- U.S. can't keep up with China on clean energy -Country tops out globally in several industries. . For details...
(Written by Gary Lamphier, The Edmonton Journal)
- Stories about China's Economy and Society
- RMB Plays on International Stages
China plans to implement pilot programs of settling overseas trade with Yuan.
According to BEIJING, Jan.6 (Xinhua) -- China's central bank said on Tuesday it plans to implement a pilot program of settling overseas trade with the Chinese currency instead of the U.S. dollar in 2009.
A press posted on the website of the People's Bank of China, the central bank will expand financial cooperation with overseas economies and properly deal with the global financial crisis.
"We'll actively join international efforts to tackle the global financial crisis while safeguarding national interests," said the PBOC.
It pledged to implement the pilot programs of settling foreign trade with the Chinese currency, a State Council decision announced last month.
China will allow the yuan, or Renminbi, to be used for settlement between Guangdong Province and the Yangtze River Delta, China's two economic powerhouses, and the special administrative regions of Hong Kong and Macao, the central bank said.
Meanwhile, exporters in Guangxi Zhuang Autonomous Region and Yunnan Province of southwestern China will be allowed to use Renminbi to settle trade payments with ASEAN (Association of Southeast Asian Nations) members in 2009.
Those moves are expected to facilitate overseas trade, as Chinese exporters might face losses if they continue to be paid in U.S. dollars, analysts said. The dollar's exchange rate has become more volatile since the global financial crisis.
The PBOC said it will make the exchange rate of Renminbi more flexible and keep it "basically stable on a reasonable, balanced level". There has been speculation that the yuan's appreciation will slow down, which will help Chinese exports maintain price advantages in overseas markets.
- 3G Era Comes
China will invest 280 billion yuan(40.96 billion U.S. dollars) in developing third-generation (3G) mobile telecommunications networks over the next two years, said Li Yizhong, head of the Ministry of Industry and Information Technology, here on Friday.
He said the government will give "strong support" to promote the self-developed TD-SCDMA (Time Division Synchronous Code Division Multiple Access) standard. Efforts will be made to enhance industrialization of core chips, terminals and test equipment as well as to expand network coverage.
3G networks handle faster data downloads, allowing cell phone users to make video calls and watch TV programs.
The country's top three telecom companies are expected to receive 3G licenses either this month or at the beginning of next year. China Mobile will apply TD-SCDMA, while China Unicom and China Telecom will use Europe's WCDMA and North America's CDMA 2000 respectively (Source by Xinhua, Dec. 19, 2008).
- FDI Surpass $90 Billion in 2008
Foreign investment flow into China is expected to surpass 90 billion for the whole year of 2008, making China the top destination of foreign investment among developing countries for 17 years in a row, according to a meeting of the Ministry of Commerce on Dec. 23.
The figures released by the Ministry of Commerce earlier this month show that the actual use of FDI into China increased by 26.3 percent to 86.4 billion USD over the first eleven months of the year, nearly doubled the less than 14 percent rise in the same period of last year but much lower than the 45.6 percent surge in the first six months of this year.
China's actual use of foreign direct investment stands at 83 billion USD in 2007.
- Cut tax
China’s top policymakers ponder ways to ensure GDP growth of at least 8 percent next year, the government is "very likely" to initiate cuts in business tax to add impetus to the slowing economy. For more ...
- Paving Road for Southwest
More than 13 state projects for express way of 1,600 km should have been completed by 2012 in Sichuan Province, Panda hometown and the total length of express way will surpass 3,500 km, hopefully, even up to 3800 km in the province, and by then 12 well-pasted express ways will link Sichuan with its neighboring provinces. At the same time, about 115,000 km of country high way are also to finish.
- Rise up Corps Purchase Price
China has decided to raise the bottom purchase price for crops to promote farmers' income, and tried hard to eliminate the bottleneck of consumption by broading more fields for expenditure in order to stablize car,housing and stock markets. All those measures including turning investment into consumption will enhance consuming capabilites among middle or lower class and the consuming aspiration of upper class so as to enlarge the demand for light industry, textile, real estate, cars etc,which,indirectly, will trigger the demand for business to be invested. China has recently released 10 tangible measures to restore its economy. All relevant policies will effectively promote domestic demand, enthusiastically help to rectify eco-structure to run its economy on stable and yet quicker tracks.
- Car park workers remove wheels to thwart thefts (Chongqing Morning News)
Attendants of an open-air car park in suburban Chongqing began removing car tires in a bid to deter thieves who had been targeting the area.
Li, one of the attendants, says felons had long targeted cars temporarily detained by traffic police overnight.
He also complained that he once had to pay 1,640 yuan for the loss of several number plates during his first eight days on the job.
Li's boss applauded the measure and keeps an eye on the stock of removed tires until the car owners arrive to collect their cars.
- The 5th China-US Strategic Economic Dialogue (China Daily)
China should prepare for the worst and take "timely and effective measures" to overcome the global financial crisis and maintain growth and stability, the central bank governor said on Thursday.
Speaking at the fifth China-US Strategic Economic Dialogue (SED), Zhou Xiaochuan, however, expressed confidence that China would sustain its growth and financial stability. Nevertheless, policymakers "need to prepare for the worst," Jin Qi, head of the bank's international department, quoted Zhou as having said. more details...
- 9% GDP growth tipped for next year (China Daily)
China could next year notch up growth of 9 percent, or even above, as the world's fourth-largest economy pulls out all stops to stimulate investment and consumption, the nation's top think tank said on Tuesday. more details...