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　　 China to open service sector wider 　　China will further open its service and trade sectors, facilitating market access for competitive industries including transportation, construction and travel in the global market, a Ministry of Commerce official was quoted as saying by China Daily on June 14.
　　“The ongoing cross-border transfer of the service industry has brought China unprecedented opportunities for the service trade and China will open the industry wider,” Lu Jijian, deputy director-general of the ministry’s department of trade in services and commercial services, said.
　　Service industries including finance, logistics, education, healthcare and sports will be gradually opened, Lu said.
　　“The transportation, travel and construction industries could offer more market entry opportunities amid keen competition in the international service market,” Lu said.
　　Speaking at the first China Beijing International Fair for Trade in Services held in May, World Trade Organization Director-General Pascal Lamy said that he hoped China would playa leading role in the global service industry’s opening up.
　　Accounting for about 70 percent of the world economy, the service sector is responsible for two-thirds of global transnational investment and one-fifth of world trade.
　　“With the repercussions of the international economic crisis still lingering, major economies are racing to upgrade their economic development modes,” Lu said.
　　“China will expand exports of services, including construction, labor, transportation, communication, finance and consulting, to introduce premium Chinese services to foreign markets,”Lu said.
　　According to the ministry, China will promote the proportion of trade in modern services with high added value in its total services exports to 45 percent by 2015.
　　
　　 China issues auto trade-in program for 2012
　　China’s Ministry of Finance on June 13 issued an old-for-new trade-in auto program for 2012, a bid to boost the sluggish auto market and facilitate its emissions-reduction efforts, Xinhua News Agency reported.
　　According to the statement jointly issued by the Ministry of Finance and the Ministry of Commerce, the government will offer subsidies ranging from 11,000 yuan ($1,746) to 18,000 yuan for the renovation of used passenger vehicles in rural areas, city buses and heavy trucks.
　　The program was first launched in July 2009. Data from the Ministry of Commerce showed that China handed out 6.41 billion yuan in subsidies to new car buyers under the program in 2010,which spurred 49.6 billion yuan in new auto sales.
　　Affected by the removal of government incentives and an economic slump, China’s automobile sales rose just 2.45 percent year on year to 18.5 million units last year, marking the slowest growth in 13 years, according to data from the China Association of Automobile Manufacturers.
　　 China introduces measures to enhance food safety
　　The State Council, China’s Cabinet, on June 13 laid out measures to improve food safety, including tighter supervision and harsh punishments for violators, Xinhua News Agency reported.
　　“It is an onerous task for the government to ensure food safety,” as China’s food industry is still suffering from unstandardized management and many hidden safety risks, according to a statement released on June 13 after a State Council executive meeting presided over by Premier Wen Jiabao.
　　The government should enhance supervision by setting up an efficient mechanism that covers all links in the food industry and a rigid food recall and destroy system for defective products, the statement said.
　　The State Council has vowed a“harsh crackdown” on those endangering food safety, saying violators should be ensured penalties in accordance with laws and regulations.
　　Meanwhile, relevant policies, laws and regulations should be revised to increase costs for violators, according to the statement.
　　The State Council urged Chinese enterprise owners to accept primary responsibility in ensuring quality and safety, while government departments should enhance quality and safety monitoring.
　　“China’s shift can maintain growth”
　　Nobel Prize-winning economist Robert Mundell, also known as the“father of the euro”, has called on China to boost domestic expenditure and consumption to guarantee continued growth of the world’s second-largest economy for at least another 30 years.
　　While Europe is struggling to prevent the euro from unraveling, China should “get the economy back to a growth rate of 8, 9 or 10 percent”, he said in an exclusive interview with China Daily.
　　To achieve that goal, he suggested that China allow further monetary expansion and pursue policy easing.
　　He said he appreciated the latest interest rate cut, announced by China’s central bank, and he also expected further reductions in banks’ reserve requirements ratios.
　　“Low risk of hard landing for China’s economy”
　　While economic growth in China is projected to moderate to 8.3 percent in 2012, there is a low risk of a hard landing for China’s economy, according to a UN report released here on Thursday by the United Nations Department of Social and Economic Affairs (DESA), Xinhua reported.
　　The UN World Economic Situation and Prospects (WESP) 2012 mid- year update said that, while growth in China is forecast to slow from 9.2 percent in 2011 to 8.3 percent in 2012, which constitutes a slight downward revision from the forecasts presented in the WESP 2012 in January, the risk of a hard landing of China’s economy in the outlook period is low.
　　 Figures
　　 3.77b
　　China’s centrally-administered state-owned enterprises (SOEs) jointly donated 3.77 billion yuan (598.41 million U.S. dollars) for charitable work in 2011, the state assets watchdog said on June 15.
　　$90b
　　The volume of trade between China and Russia in 2012 will hit $90 billion, close to the $100-billion target for 2015 set during Russian President Vladimir Putin’s visit to China early this month, a Russian trade representative predicted on June 15.
　　$16.41b
　　 The preliminary estimate of the Macao’s foreign exchange reserves amounted to131.2 billion patacas ($16.41 billion) at the end of May 2012, according to the figures released on June 15 by the Monetary Authority of Macao.
　　 0.1%
　　Hong Kong’s Gross National Product (GNP) edged up 0.1 percent in the first quarter over a year earlier to 472.1 billion HK dollars (about 60.85 U.S. dollars), the city’s Census & Statistics Department said on June 14.
　　 10%
　　Minister of Commerce Chen Deming said on June 11 China’s foreign trade could grow by around 10 percent this year“if lucky”, meanwhile, he warned of the continuing severity to come in the remainder of the year.
　　 12.7%
　　China’s fiscal revenue in the first five months rose 12.7 percent from the same period a year ago to nearly 5.3 trillion yuan(841.3 billion U.S. dollars), the Ministry of Finance (MOF) said on June 11.
　　 14.1%
　　China’s foreign trade rose 14.1 percent year on year to 343.58 billion U.S. dollars in May, rebounding from the 2.7-percent growth registered in April, data with the General Administration of Customs (GAC) showed on June 10.