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News and Updates

NDRC Unveils Renewable Energy Development Plan for 2006-10

China's annual consumption of renewable energy will be equivalent of 300 million tons of standard coal by 2010, accounting for 10 percent of its total annual energy consumption, as envisaged in renewable energy development plans for 2006?0.

The plan was released on March 18 by the National Development and Reform Commission (NDRC), the country's top economic planning agency.

According to the plan, the country's 2010 renewable energy consumption will nearly double the 2005 level, which was equivalent to 166 million tons of standard coal. That will lead to a reduction of 3 million tons of sulphur dioxide emissions and more than 400 million tons of carbon dioxide emissions.

Liquids Banned on Domestic Flights

Authorities at the Beijing Capital International Airport on March 14 began enforcing new regulations limiting the kinds of liquids that can be taken onto aircraft on domestic routes.

The new safety regulations ban liquids in carry-on baggage. However, liquids may be put in luggage in the hold. For specific packing requirements, passengers should refer to the relevant aviation transportation provisions.

Liquid cosmetic products of less than 100 millilitres each will be allowed in carry-on baggage, but must be stored in separate bags. They may also be opened during security checks.

For travellers arriving from abroad and transferring to domestic flight, duty-free liquid-bearing containers should be placed in a good quality, sealed transparent plastic bag with a receipt. After security checks, these belongings may be allowed on board.

Passengers with infants should apply to the airline in advance for baby formulas or foods, which will be provided free of charge. Diabetics or other patients who need to carry liquid medicines should give them to flight staff to hold after clearing a security check.

Travellers taking international flights remain subject to the regulations released by CAAC on March 17, 2007.

揈asy boarding?services, where passengers pay for the privilege of speedier security checks and priority boarding, are now banned. The Beijing Capital International Airport has set up a special security inspection channel for passengers who may be running out of time to catch their flights. Free drinking water is available at terminals for passengers. 

Report: Financial Jobs Get Highest Pay

Graduates from Chinese universities who were employed in the financial industry were the best paid in 2007, according to ChinaHR.com, the country's leading job-hunting Web site.

The financial industry tops the best paid list for university graduates, with an average annual income of 58,388 yuan (US$8,322) in 2007, followed by the IT and the medical industries. Insiders said the phenomenon is linked to last year's stock market boom, it largely stems from the financial and information industry's traditional place as high-salaried industries.

According to the report's regional breakdown, the annual income for Shanghai graduates fell to 37,007 yuan (US$5,275) in 2007, but this was not enough to topple Shanghai from the No. 1 spot for high paying cities, followed by Beijing, Shenzhen and Guangzhou.

Salaries for graduates from junior colleges sustained a marked decline from 2006 to 2007, decreasing by 23.86 percent. On the upside, salaries for PhD graduates increased by 18.93 percent. Analysts say that growing corporate demand for doctoral graduates has driven the increase in salary.

QDII Funds Under-Performed in 2007

China's four stock-oriented qualified domestic institutional investor (QDII) funds reported big losses in 2007, and fund management companies blamed the failing performance on the US sub-prime crisis that caused volatility in the world market, the China Securities Journal reported on March 31.

The net value of the four QDII products桱P Morgan Fund QDII, Harvest Overseas Fund, Huaxia Global Selected Stock Fund and Southern Global Enhanced Balanced Fund梥hrank by 6.3 percent to 12.1 percent of its initial value by the end of 2007, according to their 2007 annual reports.

Southern Global took the smallest loss in net value while Harvest Overseas suffered most.

The four products also posted negative growth over the earlier fixed-benchmark growth rate, which serves as a major reference for investors to judge the performance of a fund; the biggest negative growth rate, at 10.91 percent, was Harvest Overseas Fund.

By March 22, all four stock-oriented QDII funds saw their net values fall below one yuan (14 US cents). The US sub-prime crisis should be blamed, the four fund management companies said in their annual reports.

Grain Producers Get Bank Credit Despite Tight Monetary Policy

China's banking watchdog on April 3 urged banks to ensure loans and credit to grain producers and other agriculture-related enterprises to spur production, as grain supply pressures continue to be strong.

Banks should allow more funds to support grain production and non-agricultural loans should be controlled under the tight monetary policy, said Jiang Dingzhi, vice-chairman of the China Banking Regulatory Commission (CBRC).

The growth rate of agricultural-related loans in 2008 should not be smaller than that of 2007, he said on a teleconference on April 3, stressing that freewill closure of the county branches and outlets of large commercial banks are not allowed.

The unprecedented snow havoc and the severe drought that hit northern China this spring, during the ploughing season, will make it harder to ensure grain supplies in 2008, Chen Xiwen, director of the State Council Office of the Central Leading Group for Rural Work, has said.

International grain supply strain and price rise also add pressure for China's grain production which is critical to feed its population of 1.3 billion.

The country's grain output exceeded 500 million tons in 2007, 15 million tons short of domestic demand, official figures show.

World Bank Cuts 2008 China Growth Forecast

The World Bank (WB) cut its forecast for China's 2008 economic growth to 9.4 percent in a report released on April 1, 2008.

In February, it forecast 9.6 percent, down from the 10.8 percent prediction made in mid-2007.

Louis Kuijs, senior economist of the World Bank's Beijing office, said the latest adjustment was made purely out of concerns over external factors of the Chinese economy.

As the world economy had slowed in the past two months, this had a negative impact on the growth of Chinese exports, he explained.

The bank also attributed its previous forecast revision in February to slowing external demand.

Kuijs said he was still optimistic about the domestic performance of the Chinese economy and was confident of expected powerful investment and robust consumption domestically.

Dell to Buy more Parts from China in 2008

Personal computer giant Dell Incorporated said on March 20, 2008, it will increase parts purchases from China by 27.8 percent in 2008.

Dell will buy US$23 billion worth of computer components and other equipment from Chinese suppliers, compared with US$18 billion in 2007, said Michael Dell, chief executive officer of the PC giant, at a press conference.

However, Dell's Beijing representative office denied reports that the company was planning to buy US$29 billion of computer parts from China in 2009.

To secure a bigger share of the Chinese market, Dell broke with its Internet sales model and sealed a deal in September to sell PCs through the country's top electronics retailer, GOME Electrical Appliances.

Dell saw its PC shipments in China up 54 percent year-on-year in 2007.

The company plans to expand its retail outlets from 45 cities in 2007 to 1,200 by the end of 2008.