GDP Revised

The National Bureau of Statistics (NBS) in September lowered Chinaís growth rate for 2012 to 7.7 percent based on its preliminary verification. The revised GDP came in at 51.89 trillion yuan ($8.41 trillion), down 38 billion yuan ($6.21 billion) from the preliminary calculation figure that put the annual rate at 7.8 percent, said the NBS. Primary industries took up a 10.1-percent share in the GDP structure, while the secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent, respectively, remaining unchanged from the preliminary calculation. The NBS calculates each yearís GDP three times - a preliminary calculation, a preliminary verification and a final verification that is due several months later.

Adding Value

Rob Davies, the minister of South Africaís Department of Trade and Industry called for more structurally balanced trade agreement betweenChinaandSouth Africa, as the latter is not satisfied with being solely an exporter of raw material and wants to look towards exporting more goods and commodities of a higher value.

At the 17th China International Fair for Investment and Trade, an annual event held inXiamen, southeast Chinaís Fujian Province, on September 8-11,South Africawas made the guest of honor at the 17th CIFIT and had the largest pavilion out of all of the countries and regions represented at the event.

In 2012, South Africaís trade deficit with China rose and the countryís exports toChinadeclined, compared to 2011.

ìThis is a reminder that we canít simply be a producer and exporter of raw materials,î Davies toldChinAfrica.

Push for Private Investment

The Chinese Government recently vowed to ensure implementation of supportive policies for private investment to spur economic growth and industrial upgrades.Chinawill further remove entry barriers restricting the growth of private investment, according to a statement released after a State Council executive meeting. China will soon launch some demonstration projects with private capital participation, said the statement, adding that the projects will be in the finance, petrol, power, railway, telecommunication, resource development and public utilities sectors.

Overseas Securities Investment

Chinaís foreign exchange regulator in September moved to assist domestic investors buy overseas securities, by relaxing rules on foreign exchange for qualified

domestic institutional investors (QDIIs). The limits will be canceled and the procedures simplified, the State Administration of Foreign Exchange said. The

administration ensures net outflow does not exceed approved investment quotas and will step up supervision of cross-border capital flow to guard against risk. The QDII project was initiated in 2006 to allow Chinese banks, fund managers and insurance companies to invest in overseas securities under a quota management mechanism. CA

Numbers

9.2% China's fiscal revenue rise in August

$71.7 billion China's online shopping transactions in the second quarter of 2013

13.4% China's retail sales year-onyear growth in August