Foreign Trade Plummets 29% in January
Although January was a month of celebration and consumption, a sharp fall in imports and exports has both puzzled and alarmed economists. The General Administration of Customs released figures yesterday (February 11) showing that combined foreign trade in January fell 29 percent year-on-year. Such a major decline is unprecedented in the past 30 years of reform and opening up. Economists said that due to the global economic downturn, foreign trade is likely to fall for several more months.

Citizens Encouraged to Run Their Own Business
The Guangdong Government issued an official paper to encourage people from all walks of life to start their own businesses. The paper specifies that the range of fields open to self-sponsored companies would be extended. Namely, all areas except those strictly forbidden by law will be opened. Other specifications include scrapping the limit of capital money required when self-employed individuals register their business and giving subsidies to underprivileged farmers.

China Approves Stimulus Plan for Ship Building Industry
At an executive meeting yesterday of China's State Council chaired by Premier Wen Jiabao, a stimulus plan to help the shipbuilding industry was adopted. The meeting agreed to increase credit support to ship buyers. It also decided to extend the existing financial support policies for oceangoing vessels until 2012. These policies include tax rebates on key imported components for domestically owned oceangoing ships.