China Economy Weekly: Economic Restructuring; Interest Rates Rise Amidst Inflation Worries

China Restructuring Economy:  China is seeking breakthroughs in economic restructuring while maintaining stable and relatively fast economic growth, the central committee of the ruling Communist Party of China (CPC) said on Monday.

"China will further boost people's incomes, enhance social construction and deepen reform and opening-up," said the Party's communique. This would facilitate "substantial progress in transforming the economic development pattern, and markedly promote China's comprehensive national strength, international competitiveness and better shield against risks.

China's Goal for New Strategic Industries: Beijing has announced plans to develop new strategic industries, saying their value-added output of would account for 8% of the country's gross domestic product (GDP) by 2015 and 15% by 2020.

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China Economy Weekly: "Open to Foreign Firms" and Imports, Agreement with Taiwan, Inflation at 22-Month High

China "Open to Foreign Firms": Vice President Xi Jinping has said that China is taking vigorous steps to create a more open, optimal environment for foreign enterprises.

Xi made the remarks at the opening ceremony of the 2nd World Investment Forum  in Xiamen City in southeast China's Fujian Province.

 Foreign direct investment this year is set to "surpass $100 billion", compared to $90 billion dollars last year, an official with China's Ministry of Commerce said on Sunday.

Moving in the other direction, China is now fifth in outbound direct investment with a total volume of $56.5 billion, compared to a ranking of 12th in 2008.

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