Roundup - 11/01/2010

• China has overtaken Germany as the worlds largest export economy. A 13 month decrease in Chinese exports was ended in December when a sudden jump of 17.7% year on year sent Chinese exports over US$1.2 trillion.
  
  China's imports also soared in December, showing a 50% year on year increase. This was largely due to an increase in minerals such as iron ore for steel production and crude oil to meet China's energy needs. In December China imported an average of over 5 million barrels of oil a day for the first time.
  
  In spite of China's rapid recovery from the global economic crisis the government plans to keep its stimulus package in place throughout 2010. Finance Minister Xie Xuren said that ending the stimulus too early could damage the economy and could undo many of the gains China has made over the last year.
  
  However, Mr. Xie did say that the stimulus package would now 'give greater emphasis to expanding domestic demand.' Many analysts predict that China will overtake Japan as the worlds second largest economy by the end of 2010.
  
  
  
• Hong Kong police have announced that a man arrested on a rooftop after an acid attack that injured about 30 people had nothing to do with the crime. The attack, the latest in a series of attacks over the last year, occurred on Saturday night at the popular Temple Street night market. Large bottles of acid were hurled from a rooftop onto the crowd below.
  
  The 39-year-old man was initially reported to have been arrested in connection with the attack. However, police now say that he was simply arrested for missing a court date. Some have suggested that he was simply on the roof to hide from the police.
  
  Over the last 15 months there have been at least six attacks leaving more than 100 injured. So far nobody has been charged in connection with the attacks.
  
  
  
• A Chinese investigation into Australian Rio Tinto Ltd has been sent to prosecutors in Shanghai according to a statement by Australia's Department of Foreign affairs and Trade. Three Rio Tinto employees, including Stern Hu, an Australian citizen, have been detained since July on suspicion of illegally obtaining commercial secrets. It is now up to the Shanghai People's Procuratorate to decide whether or not to bring the case to trial.
  
  The case has caused tensions amid negotiations between China and a number of iron ore producers in Australia. China produced more than half of the world's steel last year and demand for Australian iron ore pushed bilateral trade to US%56 billion last year. A boom in Australian mining has helped Australia to recover from the economic crisis much faster than most Western countries.
  
  
  
• According to state media as many as 4,000 officials have fled China with more than US$50 billion in government funds over the last 30 years. In 2009 103 cases were investigated including that of Yang Xianghong, an official from Wenzhou, who fled to France and attempted to launder US$2.9 million. Officials are believed to use local criminal gangs in their destination country, usually Australia or the US, to arrange travel and to launder public funds.
  
  
  
• Local press in Taiwan reports that Taiwan is planning on buying 8 second-hand frigates from the US. The Perry-class frigates were designed in the 1970s but plans to equip them with the Aegis Combat System would turn them into a powerful force against China's air and missile forces. The report comes only a week after the US confirmed that it would go ahead with a controversial deal to sell Patriot missile equipment to Taiwan.
  
  
  
• A report by the Chinese Academy of Social Sciences has suggested that as many as 24 million men of marrying age will be unable to find a spouse by 2020. The report blames gender specific abortions, the traditional Chinese preference for boys and young people's unwillingness to have children for the problem. Across China 119 boys are born for every 100 girls, in some provinces the figures rise to as much as 130 boys for every 100 girls. The gender imbalance has been blamed for many social ills including forced prostitution and human trafficking which researcher say has become 'rampant' in some parts of the country.
  
  
  
• The contestants of the first Mr. Gay China Pageant have been unveiled. One of the eight contestants will go on to compete in the Worldwide Mr Gay Pageant in Oslo, Norway late this year. Mainstream Chinese language media have not bee invited to the event, due to take place this Friday, amid fears of police interference.
  
  Harassment of China's gay community is still widespread. Homosexuality was illegal until 1997 and considered a mental illness until 2001. However, there are some signs of change. A government funded gay bar opened in Yunnan in December for example.