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Week of November 29, 2002

Week of November 29, 2002

The U.S. and China This Week

INTERNATIONAL: Putin set to visit China

Russian President Vladimir Putin's trip to Beijing this weekend will make him the first major world leader to visit China since the leadership changes of the 16th Party Congress. It is expected that the agenda of the upcoming summit will focus on the developing ties both countries have pursued with the U.S. post September 11. Putin, who is scheduled to meet with both Jiang Zemin and newly appointed party leader, Hu Jintao, is also expected to discuss issues involving both Iraq and North Korea.

Sino-Russian relations have grown steadily warmer over the last several years, with both countries recognizing their mutual geo-strategic and economic importance. Sino-Russian trade totals over US $10 billion per year and continues to rise and when coupled with other common goals including border security and energy development, bilateral relations between the countries can only continue to grow in significance.

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DOMESTIC: China's industrial growth remains high

China's National Bureau of Statistics has recently announced that industrial profits have increased by 16.3% in the first 10 months of this year. Close to half of industrial profit has come from the state sector, which saw 6% growth from last year with profits totaling over US $200 billion.

With such performance, China continues to buck the trend of poor economic performance that is pervading the Asian region. In addition to economic growth, collected taxes, the lack of which has long had experts worried, have also increased. According to the National Bureau of Statistics, taxes paid by the state sector have increased by over 10% up to almost US $40 billion.

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The U.S. and China This Week
The U.S. and China This Week

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