was first announced more than a week ago in this Xinhua article:
http://news.xinhuanet.com/english/2009-03/13/content_11006826.htm
Feb was better than Jan, but that was most likely due to the Chinese New Year effect.