F REIGN TRADE - 中国国际贸易促进委员会

PoliciesChina to timely fine-tune monetary policyChina will maintaina prudent monetarypolicy in the monthsahead, while timely andappropriately fine-tuningthe policy, the People’sBank of China (PBOC),or the central bank, saidon May 10, Xinhua reported.The government willmake its monetary policymore targeted, flexibleand forward-looking,said a report releasedby the PBOC to addressthe country’s monetarypolicy adopted in the firstquarter.The statement cameas the world’s secondlargest economy is tryingto cool inf lation whilesustaining economicgrowth. Its first quarterGDP growth hit a nearly three year low of 8.1percent caused by sagging exportsand domestic tightening efforts.The economy still has many favorable conditions and positive factors tosupport steady growth, the report said, citing an improving external market andrapid development in the country’s central and western regions, it said.But it also faces lingering uncertainties, which include a correcting propertymarket that will affect growth in the short term, and fluctuating consumer prices,the report said.Consumer prices may rebound, as prices of labor-intensive agriculturalproducts, service products and resource productstend to surge on rising labor costs, anda volatile global commodity market has keptimported inflationary pressure in place, thereport warned.While checking changes in foreign exchangefunds and market credit demand, thePBOC will use combined monetary toolssuch as open market operations and banks’reserve requirement ratio (RRR) to flexiblyregulate banking liquidity, it said.China to expand high-endequipment manufacturingsectorChina is looking to expand the sales revenueof its high-end equipment manufacturingsector to six trillion yuan ($951 billion)by 2015, according to the industry’s 12thFive-Year Plan (2011-15) published on May 7by the Ministry of Industry and InformationTechnology, China Daily reported.Sales of high-end equipment will accountfor 15 percent of the overall revenue ofequipment manufacturing industry, and helpgenerate 28 percent of industrial added value,together with alarger share of the global market,according to the plan on the ministry’swebsite.By 2020, the proportion of revenue willexpand to 25 percent, while the industrialadded value part will grow another two percentagepoints, which will make high-endequipment manufacturing a pillar industry ofthe world’s second-largest economy.Figures1.1bThe Chinese government has allocateda total of 1.1 billion yuan ($174 million) fromthe central budget to the National PublicationFoundation since 2008, according to astatement from the General Administrationof Press and Publication (GAPP).6thForeign direct investment (FDI) intoChina fell for a sixth straight month inApril amid global economic woes.51.1%Macao’s visitor arrivalsin package tourssurged by 51.1 percentyear-on-year to 754,163in March 2012, accordingto the figuresreleased on May 14 bythe city’s Statistics and Census Bureau.47,415Shanghai General MotorsCo., Ltd. (ShanghaiGM) will recall 47,415Chevrolet Aveo-model carsover faulty brake fluid reservoirs,China’s consumerquality watchdog said onMay 11.2