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WASHINGTON, Oct. 6 (Xinhua) -- China's growth is projected to average 10.5 percent in 2010 and 9.6 percent in 2011, driven by domestic demand, the International Monetary Fund (IMF) said in a report Wednesday.The Washington-based international lending agency made the projection for the annual fall meetings this weekend of the 187-nation IMF and its sister lending organization, the World Bank."The slight moderation in recent activity is expected to continue through 2011 in light of tighter quantitative limits on credit growth, measures to cool off the property market and limit bank exposure to this, and the planned unwinding of fiscal stimulus in 2011," the IMF said in its report.The report said this year's sustained growth in retail sales and industrial production confirms that private sector activity has advanced beyond the lift from government stimulus."On average over 2010-11, private domestic demand is poised to contribute two-thirds of near term growth, and government activity about one third, whereas the contribution from net exports will be close to zero," the report said.Despite the robustness in domestic demand, the pickup in inflation in 2010 reflected mainly higher food prices rather than core inflation, the report said.The report said China's increasingly wide trading network is driving growth in numerous economies, especially commodity exporters.The report said Asia's medium-term growth depends on the rebalancing of drivers of growth -- greater reliance should be put on domestic markets instead of foreign demand.The report said such a rebalancing in China, the world's second largest economy, is critical to enhance the role of household consumption in domestic growth.The report also recommended that China implement reforms to health care, education, and pension systems to enhance the social safety net.
BEIJING, Sep. 2 (Xinhua) -- China's Ministry of Industry and Information Technology (MIIT) said Thursday it would urge industrial enterprises to produce high-quality products as part of the effort to enhance the image of "made in China."The Ministry would also draw up a blacklist displaying the names of those firms breaching quality-related regulations, said Li Yizhong, Minister of the MIIT.The MIIT would reward those companies that have good records for producing quality products with increased policy and funding support, and punish those with poor quality-control records, said Li at a forum held in Beijing which focused on how to improve the quality and reputation of Chinese industrial products.The MIIT would also move forward on a campaign to allow enterprises to make promises on producing quality products, and work together with quality supervision authorities to incorporate the quality-based credit system of enterprises into the whole social credit system, Li said.During the forum, 156 Chinese firms signed a written proposal "promising to make quality products for the world," and called upon their peers in China to raise the quality of industrial products.

SHANGHAI, Oct. 7 (Xinhua) -- The Shanghai municipal government issued new rules Thursday limiting families to one new apartment purchase, as the nation tries to curb property speculation and soaring prices."One family in Shanghai, whether local or immigrant, can only buy one new home, including a second-hand one, for the time being," said a circular released by the municipal government.The new rule came into effect Thursday. The Chinese capital, Beijing, introduced the same measure on April 30.Shanghai authorities also ordered banks to suspend loans for third-home buyers and non-local buyers who could not prove they had paid personal income taxes or made social security contributions in the city for at least one year, the circular said.Local authorities would also start preparing for the introduction of a property tax, it said, without providing further details.A land-appreciation tax of 5 percent on the selling price would also be imposed on property developers if they sold residential buildings at an average price that was more than twice the average price of the previous year in the same area.Shanghai's new rules follow a series of measures announced by the Chinese central government in late September to check soaring property prices.The measures included the suspension of bank loans for third-home purchases in the near future and an adjustment in down payments for all home buyers.All home buyers will have to pay a down payment of at least 30 percent of the purchase price, according to the new rules.Previously, according to rules issued on April 17, only first-time buyers purchasing an apartment covering more than 90-square-meters had to pay a 30 percent down payment.On the same day, sources within several departments of the central government told Xinhua that property tax pilot programs will be stepped up and then extended across the entire country.
NANCHANG, Sept. 26 (Xinhua) -- A Chinese commerce official on Sunday called on foreign investors to maintain their confidence in the country, promising China would make continuous efforts to improve its investment environment.Qian Fangli, deputy director of the Department of Foreign Investment Administration under the Ministry of Commerce (MOC), made the statement at a forum during the Expo Central China 2010 that opened Sunday.Although operation costs in China were rising because of higher labor and raw materials costs, foreign investment continued growing rapidly " because improvements in China's investment environment helped lower their investment costs and boost confidence," Qian said.Further, she noted that the Chinese government would continue to improve policies to encourage foreign investors. But she did not provide further details.In the first eight months of this year, foreign direct investment in China totaled 65.96 billion U.S. dollars, up 18.06 percent from one year earlier, according to MOC statistics.The Expo Central China, scheduled to run from Sept. 26 to Sept. 28, invited economists, entrepreneurs and officials to attend. The expo seeks to promote development in central China, which spans six provinces -- Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan.
ROME, Sept. 5 (Xinhua) -- China and Italy are working on a plan to expand their bilateral economic cooperation as the 40th anniversary of the establishment of the China-Italy diplomatic ties is just round the corner, said Chinese Ambassador to Italy Ding Wei on Saturday.The Chinese government is happy to see an enhanced and deepened economic ties between the two countries, said Ding while meeting with Adriano Luci, chairman of the industry association in Italy's northeastern city of Udine.He said Udine enjoyed a well-developed industrial capacity and saw ever-closer ties among Chinese and Italian firms.Ding hoped the association could encourage its member companies to champion the cooperation between Chinese enterprises and their Italian counterparts so as to materialize common development.Luci briefed Ding on Udine's industrial development, its companies' investment in China as well as their participation in the on-going Shanghai World Expo.He said he is willing to see the Italian and Chinese companies having more exchanges and further expanded areas of cooperation.According to Invitalia, the Italian official agency for promoting overseas investment and enterprise development, investment from Chinese companies in Italy has surged since 2000 and mainly goes to three main sectors, namely the automotive industry, logistics and machinery.Bilateral trade volume between China and Italy in the first half of 2010 registered a 36.3 percent rise compared to that of the same period last year, reaching some 20 million U.S. dollars.
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