| Pianist Honored
The Manhattan School of Music awarded an honorary doctorate to young Chinese pianist Lang Lang on May 11, in recognition of his extraordinary accomplishments as a musician, educator and musical ambassador to the world.
It is the internationally-acclaimed pianist's first doctorate degree in the United States and makes him the first Asian to receive an honorary doctorate from the prestigious school. He previously received an honorary doctorate from the British Royal Academy of Music from Prince Charles.
Lang, 30, has been heralded as the "hottest artist on the classical music planet" by The New York Times and has played sold out recitals and concerts in every major city in the world. He is also the first Chinese pianist to perform with the Vienna Philharmonic, Berlin Philharmonic and all top American orchestras.
For nearly a decade, Lang has been giving back to children around the world through volunteer activities as diverse as mentoring young talented pianists, convening 100 piano students in concert, performing for sick children in hospitals, delivering classical music recitals in underserved and remote communities, and donating his musical talents to raise awareness of other charitable causes.
Lang indicated that the honor would encourage him to go further in his musical career. "Music is the best remedy in life," he told 340 students at a music school commencement ceremony.
The consumer price index (CPI), a main gauge of inflation, rose 3.4 percent year on year in April, according to data released by the National Bureau of Statistics (NBS). The growth eased slightly from the 3.6-percent rate registered in March. It hit a 20-month low of 3.2 percent in February.
In April, food prices, which account for nearly one third of the weighting in the calculation of China's CPI, increased 7 percent year on year, but dropped 0.9 percent from March, the NBS said.
"We expect that the CPI will continue falling in May and June, possibly to below 3 percent. But it will rebound in the third and fourth quarters with a recovery of economic growth," said Wang Jun, a researcher at the China Center for International Economic Exchanges.
The Chinese Government is aiming to keep the CPI growth within 4 percent.
Foreign direct investment (FDI) into China fell for a sixth straight month in April amid global economic woes.
FDI edged down 0.74 percent year on year to $8.4 billion in April, following drops of 6.1 percent in March, 0.9 percent in February and 0.3 percent in January, said the Ministry of Commerce (MOFCOM).
In the first four months, FDI totaled $37.88 billion, down 2.38 percent from a year earlier.
Investment from the debt-ridden European Union plunged 27.9 percent in the January-April period from a year ago. But, that from the United States climbed 1.9 percent.
MOFCOM spokesman Shen Danyang said the ministry was prudently optimistic about the outlook for foreign investment, which had dropped because of both the lackluster global economy and rising costs within China.
New yuan-denominated loans reached 681.8 billion yuan ($108.2 billion) in April, down 61.2 billion yuan ($9.71 billion) compared with a year earlier, said the People's Bank of China, the central bank. The figure was also the lowest this year.
"There was an obvious decline in credit needs in April," said Lian Ping, Chief Economist with the Bank of Communications.
Financial regulators should unleash liquidity, drive down market interest rates, reduce corporate financing costs and speed up bank lending, Lian suggested.
"April's low lending may foreshadow further slumps in imports and investment in future, affecting the economic trend in the second quarter," said Liu Yuhui, a financial researcher with the Chinese Academy of Social Sciences.
The Taiwan-based Foxconn Technology Group, the world's largest marker of electronic components, has started construction on its Chinese mainland headquarters in Shanghai.
The construction of the headquarters represents a shift for the company, as it will focus more on the domestic market and less on exports, said Terry Gou, head of Foxconn.
The headquarters, located in the Lujiazui financial area, will function as a research and development center and facilitate the company's step toward a new business model, Gou said, adding that the company also plans to set up an e-business center in Shanghai's Minhang District.
China lowered its banks' reserve requirement ratio by 0.5 percentage points on May 18 (see page 36).
The cut, the second of its kind this year, dropped the ratio for the country's large financial institutions to 20 percent and the small and medium-sized financial institutions to 16.5 percent, according to the central bank.
Analysts say the central bank's move is to further release liquidity against the backdrop of the current slowdown in economic growth.
The cut will release an estimated 420 billion yuan ($66.44 billion) in capital into the market.
China previously lowered the ratio by 0.5 percentage points on February 24.
The Bona Film Group, a U.S.-listed private film group located in Beijing, has inked an agreement with News Corp. to acquire a 19.9-percent stake in the Chinese company.
"Bona hopes to expand its market abroad through News Corp.'s distribution networks in North America and experience in film production," said Yu Dong, President of Bona. "We have learnt from Hollywood counterparts to bring in strategic investors. Through the deal, we would like to improve our production and sharpen competitiveness in the international market."
After being listed in the United States, Bona has worked to upgrade its board, reducing stakes held by venture capitalists and introducing strategic investors which will benefit the company in the future, Yu said.
News Corp.'s investment is considered a move to tap into the booming Chinese film market. China's box office sales soared by 28.93 percent to 13.12 billion yuan ($2.08 billion) in 2011. | 
