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New Rating Group
Three rating agencies from China, the United States and Russia will jointly launch a new credit rating company to rival current industry leaders and promote greater independence.
It was announced on October 24 in Beijing that the Universal Credit Rating Group will be established by China’s Dagong Global Credit Rating Co. Ltd., the U.S.-based Egan-Jones Ratings Co., and Russia’s RusRating. The headquarters will be set up in Hong Kong within six months. The group will not represent any country or interest group.
Guan Jianzhong, President of Dagong Global Credit Rating Co. Ltd., called for an overhaul of the current international credit rating system.
The U.S.-based “big three” global credit rating agencies—Standard and Poor’s, Moody’s and Fitch Ratings—he come under fire for their credibility during the global financial crisis.
Sean Egan, President of Egan-Jones Ratings Co., said overly optimistic credit ratings led to the financial crisis and the current international rating system can no longer meet investors’ demand.
Guan said the new rating group will provide accurate information about debtors, make a new international standard for credit ratings and promote an independent global rating regulatory system.
Hottest Investment Spot
China exceeded the United States to become the world’s largest recipient of foreign direct investment (FDI) in the first six months of 2012, according to a report released by the United Nations Conference on Trade and Development (UNCTAD) on October 23.
China’s leapfrog over the United States is mainly due to the 39.2-percent fall in FDI flows to the United States, compared to a 3-percent decline in China, said Zhan Xiaoning, Director of UNCTAD Division on Investment and Enterprise.
Zhan said China was once
In the first half of 2012, China attracted$59.1 billion in FDI while the United States attracted $57.4 billion, according to the latest Global Investment Trends Monitor.
UNCTAD projects the FDI flows will, at best, level-off in 2012 at slightly below $
Tax Revenues Slow
In the first three quarters, tax revenues nationwide rose 8.6 percent yearon year to 7.74 trillion yuan ($1.24 trillion), 18.8 percentage points slower than the growth seen in the same period last year, said the Ministry of Finance on October 22.
The ministry attributed the deceleration to slower economic growth, lower price levels and dropping property sales, as well as the country’s tax reduction policies.
Revenues from production-related taxes all saw lower growth from a year earlier.
Revenues from value-added taxes grew by 5.8 percent, 12.9 percentage points lower from the same period last year. Revenues from corporate income tax expanded by 14.7 percent, down 2
Changes to the country’s postal administration will allocate authority and oversight down to the municipal level in order to help facilitate the booming industry.
The draft amendment was submitted at the bimonthly session of the Standing Committee of the National People’s Congress(NPC)—the country’s top legislature—which ran from October 23-26.
The current postal law, previously amended in 2009, provides a two-tier postal system featuring administration at both the State Council and provincial levels.
However, the rapid development of the postal industry has made it imperative to implement administration of postal services at the municipal level.
Ma Junsheng, Director of State Post Bureau, said in his report to the NPC Standing Committee that the current system cannot meet the industry’s demands, adding that municipal-level supervision is needed.
Halted Production
Inner Mongolia Baotou Steel Rare-earth(Group) Hi-tech Co., China’s largest rare earths producer, has halted some of its production in an effort to stabilize prices amid weak market demand.
Baotou Steel began a month-long suspension of rare-earth roasting and elting separation operations on October 23, the company said.
“Rare-earth demand has been low and prices he been falling since the second half of the year because of the worldwide economic slowdown,” said the company.
The decision came after the company’s latest financial statement revealed that its net profits slid 89.6 percent from a year earlier to 120 million yuan ($19.02 million) in the third quarter due to declines in prices and sales.
Three rating agencies from China, the United States and Russia will jointly launch a new credit rating company to rival current industry leaders and promote greater independence.
It was announced on October 24 in Beijing that the Universal Credit Rating Group will be established by China’s Dagong Global Credit Rating Co. Ltd., the U.S.-based Egan-Jones Ratings Co., and Russia’s RusRating. The headquarters will be set up in Hong Kong within six months. The group will not represent any country or interest group.
Guan Jianzhong, President of Dagong Global Credit Rating Co. Ltd., called for an overhaul of the current international credit rating system.
The U.S.-based “big three” global credit rating agencies—Standard and Poor’s, Moody’s and Fitch Ratings—he come under fire for their credibility during the global financial crisis.
Sean Egan, President of Egan-Jones Ratings Co., said overly optimistic credit ratings led to the financial crisis and the current international rating system can no longer meet investors’ demand.
Guan said the new rating group will provide accurate information about debtors, make a new international standard for credit ratings and promote an independent global rating regulatory system.
Hottest Investment Spot
China exceeded the United States to become the world’s largest recipient of foreign direct investment (FDI) in the first six months of 2012, according to a report released by the United Nations Conference on Trade and Development (UNCTAD) on October 23.
China’s leapfrog over the United States is mainly due to the 39.2-percent fall in FDI flows to the United States, compared to a 3-percent decline in China, said Zhan Xiaoning, Director of UNCTAD Division on Investment and Enterprise.
Zhan said China was once
摘自：本科毕业论文www.udooo.com
the world’s top destination for FDI back in 2003.In the first half of 2012, China attracted$59.1 billion in FDI while the United States attracted $57.4 billion, according to the latest Global Investment Trends Monitor.
UNCTAD projects the FDI flows will, at best, level-off in 2012 at slightly below $
1.6 trillion, according to the report.
Zhan said the slow and bumpy recovery of the global economy, weak global demand and elevated risks related to regulatory policy changes continue to reinforce the wait-andsee attitude of many transnational companies toward investment abroad.Tax Revenues Slow
In the first three quarters, tax revenues nationwide rose 8.6 percent yearon year to 7.74 trillion yuan ($1.24 trillion), 18.8 percentage points slower than the growth seen in the same period last year, said the Ministry of Finance on October 22.
The ministry attributed the deceleration to slower economic growth, lower price levels and dropping property sales, as well as the country’s tax reduction policies.
Revenues from production-related taxes all saw lower growth from a year earlier.
Revenues from value-added taxes grew by 5.8 percent, 12.9 percentage points lower from the same period last year. Revenues from corporate income tax expanded by 14.7 percent, down 2
1.1 percentage points.
Postal Law AmendmentChanges to the country’s postal administration will allocate authority and oversight down to the municipal level in order to help facilitate the booming industry.
The draft amendment was submitted at the bimonthly session of the Standing Committee of the National People’s Congress(NPC)—the country’s top legislature—which ran from October 23-26.
The current postal law, previously amended in 2009, provides a two-tier postal system featuring administration at both the State Council and provincial levels.
However, the rapid development of the postal industry has made it imperative to implement administration of postal services at the municipal level.
Ma Junsheng, Director of State Post Bureau, said in his report to the NPC Standing Committee that the current system cannot meet the industry’s demands, adding that municipal-level supervision is needed.
Halted Production
Inner Mongolia Baotou Steel Rare-earth(Group) Hi-tech Co., China’s largest rare earths producer, has halted some of its production in an effort to stabilize prices amid weak market demand.
Baotou Steel began a month-long suspension of rare-earth roasting and elting separation operations on October 23, the company said.
“Rare-earth demand has been low and prices he been falling since the second half of the year because of the worldwide economic slowdown,” said the company.
The decision came after the company’s latest financial statement revealed that its net profits slid 89.6 percent from a year earlier to 120 million yuan ($19.02 million) in the third quarter due to declines in prices and sales.