Global Pressure on Food Prices
Cover Story
Rising food prices in the global markets, especially soya bean, have exerted pressure on China's food prices and weakened its food security, experts say. China imports 30 million tones of soya bean yearly, and beyond affecting other grain prices, its soaring value has encouraged the expansion of soya bean fields and a corresponding reduction in land use for other food production. Meanwhile, the costs of planting in China have gone up faster than food prices, further discouraging farmers. Under the circumstances, industry players and food specialists believe food prices in the country would continue to rise this year, and such expectations are attracting investments in the future market on food commodities.
Original article: [Chinese]

Play by the WTO's Rules
Editorial, page 1
The recent ruling of the WTO against China's import tariffs on auto parts serves as a chance for China to check its grasp on international rules. Instead of blaming bias and international conspiracy against China, as some Chinese have, our editorial argues that China should face the defeat positively. The WTO has a legal framework to mediate international trade disputes with, and China, as a member, should learn the art of defending its rights through proper channels and procedures within it.
Original article: [Chinese]

Hunan: Regulating Local Governments' Non-Tax Incomes
News, page 4
China's Ministry of Finance is using Hunan province as a case study to research ways to regulate local governments' non-tax income, which amount to over 2 trillion yuan yearly. The Ministry intends to establish a system to classify various non-tax income and decide which income should be submitted directly to the state treasury. Non-tax income includes administrative fees, fines, and profits generated from state assets. Hunan was chosen for the case study because the province is the first in the country to have handed over all non-tax income to the Ministry since last year.
Original article: [Chinese]

Suspicious Against Sovereign Wealth Funds
Special focus, page 5 – 8
The EO takes an in-depth look at the world's top sovereign wealth funds (SWF) and explores the reasons behind some countries' fear against such state-funded investment giants. Suspicions of politically motivated investments put China's own SWF, the China Investment Corporation (CIC), in the spotlight even before its inception last year. International agencies are calling for the drafting of a set of best practices to ensure transparency among SWFs, calm fears and suspicions, and prevent the rise of protectionism in the financial sector. Some, however, are doubtful of the effectiveness of such mechanisms.
Original article: [Chinese]

Chenzhou: A Case Study after the Storm
Nation, page 12
The EO has revisited Chenzhou, which was cut off from the outside world for 10 days during the severe snowstorm that hit southern China in late January and early February. While assessing its disaster-relief and rehabilitation process, local officials said that government agencies had done their best during the emergency considering the unexpectedness of such a rare disaster. Some, however, believe that the lack of co-ordination and selfishness of some businesses had hampered the rescue work.
Original article: [Chinese]

Business-minded Wenzhou Investors Going Abroad
Nation, page 13
The people of Wenzhou in southern China are known for their sharpness in making investments. In the past, they took the lead in investing in the real-estate market and pushed up property prices nationwide. More recently however, they are eyeing property abroad, especially Dubai, where they have bought up land, houses, and even a man-made island.
Original article: [Chinese]

Objections Against a Five-Billion-Dollar Project
Nation, page 14
Environmental concerns have led 14 legislative members from Guangdong province to jointly sign a memorandum calling for the government to delay a five-billion-dollar oil refinery project in Nansha. The project is said to be the biggest local-foreign joint venture, between the Sinopec and Kuwait Oil Company. The project site is close to a wetland park, which is home to thousands of bird species and mangroves, prompting fears of ecological destruction.
Original article: [Chinese]

China's Jumbo-Jet Project Finalized
Corporation, page 25
China's dream to produce its own large-size commercial airplanes is a step closer to materializing with the jumbo-jet manufacturing company expected to be formed around March. The company would become a central-government-administered enterprise, with the State Council as its major shareholder. Other stakeholders are all state-funded, including the China Aviation Industry Corporation I and II, Shanghai municipal government, Baosteel Group and China LCO.
Original article: [Chinese]

Chinese Indie Film "In Love We Trust"
Lifestyle, page 50
Like many Chinese directors who became famous abroad after winning awards at international film festivals, Wang Xiaoshuai's films have not done well at home in China. While Wang's latest film, "In Love We Trust" won the Silver Bear award at the Berlinale International Film Festival on February 17th, the flim's screening date in China had yet to be fixed. Wang and several others called the "sixth generation Chinese film makers" have been using the strategy of targeting overseas markets to get funding and recover costs for their films.
Original article: [Chinese]