The PRC National Development and Reform Commission in July officially released a comprehensive plan for the development of China's high-tech industries through 2010.
China Market Intelligence
US government officials have been ramping up their preparations for the upcoming annual US-China Joint Commission on Commerce and Trade (JCCT), which will take place this fall in Beijing. Ira Kasoff, deputy assistant secretary for Asia, US Department of Commerce (DOC), recently traveled to China to meet with PRC officials to initiate JCCT agenda discussions.
Driven by surging exports and fixed-asset investment, China's economy roared ahead in the first half of 2007, growing 11.5 percent--the fastest rate since 1994 (see Table). Rising food prices, particularly for pork, pushed inflation to 3.2 percent in the first half.
The Financial Action Task Force (FATF), a Paris-based intergovernmental body focused on combating money laundering, on June 28 voted to elevate China from observer to member status, a move that followed the recent release of PRC regulations to prevent money laundering (see below).
The PRC State Food and Drug Administration (SFDA) on July 10 released the revised Administrative Measures for Drug Registration after twice soliciting comments from industry and the public in spring 2007.
Last week, CMI reported on the widespread media coverage of unsafe products in the United States and other markets that originated from China.
Changes in China's value-added tax (VAT) rebate regime for exports have had a significant impact on processing trade companies and companies located in export-processing zones (EPZs), according to US-China Business Council (USCBC) sources.
The PRC National Development and Reform Commission (NDRC) last week released the 2007 Industrial Standards Plan, which covers a total of 2,450 industrial standards, including 1,184 new and 1,266 revised standards. Standards promulgated by NDRC are different from those issued by the Standardization Administration of China (SAC).