China’s industrial output grew by 12 percent in August, a 12-month high and better than forecast by the government, which was looking for 10 percent growth. Foreign trade – exports and imports combined – were $91.7 billion, down 20.6 percent compared to August 2008 but a 2.3 percent increase from July.
Other key economic data published by the government’s statistics office Friday included:
- urban fixed asset investment is up 33 percent for the first eight months of the year
- new loans in yuan in rose from Yuan36 billion in July to Yuan410b in August
- the consumer price index fell by 1.2 percent and the producer price index fell by 7.9 percent, both as compared to a year earlier, but the rate of decline is slowing.
Bank for International Settlements, Basel: Botta tower
Basel, Switzerland (GenevaLunch) - The Basel Committee for Banking Supervision, together with the Bank for International Settlements (BIS) in Basel, Switzerland, its home, make up the relatively quiet, staid face of international banking, but data and other news coming out of their offices in the western Swiss city lately are creating more ripples than usual in financial circles.
Two weeks ago, 13 July, the Committee published its new Basel II rules, used by banks to calculate the capital they must set aside to offset risk.
Chinese Premier Wen Jiabao, in Prague for a China-European Union summit, told EU ministers that China is ready to send another buying mission to Europe, to boost European exports to his country. The EU is China’s largest trading partner. Bilateral trade in 2008 was to $425.6 billion, according to Xinhua, which notes that “In the past five years, EU exports to China have increased at an annual rate of over 20 percent, making China one of the most important export markets for the EU, said Wen.”
Bern, Switzerland (GenevaLunch) – The United States and Switzerland have engaged in a cooperation deal to improve electronic commerce (e-commerce) which includes digital products and services delivered electronically.
