economy

High-Speed Rail Service Launched in HK

The Hong Kong Section of the Guangzhou-ShenzhenHong Kong High Speed Rail officially started operation on September 23， a step that makes Hong Kong part of Chinas national high-speed rail network.

As early as 2000， Hong Kong released the Railway Development Strategy 2000， in which regional expressways were proposed. In September， the 26-km rail link connected Hong Kong for the first time with the mainlands 25，000-km high-speed rail network. The relatively small step Hong Kong moves forward puts its citizens within easier reach of neighboring cities in Guangdong Province， and injects new energy and vitality into Hong Kongs development.

Since the return of its sovereignty to China， theres an increase in the flow of people， logistics， and information between Hong Kong and the mainland. In 2016 alone， Hong Kong residents made 81 million visits to the mainland.

In recent years， cooperation in the Pan-Pearl River Delta has been increasing； the high-speed rail can push the cooperation a step forward. To Hong Kong itself， the construction of the GuangdongHong Kong-Macao Greater Bay Area and the Belt and Road Initiative opens up historic opportunities to be seized to enhance its own development. The rail boosts transportation infrastructure connectivity， and gives Hong Kong regional advantages.

Budget Performance Management Begins

China released a guideline on the performance management of the budget across the country on September 25. The guideline aims to set up a budget system which is comprehensive， standardized， transparent， and binding on all， as an effort to make fund use more effective.

The performance of the budget is a key performance indicator （KPI） of a government. In essence， it reflects the job performance of each branch of government at all levels. The guideline aims to solve major problems in the performance management of the budget by establishing an elaborate system in three to five years， which covers the whole management process.

According to the guideline， the managerial process of the performance of the budget needs to be improved by making specific rules and setting up a stronger third-party appraisal system. The body responsible needs to be transparent， and more autonomy should be given to it to keep it balanced between rights and responsibilities. In addition， the appraisal results should be linked with further budget planning and policy adjustment.

Since 2016， the Ministry of Finance has been improving its KPI appraisal system. Every year， it organizes thirdparty institutions to conduct performance evaluations on major expenditures related to peoples livelihoods.

Delivery Companies to Raise Fees

The annual Double Eleven Shopping Festival， the worlds busiest shopping bonanza， is nearing. Large parcel delivery companies are announcing fee raises and busy recruiting for the surge of deliveries due soon.

On September 21， ZTO Express announced fee adjustment in certain regions， including a price increase for parcels sent to Shanghai from October 1. Yunda Express follwed suit by increasing the service charges by RMB 0.5 （US$0.07） per parcel in Shanghai.

Experts say that the parcel delivery industry has its own busy and slack seasons， therefore， service fees should vary accordingly.

Statistics show that on the Double Eleven Day last year alone， a total of 850 million parcel delivery orders were made on e-commerce websites. By the end of August this year， Chinas delivered express parcels have reached 30 billion. This years Double Eleven Day will be another bonanza for delivery companies. With the huge parcel number as the base， a small price rise would definitely be earthshaking.

According to the State Post Bureau， there are now over 8，000 parcel delivery companies in China. To grab market share， big companies usually put their rising costs aside， especially in the promotion season. Thats why it is said that the price rise may not fall on the consumer.

WGC Sets up China Chapter

The World Gold Council（WGC） held its annual meeting in Colorado Springs in the United States on September 24， and announced that Chinas Shandong Gold Group became its 25th member.

Song Xin， chairman of the China Gold Association and China National Gold Group Co.， Ltd.， was appointed to chair the new China Chapter of the WGC. He said afterwards that the decision to incorporate China is another milestone in the history of the WGC.

Song said， “WGC provides a good platform for the global gold industry. The China Chapter will enable greater interaction between the Chinese gold industry and the international gold market， and further enhance the Chinese gold industrys international influence， and promote its continuing rapid evolution.”

Chinas gold industry has developed rapidly in recent years. In 2017， Chinas gold production reached 426 tons， while gold consumption reached 1，089 tons. China is not only the worlds largest gold producer but also a top gold consumer and gold jewelry manufacturer in the world.

The World Gold Council was established in 1987， headquartered in London， and had 24 members. The China Gold Association was set up in 2001； its affiliated Shanghai Gold Exchange （SGE） is one of the most prominent gold futures market in the world.