Guangdong Aims to Shift from Manufacturing to Innovation
Guangdong has set itself the goal to catch up with medium-developed countries in terms of self-driven innovation. By 2020, the province should have become an innovation-oriented region. At a government conference presided by Governor Huang Huahua yesterday (August 11), importance was laid on transforming Guangdong from a manufacturing hub into an innovation center. By 2012, the government pledged to have invested more in research and development, expecting it to account for 2.5% of the region's GDP. By then, the production revenue from high technologies is thought to reach 380 million yuan.

photo from sina.com.cn

Morakot Causes Huge Life and Economic Losses
At least 62 people were killed and 57 others reported missing in Taiwan as of 8 p.m. Tuesday (August 11), after typhoon Morakot swept across the island. On Chinese mainland, at least 8 people have lost their lives and another 11 million in Fujian, Zhejiang, Jiangxi, Anhui and Jiangsu provinces have been affected by Morakot, the worst typhoon in nearly five decades. The wind toppled over 10,000 houses and inundated nearly half a million hectares of farmland, causing a direct economic loss of around 10 billion yuan. The Red Cross, both in Chinese mainland and in Taiwan have called for people to make donations to help in the disaster-relief efforts.

photo from 163.com

GD CPI down 4.2% in July while Travel Cost Soars
Guangdong's consumer price index (CPI), a main gauge of inflation, dived 4.2% in July from a year earlier. However, compared to June levels, the rate has risen by 0.5%. Analysts point out that the rise is mostly driven by the tourism industry during the summer vacations which have increased by over 20% and today contribute to 0.4% of the province's growth rate. Other than that, food prices have dropped by about 5% and prices for clothes, property and transport have dropped by around 9%.