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A dragon boat race in celebration of the Dragon Boat Festival took place in Hong Kong in June 2011.
On June 17， Hong Kong released its first intangible cultural heritage inventory of 480 items， including Cantonese opera， the Dragon Boat Festival and traditional Chinese medicine.
The inventory is the result of over three years of a research and data collection. The government will devise and implement measures to update the list of items regularly， said a spokesman for the Leisure and Cultural Services Department of Hong Kong Special Administrative Region.
Aging Society
More than 131.6 million Chinese citizens are now over the age of 65， about 9.7 percent of the population， the Ministry of Civil Affairs said on June 17.
The population of those at or above 60 had hit 202 million by the end of 2013， nearly 15 percent of the total population. According to international standards， a country or region is considered to be an “aging society” when the number of people aged 60 or over reaches 10 percent or more of its total population.
China’s population above age 60 is expected to exceed 300 million by 2025 and hit 30 percent of the total population by 2050.
China has more than 42，500 nursing centers for the elderly， with about 5 million beds. The number of beds has increased nearly 19 percent from a year earlier， but there are still only enough beds for 2.44 percent of senior citizens.
Orphan Care
More than 80，000 disabled orphans have undergone surgery and rehabilitation over the past decade thanks to a welfare project， Minister of Civil Affairs Li Liguo said.
Some 18，000 disabled orphans were adopted by domestic or overseas families after convalescence from surgery， Li said on June 16 at a conference about the Tomorrow Project， a program initiated in 2004 by his ministry.
The project is mainly funded by China’s welfare lottery and has received over 50 million yuan （$8.03 million） worth of donations from people of all circumstances， according to Li.
Li vowed to push forward the project and expand its focus from surgery to general medical treatment and to extend its coverage to sick and disabled children from needy families.
Underground Survey
A general survey of underground pipelines in cities and a unified management system will be completed by 2015， the Chinese Government announced on June 14 in a move to reducing accidents caused by aging facilities. Gas， water， sewerage， telecommunications and other underground pipelines will be upgraded by 2019， the State Council， China’s cabinet， said in a policy document.
A sound urban underground pipeline system will be built by 2024 and substantially better emergency response and disaster prevention are called for in the document.
Serious accidents caused by old pipes have become more frequent. The death toll reached 62 when crude oil leaked from an underground pipeline in November 2013 in Qingdao， east China’s Shandong Province.
Joint Lab
An international laboratory for highaltitude medical research has been established in Xining， capital of northwest China’s Qinghai Province， on June 16.
The lab is a cooperative effort between China’s Qinghai University and the University of Utah in the United States. Scientists from the two schools have been partners in academic exchange， personnel training and research collaboration since a cooperative agreement was signed in April 2010.
High-altitude medicine focuses on the prevention and treatment of altitude sickness as well as other health issues affecting travelers， adventurers and residents of high mountainous regions around the world.
Island School
Sansha， China’s youngest city in southernmost Hainan Province， began building its first school on June 14.
The construction of Yongxing School， which included a kindergarten and a primary school， is expected to be completed in 18 months， said Mayor Xiao Jie.
With a total investment of about 36 million yuan （$5.78 million）， the school will cover 4，650 square meters.
Sansha， on Yongxing， one of the Xisha Islands， was officially established in July in 2012 to administer the Xisha， Zhongsha and Nansha islands and their surrounding waters in the South China Sea.
About 40 school-age children have parents living and working on Yongxing. With no school， most had to go to schools elsewhere or were left with their grandparents.
Full Bellies
The Food and Agriculture Organization of the United Nations （FAO） on June 16 awarded a prize to China， along with Chile and Morocco， for having met the first Millennium Development Goal of halving the proportion of people who suffer from hunger by 2015 compared with 1990-91 figures， in a special ceremony at the agency’s headquarters in Rome， Italy.
According to the FAO， China reduced the prevalence of undernourishment from 22.9 percent in 1990-92 to 11.4 percent in 2011-13， bringing the estimated number of chronically hungry people down from 272.1 million to 158 million. Jose Graziano da Silva， Director General of the FAO， spoke highly of China’s policies of maintaining the current size of farmland for agriculture through setting a “bottom line” to contain urban erosion of land for agricultural production.
Meanwhile， the FAO chief also voiced hope that China would continue to achieve even greater success under the framework of the Zero Hunger Challenge， an anti-hunger blueprint launched by UN Secretary General Ban Ki-moon in 2012.
He praised a plan unveiled by the Chinese Government in January for rural reforms， further modernization of agriculture， and improvement of farmers’ incomes.
Peacekeeping Training
China’s Ministry of Defense and the Department of Peacekeeping Operations of the United Nations on June 16 started a 12-day training session for peacekeepers from 18 countries.
The 33 trainees include 10 Chinese， and officers from India， Pakistan， Malaysia， the Republic of Korea， and other Asian countries.
The training session is held once or twice a year at major peacekeeping facilities around the world， using the latest training criteria and modules.
In the past four years， China has held three peacekeeping training sessions with the UN.
China has established a fairly complete training system for peacekeepers， according to the Peacekeeping Office of the Ministry of Defense.
Happy Father’s Day
Chang Le， a resident in Shenyang， Liaoning Province， holds his newborn son at a local hospital. He was doubly blessed， as not only did he become a dad but he became one on Father’s Day， which fell on June 15 this year.
Time Honored
A woman shows off stamps commemorating the 90th anniversary of the Huangpu （Whampoa） Military Academy that were released on June 16.
The military academy was founded in Guangzhou， Guangdong Province， in 1924 by Dr. Sun Yat-sen， a forerunner of China’s democratic revolution and founder of the Kuomintang.
The academy has since cultivated many outstanding military commanders， and is deeply respected and cherished by Chinese people at home and abroad.
Free Trade Account
China’s central bank launched a free trade account for the country’s first free trade zone （FTZ） in Shanghai on June 18， as part of efforts to test bolder financial reforms in a risk-controlled environment.
The Shanghai Head Office of the People’s Bank of China （PBC） said that five banks have met the requirements to open the account. Companies registered in the FTZ—a 29-square-km area to pilot economic reforms—will be able to use the account for financing， investment and other cross-border transactions. So far， firms in the zone can borrow offshore funds， deploy working capital between subsidiaries both in and out of China and enjoy greater flexibility in managing foreign exchanges.
The move comes two weeks after the PBC issued operating details on the free trade accounting unit， an ar- rangement that separates cross-border transactions in the FTZ from other onshore transactions.
Industry Overhaul
Chinese authorities on June 13 released a work plan to encourage merging and corporate reorganization among domestic baby-formula producers to ensure the sound development of the industry.
The quality and safety of infantformula milk powder is a key issue concerning people’s quality of life， as well as a major economic and social issue， according to the document.
The plan says that companies will be encouraged to reorganize through mergers and acquisitions. By 2015， China aims to have formed around 10 baby-formula conglomerates， each with an annual sales revenue of more than 2 billion yuan （$321 million）.
By that time， the top 10 domestic brands of baby formula are expected to account for a total market share of at least 65 percent.
The plan also sets a further goal of forming three to five baby-formula heavyweights with annual sales revenue exceeding 5 billion yuan （$803 million） each by 2018. The top 10 domestic industry players are then expected to nab more than 80 percent of the entire market.
Declining Housing Price
China’s property sector continued to cool in May， as new home prices in half of 70 major cities showed month-onmonth drops， the National Bureau of Statistics （NBS） said on June 18.
Only 15 cities saw month-on-month increases， substantially down from 44 in April.
The average home price in the 70 cities slipped 0.15 percent from the previous month， marking the first drop in more than a year， according to the NBS.
Of all the 70 cities， prices in Hangzhou of east China’s Zhejiang Province dropped the most， down by 1.4 percent.
For existing homes， prices also declined in 35 cities month on month in May， up from 22 cities in April.
Liu Jianwei， senior statistician for the NBS， said home buyers have started to adopt a wait-and-see attitude amid uncertain market prospects， prompting developers to cut prices to alleviate pressures from piling inventories.
Bond Ratings
Credit ratings will be introduced into a local government bond-issuance pilot， in a move to enhance risk prevention， the Ministry of Finance announced on June 13. The ratings will come in nine levels， which are AAA， AA， A， BBB， BB， B， CCC， CC and C. The AAA rating indicates an extremely low default risk， with C suggesting inability to repay debts， according to a document released by the ministry.
A total of 10 local governments have been authorized for independent bond issuance and repayment. Bondissuance by local governments was initiated in October 2011.
Water Corridor
Ships sail through the five-stage ship lock of the Three Gorges Dam in an orderly fashion on June 17.
As of June 16， the ship lock has been smoothly operating for 11 years， ferrying more than 10 million passengers and nearly 700 million tons of commodities.
Local governments are required to publicize credit ratings for their bonds， local economic development， fiscal income and expenditures， as well as liabilities.
All of the aforementioned information must be made public at least five working days prior to the new bonds issuance， according to the rule.
The local governments involved in the pilot program are also required， on an annual basis， to conduct comprehensive credit ratings on their bonds issued with different maturity terms， including five years， seven years and 10 years， the document said.
Commodity Website
Yiwubuy， the website of the world’s largest consumer goods market， has launched a Hungary operation （hu. yiwubuy.com）， General Manager Wang Jianjun announced in Yiwu on June 16. Yiwubuy belongs to Zhejiang China Commodity City Group， which manages the Yiwu Small Commodity Wholesale Market， the largest of its kind in the world， in east China’s Zhejiang Province.
Wang said that the Hungary website， which uses three languages—Hungarian， English and Chinese， will try to find local partners and provide convenience for foreign buyers of China-made consumer goods.
Wang explained that the new website would enable orders placed by local buyers to be handled by Yiwubuy’s local partners， including confirmation， payment， inspection， and customs clearance. Moreover， a credit transaction guarantee system will be put in place.
Yiwubuy has e-stores for all 70，000 shops in the Yiwu Small Commodity Wholesale Market on its website， with a unique 360-degree panoramic display that simulates the experience of physical shopping for visitors.
Fruits of Labor
Farmers put boxes of red apricots onto a truck for export sale in Julu County， Hebei Province， on June 17. A total of 5，400 hectares of apricots have been planted in Julu， generating an annual sales income of 320 million yuan （$51.36 million） for local farmers.
Forex Purchase
China’s central bank and financial institutions spent 38.7 billion yuan （$6.21 billion） on foreign exchange purchases in May， a sharp retreat from the 116.9 billion yuan （$18.76 billion） in April， official data showed on June 16.
While the pace has slowed， the figure also marked the 10th consecutive month of net increases.
As of the end of May， Chinese financial institutions’ total yuan funds outstanding for foreign exchange amounted to 29.54 trillion yuan （$4.74 trillion）， according to the People’s Bank of China.
As the Chinese currency is not freely convertible under the capital account， the central bank has to purchase foreign currencies generated by China’s trade surplus and foreign investment into the country from commercial banks， adding funds to the money market.
As an important part of China’s basic money supply， the data serves as a guide to the central bank’s policy moves to adjust liquidity in the market.
The central bank announced earlier this month that it will cut the reserve requirement ratio by 0.5 percentage points for banks engaged in proportionate lending to agricultural and small firms.
Service Outsourcing
Service outsourcing has become a major growth industry in China， with its value reaching 1.7 trillion yuan （about$273 billion） in 2013， said a report released on June 15.
The figure represented about 2.97 percent of the country’s gross domestic product last year and contributed 0.8 percent of China’s economic growth， said the 2014 Development Report of China’s Outsourcing Brand Development.
The industry provides the country with direct and indirect employment of 5.36 million and 17.8 million respectively， said the report.
Last year， it created 1.06 million new jobs， accounting for 8.1 percent of all new jobs in urban China.
The report said that information technology outsourcing dominates China’s service outsourcing industry， which also saw rapid growth in knowledge process outsourcing.
On June 17， Hong Kong released its first intangible cultural heritage inventory of 480 items， including Cantonese opera， the Dragon Boat Festival and traditional Chinese medicine.
The inventory is the result of over three years of a research and data collection. The government will devise and implement measures to update the list of items regularly， said a spokesman for the Leisure and Cultural Services Department of Hong Kong Special Administrative Region.
Aging Society
More than 131.6 million Chinese citizens are now over the age of 65， about 9.7 percent of the population， the Ministry of Civil Affairs said on June 17.
The population of those at or above 60 had hit 202 million by the end of 2013， nearly 15 percent of the total population. According to international standards， a country or region is considered to be an “aging society” when the number of people aged 60 or over reaches 10 percent or more of its total population.
China’s population above age 60 is expected to exceed 300 million by 2025 and hit 30 percent of the total population by 2050.
China has more than 42，500 nursing centers for the elderly， with about 5 million beds. The number of beds has increased nearly 19 percent from a year earlier， but there are still only enough beds for 2.44 percent of senior citizens.
Orphan Care
More than 80，000 disabled orphans have undergone surgery and rehabilitation over the past decade thanks to a welfare project， Minister of Civil Affairs Li Liguo said.
Some 18，000 disabled orphans were adopted by domestic or overseas families after convalescence from surgery， Li said on June 16 at a conference about the Tomorrow Project， a program initiated in 2004 by his ministry.
The project is mainly funded by China’s welfare lottery and has received over 50 million yuan （$8.03 million） worth of donations from people of all circumstances， according to Li.
Li vowed to push forward the project and expand its focus from surgery to general medical treatment and to extend its coverage to sick and disabled children from needy families.
Underground Survey
A general survey of underground pipelines in cities and a unified management system will be completed by 2015， the Chinese Government announced on June 14 in a move to reducing accidents caused by aging facilities. Gas， water， sewerage， telecommunications and other underground pipelines will be upgraded by 2019， the State Council， China’s cabinet， said in a policy document.
A sound urban underground pipeline system will be built by 2024 and substantially better emergency response and disaster prevention are called for in the document.
Serious accidents caused by old pipes have become more frequent. The death toll reached 62 when crude oil leaked from an underground pipeline in November 2013 in Qingdao， east China’s Shandong Province.
Joint Lab
An international laboratory for highaltitude medical research has been established in Xining， capital of northwest China’s Qinghai Province， on June 16.
The lab is a cooperative effort between China’s Qinghai University and the University of Utah in the United States. Scientists from the two schools have been partners in academic exchange， personnel training and research collaboration since a cooperative agreement was signed in April 2010.
High-altitude medicine focuses on the prevention and treatment of altitude sickness as well as other health issues affecting travelers， adventurers and residents of high mountainous regions around the world.
Island School
Sansha， China’s youngest city in southernmost Hainan Province， began building its first school on June 14.
The construction of Yongxing School， which included a kindergarten and a primary school， is expected to be completed in 18 months， said Mayor Xiao Jie.
With a total investment of about 36 million yuan （$5.78 million）， the school will cover 4，650 square meters.
Sansha， on Yongxing， one of the Xisha Islands， was officially established in July in 2012 to administer the Xisha， Zhongsha and Nansha islands and their surrounding waters in the South China Sea.
About 40 school-age children have parents living and working on Yongxing. With no school， most had to go to schools elsewhere or were left with their grandparents.
Full Bellies
The Food and Agriculture Organization of the United Nations （FAO） on June 16 awarded a prize to China， along with Chile and Morocco， for having met the first Millennium Development Goal of halving the proportion of people who suffer from hunger by 2015 compared with 1990-91 figures， in a special ceremony at the agency’s headquarters in Rome， Italy.
According to the FAO， China reduced the prevalence of undernourishment from 22.9 percent in 1990-92 to 11.4 percent in 2011-13， bringing the estimated number of chronically hungry people down from 272.1 million to 158 million. Jose Graziano da Silva， Director General of the FAO， spoke highly of China’s policies of maintaining the current size of farmland for agriculture through setting a “bottom line” to contain urban erosion of land for agricultural production.
Meanwhile， the FAO chief also voiced hope that China would continue to achieve even greater success under the framework of the Zero Hunger Challenge， an anti-hunger blueprint launched by UN Secretary General Ban Ki-moon in 2012.
He praised a plan unveiled by the Chinese Government in January for rural reforms， further modernization of agriculture， and improvement of farmers’ incomes.
Peacekeeping Training
China’s Ministry of Defense and the Department of Peacekeeping Operations of the United Nations on June 16 started a 12-day training session for peacekeepers from 18 countries.
The 33 trainees include 10 Chinese， and officers from India， Pakistan， Malaysia， the Republic of Korea， and other Asian countries.
The training session is held once or twice a year at major peacekeeping facilities around the world， using the latest training criteria and modules.
In the past four years， China has held three peacekeeping training sessions with the UN.
China has established a fairly complete training system for peacekeepers， according to the Peacekeeping Office of the Ministry of Defense.
Happy Father’s Day
Chang Le， a resident in Shenyang， Liaoning Province， holds his newborn son at a local hospital. He was doubly blessed， as not only did he become a dad but he became one on Father’s Day， which fell on June 15 this year.
Time Honored
A woman shows off stamps commemorating the 90th anniversary of the Huangpu （Whampoa） Military Academy that were released on June 16.
The military academy was founded in Guangzhou， Guangdong Province， in 1924 by Dr. Sun Yat-sen， a forerunner of China’s democratic revolution and founder of the Kuomintang.
The academy has since cultivated many outstanding military commanders， and is deeply respected and cherished by Chinese people at home and abroad.
Free Trade Account
China’s central bank launched a free trade account for the country’s first free trade zone （FTZ） in Shanghai on June 18， as part of efforts to test bolder financial reforms in a risk-controlled environment.
The Shanghai Head Office of the People’s Bank of China （PBC） said that five banks have met the requirements to open the account. Companies registered in the FTZ—a 29-square-km area to pilot economic reforms—will be able to use the account for financing， investment and other cross-border transactions. So far， firms in the zone can borrow offshore funds， deploy working capital between subsidiaries both in and out of China and enjoy greater flexibility in managing foreign exchanges.
The move comes two weeks after the PBC issued operating details on the free trade accounting unit， an ar- rangement that separates cross-border transactions in the FTZ from other onshore transactions.
Industry Overhaul
Chinese authorities on June 13 released a work plan to encourage merging and corporate reorganization among domestic baby-formula producers to ensure the sound development of the industry.
The quality and safety of infantformula milk powder is a key issue concerning people’s quality of life， as well as a major economic and social issue， according to the document.
The plan says that companies will be encouraged to reorganize through mergers and acquisitions. By 2015， China aims to have formed around 10 baby-formula conglomerates， each with an annual sales revenue of more than 2 billion yuan （$321 million）.
By that time， the top 10 domestic brands of baby formula are expected to account for a total market share of at least 65 percent.
The plan also sets a further goal of forming three to five baby-formula heavyweights with annual sales revenue exceeding 5 billion yuan （$803 million） each by 2018. The top 10 domestic industry players are then expected to nab more than 80 percent of the entire market.
Declining Housing Price
China’s property sector continued to cool in May， as new home prices in half of 70 major cities showed month-onmonth drops， the National Bureau of Statistics （NBS） said on June 18.
Only 15 cities saw month-on-month increases， substantially down from 44 in April.
The average home price in the 70 cities slipped 0.15 percent from the previous month， marking the first drop in more than a year， according to the NBS.
Of all the 70 cities， prices in Hangzhou of east China’s Zhejiang Province dropped the most， down by 1.4 percent.
For existing homes， prices also declined in 35 cities month on month in May， up from 22 cities in April.
Liu Jianwei， senior statistician for the NBS， said home buyers have started to adopt a wait-and-see attitude amid uncertain market prospects， prompting developers to cut prices to alleviate pressures from piling inventories.
Bond Ratings
Credit ratings will be introduced into a local government bond-issuance pilot， in a move to enhance risk prevention， the Ministry of Finance announced on June 13. The ratings will come in nine levels， which are AAA， AA， A， BBB， BB， B， CCC， CC and C. The AAA rating indicates an extremely low default risk， with C suggesting inability to repay debts， according to a document released by the ministry.
A total of 10 local governments have been authorized for independent bond issuance and repayment. Bondissuance by local governments was initiated in October 2011.
Water Corridor
Ships sail through the five-stage ship lock of the Three Gorges Dam in an orderly fashion on June 17.
As of June 16， the ship lock has been smoothly operating for 11 years， ferrying more than 10 million passengers and nearly 700 million tons of commodities.
Local governments are required to publicize credit ratings for their bonds， local economic development， fiscal income and expenditures， as well as liabilities.
All of the aforementioned information must be made public at least five working days prior to the new bonds issuance， according to the rule.
The local governments involved in the pilot program are also required， on an annual basis， to conduct comprehensive credit ratings on their bonds issued with different maturity terms， including five years， seven years and 10 years， the document said.
Commodity Website
Yiwubuy， the website of the world’s largest consumer goods market， has launched a Hungary operation （hu. yiwubuy.com）， General Manager Wang Jianjun announced in Yiwu on June 16. Yiwubuy belongs to Zhejiang China Commodity City Group， which manages the Yiwu Small Commodity Wholesale Market， the largest of its kind in the world， in east China’s Zhejiang Province.
Wang said that the Hungary website， which uses three languages—Hungarian， English and Chinese， will try to find local partners and provide convenience for foreign buyers of China-made consumer goods.
Wang explained that the new website would enable orders placed by local buyers to be handled by Yiwubuy’s local partners， including confirmation， payment， inspection， and customs clearance. Moreover， a credit transaction guarantee system will be put in place.
Yiwubuy has e-stores for all 70，000 shops in the Yiwu Small Commodity Wholesale Market on its website， with a unique 360-degree panoramic display that simulates the experience of physical shopping for visitors.
Fruits of Labor
Farmers put boxes of red apricots onto a truck for export sale in Julu County， Hebei Province， on June 17. A total of 5，400 hectares of apricots have been planted in Julu， generating an annual sales income of 320 million yuan （$51.36 million） for local farmers.
Forex Purchase
China’s central bank and financial institutions spent 38.7 billion yuan （$6.21 billion） on foreign exchange purchases in May， a sharp retreat from the 116.9 billion yuan （$18.76 billion） in April， official data showed on June 16.
While the pace has slowed， the figure also marked the 10th consecutive month of net increases.
As of the end of May， Chinese financial institutions’ total yuan funds outstanding for foreign exchange amounted to 29.54 trillion yuan （$4.74 trillion）， according to the People’s Bank of China.
As the Chinese currency is not freely convertible under the capital account， the central bank has to purchase foreign currencies generated by China’s trade surplus and foreign investment into the country from commercial banks， adding funds to the money market.
As an important part of China’s basic money supply， the data serves as a guide to the central bank’s policy moves to adjust liquidity in the market.
The central bank announced earlier this month that it will cut the reserve requirement ratio by 0.5 percentage points for banks engaged in proportionate lending to agricultural and small firms.
Service Outsourcing
Service outsourcing has become a major growth industry in China， with its value reaching 1.7 trillion yuan （about$273 billion） in 2013， said a report released on June 15.
The figure represented about 2.97 percent of the country’s gross domestic product last year and contributed 0.8 percent of China’s economic growth， said the 2014 Development Report of China’s Outsourcing Brand Development.
The industry provides the country with direct and indirect employment of 5.36 million and 17.8 million respectively， said the report.
Last year， it created 1.06 million new jobs， accounting for 8.1 percent of all new jobs in urban China.
The report said that information technology outsourcing dominates China’s service outsourcing industry， which also saw rapid growth in knowledge process outsourcing.