China Economic Update
China’s Y 2020 GDP forecast to reach CNY 100-T
The size of China’s economy in Y 2020 will be close to or higher then that of the United States in Y 2012, an economic official forecast on Wednesday.
China’s gross domestic product is expected to reach 100-T Yuan in Y 2020, equivalent to US$16 to 20-T, Yang Weimin, vice head of the Office of the Central Leading Group on Finance and Economic Affairs, said at a press conference.
In Y 2020, China’s per-capita GDP will likely exceed US$10,000, almost double the amount in Y 2011, according to Yang.
By Y 2020, the country will double its Y 2010 GDP and per-capita income for both urban and rural residents, President Hu Jintao said at the opening of the 18th National Congress of the Communist Party of China earlier this month.
Yang said the target of doubling per-capita income by Y 2020 will be met only when the per-capita disposable income of urban residents rises 7% every year and if the per-capita net income of rural residents increases 6.7% annually over the next 9 yrs.
As the country’s central and western regions have huge potential for economic development, residents there will see their incomes rise faster than those in eastern parts over the next few years, the official added.
Official projects China’s Y 2015 nuclear power resources
China’s nuclear power installed capacity will hit 42 gigawatts by Y 2015, accounting for 10% of the world’s total, a Chinese nuclear official predicted Wednesday.
There will be 41 operating nuclear power units in China by Y 2015 or a little later, Zhang Huazhu, chairman of the China Nuclear Energy Association, told a seminar in Zhuhai City of south China’s Guangdong Province.
“At that time, China will be building nearly 20 extra nuclear power plants,” he said at the seminar under the theme of “Nuclear Power and Environment” co-sponsored by two universities in Beijing and Hong Kong.
China now has six power plants and 15 working nuclear power units, producing nearly 3.5% of the world’s total electricity generated by nuclear power, which also accounts for 1.85% of China’s total electricity generation.
“With their good performances and the carefully chosen locations of the sites, China’s nuclear power plants have little chance of repeating what happened in Fukushima,” Zhang said, referring to the Japanese nuclear plant that was hit by massive earthquake and tsunami last year, resulting in meltdowns and the release of radioactivity.
The State Council said in October that the country will not construct any nuclear projects in inland regions during the 2011-2015 period, but only construct a few projects in coastal areas that have gone through adequate justification processes.
All of China’s 6 nuclear plant are located along its coast.
The State Council also stressed that China will apply the world’s highest safety requirements to new nuclear power projects and adhere to third-generation nuclear safety standards in new projects.
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May 22, 2013
- Hong Kong’s CPI + 4% in April
- Chinese actress Li Bingbing joins cast of “Transformers 4″
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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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