construction and service sectors are expanding. According to the National Bureau of Statistics, non-manufacturing companies are expecting an increase in business in the next few months. The figures showed that growth in the business service sector has contributed more to the overall economy. U.S.-CHINA
University of Illinois to open China office The University of Illinois (UI) said it will open an office in Shanghai this month to promote connections with China. The primary purpose of the office is to connect with prospective students and UI alumni in China, assist with recruitment efforts and strengthen corporate relations and interactions with academic institutions, UI officials said. The new Shanghai office will be part of the existing Illinois state office, which is part of a U.S. Chamber of Commerce location. UI has 65 academic partnerships with Chinese institutions and more than 20,000 UI alumni living in China. According to UI figures, 4,512 students from China are studying at the Urbana campus this year at a 17% growth over last year and representing more than half of UI’s 4,990 total international undergraduates.
PGA Tour to kick off in China The PGA Tour has partnered with the China Golf Association (CGA) and the China Olympic Sports Industry to kick off the China Tour-PGA Tour China Series, which will start next March with 12 events, giving Chinese players a circuit of their own. The model has been compared with that of the PGA Tour’s in Canada and Latin America, where the tour owns those two circuits. The CGA said that the partnership aims to develop the sport in China to provide an opportunity for Chinese golfers to compete in much higher-level tournaments at home. Golf has been added to the Olympic program in 2016 after more than a century’s absence.
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Soybean imports fall as U.S. supply declines China’s soybean imports declined to the lowest level in six months as China’s biggest supplier, the U.S., experienced a seasonal shortage in September and October. Shipments to the world’s biggest buyer totaled 4.2 million metric tons in October, down from 4.7 million tons the previous month, according to data by Beijing customs. Soybeans on the Chicago Board of Trade dropped 10% this year. But imports are expected to pick up for the rest of the year as demand from China for soybean meal increases. The U.S. Department of Agriculture forecasts China’s imports for the marketing year that started October 1 to hit 67.5 million tons, up from 60 million tons a year ago. GOVERNMENT & POLICY
Beijing to slash new car registration quota The Beijing Municipal Government will slash its new car registration quota by 37.5% starting from 2014, from the current figure of 240,000 each year to 150,000 by 2017, Xinhua reported. Use of new energy vehicles will be encouraged as part of its efforts to curb air pollution. Of the 600,000 vehicles allowed to register in the next four years, 170,000 will be allotted for new energy vehicles, including battery electric, plug-in hybrid and fuel cell vehicles. In 2014, 20,000 new car registrations will be given to new energy vehicles, 30,000 in 2015 and 60,000 in 2016. The total number of vehicles in the city will be restricted to about 6 million by the end of 2017. According to the Beijing Traffic Management Bureau, the city had 5.4 million vehicles at the end of October.
China’s FDA to remove animal testing China’s Food and Drug Administration said it plans to scrap mandatory animal testing requirements for certain categories of cosmetic products manufactured in
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the country. The new rule, which is to go into effect after June 2014, allows Chinese companies to substantiate the product safety of “non-special use cosmetics,” including shampoo or perfume, with existing safety data for raw ingredients or European Union-validated nonanimal tests instead of having to submit product samples based on tests conducted on rabbits, mice and rats. According to estimates by The Humane Society International, as many as 300,000 animals are subject to cosmetics chemical testing annually in China.
State Council eases company registration China’s State Council announced that minimum registered capital requirements will be scrapped for limited liability companies, one-person limited liability companies and joint-stock companies with limited liability. Minimum registered capital for limited liability companies is RMB30,000 (US$4,900), for oneperson limited liability companies it’s RMB100,000 and RMB5 million for joint-stock companies. New measures also include loosening control over sites registered for business operations and replacing annual inspections on companies with annual reports open to public inquiry. Due to its strict company law, China has only 12 enterprises for every 1,000 Chinese, compared with 50 in Japan and South Korea and 30 in most emerging markets, reported the official Xinhua News Agency.
Floor price for airfares scrapped China eliminated a rule that required airlines to have a minimum domestic ticket price in a bid to spur demand. According to the rule, which was published in 2004, Chinese airlines were required to set their fares not higher than 1.25 times and not lower than 60% of a base price. China has been gradually easing aviation regulations and boosting infrastructure spending, with a planned second airport in Beijing,