BRICS Report China

Beijing’s new international airport has spent about 40% of its budget so far, or 30.8 billion yuan ($4.7 billion), as the massive facility gets set to take flight in 2019. The new airport, which will become the world’s largest by area, is located 46 kilometers (28.6 miles) south of Beijing’s city center.

 

A spike in sales of construction equipment, along with improved profitability at industrial enterprises and a hefty surge in the prices of raw materials such as coal and steel, is fuelling the debate about whether China has entered a new boom cycle. The latest positive indicator came from the excavating machinery branch of the China Construction Machinery Association, which announced that sales of excavators in China in the first eight months of the year rose by a massive 111.1 per cent year on year to 85,766.

 

The just-concluded summit of the BRICS, namely Brazil, Russia, India, China and South Africa,in Xiamen, China, highlights China's new initiative for adding new impetus for an open economy, multilateral trade that benefit the world as a whole. China has also put forward the "BRICS Plus" approach by inviting leaders of Egypt, Mexico, Thailand, Tajikistan and Guinea for a dialogue on the sidelines of BRICKS' summit held in Xiamen on Sept 3-5.

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