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BEIJING, April 29 (Xinhua) -- A senior official of China's Ministry of Commerce (MOC) said Wednesday that China might organize another procurement delegation to Europe, and France might also be one possible stop on the delegation's tour. Wu Xilin, head of the outward investment and economic cooperation department of the MOC, told reporters Wednesday that the exact time and countries to visit were under discussion. Chen Deming, China's Commerce Minister, led a Chinese buying team to visit Germany, Switzerland, Spain and Britain this February. Procurement agreements worth more than 13 billion U.S. dollars were signed during the trip.
BEIJING, May 1 (Xinhua) -- New rules to punish "statistical fouls" took effect Friday in China. The rules, the country's first of their kind, were jointly published by the Ministry of Supervision, Ministry of Human Resources and Social Security and the National Bureau of Statistics (NBS). The rules impose penalties for publication of fraudulent statistics or unauthorized dissemination of statistical data. Penalties including dismissal, demotion or unspecified "criminal punishment" face those who unlawfully alter statistics or ask others to do so and those who take revenge on people who refuse to fabricate data or blow the whistle on illegal acts. People who leak data concerning state secrets, personal information or business secrets, or who delay the reporting of statistics, would face similar penalties. The new rules require government offices to carefully maintain and deliver files of criminal cases and quickly release investigation results. Analysts said statistics are not just key data for the government, they are also vital in making decisions about social and economic affairs. Statistics "concern public credibility of both statistical authorities and the government," said Fan Jianping, chief economist with the State Information Center. As the world's fastest expanding economy, China has faced questions about the accuracy of its national economic data. The most recent figure drawing global attention was the decade-low, 6.1 percent year-on-year economic growth rate in the first quarter, which was released April 16. Since the country's opening-up, the quality of statistics has improved. An article on the Wall Street Journal China's website said China's economic statistics were actually very impressive, "with relatively timely, accurate, and comprehensive data published on a range of key indicators". But it also pointed out that there is a political economy of numbers with an incentive at both the local and national levels to massage the statistics. Many China watchers have noted the incentives for local officials to over-report growth to please their political masters. Officials who participated in drafting the new rules admitted that incorrect or falsified statistics have been released at times. Statistical corruption has been found in China for years to exaggerate local economic growth, which is often related to officials' promotion. In April, southeastern Fujian Province said that it handled 754cases concerning forged statistics last year and imposed fines up to about 1.38 million yuan (203,000 U.S. dollars). "As the country strives to cushion the impact of the global slowdown and maintain steady economic growth, they should use the rules as a deterrent to statistical fouls," said Wang Tongsan, an economist with the Chinese Academy of Social Sciences, a government think tank. Wang also suggested the government should reform the evaluation system for officials and increase training for statistical staff. China's top statistics official, Ma Jiantang, has vowed to improve the quality and credibility of government statistics after foreign media voiced concerns about the authenticity of Chinese economic data. "To keep (official statistics) true and credible is not only our duty, it also relates to our need to accept public supervision," Ma said in a statement on the NBS website.

HOHHOT, June 9 (Xinhua) -- China held an anti-terrorism drill Tuesday afternoon to test its police forces' ability to handle a bomb containing radioactive contaminants. The drill, held in northern Inner Mongolia Autonomous Region's capital Hohhot, kicks off a series of drills in the autonomous region, Shanxi and Hebei provinces that surround Beijing. Members of the special police put on gas masks during an anti-terrorism drill in Hohhot, capital of north China's Inner Mongolia Autonomous Region, June 9, 2009. The exercise, codenamed "Great Wall-6", is aimed at improving the police forces' abilities to deal with possible terrorism attacks and other emergencies for the security of celebrations to be held in Beijing around Oct. 1 which marks the 60th founding anniversary of the People's Republic of China. In the first drill, special policemen and armed policemen confronted "terrorists" in the city's square and the "terrorists" triggered the bombs which spread radioactive contaminants. Members of the special police check the site of a "dirty bomb" during an anti-terrorism drill in Hohhot, capital of north China's Inner Mongolia Autonomous Region, June 9, 2009.Through close cooperation with the city's health and environment authorities, the police forces successfully controlled the situation, according to the exercise's command headquarters. The exercise will last through the middle of this month. Members of the special police rescue a "victim" during an anti-terrorism drill in Hohhot, capital of north China's Inner Mongolia Autonomous Region, June 9, 2009.
BEIJING, July 8 (Xinhua)-- China's gross domestic product (GDP) growth in the second quarter this year is forecast to accelerate close to 7.8 percent, Goldman Sachs Asia and the Beijing-based Gaohua Securities Company said in a report Wednesday. "The figure is above our previous forecast of 7.0 percent year on year," said Song Yu, one author of the report and Goldman Sachs Asia's economist on China's macro-economy. According to the report, economic performance of China in June will show robust improvements, with the industrial output expected to rise about 10 percent in June from 8.9 percent in May. Fixed asset investment in June is forecast to grow 42 percent year on year, up from 38.7 percent in May. Exports is expected to decline 22 percent in June from a year earlier, smaller from a 26.4 percent dip in May, while imports may post a eased drop at 18.0 percent from a 25.2 percent fall in May. The consumer price index is expected to fall 1.5 percent in June from a year ago, compared with a 1.4 percent drop in May. Producer price index would decline 7.6 percent year on year, compared with a slide of 7.2 percent in May. Zhou Xiaochun, governor of the country's central bank, said in late June that the second quarter is expected to be better than the first, when the gross domestic product grew 6.1 percent. The National Bureau of Statistics said in June that China's GDP will grow close to eight percent in the second quarter. China is due to release its second-quarter GDP data in mid-July.
BEIJING, July 10 (Xinhua) -- China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan (7.32 billion U.S. dollars) since next week. According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent. The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent. The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website. These bonds are open to only individual investors, the MOF said. Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can bepaid through direct deposit into the investor's account. This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April. The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each. One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said. The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent. The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.
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