re: china's july retail sales/ china is hot ... From Doug...

re: china's july retail sales/ china is hot ...

From Doug Nolan's "The Prudent Bear" at http://www.prudentbear.com/creditbubblebulletin.asp

China Watch:

August 12 – Bloomberg (Nerys Avery): “China’s retail sales rose to a four-month high in July as higher incomes and tax cuts spurred spending on products including Dell Inc. computers, Adidas shoes and General Motors Corp. cars. Sales in the world’s most-populous nation increased 12.7 percent from a year earlier to 494 billion yuan ($61 billion)…”


August 11 – MarketNews: “Chinese exports rose 28.7% year-on-year in July to $65.58 bln, the Customs Bureau reported… Imports rose 12.7% on the year…to $55.18 bln.”


August 11 – Bloomberg (Nerys Avery): “China had its second-highest trade surplus on record in July, reflecting a surge in exports that has led the U.S. and Europe to threaten sanctions. The surplus widened to $10.3 billion from $1.97 billion a year earlier and $9.68 billion in June…”


August 12 – Bloomberg (Nerys Avery and Yanping Li): “China’s money supply grew in July at the fastest pace in more than a year, exceeding the central bank’s 15 percent target for a second straight month. M2, which includes cash and all deposits, rose 16.3 percent from a year earlier to 27.7 trillion yuan ($3.42 trillion)…”


August 11 – XFN: “China’s power demand growth is expected to reach 13.4% this year with power shortages to ease in the second half, Hu Weiping, director of the Energy Bureau of the National Development and Reform Commission, said. ‘2005 will be another high growth year for power demand. Demand will continue to be strong for a long time.’ Power demand grew 14.8% in 2004.”

dub