Role Model for Youth

(XINHUA)

Houston Rockets basketball star Jeremy Lin, an emerging pop idol with a huge following of young fans in China, sent his best wishes to Chinese youth in a message from the United States, highlighting the importance of teamwork and encouraging students to bravely pursue their dreams in a video shot for a program called The First Lesson of the China Central Television (CCTV) on September 3.

The Chinese Ministry of Education and CCTV have been producing the program since 2008 as a welcoming gift for students. The show invites dozens of celebrities to give speeches on a topic at the beginning of each autumn semester. This year's theme is The Beauty Around You.

Lin, 24, is a Harvard-educated guard and the first American-born NBA player of Chinese heritage. He became an international sensation earlier this year with his exceptional skills, humor and work ethic.

PMI's New Low

China's manufacturing activity slid further in August, with the purchasing managers index (PMI) standing at 49.2 percent, the lowest pace in nine months, according to the China Federation of Logistics and Purchasing (CFLP).

It marked the first time the index has fallen below 50 percent since December 2011. A reading of 50 percent demarcates expansion from contraction.

The falling PMI showed growth in the world's second largest economy remains in a downward movement, said Cai Jin, Vice Chairman of CFLP. The PMI reading in August retreated 0.9 percentage points from July.

"The [weak] external demand remains the biggest factor dragging down China's economic growth; meanwhile, domestic demand has not yet improved," said Fan Junlin, an economic researcher at the Agricultural Bank of China.

The PMI of China's non-manufacturing sector rose 0.7 percentage points to 56.3 percent in August.

"The rebound shows the non-manufacturing sector has played a more significant role in stabilizing economic growth," Cai said. "The recovery in the consumer service sector and dynamics of the information service industry have been building up a solid foundation for stabilized growth."

Disappointing Profits

Chinese listed companies disappointed investors with bleak reports over the first half of the year against the backdrop of the economic slowdown.

As the period of disclosures came to an end on August 31, 2,475 companies listed on the Shanghai and Shenzhen stock exchanges posted a combined first-half net profit of 1.02 trillion yuan ($160 billion), down 1.51 percent from the previous year, according to Shanghai Securities News.

The figure marked a steep downturn in combined net profits of listed companies, which saw profits surge more than 20 percent year on year during the same period in 2011 and 40 percent in 2010.

Among all listed enterprises, 2,130 companies made profits in the first six months but 46 percent of them saw their gains fall, while about 14 percent of all companies posted losses, 5 percentage points higher than the figure registered last year.

The average earnings per share of listed companies also went down 6.59 percent to reach 0.27 yuan ($0.043) in the first half of the year.

Rice Price Up

The National Development and Reform Commission (NDRC) said on September 3 that it will raise the minimum purchase prices for mid-season and late rice in 2012, as severe droughts in the United States and other grain-prices in the global market.

The minimum purchase price for midseason and late indica rice will be raised to 2.5 yuan ($0.39) per kg, up 16.82 percent from a year earlier, according to the NDRC.

Meanwhile, the minimum purchase price for japonica rice will be set at 2.8 yuan ($0.44) per kg, up 9.38 percent from last year.

The new prices will be effective in Jiangsu, Anhui, Jiangxi, Henan, Hubei, Hunan and Sichuan provinces and Guangxi Zhuang Autonomous Region from September 16 to December 31, 2012.

In northeast China's provinces of Liaoning, Jilin and Heilongjiang, the new minimum purchase price for rice will be applied from November 16, 2012 to March 31, 2013 due to different climate conditions, said the NDRC.

Elevator Giant

China has become the world's largest manufacturer and seller of elevators, with an average annual growth of 20 percent over the past 10 years, said the organizers of the upcoming 2012 World Elevator Summit.

By the end of 2011, China had installed more than 2 million elevators nationwide, while its elevator sales and production volume both topped 450,000 units, accounting for more than 60 percent of the global total. Elevator exports volume exceeded 47,000 units in the same period.

The huge demand has helped boost the development of domestic elevator producers, who now occupy almost 40 percent of the domestic market, up from 20 percent 10 years ago.

There is still a great deal of room for future development, as the country's per-capita ownership of in-service elevators is only one third of the global average.

The 2012 World Elevator Summit, which is set to open on October 25 in Beijing, will focus on future trends in the elevator market and improving elevator security.

Subway Order

CSR Sifang Co. Ltd. and Japan's Kawasaki Heavy Industries Group have obtained a joint contract to supply subway vehicles in Singapore, according to CSR Sifang.

This marked the third time the two companies have won such a contract from the Land Transport Authority, a board under Singapore's Ministry of Transport.

CSR and Kawasaki were awarded the latest contract for their reliable technology, advanced operating experience and strong production capacity.

The two companies will work together to supply 132 train cars to Singapore's Mass Rapid Transit system. The contracted subway vehicles will be delivered between 2015 and 2016.

CSR Sifang, based in Qingdao, Shandong Province, is a subsidiary of China South Locomotive and Rolling Stock Corp., the country's biggest train maker.