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TORONTO, Dec. 29 (Xinhua) -- The emerging markets of China, India and Brazil will lead the way in global auto sales in 2010, a report said Tuesday. The U.S. market, meanwhile, was expected to see a double-digit increase and will lead the growth of mature markets in 2010, said the global auto report by Canadian Scotiabank Economics. The report said that a cyclical recovery in global auto sales began in the spring of 2009 and would gain momentum in 2010. China became the world's largest auto market in 2009, surpassing purchases in the United States. Car sales in China surged by more than 40 percent to 7.3 million units this year thanks to government incentives. The incentives included a reduction in sales tax from 10 percent to 5 percent for small fuel-efficient vehicles with engines less than 1.6 litres. The incentives were expected to lift sales by 20 percent to nearly 9 million units in 2010, the report said. "Global car sales will continue to be buoyed by the ongoing massive and synchronized monetary and fiscal stimulus, which has generated a global economic recovery, including improving auto lending across the globe," said Carlos Gomes, senior economist at Scotia Economics. "In fact, we estimate that auto loans across major markets bottomed in the first quarter of 2009 and have improved consistently alongside a thawing in global credit markets and falling interest rates," he said. According to the report, improving access to credit and a return to 3-percent growth in the world economy will enable 2010 car sales to recapture half of the ground lost over the past two years, and set the stage for record volumes in 2011. Auto sales in the United States have reversed the downward trend, with volumes advancing above a year earlier since August alongside a nascent economic recovery. The report also predicted that through a vehicle scrappage program to spur the market, auto sales in Canada would reach 1.53 million units in 2010, up from 1.45 million this year. "On average, 7 percent of the Canadian fleet is replaced each year," Gomes said. "However, the scrappage rate slumped to less than 6 percent in 2009, as the global economic downturn prompted Canadians to tighten their wallets and continue to drive their aging vehicles.
BEIJING, Dec. 31 (Xinhua) -- Chinese Vice President Xi Jinping Thursday urged improving the quality of Party officials at grassroots level. Xi, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks here while meeting with Wang Boxiang, former secretary of a county committee of the CPC, whom Xi described as the model of such officials in the new period. Wang, born in 1943, has been a local official for more than 30 years and won praises for keeping a just and thrifty working style. From 1986 to 1991, he was Secretary of the Shouguang County Committee of the CPC in east China's Shandong Province. He led local people to promote greenhouse vegetable production, develop alkaline soil, and launch industrial projects, which greatly boosted local economic growth and solved the imbalance of development between north and south of the county. Xi said Wang helped build a solid material foundation for the county's development and won acclaim from both local officials and people with his hard work and uncorrupted behaviors. Xi called upon other Party members and officials to learn from Wang and seek benefits for people while at the same time maintain a clean style in life and work.

BEIJING, Nov. 4 -- China's increasingly voracious investment in overseas markets is helping the global economy - and especially the economies of developing countries - recover from the financial crisis, according to several speakers at the First China Overseas Investment Fair Tuesday. Chinese officials urged foreign countries to make it easier for that investment to continue to flow by creating a "convenient and fair" environment for Chinese investors. Outbound investment from China in overseas markets has grown significantly recently, at the same time as investment from traditional big spenders, including the United States and European countries, has slowed. "China is stepping up its overseas efforts, despite the economic recession worldwide," said Zhang Xiaoqiang, vice-director of the National Development and Reform Commission. "Many of China's companies are active investors." China's overseas direct investment rose 190 percent year-on-year in the third quarter, bringing the total investment for the first nine months to 32.87 bln U.S. dollars, the Ministry of Commerce announced recently. That growth has been a blessing for many countries recently, Zhang said. Jon Huntsman, the US ambassador to China, agreed, saying China's investment was "important in improving and stimulating the world economy". Huntsman said the US has benefited from the investments of other nations. Between 2003 and 2008, countries invested more than 325 billion dollars in some 4,300 projects in the US. Huntsman said China was "one of the nations with the fastest growing investment in the US" with an annual growth rate in investment volume of 30 percent throughout the 2004-to-2008 period. "China is a leading nation in stimulating the revival of developing economies by way of investment," said Taffere Tesfachew, chief of the Office of the Secretary-General under the United Nations Conference on Trade and Development (UNCTAD). Statistics from UNCTAD shows that in 2008, investment flowing out of the US declined by 18 percent to 312 billion. Flows from EU nations plunged by 30 percent to 837 billion. But emerging economies, and China in particular, increased overseas investment, Tesfachew told China Daily. Nations and regional areas throughout "Africa and Asia could benefit a lot from it," he added. F. Marcelle Gairy, Grenada's ambassador to China, said: "We have great sunshine to grow plants and many other advantageous sectors to tap. China has good technology to realize our dreams." "It is win-win investment," she said. "China's technology is cheaper, innovative and very useful," added Mifzal Ahmed, advisor on investments for the Maldives' Ministry of Economic Development. While the UNCTAD forecasts investment outflows from Asia will slow this year, the organization believes the region will still outperform the rest of the world. "Outflows from China and India are the most noteworthy," said Tesfachew.
BEIJING, Dec. 26 (Xinhua) -- China will make unswerving efforts and work jointly with the international community for the completion of the Bali Roadmap negotiations at the Mexico climate talks next year, a senior official said Saturday. Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC), told Xinhua that China, as it has always done, would continue to play an active and constructive role on that front. Also head of the Chinese delegation to the Copenhagen climate conference, Xie said developed countries bound by the Kyoto Protocol should confirm their second-phase emission reduction targets as soon as possible. He said almost no progress was made on some key issues during the international climate change meeting in Copenhagen because developed countries were seeking to shift off obligations demanded by international climate agreements. "Developing countries have raised requests concerning slowing and adapting to climate change, as well as funding and technology assistance, but developed countries have given no clear response, resulting in almost stagnation on key issues in these talks," he said. It is also necessary to define the comparability of efforts in emission reduction between non-contracting developed countries and those who have endorsed the Protocol, said Xie. He said parties bound by the Protocol should fulfill their commitment to short-term financing and stick to their promises on long-term funding. Xie also urged developed nations to speed up technology transfer to developing countries. Prior to the climate meeting, the Chinese government announced to cut emissions intensity by 40 to 45 percent by 2020 from the 2005 level. During the talks in Copenhagen, China played an active role in seeking a viable solution to tackle global warming when diversity existed among countries, and it made great efforts to seek common ground while putting aside differences for further discussions, Xie said.
MACAO, Dec. 20 (Xinhua) -- The celebration gathering marking the10th anniversary of Macao's return to the motherland and the inauguration of the third-term government of the Macao Special Administrative Region (SAR) were held here Sunday. President Hu Jintao, who is also general secretary of the Central Committee of the Communist Party (CPC) of China and chairman of the Central Military Commission, attended the ceremony, where Macao SAR Chief Executive Fernando Chui Sai On and principal officials of the SAR government were sworn in. The celebration gathering marking the10th anniversary of Macao's return to the motherland and the inauguration of the third-term government of the Macao Special Administrative Region (SAR) were held Sunday Fernando Chui went to the podium first to take his oath solemnly, administered by Hu. Principal officials of the third-term SAR government and members of Macao's executive Council also took their oaths.
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