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Growth slowdown bites into fiscal revenues

China's fiscal revenue growth slowed sharply in 2012 due to slowing economic growth and tax breaks, the Ministry of Finance said on Tuesday. National fiscal revenues rose 12.8 percent year-on-year to 11.7 trillion yuan ($1.9 trillion), with the growth rate dropping 12.2 percentage points from a year earlier, the ministry said. It attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.

Airbus China names Chen as new president

Eric Chen, who was senior vice-president of commercial and external affairs of Airbus China, has become president of Airbus China, the European aircraft builder said on Tuesday. Chen will be responsible for Airbus' overall activities in China, including business development, commercial activities, customer services and industrial cooperation. Laurence Barron, Chen's predecessor, has now taken over as CEO and chairman of EADS China, Airbus' parent company.

China, Iceland resume free-trade talks in Beijing

China and Iceland started the sixth round of talks on their free trade agreement in Beijing on Tuesday, the Ministry of Commerce said in a statement on its website. The three-day talks will cover issues related to goods and services trade, investment, and other areas. Bilateral trade rose 21.1 percent year-on-year in 2012 to $180 million. Chinese exports rose 24.6 percent year-on-year to $95.39 million, and imports increased 17.7 percent year-on-year to $88.96 million.

Foreign firms provide better benefits for local staff

Foreign companies are improving the benefits provided to employees in China, according to a survey conducted by Beijing Foreign Enterprise Human Resources Service Co Ltd, known as FESCO. The survey found 21 percent of multinationals in China have increased their employee benefits, including health, training, festival bonuses and accommodation subsidies, in a bid to attract and retain talent.

Boost local government debt management: Minister

Finance Minister Xie Xuren has called for greater efforts to manage local government debt during a tour to Hebei province, according to a statement on Monday. He said there was a need to step up prevention of financial risks. He also noted the need for the gradual establishment of a financing mechanism for local governments. But he fell short of saying that local governments should be allowed to sell bonds or take bank loans directly.

JAC aims to be top maker of electric vehicles

Anhui Jianghuai Automobile Co Ltd, the automaker whose history dates back to 1964, is set to produce 100,000 electric vehicles by the end of the 12th Five-Year Plan (2011-15) period, according to company executives. "We are developing electric transmission systems to become the top domestic brand in the new-energy car sector," said Yan Gang, the its deputy general manager at the 2012 Global New Energy Vehicle Conference in Hainan province. The company has sold more than 5,000 electric vehicles since 2010, its website show.

Tibet records 152 percent rise in foreign trade

Foreign trade for the Tibet autonomous region topped $3 billion last year, a year-on-year increase of 152.02 percent, ranking first among China's provincial-level economies. The figure also led the national average growth rate by 145 percent. A spokesman for the customs office of the regional capital of Lhasa said exports took up 98 percent of Tibet's foreign trade.

China Daily - Agencies

(China Daily 01/23/2013 page14)