Regaining Momentum

China's economic growth will steadily regain speed in 2013 despite global economic uncertainties, according to a blue paper recently published by the Social Sciences Academic Press. Thanks to proactive fiscal and prudent monetary policies introduced in 2012, along with a more coordinated economic growth model propelled by consumption, investments and exports, the momentum of China's economic growth will continue, says the paper. The blue paper also warns that the country needs to advance its opening up and reform and restructure its economic growth model to ensure sustainable growth. The document, which focuses on the development of the BRICS nations, says China is the only country in the group with a service industry that accounts for less than half of its economy.

Beijing New Airport

Beijing plans to build a new airport in Daxing District, a southern suburb that borders Hebei Province. Construction on the new airport is expected to start in 2014, and preparation work is already underway, said Shao Heng, an official from the Daxing District Government. The new airport will serve as an engine for Beijing's economic development and a new landmark for the capital, according to the Beijing Municipal Commission of Development and Reform. Meanwhile, an air transport-related economic zone is also planned, which will be funded by an investment of 84 billion yuan ($13.4 billion).

Low-Carbon Certification

China will build a unified certification system for low-carbon products as part of an effort to boost consumption of environmentally friendly goods, said the National Development and Reform Commission recently. An independent third-party agency will assess the carbon footprint of products and services and grant low-carbon certificates to those that have met certain requirements, according to the commission.

Strengthen Industry Associations

China will improve its industry associations in an effort to streamline government agencies and readjust government roles, the Ministry of Civil Affairs announced in April. The ministry is going to further decouple industry associations from government agencies with which they were previously affiliated and allow them to play their own roles in market regulation. It will also launch a campaign to boost the self-discipline and social credibility of industry associations.

Railway Pricing Unchanged

China's railway rates for freight and passenger transport will continue to be set by the government, said Cao Changqing, head of the National Development and Reform Commission's Department of Prices. Cao said that the country will continue to charge government-set or government-guided prices for the railway sector after China Railway Corp., a state-owned company that has taken over the commercial functions of the former Ministry of Railways, went into business in March. The railway sector's pricing scheme is based on both the sector's normal operation and development, as well as the daily travel and interests of the general public.

Innovation to Boost International Trade

Yiwu may implement financial reform schemes in the middle of the year as it looks to improve global trade, the China Securities Journal reported recently. As the country's largest small commodity wholesale market and distribution center, the city is determined to highlight the importance of reform through innovative financial trade development. The city will establish a bank to finance international trade, as well as boost Chinese yuan settlements and foreign exchange management, according to the report. The schemes are expected to attract both Chinese and foreign strategic investors.

Nonferrous Metals Slump

Despite an increase in the production of nonferrous metals, the sector's profits declined markedly in 2012. Combined profits of nonferrous enterprises with annual revenues of more than 20 million yuan ($3.22 million) sunk to 166.6 billion yuan ($26.82 billion), a year-on-year decline of 16.3 percent, according to the China Nonferrous Metals Industry Association (CNIA). Jia Mingxing, Vice Chairman of the CNIA, said the industry is still facing challenges in areas including environmental protection, energy conservation, resource guarantees and excess production capacity.

Canton Fair

The 113th Canton Fair opened in April with the aim of boosting Chinese exports and promoting the integration of the country's economy with the world. The opening happened during an overall Chinese economic slowdown, despite 13.4 percent growth in foreign trade in the first quarter of this year. Nearly 25,000 companies, including 562 from 38 foreign countries or regions are attending the fair, which is China's largest. The fair, officially dubbed the China Import and Export Fair, will further promote the integration of China's economy with the world, the stabilization of exports and the expansion of imports, said China's Vice Minister of Commerce Li Jinzao.

Numbers

$31.64 billion

M&A transaction value in the Chinese market in the first quarter of 2013

50.9%

China's PMI for the manufacturing sector in March

50.9%

China's PMI for the manufacturing sector in March

2.1%

China's CPI in March

2.5%

Projected growth for Egypt's economy during the 2012-13 fiscal year

$7 million

World Bank line of credit approved in April to improve healthcare services in Djibouti