GETTING THROUGH The construction of the Maluqing Tunnel on the Yichang-Wanzhou Railway is officially completed on January 10 after four years of drilling. The tunnel, located in deep valleys, is deemed one of the most difficult tunnel projects in the world (XINHUA)

GDP Growth Revised

China's GDP growth rate for 2007 was revised to 13 percent from 11.9 percent, its highest growth rate since 1994, said the National Bureau of Statistics (NBS) on January 14.

The GDP growth rate for 2007 was 11.4 percent after the initial calculation in January 2008. In April 2008, it was revised up to 11.9 percent after the initial verification.

The NBS reformed its GDP reporting system in 2003, which is now divided into three parts: an initial calculation, initial verification and final verification.

The final figure is often larger, because it takes time to collect complete economic data from millions of small private and service businesses, said an expert who declined to be named.

Crackdown on Fake Money

The central bank has vowed a serious crackdown on counterfeit currency since a number of fake 100-yuan notes have been reported in the country.

The central bank announced on January 12 that it is working with public security and commerce authorities to detect and combat the creation, circulation and use of fake renminbi bills.

The bank ordered commercial banks to upgrade their systems for detecting counterfeit bills. It also urged manufacturers of machines that detect counterfeit bills to develop upgraded versions of their products.

New Helicopter Maker

The Aviation Industry Corp. of China, the country's largest helicopter maker, has signed an agreement with the Tianjin Municipal Government to build a new commercial helicopter manufacturer in the first half of this year in the Tianjin Free Trade Zone.

Feng Zhijiang, the zone's director, told Xinhua News Agency that around 8 billion yuan ($1.2 billion) will be invested in the new China Aviation Industry Helicopters Corp. Ltd. The zone will be the location of the new concern's headquarters, research and development base, assembly facilities and customer service center.

The company will focus on building medium-sized and large helicopters, filling a void in the country. The first two helicopters are expected to be manufactured this year, Feng said.

Iron Talks

Baosteel Group Corp., China's biggest steelmaker, started its annual talks with Rio Tinto Group of Australia on January 9 to set the prices of its iron ore imports, according to a report in Shanghai Daily.

Analysts say Baosteel may win its first price cut in seven years amid the global downturn. But it will not be easy to get a bargain, because iron ore producers will seek to stave off the cuts to support profits as metal prices plunge, they said.

Baosteel will start price discussions with Brazil's Cia Vale do Rio Doce and BHP Billiton Ltd. soon, the report said.

Solar Cities Congress

Dezhou, Shandong Province, will host the Fourth International Solar Cities Congress in September 2010, said Dezhou Mayor Wu Cuiyun at a news conference on January 9. The location was chosen because it is the first and only "Solar City" in China, he said.

As the popularity of green technology grows, it is estimated that about 200 million Chinese will use solar energy water heaters in the near future, said Huang Ming, Board Chairman of Dezhou-based Himin Solar Energy Group, China's top maker of solar water heaters, at the news conference.

The previous three Solar Cities Congresses were held in South Korea, Britain and Australia.