Li Keqiang Says China to Import $10 Trillion of Goods in 5 Years
China will import a total of $10 trillion worth of goods and invest $500 billion overseas in the next five years, premier Li Keqiang wrote in an article published in Swiss newspaper the New Zurich Times. The huge imports and a more open service sector are to be driven by rapid urbanization, which Li has been touting since he took office. It is projected that 60% of China's population will live in cities by 2020. In the financial front China is stepping up foreign exchange reforms and setting up a mechanism for individuals to invest overseas, Li said.
China to Probe Antidumping European Wines
China may start an antidumping investigation into European wines in response to an application lodged by the China Wine Industry Association to the Ministry of Commerce, the Guangzhou Daily reported. European wines made up 60% of China's wine imports in Q1 2013; French wines accounted for 40% of total wine imports. The Ministry of Commerce has yet to confirm the schedule of an investigation. If higher duty is imposed on European wines, domestic wines and those from Chile and Argentina are to benefit.
Premium Incomes Total ¥647 Billion Through April
China's premium incomes added up to ¥646.67 billion ($105.54 billion) in the first four months of 2013, the China Insurance Regulatory Commission said. That amount included ¥389.36 billion from life insurance, ¥204.31 billion from property insurance, ¥37.13 billion from health insurance and ¥15.87 billion from casualty insurance.
Rare Earth Exports Pick Up
China's rare earth exports have rallied in recent months, a trend that analysts attribute to low prices and strong demand from Japan, the Wall Street Journal reported. April exports of 2,196 tons of the 17 metals were almost six times from a year earlier and a 28% rise from March, according to China customs data. China exported 6,112 tons of rare earth metals in the first four months. China's control over the world's rare earth supply aimed at keeping up prices has strained global trade ties in the past three years. Chinese rare earth exports plummeted 71% last year from 2011.
Beijing Ratchets Up Property Curbs
The Beijing city government is planning to test a program known as "Limited home price, competitive land price" that will involve the sales of 300 hectares of land for residential development, which is 45% of the city's planned residential land supply in 2013, Jrj.com.cn reported. How this program affects the market will depend on how it is implemented, probably in 2H 2013, experts say. Deutsche Bank argues in its latest China Property Alert report that if all land sites have the program implemented, it will have a notable effect on the market, especially on long-term profitability of the developers of high-end homes.
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