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Massive Debt Poses Risks

How much have China's local governments borrowed？ There is no accurate answer yet. According to the last official update released by the National Audit Office in mid 2011， the national figure was put at 10.7 trillion yuan by the end of 2010. Given that the debt of local governments had grown 12.94% in the last three years， it's estimated that the total figure could have been over 12 trillion yuan currently. The risks relating to some local governments' fast debt growth and the pressure to repay existing arrears also become a common concern of the society.

Central Bank's Correction

Zhou Xiaochuan， governor of the People's Bank of China， said at the Lujiazui Forum in Shanghai that basically the market understands the purpose of the central bank. In June 2013， the unexpected spike in the Shanghai Inter-bank Offered Rate and the tight liquidity caused panic in markets and financial institutions， but the central bank didn't release liquidity to calm the market as most people expected. It's clear that the central bank will not endlessly inject liquidity as the new government aims to shift the economic growth model in the long run.

Motive Analysis for Shuanghui's Acquisition

China's largest meat processor Shuanghui International announced to buy leading U.S. pork producer Smithfield Foods for $7.1 billion， or 34 dollars per share in May， which is the largest overseas acquisition deal of a U.S. company by a Chinese firm. The transaction will help Shuanghui better satisfy the nation's increasing annual per-capita meat consumption and build safer food chain for consumers， but there are still doubts about the aim of the deal is for the consideration of capital arrangement.

CRC Reforms Freight Transportation

China Railway Corporation （CRC）， the country’s railway operator， announced its reform measures in the cargo transportation services， which took effect from June 15th. The reform plan aims to streamline freight transportation services， slashing away a set of bureaucratic measures which clients find lengthy and exhausting. Meanwhile CRC has also set a more transparent and consistent pricing system， and plans to start a door-to-door logistics service. These reform measures have been widely praised， but new problems such as the income distribution also arise at the same time.