The Chinese have always adopted the strategy of currency manipulation with the government exercising tight control on the exchange rate so as to maintain the competitiveness of Chinese exports though recent data suggests that this may be resulting in diminishing of trade returns.

CHINA TO GIVE GROWTH A BIG PUSH

China is stepping up policy finetuning to support growth, mainly by accelerating spending commitments offering subsidies to consumers to buy goods and investment incentives, as headwinds to economic activity intensify. Data for the first four months of 2012 shows year-on-year government spending growth of 26.2%, more than twice the 12.5% growth in revenue. 

Following are the latest steps taken by Beijing to spur the economy, which is on track to see its slowest full year of expansion since 1999.

1. Beijing will soon resume offering subsidies to rural residents who trade on old vehicles for new, fuel efficient ones in an effort to rekindle domestic demand for vehicles, a government official said.

2. China's top banking regulator said it would give private capital the same entry standards to the banking industry as other capital. Private companies would be allowed to buy into banks through private share placements, new share subscriptions, equity transfers, and mergers and acquisitions.

3. China's state asset watchdog said it would encourage private sector capital to help restructure state-owned firms by making cash investment, share stake acquisition, subscription to convertible bonds and finance leases.

4. The finance ministry will allocate a total of 97.9-b yuan ($15.4 billion) for a special fund to support energy saving and renewable energy projects in 2012, compared with an allotment of 72.8-b yuan in 2011.

5. Premier Wen Jiabao said the government would bring forward key investment projects laid out under the 12th five-year plan and speed up construction in the railway, infrastructure, education and healthcare sectors.

6. Beijing said it will fast-track its approval of infrastructure investments to combat slowing growth and sluggish property sector. The government has asked various parties to submit project proposals by end of June, even those initially earmarked for the end of the year.

7. China's railway ministry said it would open the sector to private capital and encourage private investors to bid for contracts of rail projects and participate in designing railway equipment.

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