China Update

Via good friend Mr. Tony Tsai, CEO – BHG Retail Innovation Institute and EVP Operations – The BJ Hualian Hypermarket Co.:

"Zeng Peiyan urges establishment of free trade zone between China, Japan and South Korea to be accelerated
April 25, Zeng Peiyan, former vice premier of China, urged the establishment of a free trade zone between China, Japan and South Korea to be accelerated. He said that the three countries should enhance their cooperative partnership to deal with international risks and challenges. He made the remarks during the Northeast Asia Trilateral Forum in Hangzhou."

"China is the world's largest consumer of geothermal power
Guan Fengjun, head of the geological environment department at the Ministry of Land and Resources, said that China will further develop geothermal energy over the next five years as it steps up efforts to cut carbon emissions. China will increase the proportion of geothermal power in its energy mix to 1.7%, which is more than 10 times the current amount, by 2015. China is already the world's largest consumer of geothermal power. Consumption of geothermal energy in 2010 was equal to the consumption of 5m tons of coal."

"Development Research Center of the State Council: China's GDP will grow by 9% in 2011
The Development Research Center of the State Council published a report on Monday. It predicted that China's GDP will grow by 9% year-on-year in 2011. China's trade surplus may be further reduced to $140b, or 2% of China's GDP, in 2011."