China Market Intelligence
The second round of the Strategic Economic Dialogue (SED) concluded today in Washington, DC. The high-level talks headed by US Secretary of the Treasury Henry Paulson and PRC Vice Premier Wu Yi have sought to address major issues regarding the growing trade relations, and tensions, between the two countries.
The PRC National Development and Reform Commission (NDRC) last week released a blueprint for developing China's high-tech sector through 2010. Its broad policy objectives include intensifying efforts to develop "independent innovations," forming domestic technology conglomerates, seeking new markets for China's high-tech products, and cultivating competitive high-tech brands.
Final preparations for the second round of the Strategic Economic Dialogue (SED II) are in full swing, with Washington, DC, preparing for perhaps the largest senior PRC delegation to ever visit the United States.
The National People's Congress (NPC) received more than 11,000 sets of comments on the draft PRC Employment Promotion Law during its comment submission period, which closed on April 25. According to the NPC, 70 percent of the submissions were made by citizens as opposed to organizations and institutions.
In conjunction with the government's efforts to boost China's scientific and technological capabilities and to encourage "independent innovations," 16 ministries and agencies recently publicized a notice that lays out the various incentives the government will develop to attract talented Chinese who have studied abroad--including not only PRC nationals but also Chinese who have obtained foreign
In recent weeks, US government and media have reported that wheat gluten imported from China and used to manufacture certain pet food products contained melamine, a chemical used in plastics and fertilizers. Melamine can be used to make feeds appear to contain higher protein content and is banned from food products in the United States.
The PRC Ministry of Railways (MOR) in mid-April implemented the Sixth National Acceleration of Train Services, raising maximum national passenger train speeds to 200-250 km per hour and maximum freight train speeds to 120 km per hour. These represent increases of 18 percent and 12 percent, respectively, from last year and are part of MOR's broader efforts to upgrade China's railways.
The National People's Congress (NPC) conducted its third reading of the draft Labor Contract Law on April 24 and decided to read the draft law for a fourth time, which may occur as early as the next NPC meeting in June. Observers expect the law to be passed after that reading.
In just two weeks, top US and PRC economic officials will meet in Washington, DC, for the second round of the Strategic Economic Dialogue (SED). US Secretary of the Treasury Henry Paulson, who chairs the US side of the dialogue, previewed the upcoming SED in a speech on May 2 at the Peter G. Peterson Institute for International Economics in Washington.