Tuesday, April 29, 2008

Chinese Academy of Social Sciences sees China's growth slowing to 10.7% in 2008.

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Chinese Academy of Social Sciences sees China's growth slowing to 10.7% in 2008. According to news agency Xinhua, a recent report of the Chinese Academy of Social Sciences (CASS) shows that China's GDP is likely to grow by 10.7% in 2008 compared to 11.9% in 2007.The report said that the added value of the agricultural, industries and services sector was likely to increase by 3.2%, 12.2 % and 10.9% respectively. The fixed asset investment is likely to increase by 19.1% y/y to CNY 17.03bn, the annual commodity retail price index by around 4.4% and the CPI by 5.5% during the year. According to the report, import growth is likely to slow down to 23.3% and import growth to 19% and the trade surplus is likely to amount to USD 270bn in 2008. China Construction Bank registers CNY 32.12bn net profit in Q1. According to news agency Xinhua , the China Construction Bank (CCB) stated last Friday that its net profit for Q1 amounted to CNY 32.12bn. Net earnings amounted to CNY 0.14 per share. The CCB's total assets increased by 4.2% q/q to CNY 6.88tn in Q1. Outstanding loans increased by 5.07% q/q to CNY 3.34tn and total deposits increased by 5.59% q/q to CNY 5.64tn. The bank's non-performing loans (NPL) ratio declined by 0.38pps q/q to 2.22% and its capital adequacy ratio stood at 12.38% at the end of Q1. In 2007, the net income of the CCB increased by 49.1% y/y to CNY 69.05bn. CCB is China 's second-largest lender.

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Chinese Academy of Social Sciences sees China's growth slowing to 10.7% in 2008.

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