China Watch Blog

China Watch Blog has learnt that the pace of China’s June import growth fell to its lowest level in 20 months as tightening monetary policies kicked in, resulting in the biggest monthly trade surplus this year.

Waigaoqiao Port

China Daily reported, citing economists that the official statistics show import growth is expected to slow in the coming months, thanks to the broad impact of the tightening measures, before picking up in the last quarter.

According to the General Administration of Customs (GAC), imports rose 19.3 percent, from a year earlier, to $139.7 billion, the weakest since November 2009.

Exports rose 17.9 percent and despite this being the smallest increase since last December they reached a record high of $161.9 billion.

The decline in import growth has led to a widening trade surplus, $22.3 billion in June compared to $13.1 billion in May. But in the first six months the trade surplus dropped 18 percent, year-on-year, to $44.9 billion.

“Import growth was weaker than expected, as imports for China’s processing trade weakened and de-stocking in heavy industry continued,” Wang Tao, head of China Economic Research at UBS Securities, said.

“Recent commodity price drops, including crude oil, also helped lower the import bill,” she added.

June’s net imports of crude oil fell 12 percent from May to 19.43 million metric tons, the lowest since October, amid refinery maintenance and slowing energy demand, according to the GAC figures.

China Watch Blog has learnt that Global information technology (IT) spending is on pace to grow 7.1% in 2011, compared to analysts` originally projected 5.6% growth.

“It is a bit surprising that we have not seen a more significant impact on our global IT spending forecast as a results of the Japan earthquake and tsunami, but despite widespread concerns about disruptions to the supply of critical components in the initial aftermath of the natural disaster, there has not been a dramatic impact on overall IT spending,” said Richard Gordon, research vice president at Gartner.

“For 2011 as a whole, we expect Japan IT spending to be down in local currency, but we expect a positive growth trend to emerge in the second half of the year and continue into 2012,” according to the latest outlook by Gartner Inc.

Global IT services is forecast to reach US$846 billion in 2011, a 6.6% increase from 2010. The computing and hardware segment is poised for the strongest growth with spending forecast to grow 11.7% in 2011.

The migration to public cloud services is currently one of the hottest topics in IT, and Gartner`s latest forecast found that spending in this area is projected to grow four times faster than spending on overall IT. Worldwide public cloud services spending is forecast to total US$89 billion in 2011, up from US$74 billion in 2010. The market is forecast to reach US$177 billion by 2015.

However, to put this growth in context, Gartner analysts said public cloud services spending was only about 2% of global IT spending in 2010, and by 2015 the level of spending on public cloud services will be less than 5% of the total spent on IT overall.

China Watch Blog has learnt that Qantas is calling all rugby fans who have yet to enter the Great Crusade competition and win their chance to be part of the ultimate supporter’s tour of New Zealand to do so quickly. The competition is heating up with only three weeks left to enter with all entries closing on July 30.

Entrants must be a resident of Australia, UK, South Africa, New Zealand and USA or Canada (excluding Quebec) and over 18 years of age. At least one of the winner or their companion must be over the age of 21 years of age as of September 10, 2011. Have a full drivers license/ permit that allows them to legally drive in New Zealand. Full terms and conditions available at www.thegreatcrusade.com

This week, a number of Qantas ambassadors and friends pledged their support for the Qantas Wallabies including Qantas Consulting Chef Neil Perry, George Calombaris, Mark Webber, Mark Schwarzer and Scott Dooley. Their messages of support can be seen at;

Neil Perry http://www.thegreatcrusade.com/news/cooking-up-the-kiwis

George Calombaris http://www.thegreatcrusade.com/news/cooking-up-the-kiwis

Mark Schwarzer http://www.thegreatcrusade.com/gallery/mark-schwartzer-supports-the-wallabies

Scott Dooley http://www.thegreatcrusade.com/gallery/scott-dooley-supports-the-wallabies

Mark Webber http://www.thegreatcrusade.com/gallery/mark-webber-supports-the-wallabies

The Great Crusade competition has been inundated with creative entries from around Australia and the judging panel (Matthew Burke, Mike Goldman and Gregor Jordan) will announce the winners on August 3, 2011. The judges have been impressed by creativity and passion in the entries and will be seeking out the characters among the contestants to take along on the convoy. Here is a selection of entries so far;

Mission Impossible http://www.thegreatcrusade.com/gallery/Mission-Impossible

Know Your Enemy http://www.thegreatcrusade.com/gallery/Know-your-enemy-Part-2

Its all about Sacrifice http://www.thegreatcrusade.com/gallery/Its-all-about-Sacrifice

Kath and Kate http://www.thegreatcrusade.com/gallery/Game-5-Kath-Kate

The Great
Cru-fail http://www.thegreatcrusade.com/gallery/The-great-crufail

Australian film director Gregor Jordan will capture the Great Crusade journey on film when all the winners arrive in New Zealand on September 10 and embark on their journey as they follow the Qantas Wallabies on their way to victory.

The Great Crusade will visit Auckland, Kaikoura, Lake Taupo, Napier, Wellington, Nelson, Hanmer Springs and Cloudy Bay with special activities planned along the way.

Contestants can enter as an individual or as a team of two and will need to demonstrate why they should win a spot in one of the vans on The Great Crusade. This will include uploading a video showing how far they would go to support their team – the more original and attention grabbing the better.

The Great Crusade is open to rugby supporters* and entry is via the official website www.thegreatcrusade.com.

Follow the #Greatcrusade at @qantasairways