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China Youth Daily April 21
Social media users have played an important role in earthquake relief efforts， providing emotional support to powerless people after the April 20 earthquake in Sichuan Province.
The disaster has left those suffering with little choice but to help and support each other. Five years ago when the Wenchuan earthquake broke out， social media such as Microblogging were not as popular as today. Now， such communication platforms have grown into an indispensable force in disaster relief.
People have u t i l i z e d both Microblogging and WeChat to look for those lost in the quake and those in need of help. They remind journalists not to unnecessarily portray victim’s families and put news before saving lives. They share opinions on how social organizations and individuals should function in disaster relief efforts， how injured people should help themselves， how to prevent secondary disasters and how to keep roads unblocked.
A netizen’s words prove that the Chinese have grown more mature in dealing with disasters： What we need is not tears and sorrow but strength， which the Internet has made us feel.
Orderly Disaster Relief Economic Information Daily April 22
Immediately after the Ya’an earthquake， a number of disaster relief and medical teams headed to the quake-hit area alongside a large quantity of goods， materials and money. The rescue and relief work has been carried out faster than ever. However， we still need to make efforts to improve efficiency.
First， in any country， the government takes the biggest share of responsibility in disaster relief efforts. Professional and social organizations are also important forces. However， it is unnecessary for unprofessional individuals to head to the quake-hit area soon after the disaster， as it may cause traffic congestion and block the entrance of professional teams and necessary equipment.
Second， government and social disaster relief forces should be better coordinated with each other. For example， some areas have been overcrowded with relief machines while other places remain in urgent need of such utilities.
Third， donations and funds allocated by the government should be properly distributed among regions. Areas that were less seriously hit by the earthquake may be more urgently in need of money than worse hit areas because they receive less media coverage and therefore fewer donations.
Information Transparency Guangming Daily April 23 While feeling sorrow for the victims of the Ya’an earthquake， the public has praised the timeliness and transparency of issued information.
Sources have satisfied people’s demand for information from the quake zone and helped prevent the spread of false information online.
Premier L i Keqiang stressed during his trip to the quake-hit zone that the disaster， relief efforts and casualties must be revealed in time so as not to hinder rescue work. Chinese media are also performing well. China Central Television， China National Radio and Sichuan TV Station have offered aroundthe- clock l ive broadcasts of the situation， delivering fresh news from the disaster area. Having reported on the massive Wenchuan earthquake in 2008， the national and local media outlets have a stronger sense of social responsibility.
The public has noticed the increased transparency of information since the quakes in Wenchuan， Yushu and now Ya’an. Such a regular issue of information is improving government relief efforts and is winning more public trust.
After the rescue operation， what is important next is the reconstruction of quakehit areas. Is it possible to continue the momentum in information transparency on how the relief resources and funds are used？ This is another major test. It is hoped that government departments and various charity and social organizations alike will live up to public expectations.
U.S. General visits
Chinese President Xi Jinping meets with Martin Dempsey， Chairman of the U.S. Joint Chiefs of Staff， in Beijing on April 23.
Xi said that he believes Dempsey’s visit will further help advance bilateral military ties in a healthy and stable way.
For his part， Dempsey said that he was satisfied with his interactions with Chinese military officers during his trip.
Dempsey arrived in Beijing on April 21 for a five-day visit， the first since he assumed office.
Terror in Xinjiang
A violent clash between suspected terrorists and authorities in northwest China’s Xinjiang Uygur Autonomous Region left 21 people dead， including 15 community workers and police officers and six suspects， local authorities said on April 24.
The attacks happened on April 23 in Bachu County， Kashgar Prefecture， some 1，200 km southwest of Urumqi， regional capital of Xinjiang.
Three community workers phoned supervisors to report suspicious individuals and knives in a local residence， but were subsequently kidnapped by hidden occupants. Suspects killed the three community workers and several police officers and township officials who rushed to the scene， and burned the building before armed reinforcements arrived to bring the situation under control.
Eight terror suspects were captured and further investigations are underway.
history matters
China urged Japan to take meaningful action to win the trust of other countries following Japanese politicians’ recent visits to the warrelated Yasukuni Shrine.
Their visits were intended to“deny the history of Japanese militarist aggression，” Foreign Ministry spokeswoman Hua Chunying said at a press briefing on April 23， the day a group of 168 Japanese lawmakers visited the Tokyo shrine， which honors Japanese war dead， including 14 military leaders convicted of war crimes for actions in World War II.
Several days earlier， Japanese Prime Minister Shinzo Abe made donations to the shrine and three cabinet ministers prayed there.
Japan’s neighbors in Asia and the international community should be highly alert to the country’s behavior and intentions， Hua said. Only when Japan learns from history can it embrace the future， the spokeswoman added.
another carrier
A senior officer with the People’s Liberation Army （PLA） Navy said on April 23 that “China will have more than one aircraft carrier.”
Song Xue， Deputy Chief of Staff of the PLA Navy， told foreign military attaches at a ceremony to celebrate the PLA Navy’s 64th founding anniversary in Beijing，“The next aircraft carrier will need to be larger and carry more fighters.”
However， Song said some foreign media reports on China’s building new aircraft carriers in Shanghai were not accurate.
Currently， China operates one aircraft carrier， the Liaoning ， which entered service on September 25， 2012.
Captain of the Liaoning Zhang Zheng told foreign military attaches that his crew has mastered independent operation of all weapon systems on the carrier.
Flu Origins
Scientists have found that the H7N9 flu virus in humans has a similar genetic sequence to that of H7N9 found in live poultry， the Chinese Academy of Agricultural Sciences（CAAS） said on April 23.
Studies carried out by the CAAS Harbin Veterinary Research Institute found that the H7N9 flu virus is a combination of genes from various viruses， a CAAS statement said. Researchers collected 970 samples from live poultry markets and farms in Shanghai and Anhui Province. Twenty of the samples from the markets were positive and all samples from poultry farms were negative.
environmental tax
To promote environmental protection， the Chinese Government is considering introducing environmental taxes in the country’s ecocompensation mechanism， an official said on April 23.
The government is also planning to further a reform in the resource tax system as a measure to increase compensation for environmental protection and ecological preservation efforts， according to a report by Xu Shaoshi， Minister of the National Development and Reform Commission.
Xu delivered the report on behalf of the State Council to lawmakers attending the bimonthly session of the Standing Committee of the National People’s Congress（NPC）， China’s top legislature， that opened in Beijing on April 23.
In addition to compensation drawn from central and local fiscal funds， China will turn to more market-oriented systems， such as carbon and emissions trading as well as eco-friendly package labeling to encourage environmental protection， Xu said.
Reactor Evaluated
The initial design of the ACP1000， China’s domestically developed advanced pressurized water reactor， passed an authoritative industry evaluation on April 19， the developer of the nuclear reactor said.
About 40 experts from relevant departments and industry associations participated in the evaluation. They concluded that the technology and safety index of the ACP1000 are on par with the world’s third generation of nuclear reactors and the reactor can be completely designed and built in China.
The China National Nuclear Corp. （CNNC）， the developer of the ACP1000， said that it has finished a preliminary safety analysis report， and it is working on plans for construction by the end of the year.
The CNNC added that it has the complete intellectual property rights for the ACP1000 reactor， which boasts a designed lifespan of 60 years. The company has already signed export contracts for the reactor.
Robot association
The China Robot Industry Association was launched in Beijing on April 21 to promote the application of robot technologies and products.
The association was initiated by the China Machinery Industry Federation （CMIF） as a non-profit organization that will focus on robot research and development， production and utilization. The robot association has 77 members， including major enterprises in the sector and research institutes.
Members will cooperate on technology， marketing and intellectual property rights to popularize the use of robotics， said Wang Ruixiang， President of the CMIF.
China’s robotics market represents a fifth of the world market. At present， foreign brands dominate more than 90 percent of China’s robot market. In 2011， robot imports rose 62 percent to 38，000 units with a total value of $866 million.
IPR Suits
Courts across China handled 83，850 civil lawsuits over intellectual property rights （IPR） in 2012， up 44.1 percent from 2011， according to an IPR white paper the Supreme People’s Court released on April 22.
Also in 2012， courts across the country received about 87，420 new civil lawsuits over IPR issues， a jump of 46 percent from 2011.
More than 60，000 suspects were detained for IPR infringement and producing and selling substandard commodities in 43，000 cases in 2012， with a total value of 11.3 billion yuan （$1.83 billion）， according to the white paper.
Trash to Fuel
An Airbus A320 owned by China Eastern Airlines lands at the Shanghai Hongqiao International Airport on April 24 after completing an 85-minute journey using Sinopec’s aviation biofuel.
The biofuel， made of palm oil and recycled cooking oil， was produced by Sinopec Zhenhai Refining and Chemical Co.
The biofuel produced enough power during the test flight and “was no different from traditional fuels，” said Sinopec， citing statements from the pilot.
China is now the fourth country in the world to have developed aviation biofuel， following the United States， France and Finland.
Bilingual Tax Service
Staff from a taxation office in Langfang City， north China’s Hebei Province， offer Englishlanguage services to a foreignfunded company located in the city.
The Langfang Economic and Technological Development Zone， which is under administration of the taxation office， has over 227 foreign companies， from over 10 countries. The taxation office offers bilingual services to all those companies.
Manufacturing activity slows
China’s manufacturing activity lost some of its dynamism in April， a new survey from HSBC indicates， adding to concerns over the recovery of the world’s second-largest economy. The HSBC Flash China Manufacturing Purchasing Managers’ Index （PMI） slowed to a two-month low of 50.5 in April， according to figures released by HSBC on April 23.
The bank’s preliminary reading for April faltered from March’s final index of 51.6. The manufacturing output index also weakened to a two-month low of 51.1， compared with 53.0 in March. A reading above 50 suggests expansion， while a reading below 50 indicates contraction.
Sub-indexes on new export or- ders and employment dipped into contraction in April， while stocks of finished goods both increased in the month， according to the survey.
For the manufacturing sector， input and output prices both fell at faster rates in April， and there was slower growth in new orders.
“New export orders contracted after a temporary rebound in March， suggesting external demand for China’s exporters remains weak，” said Hongbin Qu， chief economist for HSBC China.“Weaker overall demand has also started to weigh on employment in the manufacturing sector.”
Chinese shares nose-dived over the HSBC PMI data on April 23. The benchmark Shanghai Composite Index dived 2.57 percent， or 57.63 points， to end at 2，184.54， and the Shenzhen Component Index slumped 2.92 percent， or 264.48 points， to 8，793.13.
Tax Reform Pilots
China’s Ministry of Finance （MOF） has set up 12 local monitoring offices to study the impact of switching from a business tax to a value-added tax （VAT） on local economies and enterprises.
From early April to the end of 2013， the surveys will monitor at least 10 enterprises in each of the pilot industries， the ministry said.
On April 10， the State Council， China’s cabinet， decided to expand its VAT reform to the entire country from August 1. It hopes to complete the reform by the end of 2015.
China introduced the reform in Shanghai last year to avoid double taxation. It was later expanded to another 11 regions， including Beijing and Tianjin， and Shenzhen in south China’s Guangdong Province.
By February 1， the program had saved over 1 million taxpayers more than 40 billion yuan （$6.47 billion） in taxes， according to the MOF.
More Trips Abroad
More people from smaller Chinese cities are traveling abroad， a new research report released on April 24 showed.
Thanks to the country’s rapid economic development， residents of second- and third-tier cities have plans to go overseas for their holidays， according to the China Outbound Tourism Development 2013 Report， released by the China Tourism Academy. “Outbound tourism is no longer a privilege of the rich，” said Jiang Yiyi， a researcher with the academy. “Lower-tier cities have and will continue to contribute substantially to its development.”
For instance， from January to September last year， the number of Chinese tourists from secondtier cities who visited Singapore rose 28 percent year on year， while the number from first-tier cities increased 18 percent.
The number of outbound visits exceeded 83.18 million， a year-onyear increase of 18.41 percent. Total overseas spending by Chinese tourists in 2012 reached$102 billion， the report said.
The number of outbound visits from China is expected to reach 94.3 million this year， a year-onyear increase of 15 percent， while spending is to hit a record $117.6 billion， according to Dai Bin， head of the academy.
“More tourism agencies are shifting their focus to outbound tourism， which will provide more capital， human resources and channels for the field，” he said.
Workshop travel
A foreign tourist holds a baozi—a meat or vegetable-stuffed bun—that he made at a workshop hosted by a local food company in the Yangzhou Food Industrial Park， east China’s Jiangsu Province， on April 24
Profit Declines
The performance of foreign banks in China dropped last year compared with the previous year， as the country witnessed the slowest growth in three years and the authorities further liberalized interest rates.
According to the China Banking Regulatory Commission（CBRC）， foreign banks achieved profits after taxes of 16.3 billion yuan （$2.61 billion） in 2012， down from 16.7 billion yuan （$2.7 billion） in 2011.
Their asset quality also fell as the ratio of soured loans against total loans rose to 0.52 percent at the end of last year， from the 0.41 percent one year earlier， said the report.
“Chinese banks， especially the five state-owned lenders， have dominated the market， and their growth has affected the market share of foreign banks，”said Jimmy Leung， China bank- ing and capital markets leader at PricewaterhouseCoopers China.
He said the economic environment had more influence on foreign players as their financing business is more important to them than to their Chinese counterparts， and that the CBRC’s tighter regulations on fees last year have also hurt their income more severely than Chinese banks， which are still highly dependent on the traditional lending business. SOEs’ Duties
China’s state-owned enterprise（SOEs） watchdog is urging SOEs to take responsibility for “maintaining growth” by keeping profit growth rates over 10 percent.
Jiang Jiemin， head of the Stateowned Assets Supervision and Administration of the State Council， said that the SOEs performed in a stable manner during the first quarter， in line with expectations.
China’s SOEs saw their combined profits expand 7.7 percent year on year to 513.73 billion yuan（$82.2 billion） in the first quarter of the year， the Ministry of Finance said.
Good profit growth was posted by SOEs operating in electronics， electric power， construction， pharmaceutical and the petrochemical sectors. But some SOEs in the nonferrous metal， construction materials， coal and chemical sectors saw profit –declines.
Fuel Price Cuts
An attendant refuels a car at a gas station in Xuyi County， east China’s Jiangsu Province， on April 24.
China cut the retail price of gasoline by 395 yuan （$63.91） per ton and diesel by 400 yuan（$64.72） per ton on April 25， the biggest cut in nine months.
The fuel price adjustment came after the National Development and Reform Commission， the country’s top economic planner， introduced a new pricing mechanism in the domestic market to track changes in global oil prices much faster than before.
Social media users have played an important role in earthquake relief efforts， providing emotional support to powerless people after the April 20 earthquake in Sichuan Province.
The disaster has left those suffering with little choice but to help and support each other. Five years ago when the Wenchuan earthquake broke out， social media such as Microblogging were not as popular as today. Now， such communication platforms have grown into an indispensable force in disaster relief.
People have u t i l i z e d both Microblogging and WeChat to look for those lost in the quake and those in need of help. They remind journalists not to unnecessarily portray victim’s families and put news before saving lives. They share opinions on how social organizations and individuals should function in disaster relief efforts， how injured people should help themselves， how to prevent secondary disasters and how to keep roads unblocked.
A netizen’s words prove that the Chinese have grown more mature in dealing with disasters： What we need is not tears and sorrow but strength， which the Internet has made us feel.
Orderly Disaster Relief Economic Information Daily April 22
Immediately after the Ya’an earthquake， a number of disaster relief and medical teams headed to the quake-hit area alongside a large quantity of goods， materials and money. The rescue and relief work has been carried out faster than ever. However， we still need to make efforts to improve efficiency.
First， in any country， the government takes the biggest share of responsibility in disaster relief efforts. Professional and social organizations are also important forces. However， it is unnecessary for unprofessional individuals to head to the quake-hit area soon after the disaster， as it may cause traffic congestion and block the entrance of professional teams and necessary equipment.
Second， government and social disaster relief forces should be better coordinated with each other. For example， some areas have been overcrowded with relief machines while other places remain in urgent need of such utilities.
Third， donations and funds allocated by the government should be properly distributed among regions. Areas that were less seriously hit by the earthquake may be more urgently in need of money than worse hit areas because they receive less media coverage and therefore fewer donations.
Information Transparency Guangming Daily April 23 While feeling sorrow for the victims of the Ya’an earthquake， the public has praised the timeliness and transparency of issued information.
Sources have satisfied people’s demand for information from the quake zone and helped prevent the spread of false information online.
Premier L i Keqiang stressed during his trip to the quake-hit zone that the disaster， relief efforts and casualties must be revealed in time so as not to hinder rescue work. Chinese media are also performing well. China Central Television， China National Radio and Sichuan TV Station have offered aroundthe- clock l ive broadcasts of the situation， delivering fresh news from the disaster area. Having reported on the massive Wenchuan earthquake in 2008， the national and local media outlets have a stronger sense of social responsibility.
The public has noticed the increased transparency of information since the quakes in Wenchuan， Yushu and now Ya’an. Such a regular issue of information is improving government relief efforts and is winning more public trust.
After the rescue operation， what is important next is the reconstruction of quakehit areas. Is it possible to continue the momentum in information transparency on how the relief resources and funds are used？ This is another major test. It is hoped that government departments and various charity and social organizations alike will live up to public expectations.
U.S. General visits
Chinese President Xi Jinping meets with Martin Dempsey， Chairman of the U.S. Joint Chiefs of Staff， in Beijing on April 23.
Xi said that he believes Dempsey’s visit will further help advance bilateral military ties in a healthy and stable way.
For his part， Dempsey said that he was satisfied with his interactions with Chinese military officers during his trip.
Dempsey arrived in Beijing on April 21 for a five-day visit， the first since he assumed office.
Terror in Xinjiang
A violent clash between suspected terrorists and authorities in northwest China’s Xinjiang Uygur Autonomous Region left 21 people dead， including 15 community workers and police officers and six suspects， local authorities said on April 24.
The attacks happened on April 23 in Bachu County， Kashgar Prefecture， some 1，200 km southwest of Urumqi， regional capital of Xinjiang.
Three community workers phoned supervisors to report suspicious individuals and knives in a local residence， but were subsequently kidnapped by hidden occupants. Suspects killed the three community workers and several police officers and township officials who rushed to the scene， and burned the building before armed reinforcements arrived to bring the situation under control.
Eight terror suspects were captured and further investigations are underway.
history matters
China urged Japan to take meaningful action to win the trust of other countries following Japanese politicians’ recent visits to the warrelated Yasukuni Shrine.
Their visits were intended to“deny the history of Japanese militarist aggression，” Foreign Ministry spokeswoman Hua Chunying said at a press briefing on April 23， the day a group of 168 Japanese lawmakers visited the Tokyo shrine， which honors Japanese war dead， including 14 military leaders convicted of war crimes for actions in World War II.
Several days earlier， Japanese Prime Minister Shinzo Abe made donations to the shrine and three cabinet ministers prayed there.
Japan’s neighbors in Asia and the international community should be highly alert to the country’s behavior and intentions， Hua said. Only when Japan learns from history can it embrace the future， the spokeswoman added.
another carrier
A senior officer with the People’s Liberation Army （PLA） Navy said on April 23 that “China will have more than one aircraft carrier.”
Song Xue， Deputy Chief of Staff of the PLA Navy， told foreign military attaches at a ceremony to celebrate the PLA Navy’s 64th founding anniversary in Beijing，“The next aircraft carrier will need to be larger and carry more fighters.”
However， Song said some foreign media reports on China’s building new aircraft carriers in Shanghai were not accurate.
Currently， China operates one aircraft carrier， the Liaoning ， which entered service on September 25， 2012.
Captain of the Liaoning Zhang Zheng told foreign military attaches that his crew has mastered independent operation of all weapon systems on the carrier.
Flu Origins
Scientists have found that the H7N9 flu virus in humans has a similar genetic sequence to that of H7N9 found in live poultry， the Chinese Academy of Agricultural Sciences（CAAS） said on April 23.
Studies carried out by the CAAS Harbin Veterinary Research Institute found that the H7N9 flu virus is a combination of genes from various viruses， a CAAS statement said. Researchers collected 970 samples from live poultry markets and farms in Shanghai and Anhui Province. Twenty of the samples from the markets were positive and all samples from poultry farms were negative.
environmental tax
To promote environmental protection， the Chinese Government is considering introducing environmental taxes in the country’s ecocompensation mechanism， an official said on April 23.
The government is also planning to further a reform in the resource tax system as a measure to increase compensation for environmental protection and ecological preservation efforts， according to a report by Xu Shaoshi， Minister of the National Development and Reform Commission.
Xu delivered the report on behalf of the State Council to lawmakers attending the bimonthly session of the Standing Committee of the National People’s Congress（NPC）， China’s top legislature， that opened in Beijing on April 23.
In addition to compensation drawn from central and local fiscal funds， China will turn to more market-oriented systems， such as carbon and emissions trading as well as eco-friendly package labeling to encourage environmental protection， Xu said.
Reactor Evaluated
The initial design of the ACP1000， China’s domestically developed advanced pressurized water reactor， passed an authoritative industry evaluation on April 19， the developer of the nuclear reactor said.
About 40 experts from relevant departments and industry associations participated in the evaluation. They concluded that the technology and safety index of the ACP1000 are on par with the world’s third generation of nuclear reactors and the reactor can be completely designed and built in China.
The China National Nuclear Corp. （CNNC）， the developer of the ACP1000， said that it has finished a preliminary safety analysis report， and it is working on plans for construction by the end of the year.
The CNNC added that it has the complete intellectual property rights for the ACP1000 reactor， which boasts a designed lifespan of 60 years. The company has already signed export contracts for the reactor.
Robot association
The China Robot Industry Association was launched in Beijing on April 21 to promote the application of robot technologies and products.
The association was initiated by the China Machinery Industry Federation （CMIF） as a non-profit organization that will focus on robot research and development， production and utilization. The robot association has 77 members， including major enterprises in the sector and research institutes.
Members will cooperate on technology， marketing and intellectual property rights to popularize the use of robotics， said Wang Ruixiang， President of the CMIF.
China’s robotics market represents a fifth of the world market. At present， foreign brands dominate more than 90 percent of China’s robot market. In 2011， robot imports rose 62 percent to 38，000 units with a total value of $866 million.
IPR Suits
Courts across China handled 83，850 civil lawsuits over intellectual property rights （IPR） in 2012， up 44.1 percent from 2011， according to an IPR white paper the Supreme People’s Court released on April 22.
Also in 2012， courts across the country received about 87，420 new civil lawsuits over IPR issues， a jump of 46 percent from 2011.
More than 60，000 suspects were detained for IPR infringement and producing and selling substandard commodities in 43，000 cases in 2012， with a total value of 11.3 billion yuan （$1.83 billion）， according to the white paper.
Trash to Fuel
An Airbus A320 owned by China Eastern Airlines lands at the Shanghai Hongqiao International Airport on April 24 after completing an 85-minute journey using Sinopec’s aviation biofuel.
The biofuel， made of palm oil and recycled cooking oil， was produced by Sinopec Zhenhai Refining and Chemical Co.
The biofuel produced enough power during the test flight and “was no different from traditional fuels，” said Sinopec， citing statements from the pilot.
China is now the fourth country in the world to have developed aviation biofuel， following the United States， France and Finland.
Bilingual Tax Service
Staff from a taxation office in Langfang City， north China’s Hebei Province， offer Englishlanguage services to a foreignfunded company located in the city.
The Langfang Economic and Technological Development Zone， which is under administration of the taxation office， has over 227 foreign companies， from over 10 countries. The taxation office offers bilingual services to all those companies.
Manufacturing activity slows
China’s manufacturing activity lost some of its dynamism in April， a new survey from HSBC indicates， adding to concerns over the recovery of the world’s second-largest economy. The HSBC Flash China Manufacturing Purchasing Managers’ Index （PMI） slowed to a two-month low of 50.5 in April， according to figures released by HSBC on April 23.
The bank’s preliminary reading for April faltered from March’s final index of 51.6. The manufacturing output index also weakened to a two-month low of 51.1， compared with 53.0 in March. A reading above 50 suggests expansion， while a reading below 50 indicates contraction.
Sub-indexes on new export or- ders and employment dipped into contraction in April， while stocks of finished goods both increased in the month， according to the survey.
For the manufacturing sector， input and output prices both fell at faster rates in April， and there was slower growth in new orders.
“New export orders contracted after a temporary rebound in March， suggesting external demand for China’s exporters remains weak，” said Hongbin Qu， chief economist for HSBC China.“Weaker overall demand has also started to weigh on employment in the manufacturing sector.”
Chinese shares nose-dived over the HSBC PMI data on April 23. The benchmark Shanghai Composite Index dived 2.57 percent， or 57.63 points， to end at 2，184.54， and the Shenzhen Component Index slumped 2.92 percent， or 264.48 points， to 8，793.13.
Tax Reform Pilots
China’s Ministry of Finance （MOF） has set up 12 local monitoring offices to study the impact of switching from a business tax to a value-added tax （VAT） on local economies and enterprises.
From early April to the end of 2013， the surveys will monitor at least 10 enterprises in each of the pilot industries， the ministry said.
On April 10， the State Council， China’s cabinet， decided to expand its VAT reform to the entire country from August 1. It hopes to complete the reform by the end of 2015.
China introduced the reform in Shanghai last year to avoid double taxation. It was later expanded to another 11 regions， including Beijing and Tianjin， and Shenzhen in south China’s Guangdong Province.
By February 1， the program had saved over 1 million taxpayers more than 40 billion yuan （$6.47 billion） in taxes， according to the MOF.
More Trips Abroad
More people from smaller Chinese cities are traveling abroad， a new research report released on April 24 showed.
Thanks to the country’s rapid economic development， residents of second- and third-tier cities have plans to go overseas for their holidays， according to the China Outbound Tourism Development 2013 Report， released by the China Tourism Academy. “Outbound tourism is no longer a privilege of the rich，” said Jiang Yiyi， a researcher with the academy. “Lower-tier cities have and will continue to contribute substantially to its development.”
For instance， from January to September last year， the number of Chinese tourists from secondtier cities who visited Singapore rose 28 percent year on year， while the number from first-tier cities increased 18 percent.
The number of outbound visits exceeded 83.18 million， a year-onyear increase of 18.41 percent. Total overseas spending by Chinese tourists in 2012 reached$102 billion， the report said.
The number of outbound visits from China is expected to reach 94.3 million this year， a year-onyear increase of 15 percent， while spending is to hit a record $117.6 billion， according to Dai Bin， head of the academy.
“More tourism agencies are shifting their focus to outbound tourism， which will provide more capital， human resources and channels for the field，” he said.
Workshop travel
A foreign tourist holds a baozi—a meat or vegetable-stuffed bun—that he made at a workshop hosted by a local food company in the Yangzhou Food Industrial Park， east China’s Jiangsu Province， on April 24
Profit Declines
The performance of foreign banks in China dropped last year compared with the previous year， as the country witnessed the slowest growth in three years and the authorities further liberalized interest rates.
According to the China Banking Regulatory Commission（CBRC）， foreign banks achieved profits after taxes of 16.3 billion yuan （$2.61 billion） in 2012， down from 16.7 billion yuan （$2.7 billion） in 2011.
Their asset quality also fell as the ratio of soured loans against total loans rose to 0.52 percent at the end of last year， from the 0.41 percent one year earlier， said the report.
“Chinese banks， especially the five state-owned lenders， have dominated the market， and their growth has affected the market share of foreign banks，”said Jimmy Leung， China bank- ing and capital markets leader at PricewaterhouseCoopers China.
He said the economic environment had more influence on foreign players as their financing business is more important to them than to their Chinese counterparts， and that the CBRC’s tighter regulations on fees last year have also hurt their income more severely than Chinese banks， which are still highly dependent on the traditional lending business. SOEs’ Duties
China’s state-owned enterprise（SOEs） watchdog is urging SOEs to take responsibility for “maintaining growth” by keeping profit growth rates over 10 percent.
Jiang Jiemin， head of the Stateowned Assets Supervision and Administration of the State Council， said that the SOEs performed in a stable manner during the first quarter， in line with expectations.
China’s SOEs saw their combined profits expand 7.7 percent year on year to 513.73 billion yuan（$82.2 billion） in the first quarter of the year， the Ministry of Finance said.
Good profit growth was posted by SOEs operating in electronics， electric power， construction， pharmaceutical and the petrochemical sectors. But some SOEs in the nonferrous metal， construction materials， coal and chemical sectors saw profit –declines.
Fuel Price Cuts
An attendant refuels a car at a gas station in Xuyi County， east China’s Jiangsu Province， on April 24.
China cut the retail price of gasoline by 395 yuan （$63.91） per ton and diesel by 400 yuan（$64.72） per ton on April 25， the biggest cut in nine months.
The fuel price adjustment came after the National Development and Reform Commission， the country’s top economic planner， introduced a new pricing mechanism in the domestic market to track changes in global oil prices much faster than before.