5:00 PM Hong Kong, China – Stocks in China region rallied more than 2% for the second day in a row. China’s consumption of energy from all sources exceeds that of the U.S. Banking industry net profit surges in Shanghai. China should use more flexible measures to fight inflation says a government official.
China stocks rallied today sending the benchmark index to its biggest two-day advance since May this year.
The CSI 300 Index in China soared 2.2% or 59.03 to close at 2,741.50. The Hang Seng Index in Hong Kong gained 0.85% or 169.82 to close at 20,260.77.
China overtook the U.S. as the biggest energy consumer of the world, according to data from the International Energy Agency. China consumed 2,252 million tons of oil-equivalent in 2009, taking the use of coal, natural gas, nuclear power and renewable sources, compared to 2,170 million tons by the U.S, IEA Chief Economist Fatih Birol said yesterday.
“As China overtakes the U.S., as the world’s largest energy consumer, it is not only a domestic issue for China, but has repercussions for the rest of the world not only in supply terms but also in how the energy is consumed,” Birol said in an interview from Paris over phone.
Shanghai’s banking industry reported a 28.8% rise in net profit in the first half of this year, the city’s banking regulator said.
China’s exports could face a curb from monetary tightening in Brazil and India, adding to Europe’s sovereign debt crisis, a Chinese official said. The outlook for export trade is complicated and difficult, said Yao Jian, a spokesman for the Ministry of Commerce at a press briefing in Beijing today.
Acidic waste water leakage from Zijin Mining Group that is polluting the Ting River seems to have spread to adjoining Guangdong Chinese province. He Fujian environmental agency is sending daily reports to Guangdong regarding the quality of water according to an official from the agency.
China needs more flexible measures to fight inflation, according to China Securities Journal.
China should use flexible measures such as providing more subsidies to the poor, and reducing tax duties to curb inflation, the China Securities Journal reported today, citing Li Daokui, an advisor to the People’s Bank of China.
BYD Co today said the investigation by a government agency into an alleged illegal use of a piece of land will have no material impact on its business, according to the company’s statement issued to the Hong Kong Stock Exchange.
China’s Ministry of Land and Resources said it would ask the local authorities to investigate a possible misuse of a piece of land, the government agency said in a statement on July 15.