You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Policies<br />
PBOC to continue “prudent” policies<br />
China’s central bank reiterated its “prudent” monetary stance for 2013 while<br />
pledging to strengthen financial reform and avoid risks amid rising inflationary<br />
pressures, China Daily reported.<br />
The central bank will maintain consistency and stability in its policies, while<br />
helping credit supply and total social financing grow steadily, the People’s Bank of<br />
China said in a statement published on its official website.<br />
The statement was released at the end of the central bank’s annual work conference,<br />
which set the policy tone for 2013.<br />
The PBOC’s focus this year will also be on containing financial risks and promoting<br />
reform of the financial system.<br />
“We will strengthen monitoring over financial risks and firmly hold the bottom<br />
line of no systemic and regional risks,” the PBOC said in the statement, adding that<br />
it will enhance supervision over non-financial institutions of funding capability, and<br />
accelerate establishment of a deposit insurance system.<br />
But analysts said that as the central bank set lower-than-expected growth targets<br />
for monetary supply while more investment projects need capital backup this<br />
year, the unavoidable rising dependence on non-bank financing, such as trust loans<br />
and bond sales, might pose greater risks for the economy.<br />
plan says.<br />
The government is targeting an annual<br />
production value of 150 billion yuan ($23.8 billion)<br />
by 2015 for the biofuel sector, according<br />
to the plan.<br />
The sector’s overall output has risen at an<br />
annual average of more than 20 percent since<br />
2006, reaching 2 trillion yuan in 2011, according<br />
to the plan.<br />
The sector is one of seven emerging industries<br />
that the government is aiming to promote<br />
over the next few years in order to turn domestic<br />
consumption and technological innovation<br />
into driving forces for the economy.<br />
China to boost biotech industry<br />
The Chinese government will give a boost to the biotechnology industry in<br />
order to tackle problems related to population growth, food safety, energy conservation<br />
and environmental protection, the State Council was quoted as saying by Xinhua.<br />
The government aims to double the share of GDP that the sector’s value-added<br />
output accounts for by 2015 from the 2010 level, according to a biotech industry development<br />
plan unveiled by the State Council, or China’s cabinet.<br />
The sector will see its output surge at an average annual rate of more than 20<br />
percent from2013 to 2015, according to the plan.<br />
The government also plans to improve the sector’s innovation and technological<br />
prowess to make it a pillar industry by 2020.<br />
New medicines, crops, biofuels and environmental technology are needed to<br />
protect the health of an aging population, ensure food safety and save energy, the<br />
Figures<br />
650 bln<br />
The Chinese government<br />
plans to invest 650 billion<br />
yuan ($103.56 billion)<br />
in railway construction this<br />
year, nearly equivalent to<br />
the amount spent last year.<br />
8.2 trln<br />
China’s new yuan-denominated<br />
lending reached<br />
8.2 trillion yuan<br />
($1.3 trillion) in<br />
2012, up 732 billion<br />
yuan year on<br />
year, the central<br />
bank announced.<br />
2.5%<br />
China’s consumer price index<br />
(CPI), a main gauge of inflation,<br />
grew 2.5 percent year on year in<br />
December, the fastest pace since<br />
June, NBS announced.<br />
6.2%<br />
The number of sale and purchase<br />
agreements for all Hong<br />
Kong building units for 2012 was<br />
115,533, up 6.2 percent over a year<br />
earlier, the city’s Land Registry<br />
announced.<br />
4
Change language