【财经看点】5月规模以上工业增加值增长8.8%

China's industrial output accelerates China's industrial production expanded at a faster pace in May. The National Bureau of Statistics says industrial value-added output rose 8.8 percent in May from a year ago, accelerating 0.1 percentage points from the April figure. And the total industrial output during the January-May period increased 8.7 percent year on year. Value-added industrial output measures the final output value of industrial production. Meanwhile, retail sales, a key gauge of consumer spending, increased 12.5 percent last month from a year ago, up from a gain of just under 12 percent in April. The data provided further evidence that economic activity in China is picking up as the government stepped up the "mini-stimulus" to arrest a slowdown seen earlier this year. China's property climate index drops in May China's property development climate index fell to 95 points in May, 0.77 points lower than that of April. According to the National Bureau of Statistics, this figure has declined month on month for four consecutive months. The slowdown results from a range of factors such as a tightening credit and financial pressures. China's property market is undergoing a profound adjustment. Analysts expect the property market to keep cooling down in the coming months. Corporate news of the week Time now for our corporate news of the week. China Mobile's 4G network has accumulated 6.5 million users and covered 300 cities across the country since its launch six months ago. And China's ZTE has found rare opportunities to cherry-pick talent from global competitors like BlackBerry and Motorola Mobility. For the insight on these stories, CRI's Paul James earlier talked to Doug Young, associate professor at Fudan University and former China company news chief at Reuters. … Back to Anchor: Doug Young, associate professor at Fudan University and former China company news chief at Reuters. Japan to cut corporate tax rates in growth bid Japan will slash one of the world's highest corporate tax rates as part of a wider bid to shake up the economy and drive growth. Economy minister Akira Amari says that he has reached an agreement with the tax commission. Media reports suggest the deal would see corporate taxes cut to below 30 percent within several years. Japan's corporate taxes, including a rate of 35.6 percent in Tokyo, are the second-highest in the Organisation for Economic Cooperation and Development, or OECD, behind the United States. South Africa outlook downgraded by Fitch Credit ratings agency Fitch has downgraded South Africa's outlook from stable to negative, citing poor economic prospects and rising public debt. The move comes after the country's economy contracted by 0.6% in the first quarter, following a five-month platinum strike in the country. But unions say a platinum miners' wage deal is on the horizon. A negative outlook can indicate that a country's credit rating could be downgraded. A downgrade can influence a country's borrowing costs, as some investors are restricted from lending to borrowers that do not have a high rating. Tesla confirms plans to open up electric car patents Electric carmaker Tesla Motors has confirmed it will open up its patents for others, in the hope of speeding up electric car development and adoption. Tesla co-founder and CEO Elon Musk says the company would not take legal action against anyone who "in good faith wants to use our technology." "What we really want to do is to make great electric cars. We want to make electric car that's better than patrol car. And that's what's needed to accelerate the advent of sustainable transport." This move covers all of Tesla's patents, including several hundred current ones and several thousand in the future, which will provide the whole industry with a technology-sharing platform. But Musk adds his company will continue to file for patents in part to keep competitors from attaining them and then blocking Tesla and others from using the information. Tesla sold 22,500 of its Model S cars last year. Dianping.com seeking US IPO Dianping.com, the Chinese version of Yelp, is reportedly seeking a listing in the US, to raise about 500 million US dollars. Bloomberg reported that the company is working with Deutsche Bank AG, Goldman Sachs Group and Morgan Stanley for its US listing.