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BEIJING, Nov. 18 (Xinhua) -- China's economy is expected to grow by 9 percent next year on robust property and automobile sectors, chairman of CCXI, a China-based credit rating agency said Tuesday. Mao Zhenhua, the chairman, also forecast the country's GDP growth this year would expand by as much as 8.8 percent. He added China's economic growth for the next ten years would slightly fall from the peak in 2010 to around 7 percent around 2020, still a relatively fast pace compared to other countries. But he cautioned the heavy reliance on exports and investment as major drivers to the Chinese economy has not changed currently, and that the structure for economic growth has not been optimized. Mao made the remarks while addressing a conference that also shared outlooks for China's property market, and its automobile industry for the next year. "China's property market is to remain steady in the next 6 or 12 months due to strong underlying housing demand in the country," said Kaven Tsang, assistant vice president of Moody's Investors Service Hong Kong Limited. He attributed strong housing demand to rapid economic growth, expanding urbanization and rising living standards in the country. Reduced inventory after strong sales over the past few quarters and improved liquidity of developers are also preventing a substantial decline in the property sector, he said. According to the National Bureau of Statistics (NBS), housing sales in China reached 2.75 trillion yuan (403 billion U.S. dollars) in value for the first three quarters this year, a year-on-year increase of 73 percent. Amid weak exports, the Chinese government will also continue to promote domestic consumption and see fixed-asset investment increase, with the property sector remaining "central" to the Chinese economy, said Tsang. NBS figures show investment in the real estate sector in China posted a 28.4 percent growth in October this year. The CCXI also forecast China would continue to see robust growth in auto sales in 2010, driven by the steady development of national economy, rise in individual income and stronger demand from China's central and west regions. Chang Haizhong, senior CCXI analyst, said "cars have great market potential in the central and west regions which will become a new growth point for auto industry." For example, sales of heavy trucks are expected to grow considerably next year, boosted by the government's massive fixed-asset investment, fast development of logistics and expansion of expressway network. "Bus and sightseeing coach sales will also rise next year, as the government is determined to step up development of public transit systems, and people show more willingness to travel," Chang said. He also said auto joint ventures in the country would try to seek a bigger share of middle and low-end market while keeping the dominant position in high-end market next year, posing a threat to domestic self-owned automakers. Chevrolet, an arm of Shanghai GM, introduced SAIL, a new car model last week. Sales of the new model, priced less than 60,000 yuan, would start in January next year. In the first ten months this year, auto sales in China broke the 10 million mark to 10.89 million units, up 36.23 percent from a year ago, surpassing the United States as the world's largest auto market.
BEIJING, Nov. 17 (Xinhua) -- China and the United States would work together for positive results at the Copenhagen summit slated for December this year, Chinese President Hu Jintao said here on Tuesday. "President Obama and I agreed to expand the China-U.S. cooperation in the fields of climate change, energy and environment," Hu told the press after talks with visiting U.S. President Barack Obama. China and the United States would cooperate with all sides concerned, on the basis of the "common but differentiated responsibilities" principle and their respective capabilities, to help produce positive results at the Copenhagen summit on climate change, said Hu. China and the United States have signed documents of cooperation including a memorandum of understanding on enhancing cooperation on climate change, energy and the environment, and have officially launched an initiative on a joint research center on clean energy, he added.
BEIJING, Dec. 25 (Xinhua) -- A senior leader of the Communist Party of China (CPC) on Friday stressed the vital role of science and technology as the country's reform and development was standing at a new starting point. He Guoqiang, member of the Standing Committee of the CPC Central Committee Political Bureau and head of the CPC Central Commission for Discipline Inspection, made the remarks during a visit to the exhibition marking the 60th founding anniversary of the Chinese Academy of Sciences (CAS). "It can't work without science and technology as the first productive force to make further progress in building a moderately prosperous society in all aspects and create new prospects for the cause of socialism with Chinese characteristics," He said. The CAS has made remarkable contributions to the country's economic development, social progress and state security over the past 60 years, he said. As a leading academic institution in China, the CAS was founded in Beijing on Nov. 1, 1949, on the basis of former Central Academy of Sciences and Peiping Academy of Sciences.
BEIJING, Nov. 24 -- Taxi passengers in Beijing will have an extra yuan added to their fares. The move is meant to offset the city's rising fuel prices, as they hit their highest levels in years. The new taxi fare policy will begin this Wednesday on November 25, 2009. One yuan will be added to any trip exceeding 3 kilometers. Beijing will continue to work on linking taxi fares with gasoline prices. Meanwhile, most of local residents say they accept the surcharge. A local resident of Beijing said, "A one yuan surcharge won't affect me too much. I'm OK with it." The new Beijing taxi fare policy will begin on Nov. 25, 2009. One yuan will be added to any trip exceeding 3 kilometers Another said, "Some Chinese provinces have already taken similar measures, such as Yunnan and Shandong. I think it's fine. We should do it." Taxi drivers have explained that the extra yuan will provide compensation for the increase in pump prices. A taxi driver in Beijing said, "If I serve 40 passengers a day, it will create an additional 40 yuan. That can help me cope with the recent fuel price rises. I don't think passengers will give up taking taxi just because of one yuan. But if the per kilometer fare rises, many will think differently." According to the new policy, the government, taxi companies, and passengers will share the cost of gasoline price fluctuations. Beijing last saw an increase in taxi fares three years ago.
BRISBANE, Australia, Oct. 31 (Xinhua) -- Chinese Vice Premier Li Keqiang said here Saturday that China and Australia can lift their bilateral relationship to a new level through a strengthened dialogue and increased cooperation between the two trading partners. Li spoke during a meeting with Anna Bligh, the premier of Australia's state of Queensland. The vice premier said that during his visit to Australia a consensus was reached to enhance the Chinese-Australian friendship, to deepen mutual beneficial cooperation, and to respect and care for each other's core interests and important concerns. He also said the two sides released a joint declaration and signed a number of cooperation agreements. Chinese Vice Premier Li Keqiang (R) meets with Premier of Australia's State of Queensland Anna Bligh in Brisbane Oct. 31, 2009 Meanwhile, China has attached great importance to friendly cooperation with the state of Queensland, said Li, adding that exchanges and cooperation between the two sides have developed rapidly in recent years. China, Li said, is willing to work with Queensland to push bilateral exchanges and cooperation to a higher level in a variety of sectors, including investments, agriculture, mining, clean energy, environmental protection and technology. Meanwhile, Bligh said Queensland has established a long-term and fruitful relationship with China and noted that this year marks the 20th anniversary of the establishment of the state's sister-city relations with China's Shanghai City. All circles in Queensland support development of the Australia-China friendly and cooperative relationship, Bligh said. Queensland, she said, stands ready to promote cooperation with China in such fields as trade, technology, education, science and research, culture and tourism. Bligh also said she will head a state delegation that will attend the Shanghai Expo in 2010 and expects the event to be a great success.