China’s Ministry of Commerce (MOC) announced on Tuesday temporary anti-dumping measures against Tertiary Butylhydroquinone (TBHQ) imports from India.
Economic growth in Asia is projected to remain steady at 5.4 percent in 2014 and 5.5 percent in 2015, International Monetary Fund said in report published on Monday.
Chinese Premier Li Keqiang on Monday discussed building an economic belt along the Yangtze River to underpin China’s sustainable economic development.
Chinese Premier Li Keqiang looks at a shoulder pole used by migrant worker He Shaoqiang during his inspection of the port’s infrastructure and water channel conditions in Wanzhou, Chongqing Municipality, April 27, 2014.
He made the remarks while chairing a meeting in Chongqing in southwest China. Vice Premier Zhang Gaoli also attended the meeting.
Officials from the National Development and Reform Commission, China’s economic planner, reported on plans for the economic belt, which will involve eleven regions including Shanghai, Jiangsu, Zhejiang, Anhui, Jiangxi, Hubei, Hunan, Sichuan, Chongqing, Yunnan and Guizhou.
Li said that it has been a key pattern in the world’s economic development to start in coastal areas and then move inland along rivers to the landlocked regions, and the common experience of many developed countries in their modernization.
The Yangtze River traverses eastern, central and western regions, joining the coast with the inland, and will have unique strengths and huge potential, Li said.
The Yangtze River Delta is a key pole in China’s economic growth and the central and western regions boast the largest space for China’s economic growth, according to Li.
To build the Yangtze River economic belt is to set up a new chess game so that the coastal regions can support mutually and interact positively with the central and the western regions, he said.
Through reforms and opening-up, as well as some key projects, three “blocks” in the Yangtze River economic belt are expected to be invigorated, including the delta, city clusters along the central course and the Chengdu-Chongqing economic zone, according to Li. It can provide huge new development stimuli for more than a fifth of the country’s land and about 600 million people
Though the Yangtze River’s transport volume ranks the first among the global inland rivers, it still has remarkable potential, Li said, urging more efforts to improve the river’s transport capacity.
He also expected construction of the economic belt would help deepen reforms and opening-up, break administrative division barriers and build a modern market system along the regions of the river.
He highlighted ecological safety and warned against “pollution transfer” brought about by “industry transfer.”
Hou Yongzhi, head of the Department of Development Strategy and Regional Economy under the Development Research Center of the State Council, said China’s economy must maintain a certain speed to improve people’s livelihoods and the Yangtze River economic belt could be a new economic growth pole.
The economy faces downward pressures and the decision on the Yangtze project shows that China pays much attention to the development and opening-up of the landlocked regions, while it is improving the development quality of the coastal east, Hou said.
The regions along the Yangtze are expected to accommodate industries transferred from the coastal east, deepen opening-up and boosting urbanization, Hou said.
The largest difference between the Yangtze River economic belt and other economic zones is that it joins the east, central and west in a natural way and thus can help accelerate the ongoing industry transfer and economic transformation and upgrading, said Wang Jun, an analyst with the China Center for International Economic Exchanges.
The Taiwan authority on Sunday afternoon agreed to halt the construction of the island’s fourth nuclear power plant that triggered safety concerns.
Taiwan halts nuclear construction amid protest.
Construction of the plant’s No.1 and No.2 reactors will be halted. The No.1 reactor is undergoing safety inspections but will not be activated afterward, said Fan Chiang Tai-chi, head of the Culture and Communication Committee of the ruling Kuomintang (KMT) Party.
The administrative authority also promised to convene a meeting to discuss the future electricity supply of the island, he said.
The two-point consensus were announced after a meeting between Taiwan leader Ma Ying-jeou, administrative head Jiang Yi-huah and 15 KMT mayors and county heads.
Thousands of people on Sunday afternoon occupied the Zhongxiao West Road, a busy street in front of the train station in Taipei, where they sat or lied down on the ground to protest against the plant.
The traffic authority estimated that 77 bus lines and about 450,000 passengers had been affected by the traffic gridlock.
The demonstrators have vowed to continue their grip on the street until the authority responded to their demands, including scrapping the plant and lowering the turnout threshold for holding a “referendum.”
The Taiwan authority and the KMT on Thursday agreed to hold a “referendum” on whether to activate the plant. Taiwan’s current act requires participation of at least half of the island’s eligible voters to make a “referendum” valid.
Civic groups have long protested against the plant, which is under construction in New Taipei City, over safety fears. Protests have escalated since Tuesday when former DPP chairman Lin Yi-hsiung staged a hunger strike to demand construction of the plant be scrapped.
The Taiwan Power Company, which is in charge of the island’s power supply, has said if the plant stopped construction, the heavy debt would cause the bankruptcy of the company.
WPP, the global advertising giant, Friday reported that its 2014 first quarter revenues rose 1.5 percent to 2.57 billion pounds (4.3 billion U.S. dollars), with like-for-like growth of 7.0 percent, driven by the United States and British markets.
The trend of growth in China’s current and capital accounts diverged in the first quarter with a smaller surplus in the former and a bigger one in the latter.
China Life Insurance Co., Ltd., the country’s largest life insurer, on Friday declared its net profits down 28 percent year on year to 7.23 billion yuan (1.17 billion U.S. dollars) in the first quarter of 2014.
More Chinese private companies are pinning their hopes on overseas markets as they search for profits.
The Swedish home appliances group Electrolux reports strong organic sales growth in the first quarter of 2014, mainly driven by improved product mix, said the company in a statement on Friday.
Unilever saw its sales in the first quarter decline by 6.3 percent due to lower demand, the Anglo-Dutch consumer goods company announced on Thursday.