China in Asia: Feb. 2

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Feb. 2 – Here is how China has been reported across the region over the past week.

Asia According To The Big Mac Index
Invented by The Economist magazine in 1986, Burgernomics is a modern, fast food version to calculate the purchasing power parity (PPP) of a nation. The informal theory uses a common standard, the McDonald’s Big Mac burger whose price varies according to a country’s cost of living. (2point6billion)

China Tourism Revenue Hits US$170 Billion in 2008
Xinhua reports that 2008 tourism revenues includes RMB874.9 billion earned from local travelers and RMB283.9 billion from overseas tourists. The data showed that domestic tourism still held up while inbound tourism declined as the global economic slowdown cut travel demand. (Communist Tax Lawyer)

Asia Steels The Show
Signaling a long term economic downturn, the World Steel Association announced that global production of crude steel fell 24.3 percent this December, compared to December 2007, marking the fourth straight month of year-on-year declines. Asian nations China, India and South Korea however bucked the trend. China’s production rose 2.6 percent, India’s 3.8 percent and South Korea’s 3.7 percent in 2008. Accordingly, China’s share of world crude steel production rose last year to 37.9 percent from 36.4 percent in 2007. (2point6billion)

Heilongjiang-Russian Trade Exceeded US$11 billion in 2008
Northeast China’s Heilongjiang Province, which borders Russia, saw US$11.06 billion in foreign trade with its northern neighbor in 2008, representing a growth of 3.1 percent year-on-year, according to the provincial commerce department. (Communist Tax Lawyer)

The Spratly Islands
Laid claim to by China, Malaysia, the Philippines, Taiwan and Vietnam the Spratly’s are spread over 400,000 square kilometers of sea, yet occupy less than five square kilometers of land area. Growing political disputes are mostly triggered due to the Spratly’s massive untapped economic value. The region which is one of the busiest shipping lanes in the world, is rich in oil and gas and is also one of the world’s most productive areas for commercial fishing. (2point6billion.com)

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