1. China raises minimum purchase price for wheat, rice
China's National Development and Reform Commission (NDRC) announced that the minimum purchase price for wheat and rice in 2008 will be raised slightly in an effort to protect farmers' interests in grain production. The announcement said the minimum purchase price for different types of rice ranges from RMB75 to RMB79 per 50 kilograms, while that for wheat ranges between RMB70 and RMB75. [www.sohu.com, 2008.02.20]
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2. MII forecasts an increasing number of investors will move factories from China overseas
Feb. 19, the Ministry of Information Industry (MII) issues a statistical report forecasting an increasing number of investors will move their factories from China overseas, to such places as Vietnam and the Philippines. This trend will expand in 2008. The revaluation of the renminbi and the new labor contract law are in part reasons for this change. [www.sina.com.cn, 2008.02.20]
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3. China to levy higher export tariffs on certain fertilizer products; fertilizer enterprises still favor export businesses
The Ministry of Finance issues a series of tariff policies. The finance ministry said it will levy higher export tariffs on ammonium dibasic phosphate and ammonium biphosphate through the end of Sept. It said the tariff will be raised to 35% from 20%. The hike will be retroactive from Feb. 15 and will last until Sept. 30, the ministry said. After that, the government will continue to implement a 20% tariff for the products from Oct. 1 to Dec. 31. But, fertilizer enterprises still favor export businesses. [www.p5w.net, 2008.02.20]
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4. Foreign investment volume will increase by 200% in 2008
Feb. 18, Bo Xilai, secretary of the Chongqing Municipal Committee of the Communist Party of China (CPC), says at a municipal meeting that Chongqing will attract $3b foreign investment in 2008, up 200% over 2007. BASF and its Chinese partner will jointly invest $4b in a chemical project in Chongqing. BP has a cooperation project with China Petroleum & Chemical Corp. (Sinopec) in Chongqing. [www.jrj.com.cn, 2008.02.20]
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5. China FDI more than doubles in Jan.
China used $11.2b in foreign direct investment (FDI) in Jan., growth of 109.78% over the same period last year, sources with the Ministry of Commerce said. Observers believe the impressive growth indicates foreign investors' strong confidence in China's sustained and rapid economic growth. They say in the coming months, FDI in China will remain large but the growth rate will slow down. The Commerce Ministry sources says China's FDI absorption has entered a new stage, in which quality, instead of quantity, has begun to play a major role. Mergers and acquisitions perform in tandem with the establishment of new operations as the main pattern for FDI. While FDI has continued to grow, the number of newly-established foreign-funded enterprises is demonstrating a downard trend. [www.hexun.com, 2008.02.20]
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6. Ministry of Commerce: influence of freakish weather on supply of agricultural products will become evident gradually
Feb. 19, the Ministry of Commerce says the influence of the unusual weather on the supply of agricultural products will become evident gradually. Last week, the price of agricultural products dropped 0.6% from the prior week. [www.cctv.com.cn, 2008.02.20]
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7. China starts charging full consumption tax on lubricants, naphtha and fuel oil
China began charging the full consumption tax on lubricants, naphtha, solvents and fuel oil beginning Jan 1, the Ministry of Finance and the General Tax Bureau said in a statement. According to the statement, China started charging the full rate after previously collecting only 30% of the tax. The full rate on fuel oil is RMB0.1 per liter, while the full rate for naphtha, lubricants and solvents is RMB0.2 per liter. [www.cctv.com.cn, 2008.02.20]
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8. Several cities including Beijing researching "Economic Rent" housing plans
According to the Ministry of Construction, several cities including Beijing are researching "Economic Rent" housing solutions. These solutions will help "middle-income" families improve their living conditions. [www.cctv.com.cn, 2008.02.20]
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9. China to further ban foreign cartoons from being aired during prime time
China will extend its ban on the airing of foreign cartoons during prime time by one hour, its latest initiative to "spur the domestic cartoon industry", said a circular by the country's TV watchdog. According to the circular issued by the State Administration of Radio, Film and Television (SARFT), no foreign cartoons or programs introducing foreign cartoons can be shown from 5 p.m. to 9 p.m., the "golden hours", on all domestic cartoon channels and children's channels starting May 1. The original ban, imposed by SARFT in Aug. 2006, required airing of foreign cartoons to be only before 5 p.m. or after 8 p.m. The airing of cartoons co-produced by domestic and foreign producers will require approval from SARFT for the 5 p.m. to 9 p.m. time slot starting May 1. Only domestic cartoons approved by SARFT can be aired during "golden hours". [www.66wz.com, 2008.02.20]
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10. One bank and three commissions jointly issue "Eleventh 5-Year Plan" for China's finance industry
Feb. 19, the "Eleventh 5-Year Plan" for China's finance industry is published on the official website of the People's Bank of China (PBOC). It is jointly drafted by the PBOC, China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC). Eight working targets and six working focuses are introduced. [www.163.com, 2008.02.20]
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11. Severe winter costs China's forestry sector RMB57.3b
The severe winter this year has cost China's forestry sector RMB57.3b in losses and could affect parts of the sector for the next three to five years, the State Forestry Administration (SFA) said. The worst winter in five decades in some areas damaged 20.86m hectares (297m mu) of forests, according to the administration. The forest sector had little experience in dealing with such events, SFA deputy director Zhu Lieke told reporters. He said that measures had been adopted to help restore forest farms. [www.163.com, 2008.02.20]
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