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MONTH IN REVIEW • NEWS ROUNDUP


Tokyo in a seemingly retaliatory snub to Japan. The dispute hurt state-run China Eastern Airlines, which announced an 18% month-on-month drop in international passenger numbers in September, due in part to lower Japan sales. China and Japan announced they would enter into formal talks with the aim of easing tensions, though no date was specified.


instructions to decrease lending rates in an attempt to maintain profitability during the economic downturn.


PROPERTY Housing prices in 100 Chinese cities rose by 0.17% month-on-month in September, according to research agency China Real Estate Index System, slightly less than in August as government restrictions on housing purchases aimed at dampening the market continue. The data came amid recent evidence of market strength. Land- transfer revenues in 10 major cities grew 49% month-on-month to US$7.7 billion in September, the highest growth of the year, according to data by the E-House China R&D Institute. Transferring lease rights to developers is a major revenue source for local governments, and the September figures suggest the market has warmed.


TENSIONS WITH JAPAN Tensions continued to intensify in China’s territorial dispute with Japan over the Diaoyu/Senkaku Islands in the East China Sea. Senior Chinese financial leaders including central bank governor Zhou Xiaochuan and Finance Minister Xie Xuren cancelled trips to the IMF and World Bank annual meetings held in


32%


Increase in China’s average broadband speed in the first half of 2012


LAW & REGULATION A US House Intelligence Committee said attempts by Chinese telecom equipment makers Huawei and ZTE to expand in the US could threaten national security and may have violated US law. The committee urged US lawmakers to block the companies’ mergers and acquisitions, and suggested that US firms avoid using Huawei or ZTE products. The Canadian government also said it would bar Huawei from taking part in large government communications projects due to security concerns. Huawei and ZTE have routinely denied allowing the Chinese government to use their equipment for surveillance.


ENERGY & COMMODITIES Asia’s largest refiner Sinopec and ENN Energy Holdings abandoned their US$2.2 billion plan to acquire piped-gas distributor China Gas, citing failure to obtain government approval. CNOOC’s proposed US$15.1 billion takeover of Canadian energy company Nexen suffered a setback when the Canadian government extended a review of the deal by 30 days.


Increase in first-half profits of baijiu seller Moutai, lower than analyst expectations


43% 16%


Beijing traffic flow made up by bicycles, down from 30% in 2005


China Economic Review • November 2012 11


Imaginechina


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