MODEL MARVEL: Visitors take photos of an ancient Chinese ship model presented at the 2011 China International Marine, Port & Shipbuilding Fair held in Nanjing, Jiangsu Province, on April 12-14 (SUN CAN)

Monetary Policy

China has vowed to implement its prudent monetary policy in a bid to set the domestic economy on the right track as uncertainties abound both at home and abroad.

To realize this year's economic and social development goals, China needs to properly coordinate the relationship between monetary supply and structural overhaul as well as checking inflation and advancing economic growth, according to a statement released after an executive meeting of the State Council, China's cabinet, presided over by Premier Wen Jiabao.

The statement said China will adopt multiple tools, including an open market operation, a bank reserve requirement ratio and interest rate adjustments to check market liquidity.

Online Payments

The Ministry of Commerce (MOFCOM) published its long-awaited guidelines for e-commerce third-party payment service providers on April 12 in a bid to regulate China's rapidly developing business-to-consumer industry that processes about six times as many transactions as world retail giant Wal-Mart.

The 16-page publication aims to create a "fair, honest and safe" transaction platform for the country's online retailers and shoppers, said Jiang Zengwei, Vice Minister of Commerce.

MOFCOM's guidelines echoed an ongoing campaign to crack down on activities related to copyright infringement and the production and sale of fake and counterfeit products nationwide.

Banking in the U.S.

China's Bank of Communications (BOCOM), the fifth largest commercial bank in China by assets, said on April 10 the bank will broaden its wholesale services in the United States to include deposits, lending and trade finance.

Hao Xiaohui, General Manager of the bank's New York branch, said the Federal Reserve Board had approved the bank's application to establish a branch in San Francisco, California—BOCOM's second branch in the United States.

Besides the United States, BOCOM operates overseas branches in Japan, Singapore, South Korea, and Germany and a representative office in Great Britain.

More Contracts

China State Construction Engineering Corp., a construction behemoth in China and the largest international construction contractor in the world, signed contracts worth 191.5 billion yuan ($29.3 billion) in the first quarter of this year, surging 95 percent over the same period a year ago.

The company said it achieved sales of 18.7 billion yuan ($2.86 billion) in its real estate business with total area sales covering 1.63 million square meters.

Macao Tourism

Total spending (excluding gaming expenses) of visitors to Macao Special Administrative Region reached $4.73 billion in 2010, with its per-capita spending of visitors amounting to $189.75, say figures released on April 11 by the region's Statistics and Census Service.

Analyzed by place of residence, per-capita spending of visitors from the Chinese mainland remained the highest, reaching $254.8.

In 2010, per-capita non-shopping spending (excluding gaming expenses) of visitors amounted to $93.1, of which expenses on accommodations and food and beverage accounted for the largest share of 45 percent and 37 percent respectively.

Per-capita shopping spending amounted to $96.6, with expenses mainly on local food products, jewelry and watches and clothing.