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A staff member checks a 50-meter-high electricity transmission line in Changxing County， east China’s Zhejiang Province， on July 31， a day before the line was put on a test run.
Upon its completion， it will transmit 50 billion kwh of electricity each year from neighboring Anhui Province to Zhejiang Province and Shanghai.
FTA Talks
China， Japan and South Korea started their second round of trilateral talks on a free trade agreement（FTA） in Shanghai from July 30 to August 2.
The talks covered the cargo and services trade， customs procedures， trade remedies， intellectual property rights and e-commerce.
The three countries have seen increasingly close economic and trade relations， said Yu Jianhua， a representative for China’s international trade negotiation.
In 2012， the three countries’ combined GDP totaled $15 trillion， accounting for about 20 percent of the world’s total and 70 percent of Asia’s total. In 2012， bilateral trade between China and Japan exceeded$329 billion， while China-South Korea trade surpassed $256 billion.
The first round of trilateral talks was held in March in Seoul. The third round will be held in Japan at the end of 2013.
Liquidity Injection
The People’s Bank of China， the country’s central bank， injected 17 billion yuan （$2.77 billion） into money markets on July 30 through seven-day reverse bond repurchase agreements， the first such move in five months， to ease concerns over a credit crunch that pushed benchmark interbank lending rates to fourweek highs.
Analysts said that although the volume of the operation was limited， it sent a signal to money markets.
Liquidity eased on July 30 in response to the central bank’s money injection. The seven-day Shanghai interbank offered rate， a gauge of the availability of cash in the banking system， fell 8.5 basis points to 4.97 percent， according to a weighted average compiled by the National Interbank Funding Center. Stocks rose on July 30 after the central bank’s liquidity injection， with the benchmark Shanghai Composite Index climbing for the first time in five days as it added 0.7 percent to close at 1，990.38.
Green Investment
China’s investment in renewable energy during the 12th Five-Year Plan period （2011-15） will reach 1.8 trillion yuan （$294 billion） in addition to 2.3 trillion yuan （$375 billion） on energy-saving and emission reduction. “China has carried out a series of policies to cope with climate change and we have achieved some success after several years of effort，” said Xie Zhenhua， Vice Minister of the National Development and Reform Commission， during the Caring for Climate China Summit held by the Global Compact Network China.
From 2006 to 2012， China’s energy consumption per unit of the GDP was reduced by 23.6 percent， which equals a reduction of 1.8 billion metric tons of carbon emissions， according to Xie.
However， he admitted China’s economic development depends heavily on high-energy consumption and produces high emissions， and that the country’s emission per capita is higher than the global average.
“China will continue to make great effort to reduce emissions， improve air quality and accelerate sustainable economic development，”Xie said.
Thriving E-commerce
Online shopping is no longer exclusively for city dwellers， as residents of smaller locales are now spending more money buying goods on the Internet.
People living in counties and townships each spent an average of 5，628 yuan （$911） online in 2012， almost 1，000 yuan （$163） more than their urban counterparts， according to a report released on June 29 by Taobao， China’s leading online shopping site.
The report showed that county and township residents placed an average of 54 orders each on Taobao in 2012， far more than the 39 orders placed by e-shoppers living in China’s first- and second-tier cities.
Though with generally lower incomes， residents in small towns and counties tend to have similar online spending habits as their urban counterparts， according to a report released in March by McKinsey Global Institute.
The McKinsey report said that for every 100 yuan （$16.31） spent online， 57 yuan （$9.30） is spent by people in third- and fourth-tier cities， greater than the national average of 39 yuan （$6.36）.
Revenues Slow
The Ministry of Finance announced on July 29 that China’s tax revenues， a major source of the government’s fiscal income， grew at a slower pace in the first half of 2013.
During the January-June period， the government collected tax revenue totaling 5.93 trillion yuan（$961 billion）， up 7.9 percent year on year， but slower than the 9.8-percent increase seen in the same period of last year.
China’s fiscal revenue growth faltered on the back of a continuous economic slowdown and the country’s structural tax reforms， including a pilot program to reduce Chinese companies’ tax burden by replacing the turnover tax with a value-added tax （VAT）， a type of tax levied on the difference between a commodity’s retail price and production cost.
The revenue from the VAT increased 6.6 percent to 1.43 trillion yuan （$233 billion）， down 1.5 percentage points from the growth in the first half of 2012.
Not So Lucrative
Staff load crude steel for export in Ganyu Port， east China’s Jiangsu Province.
China’s iron and steel output increased 7.4 percent in the first half of 2013 to a record high， but the profit margin was only 0.13 percent.
Numbers
704.3 bln yuan
Total loan balance of China’s 7，086 small-credit companies at the end of June
18.2%
Year-on-year growth in net profits of China’s 113 central state-owned enterprises between January and June
34.8%
Growth in trade volume between the Chinese mainland and Taiwan in the first half of 2013
66.9 bln yuan
Amount of money that the Central Government has allocated to fund major road projects
Upon its completion， it will transmit 50 billion kwh of electricity each year from neighboring Anhui Province to Zhejiang Province and Shanghai.
FTA Talks
China， Japan and South Korea started their second round of trilateral talks on a free trade agreement（FTA） in Shanghai from July 30 to August 2.
The talks covered the cargo and services trade， customs procedures， trade remedies， intellectual property rights and e-commerce.
The three countries have seen increasingly close economic and trade relations， said Yu Jianhua， a representative for China’s international trade negotiation.
In 2012， the three countries’ combined GDP totaled $15 trillion， accounting for about 20 percent of the world’s total and 70 percent of Asia’s total. In 2012， bilateral trade between China and Japan exceeded$329 billion， while China-South Korea trade surpassed $256 billion.
The first round of trilateral talks was held in March in Seoul. The third round will be held in Japan at the end of 2013.
Liquidity Injection
The People’s Bank of China， the country’s central bank， injected 17 billion yuan （$2.77 billion） into money markets on July 30 through seven-day reverse bond repurchase agreements， the first such move in five months， to ease concerns over a credit crunch that pushed benchmark interbank lending rates to fourweek highs.
Analysts said that although the volume of the operation was limited， it sent a signal to money markets.
Liquidity eased on July 30 in response to the central bank’s money injection. The seven-day Shanghai interbank offered rate， a gauge of the availability of cash in the banking system， fell 8.5 basis points to 4.97 percent， according to a weighted average compiled by the National Interbank Funding Center. Stocks rose on July 30 after the central bank’s liquidity injection， with the benchmark Shanghai Composite Index climbing for the first time in five days as it added 0.7 percent to close at 1，990.38.
Green Investment
China’s investment in renewable energy during the 12th Five-Year Plan period （2011-15） will reach 1.8 trillion yuan （$294 billion） in addition to 2.3 trillion yuan （$375 billion） on energy-saving and emission reduction. “China has carried out a series of policies to cope with climate change and we have achieved some success after several years of effort，” said Xie Zhenhua， Vice Minister of the National Development and Reform Commission， during the Caring for Climate China Summit held by the Global Compact Network China.
From 2006 to 2012， China’s energy consumption per unit of the GDP was reduced by 23.6 percent， which equals a reduction of 1.8 billion metric tons of carbon emissions， according to Xie.
However， he admitted China’s economic development depends heavily on high-energy consumption and produces high emissions， and that the country’s emission per capita is higher than the global average.
“China will continue to make great effort to reduce emissions， improve air quality and accelerate sustainable economic development，”Xie said.
Thriving E-commerce
Online shopping is no longer exclusively for city dwellers， as residents of smaller locales are now spending more money buying goods on the Internet.
People living in counties and townships each spent an average of 5，628 yuan （$911） online in 2012， almost 1，000 yuan （$163） more than their urban counterparts， according to a report released on June 29 by Taobao， China’s leading online shopping site.
The report showed that county and township residents placed an average of 54 orders each on Taobao in 2012， far more than the 39 orders placed by e-shoppers living in China’s first- and second-tier cities.
Though with generally lower incomes， residents in small towns and counties tend to have similar online spending habits as their urban counterparts， according to a report released in March by McKinsey Global Institute.
The McKinsey report said that for every 100 yuan （$16.31） spent online， 57 yuan （$9.30） is spent by people in third- and fourth-tier cities， greater than the national average of 39 yuan （$6.36）.
Revenues Slow
The Ministry of Finance announced on July 29 that China’s tax revenues， a major source of the government’s fiscal income， grew at a slower pace in the first half of 2013.
During the January-June period， the government collected tax revenue totaling 5.93 trillion yuan（$961 billion）， up 7.9 percent year on year， but slower than the 9.8-percent increase seen in the same period of last year.
China’s fiscal revenue growth faltered on the back of a continuous economic slowdown and the country’s structural tax reforms， including a pilot program to reduce Chinese companies’ tax burden by replacing the turnover tax with a value-added tax （VAT）， a type of tax levied on the difference between a commodity’s retail price and production cost.
The revenue from the VAT increased 6.6 percent to 1.43 trillion yuan （$233 billion）， down 1.5 percentage points from the growth in the first half of 2012.
Not So Lucrative
Staff load crude steel for export in Ganyu Port， east China’s Jiangsu Province.
China’s iron and steel output increased 7.4 percent in the first half of 2013 to a record high， but the profit margin was only 0.13 percent.
Numbers
704.3 bln yuan
Total loan balance of China’s 7，086 small-credit companies at the end of June
18.2%
Year-on-year growth in net profits of China’s 113 central state-owned enterprises between January and June
34.8%
Growth in trade volume between the Chinese mainland and Taiwan in the first half of 2013
66.9 bln yuan
Amount of money that the Central Government has allocated to fund major road projects