SHOW THOSE AUTOS: The 11th International Exhibition of China Automobile Industry was held on October 13-17 in Hangzhou, capital of east China's Zhejiang Province. More than 20 types of new energy vehicles debuted at the show (TAN JIN)
Numbers of the Week
595.5 billion yuan
China's new loans denominated in renminbi totalled 595.5 billion yuan ($89.3 billion) in September, up from 545.2 billion yuan ($81.4 billion) in August, said the People's Bank of China, the central bank.
China's foreign exchange reserves stood at $2.6483 trillion at the end of September, representing an increase of 16.5 percent year on year, said the People's Bank of China.
TO THE POINT:
China's trade surplus shrinks, with the September figure hitting a five-month low. The auto market roars ahead as sales picked up in September. Property developers bask in the glow of a sales boom, but uncertainties remain as policymakers step up clampdowns. Chinese PC maker Lenovo boosts its product line for a more diversified source of returns. Five years after a failed investment deal, offshore oil and gas producer CNOOC regains its appetite for assets in the United States. The Hurun Research Institute releases the 2010 Hurun rich list.
By HU YUE
Trade Surplus Drops
China's trade surplus is shrinking, as exports slowed down in September.
Exports rose 25.1 percent in September from a year earlier to $144.99 billion, 9.3 percentage points slower than August, said the General Administration of Customs.
The September imports came in at $128.11 billion, up 24.1 percent year on year, compared with 35.2 percent in August. The trade surplus was $16.88 billion, a five-month low.
The foreign trade in the first nine months totaled $2.15 trillion, with the trade surplus at $120.6 billion, down 10.5 percent from the same period in 2009.
The drop in the trade surplus is bound to take some pressure off China to appreciate its currency, the yuan, and the country is expected to further encourage imports, said Liu Dezhong, chief economist at the Minmetals Securities Co. Ltd.
A slowdown in exports, came as no surprise, given a relatively high comparison base last year and gains in value of the Chinese currency, said Zuo Xiaolei, chief economist at the China Galaxy Securities Co. Ltd.
Meanwhile, demands turned anemic in the developed world and protectionism added to the gloom, said Lu Zhengwei, an economist at the Industrial Bank Co. Ltd.
China's auto market continues to accelerate, dissipating worries of slack in the industry.
Vehicle sales across the nation grew a robust 16.89 percent in September from a year ago and 17.73 percent from August to reach 1.56 million units, said the China Association of Automobile Manufacturers (CAAM).
The September figure brought sales in the first nine months to 13.14 million units, compared with 13.65 million for the entire year in 2009. Vehicle exports from January to September surged 76.8 percent year on year to reach 384,300 units.
The market is expected to turn bullish as September and October have always been peak seasons for auto sales, said Li Yinkang, a senior analyst at the Suzhou-based Soochow Securities Co. Ltd.
Though big cities continue to drive the sales boom, markets in smaller towns and the countryside have showed potential for growth, he said.