Expert: China's economy has bottomed out

According to the National Bureau of Statistics (NBS) yesterday, a series of macro-control policies launched since the fourth quarter of last year have helped prevent the economy from tumbling too low and China's economy is now actually looking much healthier with a growing number of positive factors. When considering GDP, the worst of the crisis hit China in the fourth quarter of 2008 and the first quarter of 2009. But GDP in the second quarter is expected to reach almost 8% judging from the current GDP growth and April and May's main economic indexes.

Guangzhou's Export of Ships Bucks Trend

The Guangzhou Bureau of Foreign Trade and Economic Cooperation announced that the total revenue from import and export amounted to 25.8 billion USD from January to May of this year, down 20.5% year-on-year. Compared to the rest of the province and even to China as a whole, the decrease rate was only 1.3% lower for imports and 4.2% lower for exports. However, the situation remains severe. One surprising figure is the increase by nearly 10% in the revenue for shipbuilding yards, a growth rate that puts the naval industry under the spotlight of Guangzhou's export trade.

Hong Kong & Guangdong Strengthen Economic Ties

The 2009 Business Fair for Hong Kong-Guangdong Economic, Technology and Trade Cooperation commenced in Hong Kong yesterday (June 23). 25 key projects involving over 1.2 billion USD are expected to be signed during the 3-day fair. Seminars on implementing the Plan for the Reform and Development of the Pearl River Delta and coping with the financial crisis will also be held.

Seven Guangzhou Department Stores Ranked National "First-Rate Department Stores"

And finally according to a meeting on the management and operation of retail businesses hosted by the Ministry of Commerce, after a three-year-long assessment, 17 Guangzhou-based businesses, have been recognized as national standard department stores, of which seven rank as "Jinding" stores, which we could translate by "first-rate department stores".