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Shanghai Composite falls 0.7% on weak FDI data
By Ye Zhen |
January 16, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell after two days of gains as data showed foreign direct investment in China shrank seven months in a row in December.
The key Shanghai Composite Index shed 0.7 percent to close at 2,309.50 points, falling below the 2,300-point level at one moment this afternoon. Turnover was 133.1 billion yuan (US$21.5 billion).
Foreign direct investment in China fell for a seventh straight month in December to US$11.7 billion, a year-on-year drop of 4.5 percent, the Ministry of Commerce said today. The decline slowed from November's fall of 5.4 percent.
For the whole year of 2012, China drew US$111.7 billion of foreign capital, well below the government target of US$120 billion. It was a 3.7 percent drop from 2011 and the first decline in three years, according to the ministry.
The worsening European debt crisis and other complicated factors led to deteriorating external environment for the Chinese economy which was already affected by the global downturn, said Shen Danyan, spokesman for the ministry.
The World Bank yesterday lowered its forecast of global economic growth in 2013 from 3 percent to 2.4 percent. It estimated that the downturn in Europe and the US fiscal issues will further weigh on investment and spending this year.
China's economy is likely to expand 8.4 percent this year and 8 percent in 2014, the bank said.
Brokerages declined among the financials. CITIC Securities, China's largest listed brokerage, lost 1.7 percent to 13.40 yuan. Haitong Securities dropped 2.1 percent 10.06 yuan.
Most property developers fell after Premier Wen Jiabao said China should gradually build a property tax system. Poly Real Estate slumped 3.4 percent to 13.56 yuan. Gemdale Corporation fell 2.9 percent to 6.80 yuan.
The key Shanghai Composite Index shed 0.7 percent to close at 2,309.50 points, falling below the 2,300-point level at one moment this afternoon. Turnover was 133.1 billion yuan (US$21.5 billion).
Foreign direct investment in China fell for a seventh straight month in December to US$11.7 billion, a year-on-year drop of 4.5 percent, the Ministry of Commerce said today. The decline slowed from November's fall of 5.4 percent.
For the whole year of 2012, China drew US$111.7 billion of foreign capital, well below the government target of US$120 billion. It was a 3.7 percent drop from 2011 and the first decline in three years, according to the ministry.
The worsening European debt crisis and other complicated factors led to deteriorating external environment for the Chinese economy which was already affected by the global downturn, said Shen Danyan, spokesman for the ministry.
The World Bank yesterday lowered its forecast of global economic growth in 2013 from 3 percent to 2.4 percent. It estimated that the downturn in Europe and the US fiscal issues will further weigh on investment and spending this year.
China's economy is likely to expand 8.4 percent this year and 8 percent in 2014, the bank said.
Brokerages declined among the financials. CITIC Securities, China's largest listed brokerage, lost 1.7 percent to 13.40 yuan. Haitong Securities dropped 2.1 percent 10.06 yuan.
Most property developers fell after Premier Wen Jiabao said China should gradually build a property tax system. Poly Real Estate slumped 3.4 percent to 13.56 yuan. Gemdale Corporation fell 2.9 percent to 6.80 yuan.
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