Sustainable economy

    CHINA’S economy is now more sustainable and domestic consumption is steadily rising, Chinese central bank Vice Governor Yi Gang told a G20 meeting of finance officials earlier this week.

    Yi’s remarks came after China posted its slowest economic growth in 24 years in 2014, with a cooling housing market, slowing investment and recent underwhelming exports expected to weigh further on domestic demand.

    High-speed rail

    CHINA is in talks with 28 countries including the United States, Russia and Brazil about high-speed rail projects, State-backed trainmaker China CNR said yesterday.

    The company, which said it was one of the participants in the country’s high-speed rail push, made the comments at one of its factories in Tangshan City. CNR also said it was interested in buying foreign rail-linked technologies as China seeks to export its high-speed trains and rail expertise.

    Machinery sector

    CHINA’S machinery industry continued to expand in 2014 but at a softer pace due to sluggish domestic demands and piling inventories, new data showed yesterday.

    The added value of the sector increased 10 percent year on year last year, slightly down from 10.9 percent in 2013, data from the China Machinery Industry Federation said. Chinese machinery enterprises posted combined revenues from main businesses at 22.2 trillion yuan (US$3.62 trillion), up 9.4 percent from a year ago. The revenues grew 13.8 percent in 2013.