Iron and steel sector

THE country’s iron and steel association has said the industry faces ongoing risks from excess capacity, as well as sluggish demand and increased raw material costs that could squeeze profits.

The country’s sprawling steel sector, which has cut 150 million tons of steel production over the past three years, was “far from achieving it tasks” amid the supply-side reforms, the association said in a statement.

Tesla China plant

THREE months after the groundbreaking ceremony, Tesla is rushing to complete its multibillion-dollar factory on the outskirts of Shanghai to capitalize on growing demand in the world’s largest electric car market.

Foundations for the facility have been laid, and construction workers are erecting walls and other structures for the factory, which could eventually rival production from its U.S. assembly plant. Founder Elon Musk said Monday that production in Shanghai could reach a rate of 2,000 vehicles a week by the end of the year.

Transport infrastructure

CHINA’S total fixed-asset investment in transport infrastructure hit 488.9 billion yuan (US$72.66 billion) from January to March this year, up 4.8 percent from a year earlier, according to official data published Monday.

China’s spending on railways rose 10 percent to 101.2 billion yuan for the quarter, while its investment in high-speed highways reached 191.5 billion yuan, up 12.6 percent year on year, according to an online statement published by the Ministry of Transport. The National Development and Reform Commission approved 370.3 billion yuan worth of fixed-asset investment projects in the first quarter, mainly in energy, transportation and high-tech sectors.