The Wall Street Journal writes, "China and Russia agreed to launch a $2 billion investment fund to develop agricultural projects in the two countries and set up a free-trade zone between their key farming belts, the state-backed Russian Direct Investment Fund said Friday. The move broadens China's search for a diverse global breadbasket to supply its sharply rising demand for food. It marks a sharper pivot toward Russia and accelerates a drive that has seen the Asian giant spend billions of dollars to acquire food-producing companies abroad as well as cultivate farming producers like Argentina and Ukraine."
"Newly released images show Vietnam has carried out significant land reclamation at two sites in the disputed South China Sea, though the scale and pace is dwarfed by that of China, a U.S. research institute said. In response, China condemned Vietnam's actions, and said its work in the region was part of an obligation to the international community to improve navigation safety and contribute to science and research, including building observation platforms to monitor sea levels," reports Reuters.
According to The Wall Street Journal, "China on Friday announced new taxes on cigarettes and other tobacco products as it looks for ways to grow government revenue and curb smoking in a country with rising lung cancer rates and increasing health costs. The State Council, China's cabinet, said it would raise the tax on cigarettes to 11% from 5%, beginning May 10. The higher tax on cigarettes will be passed on to wholesalers and then consumers...Beijing has raised consumption tax on a range of oil products three times since late last year, partly to raise revenues but also to encourage conservation."