China passenger car sales on the rise

Photo: China Daily

China Xinhua News Agency reported that China's passenger car sales are on the rise, according to the China Passenger Car Association (CPCA).

Auto sales growth reached 23.3 percent in July year on year, the third consecutive month of double-digit growth and the highest in 17 months, the association said.

China cuts US treasuries holding in June

China shed its US treasuries holding by $3.2 billion in June, with the total holding at $1.2408 trillion. China once added $1.2 billion of US treasuries in May, after having cut the holding in April and March.

Economies in Western China grew faster than Central & Eastern in 1st half of 2016

In the first half of 2016, the underdeveloped western region in China posted the fastest growth rate of 8 percent YOY, well above the national average of 6.7 percent; the central and east regions grew by 7.8 percent and 7.6 percent respectively; while the northeast rust belt increased by 2.2 percent, said the National Development and Reform Commission (NDRC).

In the first six months of 2016, Chongqing and Tibet in the west led the growth at the provincial level, both posted growth speed of 10.6 percent.

In sharp contrast, the northeastern steel-making province of Liaoning saw its economy shrink by 1% in the first half of 2016 from the same period last year, the only province to report a contraction.

The provincial growth imbalance since China tries to restructure its economy from one that is export driven to domestic consumer driven.

To bolster economic growth, NDRC has suggested more policy tools to boost private investment rather than relying on government spending.

The private sector will be important to supporting economic growth, generating about 60 percent of China's GDP and around 80 percent of jobs. However, private investment has been slowing. It increased by only 2.8 percent in H1, down from 3.9 percent in the first five months of the year.

China launches world's first quantum satellite 'Micius'

As per China Daily, China launched the world's first quantum-enabled satellite in the early morning hours of Tuesday, marking the first step in building a space-based quantum communications network that is virtually un-crackable.



The 631-kg satellite, which is named after the ancient Chinese philosopher and scientist Micius, lifted off at 1:40 am atop a Long March 2D rocket from the Jiuquan Satellite Launch Center in northwestern China. It will operate 500 km above the Earth's surface for at least two years.

It is the third in a row of the Chinese Academy of Sciences' space science satellite firsts, following the Dark Matter Particle Explorer satellite that will help scientists deepen their understanding of the past and future of galaxies and the universe and Shijian 10, which carried out a series of experiments in microgravity in space for physical and life sciences, according to the academy.

Research has shown that it is practically impossible to crack, intercept or wiretap quantum communications because its physical traits mean it cannot be replicated, separated nor reverse engineered. Any attempt to interfere with its transmissions will leave a mark, disrupt the communication and result in parties involved being warned.

In addition to China, researchers in Austria, Germany, Singapore, Britain, Canada and Italy are also developing quantum-enabled communications technologies, they said.