China Economy Forum

[Brotherhood]

China's regions can match developed nations - People's Daily Online March 01, 2011

Although China as a whole is still a developing country, some of the Chinese provincial regions, if viewed as independent countries, can be ranked among the world's top developed economies, according to a report published on Monday.

That signals China's accelerating pace of growth, a nation that overtook Japan as the world's second-biggest economy last month.

In a comparison between 10 Chinese provincial regions and 34 OECD (Organization for Economic Co-operation and Development) countries, a research study conducted by the National Economic Competitiveness Research Center, discovered that many of China's top economic provinces such as Guangdong, Jiangsu and Shandong provinces would rank among the top economies of OECD member countries.

Most OECD members are high-income countries and regarded as developed economies. China is not a member of the OECD.

"Although China has long been viewed as a developing economy, the economic development level of some Chinese provinces has reached that of many developed economies," said Li Minrong, a professor from Fujian Normal University, who headed the research.

In terms of gross domestic product (GDP) volume, Guangdong, Jiangsu and Shandong provinces have surpassed countries such as Belgium, Sweden, Poland and Portugal among OECD countries, ranking 13th, 14th and 16th, according to the research.

Shanghai, Beijing and Tianjin have also surpassed some of the OECD countries in terms of GDP per capita, the research report said.

China had adopted a strategy that encouraged economic development in eastern coastal regions since it began economic reform in 1978. The provinces, such as Guangdong, Jiangsu, Beijing and Shanghai, rose quickly to become the country's biggest economic engines in the following decades, relying mostly on huge investments and exports. In terms of proportion of the fixed-assets investment in GDP, the 10 selected Chinese provincial regions have surpassed that of all 34 OECD countries, according to the report.

Chinese provinces also ranked high in terms of proportion of exports in GDP, the report said.

"From these figures, we can see that China's economic growth still relies heavily on investment and exports," said Li. He said China has been lagging behind major developed economies in terms of the contributions of consumption to GDP.

On Sunday, Premier Wen Jiabao said the government has set its annual GDP growth target at 7 percent for the 12th Five-Year Plan (2011-2015), and will increase efforts to improve people's living standards.

The target was lower than the 7.5 percent set for the previous five years, during which China's economy grew at an annual rate of about 10 per cent, according to official figures.

China Daily

 

[Brotherhood]

Hungary sets sights on China's high-speed rail tech - People's Daily Online March 01, 2011

Hungary hopes to see China's high-speed trains running on its rail network, Hungarian National Development Minister Tamas Fellegi said on Saturday, while denying recent reports that Beijing would buy Budapest's debt.

"Last time we were in China, in Beijing, we were shown several projects that would include high-speed trains in Hungary, for instance between the airport and downtown Budapest," Fellegi told China Daily in an exclusive interview.

Hungary's interest comes as China exports its high-speed trains to many countries around the world. Building a 1,000-km high-speed railway was part the multibillion deals signed last week in Beijing between the presidents of Kazakhstan and China.

Fellegi visited Beijing in early December, when he met officials from commerce and railways ministries.

The trade volume between China and Hungary reached $8.72 billion in 2010, up 28 percent compared to 2009, according to Chinese Customs.

Fellegi added that Hungary and China have been "discussing long-term financial cooperation", but denied recent reports that China may buy its bonds.

"I had never said that China would buy Hungarian debt," he said, insisting what he said was his government is "negotiating with Chinese banks and the Chinese government about future financial cooperation".

Earlier reports, at the end of last year, quoted Fellegi as saying China may buy Hungary's debt, as a result of a meeting between Hungarian Prime Minister Viktor Orban and Chinese Premier Wen Jiabao in Shanghai in October.

According to those reports, the funding may range from China's central bank taking part in Hungarian debt auctions to State-owned Chinese companies financing specific projects, such as railway development.

"The reports are not true," Fellegi responded, saying what he can confirm is that "we have been discussing long-term financial cooperation".

"We are discussing. While we are negotiating I won't say anything because then it would be misunderstood," he added.

Moreover, Fellegi said: "We also have ideas about logistics centers in Hungary with China's participation and building a cargo airport which would be a very important development in the country and Eastern Europe, because that would be an excellent location to have a logistics center for Chinese goods and products to be distributed in Europe."

In addition to these projects, the Hungarian government hopes to cooperate with China in informatics and IT infrastructure.

"We see that Huawei is investing in Hungary, creating the possibility of a long-term presence in the country, and we support it. So we see ICT (information and communications) technology, infrastructure development, and hopefully, at the end of the day, we will have financial cooperation as well," he said.

Huawei, the world's second-largest telecoms equipment maker, has an assembly plant and a logistics center in Hungary.

Like many of its neighbors, Hungary is keen to attract Chinese investment.

China's Wanhua Industrial Group acquired full control of Hungarian isocyanate maker BorsodChem for 1.2 billion euros ($1.72 billion) in early February.

Isocyanates are chemicals used in the manufacturing of flexible and rigid foams, fibers and coatings, and are increasingly used in the automobile industry.

This is the largest investment a Chinese company has made so far in Hungary.

In Hungary, Fellegi is called "Mr China" for being responsible in the government for the Chinese relationship.

He has been to China four times since he was appointed head of the newly formed Ministry of National Development last May.

"I like China very much," he said, adding that China's combination of ancient culture and modernity greatly impressed him.

"China is a marvelous country with a very long history and an absolutely marvelous culture, so I admire the country. I admire the culture, and I also admire all the efforts China has made to develop such a strong economy as we see in the world today," he said.

By Zhang Chunyan and Zhang Haizhou, China Daily

 

[Brotherhood]

Construction starts on Beijing's maglev line - People's Daily Online March 01, 2011

A maglev line using Chinese technology was brought under construction in Beijing on Monday, despite objections from residents living along the line.

The new low-to-medium speed S1 Line is the first of its kind in the country, making China the second nation in the world to have such a line, said Chang Wensen, chief project manager of the line.

The project shows China has the capability to engineer and use low-to-medium speed maglev technology, said Chang, who is also a professor at the National University of Defense Technology and leads a research team that developed the technology.

As one of the eight lines brought under construction on Monday in Beijing to form an urban transit network and help ease traffic gridlock, the S1 Line will extend from Mentougou to Pingguoyuan.

The construction of the line is expected to cost around 6 billion yuan ($910 million) and wrap up in 2013, earlier reports said.

The construction of the project was first slated to begin in the middle of last year, but was postponed several times because residents living near the proposed route worried about radiation exposure.

The worries surfaced in May when the draft plan was released. It was reported earlier that more than 300 residents living in the Bisenli community and nearby communities in Mentougou district signed a petition opposing the proposed line.

Qi Fansan and other residents in the Bisenli community, which the S1 Line will pass by some 20 meters away, are concerned about the radiation problem, even though tests indicated it will be safe.

Qi, a senior engineer with the Beijing National Railway Research and Design Institute of Signal and Communication, said he had doubts on the testing standards, which are different from European standards. "The radiation will be there, no matter how small they said it is, and its negative impact may show in one or two decades," he said.

Chang said the maglev line will not harm people living near the tracks or the environment, because earlier experiments showed the lower speed maglev train emits almost no radiation.

An expert in radiation at the Chinese Academy of Sciences, who tested the radiation of the S1 Line and asked to be anonymous, said that the testing standards the institute used are the same as the international ones, and the line will not cause problems such as radiation exposure.

Besides concerns over radiation, the power consumption of the maglev line is another problem facing Chang's research team.

Chang said the maglev line will consume more power than subways or light rail, though it produces less noise and needs less maintenance.

"We are now studying the power supply of the maglev, and I think we will solve this problem within three years," said Chang.

By Zhou Wa and Xin Dingding, China Daily

 

[Brotherhood]

Hohhot East Railway Station put into operation - People's Daily Online March 01, 2011

Photo taken on Feb. 28, 2011 shows interior scene of Hohhot East Railway Station in Hohhot, capital of north China's Inner Mongolia Autonomous Region. The railway station, with construction area of 98,300 square meters, was put into operation on Monday after four years' construction. (Xinhua/Zhang Ling)

Staff members guide passengers to enter the waiting room of Hohhot East Railway Station in Hohhot, capital of north China's Inner Mongolia Autonomous Region, Feb. 28, 2011. The railway station, with construction area of 98,300 square meters, was put into operation on Monday after four years' construction. (Xinhua/Zhang Ling)

Photo taken on Feb. 28, 2011 shows exterior scene of Hohhot East Railway Station in Hohhot, capital of north China's Inner Mongolia Autonomous Region. The railway station, with construction area of 98,300 square meters, was put into operation on Monday after four years' construction. (Xinhua/Xu Yunhua)

 

[Brotherhood]

China takes US to WTO - People's Daily Online March 01, 2011

China has filed a complaint against the US with the World Trade Organization. Despite increasing trade volumes, the two countries have launched many actions against each other at the world trade body. Carlos Barria / Reuters

<center class="t091105">Nation says that "Zeroing" results in unfair trade assessments

China launched a litigation proceeding under the World Trade Organization (WTO) against the United States on Monday, urging the latter to remove what it says is an unfair method of calculating anti-dumping tariffs on warmwater shrimp exported from China.

"If the WTO's final ruling is in China's favor then the tariff rate imposed by the US on the shrimp shipments will be reduced. The US has inaccurately evaluated the average price of exported shrimp," Li Chenggang, director of the Department of Treaty &Law at the Ministry of Commerce, said.

The US uses an evaluation system called "Zeroing", whereby the domestic price of a certain product is compared with its import price to the US and then adjusted to account for transportation and handling costs.

According to the Ministry of Commerce, this method ignores the premium export price of a product, simply setting it at zero instead and leading to an imbalance. After a series of complaints from trade partners, the US announced in December that it would no longer use the method in it assessment of alleged dumping.

"The US hasn't attempted to adjust the anti-dumping duties imposed on Chinese warmwater shrimps ," Li said, adding that China will settle attempt to settle the dispute through WTO.

"Once the cancellation of zeroing was approved officially, it should have applied to all global trade cases," Zhang Aiqing, a former director of Department of Treaty and Law under the Ministry of Commerce, told China Daily.

Last year, the anti-dumping duty on Chinese exported warmwater shrimp was reduced to between 5.07 percent and 8.45 percent, after the China appealed to the US International Trade Commission.

According to the ministry, Chinese exports of shrimp to the US have been hurt by the high tariffs since 2004 when the US began levying the duties, which then ranged from 27.89 percent to 82.28 percent.

In 2004, exports of Chinese warmwater shrimps to the US were worth $380 million. After the imposition of higher duties, shrimp exporters in Liaoning, Fujian, and Guangdong provinces saw business decline, making the case the most serious against China's aquaculture products.

It is not the first time that the US has been taken to the Dispute Settlement Panel over its evaluation of dumping.

Brazil, the world's largest exporter of orange juice, won a WTO ruling in a trade dispute, after it complained about an inaccurate tariff rate due to the zeroing.

"China should strengthen its trade-remedy mechanism as part of an effort to meet the challenges brought by the trade protectionism, which is gaining ground in a global market still suffering economic turmoil," said Zhou Shijian, a senior researcher with the Center for US-China Relations at Tsinghua University.

Since late 2008, China has been a major target of trade protectionism worldwide. In 2009, trade partners filed 27 cases against China, the largest number ever.

"We have made great strides in standing up for China's interests by initiating various trade-remedy measures," said Yang Yi, director of the bureau of industry injury investigation of the Ministry of Commerce, at a forum in December last year.

China Daily

 

[Brotherhood]

Adjusted economic focus is paying off - People's Daily Online March 01, 2011

Domestic demand was a key driver of last year's economic growth, which was a good sign for China's adjusted economic structure, data from the National Bureau of Statistics (NBS) indicated Monday.

Domestic demand accounted for 92.1 percent of the country's GDP growth last year, and net exports contributed 7.9 percent, the NBS said in the 2010 Statistics Report released on Monday.

Last year, China's GDP growth reached 10.3 percent - the government's target was 8 percent - 9.5 percent from domestic demand and 0.8 percent from net exports, the report said.

Retail sales of consumer goods increased 18.3 percent, compared with 2009, it said. Sales of gold, silver and jewelry jumped 46 percent year-on-year, and furniture sales surged 37.2 percent while auto sales rose by 34.8 percent.

"Domestic and overseas demand better supported economic growth last year than in 2009," Xie Hongguang, NBS deputy director, said on Monday on the agency's website.

The government had called for adjustments to the economic growth and industrial structure. Premier Wen Jiabao said last year refocusing the economic structure and transforming the growth pattern were top national priorities.

He said China had introduced initiatives to increase domestic consumption, improve energy efficiency and encourage investment in poorer areas.

"If China's economic growth relies more on domestic consumption, it will be steady and sustainable," said Zhuang Jian, a senior economist with the Asian Development Bank.

Foreign trade was a key driving force of the economy, and the large trade surplus brought international pressure and domestic complaints of high pollution and the suppression of wage increases.

Wen said on Sunday the government has set an economic growth target of 7 percent in the 12th Five-Year Plan (2011-2015), because China cannot "blindly" pursue economic growth that is unsustainable.

The report also emphasized that more support is needed for the grain output, to avert food price increases that would accelerate inflation.

In 2010, China's summer crop decreased 0.3 percent to 123.1 million tons, compared with 2009, while early rice dropped 6.1 percent to 31.32 million tons, both decreases caused by a series of natural disasters.

The government has set an inflation rate of 4 percent this year, and Wen's comments on Sunday that he "will not allow prices to keep soaring out of control", came days before the opening of the annual session of the National People's Congress.

China Daily

 

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Sanctions against Iran drive up China trade tenfold in decade

Last year's US$29b bilateral tally expected to hit US$50b in 2015
Eldes Tran, Mandy Zuo and Irene Jay Liu
Mar 01, 2011

Sanctions against Iran have created more opportunities for trade with China, which totalled US$29.3 billion last year.
"China's economic ties with Iran have to some extent been made easier by Western divestment," said An Baojun , a researcher at the Chinese Academy of International Trade and Economic Co-operation, which is under the Ministry of Commerce. An spent several years in Iran studying Middle Eastern issues.

The volume of bilateral trade has increased more than tenfold over the past decade, from US$2.5 billion in 2000 to US$29.3 billion last year, according to China Customs trade figures collected by the Global Trade Atlas, a Geneva-based company that provides trade data to the private sector, the UN and the World Bank.

"As some countries retreat from the Iranian market," An said, "it actually creates more opportunities for some Chinese companies."

In 2008, Iran's Pars Oil and Gas Company reached a deal with China National Offshore Oil Corp to exploit the North Pars gas field. The pact was signed after oil giant Royal Dutch Shell and Spanish oil company Respol withdrew from Iran; French energy firm Total had also announced plans to abandon its investment in a gas project in Iran.

More recently, Japan's unilateral sanctions, passed in September, froze the assets of individuals and entities linked to Iran's nuclear programme, banned the provision of insurance or reinsurance services, barred Japanese financial institutions from buying bonds issued by Iran's central bank, and banned financial activity with 15 designated Iranian banks that could contribute to nuclear activities.

Toyota Motor suspended vehicle exports to the country indefinitely in June. In September, South Korea temporarily closed 102 companies believed to be helping Iran's nuclear programme, including the Seoul branch of Bank Mellat, an Iranian bank that handles about 70 per cent of South Korean exports to Iran.

"The sanctions won't cripple bilateral trade," said Yin Gang , a researcher at the Chinese Academy of Social Sciences' Institution of West Asia and Africa Studies. Most of the bilateral trade in recent years has not involved weapons and other banned goods, such as battle tanks, large-calibre artillery and combat aircraft.

In fact, officials in China and Iran have expressed optimism about boosting trade relations.

"We are doing our best to increase the level of bilateral economic co-operation," said Yu Hongyang, China's ambassador to Iran, during a commerce meeting with Iranian officials last month.

Trade is expected to hit US$50 billion by 2015, said Asadollah Asgaroladi, chairman of the Sino-Iranian Chamber of Commerce, during a meeting in Beijing last month.

China is Iran's second-largest trading partner, behind the European Union, which traded US$32.3 billion in goods with Iran last year, according to Eurostat trade figures collected by Global Trade Atlas.

Already, China is the largest importer of Iranian goods - last year, the volume was US$18.2 billion, according to China Customs figures from the Global Trade Information Service. China exported US$11.1 billion in goods to Iran last year.

The total trade figures between China and Iran might actually be larger, because much transshipment goes through neighbours, such as the United Arab Emirates. "An estimated 30 per cent to 40 per cent of trade with Iran is channelled through its neighbours," An said.

The partnership between the two regions can be traced back to the Silk Road centuries ago. In the late 1990s, China supplied carriages, tracks, signals and other parts to Tehran's first subway lines.

Mineral fuel and oil are by far China's biggest imports from Iran, totalling US$13 billion last year. Iran was China's third-largest oil supplier last year, after Saudi Arabia and Angola, delivering 7 per cent of China's crude oil imports.

Under a trade agreement in 2007, China's state-owned oil giant, Sinopec (SEHK: 0386), gained a 51 per cent stake in developing Iran's Yadavaran oil field, and Iran agreed to supply China with 150,000 barrels of oil a day for 25 years at market price.

At the same time, the two countries' strengthening economic ties have extended beyond oil. "Trade of non-oil products has been rising," Yin Gang said.

Iranian exports of minerals and chemicals to China have increased steadily in the past decade, to US$2 billion worth of minerals last year, from US$60 million in 2000. Organic chemical exports, such as methanol and solvents, amounted to US$1.5 billion last year, up from US$36 million in 2000.

Among Chinese exports to Iran, parts for nuclear reactors, boilers and machinery such as air conditioners ranked first or second for more than a decade, according to China Customs figures. These parts totalled US$2.3 billion last year - or 20 per cent of all Chinese exports to Iran, making up by far the largest share of goods.

Concerns over Iran's nuclear ambitions have prompted increasing international and unilateral sanctions in recent years. In June, the UN Security Council, with the support of China, issued its fourth round of sanctions against Iran. The United States, EU, Japan and Australia followed with even harsher sanctions.

Two weeks ago, US lawmakers unveiled a bill that would require companies traded on US exchanges to disclose investments in Iran.

China has repeatedly said it opposes unilateral sanctions against Iran and has pushed for a diplomatic resolution to the standoff. "We hold the view that sanctions are not an end in themselves, but rather a means of bringing Iran back to the negotiating table," China wrote in a report to the UN on August 28 last year. "Sanctions and pressure alone will not resolve the problem; diplomatic negotiations still constitute the best option."

Another Chinese official visiting Tehran for the Asia Co-operation Dialogue meeting in November told the press UN sanctions had little bearing on China's normal trade with Iran.

"Our policy is very clear. We conduct our foreign policy based on mutual respect and not interfering in each other's domestic affairs," said Tong Xiaoling, ambassador to the Association of Southeast Asian Nations.

 

[Brotherhood]

Beijing to extend subway network by 110 kilometers - People's Daily Online March 01, 2011

Eight subway lines, scheduled to open to traffic between 2013 and 2015, will link up all parts of Beijing, the capital of China, which has been plagued with high traffic for years.

Yesterday Beijing launched the construction of eight new subways and released their scheduled opening times. Construction has begun on five lines, including the west section of line No.15 and the second phase of line No.6, which are expected to open in 2014.

The rear section of the Haidianshan Line and line No.16, estimated to open in 2015, as well as the Yanfang Line, which will start to run in 2013, are listed in the Beijing railway networking planning for the year of 2015. Yesterday those three lines started preliminary construction as well.

With total investments of 12.5 billion dollars in these eight lines, Beijing plans to stretch the subway's reach into every corner of the city. An extension of existing track by 113.7 kilometers will ensure the connection of the periphery and downtown centers.

The 2015 planning intensifies its version based on the previous 561-kilometrer length track lines. The newly-added 100 kilometers are designed to increase the density of downtown track networks in order to ease the high traffic pressure.

Line No.16 stands first in this special group for this current round of construction, said Chen Xi, Planning Chief of Beijing Municipal Track Transportation Construction Management Co., Ltd.

Global travelers in Beijing will find it easier to escape the traffic while touring Beijing by taking the Xijiao Line. It links up the maple spectacle Fragrant Hill, the Botanic Garden, Wanaan Cemetery and the ancient imperial garden at the Summer Palace. The line is the known the first rail track in Beijing to use trams.

Rear section of Haidianshan bridges the high-tech side of Haidian and the administrative side of Haidian in the downtown area. Yanfang Line, the westward extension of the Fangshan Line, is created especially to spur the travel industry in Fangshan District.

By Li Yancheng, People's Daily Online

 

[CardSharp]

Beijing to extend subway network by 110 kilometers - People's Daily Online March 01, 2011

Eight subway lines, scheduled to open to traffic between 2013 and 2015, will link up all parts of Beijing, the capital of China, which has been plagued with high traffic for years.

Yesterday Beijing launched the construction of eight new subways and released their scheduled opening times. Construction has begun on five lines, including the west section of line No.15 and the second phase of line No.6, which are expected to open in 2014.

The rear section of the Haidianshan Line and line No.16, estimated to open in 2015, as well as the Yanfang Line, which will start to run in 2013, are listed in the Beijing railway networking planning for the year of 2015. Yesterday those three lines started preliminary construction as well.

With total investments of 12.5 billion dollars in these eight lines, Beijing plans to stretch the subway's reach into every corner of the city. An extension of existing track by 113.7 kilometers will ensure the connection of the periphery and downtown centers.

The 2015 planning intensifies its version based on the previous 561-kilometrer length track lines. The newly-added 100 kilometers are designed to increase the density of downtown track networks in order to ease the high traffic pressure.

Line No.16 stands first in this special group for this current round of construction, said Chen Xi, Planning Chief of Beijing Municipal Track Transportation Construction Management Co., Ltd.

Global travelers in Beijing will find it easier to escape the traffic while touring Beijing by taking the Xijiao Line. It links up the maple spectacle Fragrant Hill, the Botanic Garden, Wanaan Cemetery and the ancient imperial garden at the Summer Palace. The line is the known the first rail track in Beijing to use trams.

Rear section of Haidianshan bridges the high-tech side of Haidian and the administrative side of Haidian in the downtown area. Yanfang Line, the westward extension of the Fangshan Line, is created especially to spur the travel industry in Fangshan District.

By Li Yancheng, People's Daily Online

Does anyone know how far out in the ring roads they plan to reach?

 

[Brotherhood]

China's first urban passenger cable car officially retires - People's Daily Online March 01, 2011

On, Feb. 28, the last day of Jiling River Cable Car's runing, a Chongqing citizen is taking photograph for it. (Photo by Chinanews/Meng Huan)

After 29 years of use as an important transportation channel, Jialing River Cable Car, China's first urban passenger cable car, finally ended its historical mission on the last day of February this year.

The main regions of Chongqing are divided into four parts because the city is crisscrossed by the Yangtze River and Jialing River. So, crossing rivers has become a special challenge for Chongqing citizens when they go outside their region. Up until the 1970s, only one bridge was available for Chongqing residents to cross the Jialing River, and lots of people had to take ships to cross it.

On Jan. 1, 1982, the 740-meter-long Jialing Cable Car officially started running and relieved the pressure in river-crossing transportation to a certain extent. According to the statistics released by Chongqing Cable Car Company, the average rate of passengers transported by the Jialing Cable Car was about more than 12,000 person-times every day, and the maximum could be 25,400 person-times. Because of that, Jialing Cable Car was also called "air public bus" by Chongqing people.

On the basis of the successful experience of the Jialing passenger cable car, the Chongqing government invested to build another cable car above the Yangtze River.

The passenger cable car is not only a special channel for Chongqing to transport passengers but also an important method of sightseeing, and many tourists who come from outside Chongqing want to see the beautiful scenery of Chongqing in the air by taking the cable car.

However, there are four bridges above the Jialing River now and the cable car has lost many of its passengers. Because it is blocking construction of another two bridges that are being built, the Chongqing government has decided to demolish it for the sake of the city's development.

After hearing that the cable car will be demolished, many citizens paid a visit to the cable car to take one last ride and say goodbye to it.

On Feb. 28, the last day that the cable car ran, many people, including some cable car operators, still lingered outside the closed gate after it stopped running.

Mr. Peng, a Chongqing citizen who took the cable car to work everyday for the last 29 years, said he never expected that the cable car would retire before he did.

By Wang Hanlu, People's Daily Online

 

[Brotherhood]

World's largest Buddha College built in China's Henan province - People's Daily Online March 01, 2011

According to the Henan Commercial Newspaper, Henan Buddha College, the world's largest Buddha College, held its first entrance examination from Feb. 25 to Feb. 27.

Four-year educational system

The Henan Buddha College occupies an area of 37 square kilometers containing the Longtanhe Scenic Area, and it is the currently the largest Buddha College in the world.

The Buddha College was approved by the State Administration for Religious Affairs of China to be built in 2005.

A sightseeing tricycle wheeler surnamed Fan in Longtanhe Scenic Area said more people started asking about the Buddha College in Feb. 20 of this year, and it is said that the college carries out a four-year educational system, which means a student could get his undergraduate diploma after four years of study.

Sharp contrast of people who signed up and the number of real examinees

Henan Buddha College published its enrollment regulations on April 6 of last year and monks and other people signed up. But the college started recruiting its first batch of students at the beginning of this year because of the construction of its first section of projects.

Although more than 300 people signed up, only 25 of them took part in the examination on Feb. 25 of this year because a long time has passed since the regulations were published. During the period of the examination, examinees were still coming to the place from all over China, including monks, cadres at their posts and university students.

The content of the examination includes Buddhist knowledge, Chinese language, foreign language and an interview.

Student life at college not simple

Like a temple, students in the Buddha College have a regular time schedule for every day, too. They get up at 5 a.m. every morning and go to sleep at 10 p.m. every night, and they also have some regulated procedures to obey.

But, life in the Buddha College is never simple. Apart from Buddhism, the college also teaches courses like Buddhist music, sculpture, foreign languages, kung fu and tea-making.

Studying here, students not only receive free room and board as well as tuition and incidental expenses, but they also can gain allowances and scholarships from the college. At the same time, the employment situation for its graduates will be quite bright because many temples from all over China have started contacting the college to receive graduates though its first batch of students will not graduate for another four years.

By Wang Hanlu, People's Daily Online

 

[Brotherhood]

SOEs profit up by 24 percent - People's Daily Online March 01, 2011

China's State-owned enterprises (SOEs) reported a net profit of 70.55 billion yuan ($10.73 billion) in January, up 24 percent year-on-year, the nation's SOEs regulator said on Monday.

According to a statement from the State-owned Assets Supervision and Administration Commission, the combined business revenue of centrally administered SOEs reached 1.431 trillion yuan last month, up 23 percent year-on-year, but the growth rate was 44.8 percentage points lower than in 2010.

Source:China Daily

 

[Brotherhood]

More U.S. companies eye China's domestic market: survey - People's Daily Online March 02, 2011

More U.S. businesses seek expansion in China to cash in on the expanding domestic market, rather than seeing China as only a processing and export hub, a survey showed Tuesday.

About three-fourths of over 400 member companies surveyed by the American Chamber of Commerce in South China said their primary operation target is to provide goods or services for the domestic market in China.

The proportion, however, was only 46 percent in 2006.

This fact, together with other positive signs, indicated that China still has a very good business environment, said Harley Seyedin, president of AmCham in South China.

The huge domestic market also provides significant profits for U.S. companies which, in return, increased investment and added to their payrolls, the survey showed.

About 82.5 percent of respondents said they made profits in China, the highest proportion since 2006, it said.

Seyedin said the proportion was 79 percent last year..

About 89 percent of the companies made additional investments last year, more than the survey results from early last year, Seyedin said.

Two-thirds of the respondents said they have raised their investment budgets in China for the coming three years.

The vast domestic market means huge business opportunities for both local and foreign businesses, Seyedin said.

The member companies also said they faced challenges of rising inflation, protectionism from other countries and the rising Chinese currency, the yuan, according to Seyedin.

Source: Xinhua

 

[Brotherhood]

China 21st in technology innovation as US tops the list - People's Daily Online March 02, 2011

China ranks 21st globally in technological innovation and research capability, according to a report released by the Chinese Academy of Science and Technology for Development (CASTED) on Feb 24.

The report, the first of its kind in China, surveyed the innovation capacity in 40 countries with an edge in technology research.

It used statistics from the World Bank, the Organization for Economic Cooperation and Development, the National Bureau of Statistics and other organizations worldwide.

The United States topped the chart with a rating of 100 on the innovation index. China had a score of 57.9.

Switzerland, South Korea and Japan ranked second to fourth.

The survey included innovation indices such as resources, performance and environment, creation and corporate innovation.

China ranked top in the world in both R&D staff numbers and high-tech product exports. It was in fourth place in total R&D spending and among the top three countries in annual invention patents granted.

The next five years are crucial to sharpening China's edge in innovation, said Wang Yuan, CASTED executive vice president.

Investment in research is expected to account for about 2.5 percent of gross domestic product in 2020, according to national development plans.

Source:China Daily

 

[Brotherhood]

China, Turkmenistan vow to expand energy cooperation - People's Daily Online March 02, 2011

Chinese President Hu Jintao (R) meets with Turkmenian Deputy Prime Minister Baymyrat Hojamuhammedov, who is visiting China as special envoy of Turkmenian President Gurbanguly Berdymukhamedov, in Beijing, capital of China, March 1, 2011. (Xinhua/Liu Weibing)


Chinese Vice Premier Wang Qishan and his Turkmenian counterpart Baymyrat Hojamuhammedov on Tuesday pledged to further all-round cooperation, especially in energy sector.

They inked an inter-governmental agreement on Chinese loan to the Turkmenian gas giant, Turkmengazi State Concern, after their meeting in Beijing.

Chinese President Hu Jintao met with Hojamuhammedov, who is visiting China as special envoy of Turkmenian President Gurbanguly Berdymukhamedov, at the Great Hall of the People after the agreement was signed.

The details of the agreement was not available at the signing ceremony but China has been a major buyer of the Central Asian state's gas and oil.

"China regards Turkmenistan a sincere friend and reliable partner," Wang said at the meeting with Hojamuhammedov, highlighting sound political ties and fruitful cooperation in such sectors as trade, energy and finance.

He urged the two sides to further gas cooperation, expand cooperation in transportation, telecommunication and infrastructure construction fields.

Hojamuhammedov said his country attaches great importance to the friendly cooperation with China and will take measures to bolster such cooperation.

Wang and Hojamuhammedov are co-chairmen of a China-Turkmenistan cooperation committee.

Source: Xinhua

Chinese Vice Premier Wang Qishan (2nd R, Front) and his Turkmenian counterpart Baymyrat Hojamuhammedov (1st L, Front) sign an inter-governmental agreement on the Chinese loan to Turkmenian gas giant Turkmengazi State Concern in Beijing, capital of China, March 1, 2011. (Xinhua/Liu Weibing)