Canton Fair

The 105th China Import and Export Fair, also known as the Canton Fair, began on April 15 in Guangzhou, the capital city of Guangdong Province. As the country's largest trade expo, the biannual fair has been considered a bellwether of the national economy and export markets.

SHIPSHAPE SHOW: The 2009 China International Exhibition for Equipment for the Shipbuilding Industry is held on April 10-12 in Nanjing, capital of east coastal Jiangsu Province. Nearly 200 enterprises from dozens of countries participated in the expo (LI WENBAO)

A total of 22,104 trade companies from home and abroad are displaying their latest products at the show, about 1 percent fewer than the last fair on October 15, 2008. But the total scale of the fair has remained unchanged, said Mu Xinhai, a fair spokesman, in a statement. He added that the fair was a platform for enterprises to join forces in fighting the global economic downturn.

The fair, which is divided into three phases, ends on May 7.

Cultural Boom

The Ministry of Finance recently said it would begin a five-year tax reduction program to bolster the country's culture industry.

Companies engaged in the press, publication, broadcasting, film, television and other cultural and artistic businesses could be exempt from value-added taxes, business taxes and import duties from this year to 2013, the ministry said.

These companies are now exempt from business taxes for revenues generated overseas. Hi-tech enterprises that support the culture industry also enjoy a favorable income tax rate of 15 percent, much lower than the regular 25 percent.

Quality First

The State Council released a draft regulation, vowing to impose fines of up to 500,000 yuan ($73,153) on manufacturers who fail to recall or report substandard products.

It is believed that the regulation, which covers almost all China-made products, is intended to tighten food quality supervision and prevent product safety scandals.

The State Council is expected to approve the regulation by the end of this year after a public hearing to be held by May 26.

Disabled Employment

The government will enact a series of support measures to create an additional 300,000 jobs for the disabled by 2010, according to a report by Xinhua News Agency.

According to the report, the government will strengthen vocational training for the disabled and improve employment services for them. Measures such as increasing social security subsidies and promoting the compulsory hiring of disabled people will be implemented, it said.

Hefty support will also be extended for disabled people who live in rural areas and have financial difficulties.

There are more than 83 million people with various degrees of mental and physical disabilities in the country.

Securing Oil Supplies

China National Petroleum Corp. (CNPC), the country's largest oil company, is currently in talks to purchase a 49-percent interest in Kazakhstan's state oil producer MangistauMunaiGaz, according to a report in Shanghai Daily. The target company owns 36 oil and gas fields that amount to around 5 million barrels of crude reserves. Details of the deal remain unclear.

It is believed that the deal will help secure long-term energy supplies for China and wean it off its dependence on the sea for oil transportation.