Growth Driver
Driven by strong domestic demand, the developing economies of East Asia and the Pacific continue to be an engine of global growth, growing at 7.5 percent in 2012, a greater increase than any other region in the world, according to the World Bank in its latest analysis of the regional economy. Fiscal and monetary policies to boost consumption and investment helped sustain growth across the region in 2012, with middle-income countries performing particularly well. Developing economies excluding China grew 6.2 percent in 2012, up from 4.5 percent in 2011.
Joining Hands
Alibaba Group, China's largest e-commerce company, has spent $586 million to buy an 18-percent share of Sina Weibo, the Chinese equivalent of Twitter, in an attempt to monetize the hugely influential social media platform. The deal is expected to combine Alibaba's e-commerce strength with Sina Weibo's user base to explore social commerce and develop marketing solutions for merchants. The two companies said the deal is expected to generate approximately $380 million in advertising and revenues from social commerce services for Sina Weibo over the next three years.
Consumer Rights
A draft amendment to China's Consumer Rights Law was recently published by the nation's top legislature in order to solicit public opinion. The draft provides clarification regarding the protection of personal information and suggests heavier punishments for commercial fraud. The draft also includes regulations pertaining to online shopping, as China's booming e-commerce market is not sufficiently covered by current Consumer Rights Laws.
Pharmaceutical Ingredient Exhibition
Organized by the China Chamber of Commerce for the Import & Export of Medicines & Health Products, the 13th session of CPhI China, an international exhibition on pharmaceutical ingredients industry, will be held in Shanghai from June 25 to 27. The annual export-oriented exhibition displays the new technologies and products of China's pharmaceutical ingredient producers. It will provide an exhibiting platform for 2,500 exhibitors from more than 20 nations and regions, and host more than 40,000 professional purchasers from around world.
Numbers
6.8%
Year-on-year increase in China's crude steel output in April
15.2%
Total return of South Africa's property sector in 2012
$80 million
World Bank earmarks for the construction of the Ganta-Fishtown Highway in Liberia |