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News from China
Chinese spend 1.2 trln yuan overseas in 2015
14th February 2016

Chinese consumers spent 1.2 trillion yuan (184 billion U.S. dollars) overseas last year, with over 60 percent going to luxury goods, according to an estimate by Fortune Character, a luxury market consultancy.

Chinese spent 116.8 billion U.S. dollars on luxury products last year, accounting for 46 percent of the world's luxury sales, said the firm.
 
Nearly 80 percent of the luxury purchases happened abroad as price difference in products such as alcohol and watches can be more than 80 percent, the Fortune Character said.
 

 

Source: Xinhua
News Analysis: China's innovation, entrepreneurship help build new growth engine
13th February 2016

China's innovation and entrepreneurship strategy will boost creativity and forge new engines in the current economic transition period, an innovation expert said.

Luo Hui, president of the National Academy of Innovation Strategy, told Xinhua that the policy has prompted a steady economy, rising employment and a push toward industrial restructuring.
 
"By innovation and entrepreneurship, China can wean itself off excessive reliance on natural resources and steer to a path blazed by human intelligence," she said. "In this way, medium-high growth will be maintained and the economy lifted to a higher level."
 
Grappling with an unavoidable slowdown after decades of rapid advance, China is counting on mass innovation and entrepreneurship to keep its enviable growth and handle an economic overhaul at the same time.
 
Weighed down by the property market, falling exports and weak investment, GDP expanded 6.9 percent year on year in 2015, the slowest pace in a quarter of a century. However, figures on China's sweeping entrepreneurial wave told another story.
 
China saw a record startup boom in 2015 as a total of 4.44 million companies were established, up 21.6 percent from a year ago. More than 80 percent of the new firms were in tertiary industries.
 
The boom came after government efforts to encourage people to open their own businesses, including easier market entry, less red tape and tax breaks. College students, overseas returnees and even migrant workers are emerging as major forces in entrepreneurship.
Emerging industries, the most attractive sectors for startups, accounted for 8 percent of China's GDP.
 
"The wave is likely to continue in the coming years as there is still ample room for improvement," said Zhou Shiping, an official with the State Administration for Industry and Commerce. He explained that there are 16 companies for every 1,000 people in China, much lower than 44 in Germany, 43 in Japan and 26 in the United States.
 
China has been increasing policy support for new businesses, especially in their starting period.
 
The government will establish innovation platforms and encourage enterprises and universities to build more makerspaces, said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang on Feb. 3.
 
There were more than 2,500 incubators for high-tech businesses and over 4,000 innovation bases by the end of 2015, data showed.
 
By promoting innovation and entrepreneurship, China can not only create jobs and prop up growth but also bring vitality to society and build a fair business environment where diligent people can realize their dreams, Luo said.
 
Source: Xinhua
Spring Festival becomes bridge for cultural exchange between China, world
12th February 2016

As Chinese at home and abroad are celebrating the Spring Festival, or the Lunar New Year, people around the globe also take it as an opportunity to learn more about the Chinese culture and tradition.

The Spring Festival this year, which fell on Feb. 8, marks the beginning of the Year of the Monkey, according to the Chinese zodiac that assigns one of 12 animals, either real or mythological, to each year.
 
In other countries, the most festive season in China has also become a bridge for cultural exchange with the Asian giant.
 
On Tuesday, the Chinese Lunar New Year festivity filled the air at the Lincoln Center when the New York Philharmonic, which started the tradition to host an annual Lunar New Year concert in 2012 to celebrate the cultural heritage of China and honor the Chinese-American community, was playing classical pieces by Chinese composers.
 
What stunned the audience most was the final piece, also the New York premier of Chinese composer Tan Dun's symphony "Nu Shu: The Secret Songs of Women". It was not just a multi-layered symphony with sheer sonic grandeur and a triumphant finale, but an audiovisual masterpiece aimed at preserving a disappearing ancient language used exclusively by some women in south central China's Hunan Province.

According to official statistics, China's Ministry of Culture has organized more than 800 events to celebrate last year's Spring Festival in over 320 cities in 118 countries and regions.
 
China has so far established 25 cultural centers abroad, in a bid to promote the Chinese culture and strengthen cultural exchange and cooperation with other countries.
 
In November 2015, Chinese President Xi Jinping and Singaporean Emeritus Senior Minister Goh Chok Tong unveiled the China Cultural Center during a visit to the city state, which shares cultural roots and maintains close relations with China as a predominantly ethnic Chinese society.
 
Phua Kok Khoo, president of Singapore's China Friendship Association, spoke highly of China's efforts in promoting its culture and tradition.
From China's traditional thoughts of "peaceful coexistence" and "seeking harmony in diversity", Xi has proposed such ideas as peaceful development and win-win cooperation to handle international issues, said Phua, who was invited to a welcoming dinner for the Chinese president.
 
With the promotion of the Chinese tradition and culture, China has clearly shown the whole world its future direction of development, he said.
 
Source: Xinhua
EU launches public consultation for granting China market economy status
11th February 2016

The European Union (EU) launched a public consultation concerning whether to grant China the market economy status (MES) on Wednesday, seeking inputs for its in-depth assessment of the status-changing on the bloc's economy.

Open for 10 weeks, the online consultation was about the methods used in the EU's "anti-dumping" procedures on imported Chinese product, as the current measures are set to expire in December, said the European Commission, the EU's executive body, in a statement.
The Commission was currently carrying out a "comprehensive" assessment on the economic effects of changing the treatment of China as a market economy in its "anti-dumping investigations."
 
The current rules the EU adopted to calculate dumping margins on Chinese product, which based on that China was not considered a market economy in anti-dumping proceedings, will expire on Dec. 11, according to rules of the WTO.
The Commission was set to offer a proposal to the European Council and the European Parliament on whether to grant China MES before the deadline.
 
Since the EU has not regarded China as a market economy, China has fallen victim to some unfair and discriminatory EU practice.
Under the current EU anti-dumping investigations against China, the assessment is based on a comparison of the export price with that in a "surrogate country" with MES, instead of the domestic price of the product in question.
 
So far, over 80 economies, including Russia, New Zealand, Singapore and Australia, have recognized China's status as a market economy.
 
Source: Xinhua

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