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New York City's tourism officials could have a warm spot in an otherwise gloomy winter in the increasing number of visitors from China. According to NYC & Company, the city's official tourism marketing organization, Chinese tourists spend more money per trip than other international visitors. Page 6

Many American universities' endowments are shrinking as the financial crisis bites donors' pockets, but the University of California, Los Angeles, better known as UCLA, has other means to get through the tough times. The school is marketing itself in China as a clothing brand, targeting what its booklets in Beijing shopping malls describe as "urban elites." Page 7

Chinese luxury brand shoppers are apparently feeling the economic downturn's pinch less than their Western

peers. Luxury sales fell by 20 percent and 25 percent in Europe and the US respectively this year, but only dipped 5 percent in China according to statistics from the US-based World Luxury Association. Page 6

While China applies stimulus to deal with the immediate downturn, it would be good to think ahead. China needs a new growth model, and it should evaluate its possible spending plans in terms of both immediate stimulus and of contribution to this new growth model.Page 2

Chery Automobile, one of China's largest automakers said it will attempt exporting sedans to the US independently after the global economic slowdown scuttled a cooperation agreement signed with American automaker Chrysler in 2007. The company said it is studying the feasibility of exporting its A1 model to the US. Page 3

McDonald's is taking advantage as people are cutting spending on high-priced, fancy restaurants. The fast-food

giant announced an 11 percent rise in its third-quarter net income, with most of its higher sales coming from its business outside the United States. Page 4

Su Zhi, deputy director general of health inspection and supervision bureau under the Ministry of Health, said on Dec 31 that China will set up a "preemptive" monitoring system to improve food safety in China. "It means we will try to rid food problems by early detection, early warning and early intervention," he said.

State-owned China Netcom and Richard Li, chairman of PCCW Ltd, have sweetened an offer to buy out minority shareholders in leading Hong Kong phone company PCCW. Li and China Netcom raised their privatization offer by 7 percent from HK$4.20 to HK$4.50 per share, PCCW Ltd said in a statement to the Hong Kong stock exchange on Dec 30.

China is expected to start work on four nuclear power stations in 2009, according to Zhang Guobao, vice-minister of the National Development and Reform Commission (NDRC). The four power stations are expected to come up in Haiyang, Rongcheng in eastern Shandong province, Sanmen in eastern Zhejiang province, and Yaogu in southern Guangdong province.

China has appointed

Xue Hanqin as its first ambassador to the Association of Southeast Asian Nations (ASEAN). Xue is a "senior diplomat and expert on international law" who has served as the country's ambassador to the Netherlands and permanent representative to the Organization on the Prohibition of Chemical Weapons, said Foreign Ministry spokesman Qin Gang.

(China Daily 01/05/2009 page1)