DEBUTING IN THAILAND: An SUV from Great Wall Motors is on display at the 34th Bangkok International Motor Show on March 26. The Chinese homegrown carmaker plans to open a factory in Thailand (GAO JIANJUN)

Regaining Momentum

China's economic growth will steadily regain speed in 2013 despite global economic uncertainties, according to a blue paper released on March 26.

Thanks to a proactive fiscal policy—or increased spending in a number of areas—and a prudent monetary policy introduced in 2012 along with a more coordinated economic growth model propelled by consumption, investments and exports, the momentum of China's economic growth will continue, says the paper, which was published by the Social Sciences Academic Press.

Despite the positive outlook of China's economy, the blue paper warns that the country needs to advance its opening up and reform and restructure its economic growth model to ensure sustainable growth.

The blue paper, which focuses on the development of the BRICS nations—the emerging economies of Brazil, Russia, India, China and South Africa—says China remains the last country in the group where the service industry accounts for less than half of its economy.

State-owned enterprises still make up the bulk of the services sector and the share of non-state operators in the market is small, leading to insufficient competition, says the paper.

Anti-Dumping Duties

The Ministry of Commerce (MOFCOM) began imposing anti-dumping duties on resorcinol imports from the United States and Japan on March 23.

The duties will last for five years, according to the MOFCOM. Tariff rates on resorcinol imported from Japan and the United States are 40.5 percent and 30.1 percent, respectively.

The final ruling came after the MOFCOM found that the domestic industry had been substantially harmed by the two countries dumping resorcinol. The MOFCOM has been investigating the issue since March 2012.

Resorcinol is an essential component used to manufacture tires and other fiber-reinforced rubber goods.

Maritime Show

The China Shipbuilding Industry Corp. (CSIC) made its debut at the Langkawi International Maritime and Aerospace Exhibition in Malaysia on March 26.

The company brought its latest product models, including submarine, landing platform dock and frigate, to the four-day show, which closed on March 30.

"It's our first time in the Langkawi International Maritime and Aerospace Exhibition," said Xu Ziqiu, General Manager of China Shipbuilding and Offshore International, the international marketing and sales arm of CSIC.

CSIC is the largest manufacturer of maritime products in China with more than 100 subsidiaries including seven shipyards and 28 R&D institutes, producing naval products such as submarines, destroyers and frigates.

Xu admitted the shipbuilding industry has not yet fully recovered from the global financial crisis. "So we wish to explore outside the country and see if we can tap into the global market," he said.