China targeting on 8% GDP next year
China is targeting 8% GDP for the next year amid fragile economy recovery. The double digit target may not be good at the moment due to the rising risk of bubbles in stock, real estate and commodity price. But economist at Moody’s Economy.com in Sydney, Alaister Chan, said that the official target of 8% may overshoot in the next year. Furthermore, he said, it can be easily for China to achieve it as compared to this year. In addition, China’s bank will probably extend 9.8 trillian yuan ($1.4 trillion) of new loan this year from the total of the first 11 months that was 9.21 trillion yuan (Bloomberg.com).
U.S.-Brokered Climate Deal May Give Obama More Sway in Senate
The reason behind the “indecision” of US President Barrack Obama in the climate talks recently is probably because he wants to win over members of the senate who don’t want to impose similar restrictions i.e through emission cuts on American companies. I found that US’s stand on climate issue which was apparently opposed to earlier offer of China and India on emission curb has a political interest. Senators tried to oppose with UN rules that might hurt U.S businesses’ ability to compete in the global market. According to Senator Benjamin Cardin, a Maryland Democrat, the agreement (Copenhagen Accord) would help US to politically deal with American manufacturers that are at a disadvantages from UN policies on carbon curbs. The plan calls for another year of talks for a treaty to tackle global warming by capping emissions and expanding the $120 billion carbon market. A U.S. law allowing carbon trading would move the market’s “center of gravity” from London to New York and Chicago (Bloomberg.com).
Abu Mardhiyyah
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