Auto

Car warranty rules to take effect

A new regulation on auto warranties will take effect next week that gives Chinese customers unprecedented rights to return a faulty vehicle for a replacement or refund.

In January, the General Administration of Quality Supervision, Inspection and Quarantine issued the 3R regulation - repair, replacement or return - to begin on Oct 1.

The new warranty plays a vital role in regulating the auto market, analysts say, and has been warmly received by customers, dealers and carmakers, but they warn there are still challenges with regard to implementation, and authorities must continue to revise regulations while working to enforce them.

Aviation

Chengdu opens direct flight to London

China's third direct air route with London opened on Sept 23 with a British Airways Boeing 777 landing at Chengdu's Shuangliu International Airport in Southwest China.

The airline will operate the flight on Mondays, Wednesdays and Fridays. Chengdu, capital of Sichuan province, becomes the third city after Beijing and Shanghai in the Chinese mainland to have direct flights to London. The flight will save six to eight hours in transit time for passengers from China's vast central and western regions, who used to fly via Beijing, Shanghai or Hong Kong.

Techonogy

China set to lead telecoms revolution

China is expected to become the world's biggest Long Term Evolution fourth-generation market in the near future, even though the country is still waiting for final approval from the government regarding the issuing of 4G licenses.

The country is about to embrace a critical phase for developing its LTE industry, said Wen Ku, director of the department of science and technology at the Ministry of Industry and Information Technology, at an LTE forum held in Beijing on Sept 23.

According to the vision from the Strategy and Implementation Plan of Broadband China, China's penetration rate of 3G LTE users will reach 85 percent, totaling 1.2 billion users by 2020.

Finance

Capital outflow pressure eases in China

Capital outflow pressure in China is easing as the country's economy stabilizes, according to analysts.

Newly released data shows that China's total yuan funds outstanding for foreign exchange (forex) reversed two consecutive months of decline and rose in August. The funds stood at 27.39 trillion yuan ($4.48 trillion, 3.32 trillion euros) at the end of August, up 27.32 billion yuan month on month, the central bank said.

The funds, a major indicator of international capital movement into or out of China, declined in June and July, raising concerns of massive capital outflows.

Resources

Increase in rare earth purchases likely

China is likely to purchase billions of yuan of rare-earth minerals starting next month to bolster its strategic reserves, industry sources say.

Du Shuaibing, an analyst with market trends firm Baichuan Information, said that six large rare-earth producers are on the list for the purchasing program, which was launched last year. This round of purchases will target medium and heavy rare earths, which are more valuable but less common than light rare earths, he added.

Du said it the plan could involve about 10,000 metric tons of rare earths.

China Daily Agencies

A new regulation on auto warranties will take effect next week that gives Chinese customers the right to return a faulty vehicle for a replacement or refund. Provided to China Daily

(China Daily European Weekly 09/27/2013 page18)