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Massive Construction of Submarine Cable in Hainan

China’s first submarine power cable will be laid through the Qiongzhou Straits this year, connecting the provincial grids of Guangdong and the southernmost Hainan Island. A 34.7-kilometer benthal cable and a 144-kilometer trolley wire will be constructed to link the Gangcheng transformer substation in Guangdong’s Zhanjiang City and the Fushan transformer substation in Hainan’s Chengmai County with a 500-kilovolt alternating current grid. The project will cost 2.1 billion yuan ($280 million).

When completed in the first half of 2009, the submarine power cable is expected to be the longest of its kind in the world.

Source: www.chinaequip.gov.cn, February 13, 2008
http://chinaneast.xinhuanet.com/jszb/2008-02/13/content_12434553.htm

China Reported 3.2 Billion Charitable Donations in 2007

China Charitable Donation Report indicated that China’s public and corporate charitable donations reached $3 billion (22.3 billion Yuan) in 2007, an increase of 123% from 2006. The amount of the charitable donation from outside of China is about $1 billion (8.6 billion Yuan). This is the first official report on the annual charitable funds China received.

Sixty percent of the charitable donation went to education, poverty reduction and disaster relief. In 2008, China’s charity sector identified three areas for improvements. First, improving the organizational structure, especially for grass-roots communities and villages organizations; secondly, establishing evaluation criteria for monthly and annual evaluations; and finally improving the management of charitable projects.

Source: website of Ministry of Civil Affairs, January 31, 2008
http://www.mca.gov.cn/article/zwgk/gzdt/200801/20080100011358.shtml

Government Anticipates January CPI Reaching New Highs.

Vice Chairman of National Development and Reform Commission, Zhang Guobao, stated during an interview on January 30, 2008 that he does not rule out the January CPI reaching new highs. He stated that short-term adverse weather accelerates food price increase and inflation is expected to remain at a high level this year.

Source: Xinhua, February 3, 2008
http://news.xinhuanet.com/fortune/2008-02/03/content_7556791.htm

Looking Ahead: Overheating in 2008

In anticipation of more international conflicts, Xinhua publishes the focus of macro government policies for 2008 that include the following among others:

· Prevent overheating of economy through a variety of monetary and fiscal policies.
· Adjust structure of import and export to reduce trade surplus and avoid becoming the focal point of conflicts.
· Tighten cross-border capital flows and management.
· Promote real estate property tax reform.

Source: Xinhua, February 3, 2008
http://news.xinhuanet.com/fortune/2008-02/03/content_7559492.htm

Shenzhen Per Capita GDP Surpasses US$10,000

Guangzhou Daily reported on January 29 that Shenzhen became the first city in mainland China to have surpassed US$10,000 in per capita GDP. The data was released by the Shenzhen Municipal Statistics Bureau yesterday, with the average GDP per person in 2007 being US$10628.

Source: Guangzhou Daily, January 29, 2008
http://gzdaily.dayoo.com/html/2008-01/29/content_118617.htm

Record High Investment in Beijing Olympics

According to Hong Kong based Ming Pao News, the current amount of money invested in the 2008 Summer Olympic Games has reached a record high of 28 billion RMB or $3.8 billion. The number is 2.2 times the figure estimated in 2001 when Beijing was bidding to host the event, compared to $1.5 billion for the Sydney Olympics in 2000 and $2.4 billion for the Athens Olympics in 2004. As the construction of some stadiums and other facilities are not finally completed, the total amount invested is expected to be even higher than the current level.

Source: Asia Times, January 22, 2008
http://www.atchinese.com/index.php?option=com_content&task=view&id=45188&Itemid=110

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