Freethinking Philanthropist

(CNSPHOTO)

Huang Nubo, Chairman of Chinese real estate giant Zhongkun Group, revealed in an interview with Forbes magazine that he would donate half of his wealth to Peking University, his alma mater, in a snub to government-run charities.

"Most of the charity organizations in China are run by government agencies," said Huang in the interview. "It seems like you have to beg them for an opportunity to donate. I no longer trust them."

The 56-year-old entrepreneur made a donation of 900 million yuan ($141.3 million) worth of assets to Peking University in June 2011.

Huang ranked as China's 161st richest man in Forbes in 2010, with a net worth of $890 million. He graduated from Peking University in 1981, and worked in government outfits before entering the business world. Huang is also a productive poet. He has published many collections of poems, which have been translated into English, French, Japanese and Mongolian. He is also an adventure-seeker, having traveled to the North and South poles and climbed the Mount Everest.

Export Slowdown

China's exports rose 11.3 percent year on year to $180.21 billion in June, slowing from the 15.3-percent spurt in May, according to the General Administration of Customs (GAC).

Imports increased 6.3 percent to $148.48 billion, against a growth of 12.7 percent a month earlier.

Trade surplus jumped 42.9 percent year on year to reach $31.73 billion in June, surpassing market expectations.

In the first half of 2012, total foreign trade reached $1.84 trillion, a rise of 8 percent year on year, lower than the 10-percent increase targeted by the government for the whole year.

Combined trade surplus surged by 56.4 percent year on year to $68.92 billion in the first half.

GAC attributed the trade slowdown to the persistent impact of the global financial crisis, saying China's trade with the EU and Japan almost stalled in the first half.

"We are still facing a more complicated and severe situation in foreign trade," said GAC spokesman Zheng Yuesheng at a press conference on July 10. "But China's core competitiveness in manufacturing will not see significant changes in the short term."

"If the world economy, particularly the European debt crisis, does not become worse, we will hopefully achieve the 10-percent growth goal in foreign trade this year," Zheng added.

WTO Complaint

The Ministry of Commerce announced on July 8 that it would soon start formal talks with the United States on 22 countervailing measures against Chinese exports.

A consultation request was filed by China to the Dispute Settlement Body of the WTO on May 25. It is the first stage of a formal dispute settlement.

According to WTO rules, China can apply to set up a WTO panel to hear and rule on the case, if the two countries fail to produce satisfactory results in 60 days following the request.

The consultation will run from July 18 to 19, and 22 product categories, including steel, solar cells and paper, worth $7.29 billion collectively, are involved, according to the ministry.

Li Chenggang, head of the ministry's Department of Treaty and Law, said the case reflects persistent wrongdoing by the United States in violating WTO rules.

Under the WTO mechanism, the United States has received 116 complaints from nations including Japan, South Korea and India, 60 of which are on its trade remedy measures, he noted.

Regarding a U.S. complaint on China's anti-dumping and anti-subsidy duties on cars imported from the United States, Li said it's normal for trade partners to solve disputes through multilateral rules.

But he argued that, no matter how the case ends, the United States will not be able to achieve its multiple ambitions placed on the case, which include seeking to strengthen trade enforcement and boost auto sector jobs.

Money for Publishing

China will continue to push private capital into the publishing industry to boost the cultural sector, said the General Administration of Press and Publication (GAPP) on July 10.

GAPP vowed further support for private investment in establishing printing and publishing enterprises, as well as in publication distribution businesses.

GAPP will also support digital publishers, including online gaming, mobile reading, e-book and software industries.

Under the condition that state-owned capital accounts for more than 51 percent of the total share, authorities will encourage private funds to go to marketing and advertising businesses of official newspapers and magazines.

Private investments are also welcome in listed state-owned publications and media organizations via the stock market.

The government will support non-governmental publishers in expanding their overseas businesses.

Boosting Investment

The 16th China International Fair for Investment and Trade (CIFIT) will be held from September 8-11, in Xiamen, southeast China's Fujian Province.

As China's only international investment promotion event aimed at facilitating bilateral investment, the fair is the largest of its kind approved by the Global Association of the Exhibition Industry.

The fair will include investment and trade exhibitions, authoritative investment forums and seminars, and investment project matchmaking symposia.

"Over 70,000 business people from over 120 countries and regions are expected to come to this year's fair and over 1,000 investment institutions are expected to meet there," said Ni Yuefeng, Vice Governor of Fujian Province.

"A major highlight of 2012 CIFIT is the international investment forum, which aims at integrating resources and discussing hot topics worldwide," said Wang Chao, Vice Minister of Commerce.

Overseas Expansion

Chinese automaker FAW Group will broaden its market in South Africa and Russia through exporting technology and capital.

FAW has invested 500 million yuan ($78.54 million) to establish a plant in South Africa in March this year, which will produce 5,000 trucks a year, said Xu Jianyi, Chairman of FAW.

The plant will be expanded as an overseas manufacturing base with an annual output of 50,000 passenger vehicles.

"The program of developing a manufacturing base in Russia is ongoing, and Western Europe as well as the United States have also showed willingness to cooperate with our company," said Wang Lizhi, General Manager of FAW Jiefang Automotive Co. Ltd., a truck-making subsidiary of FAW.

Founded in 1953, the state-owned enterprise is now one of the largest vehicle manufacturers in China and ranks among the top 500 corporations worldwide.