GDP Revised

The National Bureau of Statistics （NBS） in September lowered Chinas growth rate for 2012 to 7.7 percent based on its preliminary verification. The revised GDP came in at 51.89 trillion yuan （$8.41 trillion）， down 38 billion yuan（$6.21 billion） from the preliminary calculation figure that put the annual rate at 7.8 percent， said the NBS. Primary industries took up a 10.1-percent share in the GDP structure， while the secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent， respectively， remaining unchanged from the preliminary calculation. The NBS calculates each years GDP three times - a preliminary calculation， a preliminary verification and a final verification that is due several months later.

Adding Value

Rob Davies， the minister of South Africas Department of Trade and Industry called for more structurally balanced trade agreement between China and South Africa， as the latter is not satisfied with being solely an exporter of raw material and wants to look towards exporting more goods and commodities of a higher value.

At the 17th China International Fair for Investment and Trade， an annual event held in Xiamen， southeast Chinas Fujian Province， on September 8-11， South Africa was made the guest of honor at the 17th CIFIT and had the largest pavilion out of all of the countries and regions represented at the event.

In 2012， South Africas trade deficit with China rose and the countrys exports to China declined， compared to 2011.

“This is a reminder that we cant simply be a producer and exporter of raw materials，”Davies told ChinAfrica.

Push for Private Investment

The Chinese Government recently vowed to ensure implementation of supportive policies for private investment to spur economic growth and industrial upgrades. China will further remove entry barriers restricting the growth of private investment， according to a statement released after a State Council executive meeting. China will soon launch some demonstration projects with private capital participation， said the statement， adding that the projects will be in the finance， petrol， power， railway， telecommunication， resource development and public utilities sectors.

Overseas Securities Investment

Chinas foreign exchange regulator in September moved to assist domestic investors buy overseas securities， by relaxing rules on foreign exchange for qualified domestic institutional investors（QDIIs）. The limits will be canceled and the procedures simplified， the State Administration of Foreign Exchange said. The administration ensures net outflow does not exceed approved investment quotas and will step up supervision of cross-border capital flow to guard against risk. The QDII project was initiated in 2006 to allow Chinese banks， fund managers and insurance companies to invest in overseas securities under a quota management mechanism.