China is considering launching a network of more than 50 satellites, giving it the ability to monitor the whole world. The network would be even larger than that of the U.S. Frustration with the search for the missing Malaysia Airlines Boeing 777 over the past three weeks had led the project to win strong backing from decision makers in Beijing, researchers said. “If we had a global monitoring network today, we wouldn’t be searching in the dark. We would have a much greater chance to find the plane and trace it to its final position,” said Professor Chi Tianhe, Researcher at the Chinese Academy of Sciences’ Institute of Remote Sensing and Digital Earth. The number of surveillance and observation satellites now operated by China, which largely focus on the nation and surrounding region, is a state secret. The total budget for the project would be at least CNY20 billion. China launches about 15 satellites a year and would need to nearly double that number to swiftly deploy a global surveillance network. That would stretch the limit of existing space centers, but a new center at Wenchang in Hainan province will see its first launch later this year. China would also need to expand its network of ground stations overseas, the South China Morning Post reports.

The China Securities Regulatory Commission (CSRC) is encouraging candidates for initial public offerings (IPOs) to shift to the over-the-counter (OTC) market to avoid a prolonged wait. It also said for the first time that it will allow candidates to choose freely between the Shanghai and Shenzhen stock exchanges, a policy relaxation that is in line with its reform toward a registration-based system. As of March 20, a total of 685 candidates were waiting to issue shares, with 170 scheduled for a Shanghai listing and the remaining 515 standing in line in Shenzhen. Analysts forecast it will take the CSRC one to two years to finish reviewing them all. The candidate list ballooned during an IPO suspension from November 2013 to January 2014, when the Commission prepared for a reform that strengthened information disclosure and oversight of investment banks. In January, a total of 266 companies listed on the OTC market with a value totaling CNY37.7 billion. Analysts believe giving companies freedom of choice over the location of an IPO will benefit the Shanghai Stock Exchange, which has been trailing the Shenzhen Stock Exchange in the number of its listings.

Beijing-based Air China said net profit sank 32% last year to CNY3.26 billion as revenue per passenger slid and air cargo operations suffered from soft demand and overcapacity in the industry. The result was below the market consensus of CNY4.47 billion compiled by Bloomberg. It is the third consecutive year that the carrier has reported reduced profits.“The rapid development of high-speed railways and the evolution of low-cost carriers will further intensify competition on domestic routes,” Air China said in a filing with the Shanghai Stock Exchange (SSE). Air China flew 77.6 million passengers last year, up 7.3% year-on-year, compared with 3.92% growth in 2012. But passenger revenue dropped 2% to CNY87.47 billion as sales from domestic flights slid 5% to CNY59.7 billion. Flights to Japan and South Korea saw a 15% drop in revenue to CNY4.4 billion. The revenue per passenger/kilometer fell 10% from a year earlier. The anti-extravagance campaign launched by Beijing at the end of 2012 reduced travel by officials or forced them to fly economy instead of business or first class. Chen Xin, Analyst with UBS Securities, estimated the airline’s ticket price dropped about 8%  in 2013 from the previous year. At the end of December last year, the company operated 497 planes with an average age of 6.33 years. The carrier will take delivery of 68 aircraft this year, including 29 Boeing 737s and 17 Airbus 320s.

China Eastern Airlines also reported weaker profit last year. The Shanghai-based carrier said net profit fell 23% to CNY2.38 billion because of shrinking demand from high-end business customers and intensive market competition. Passenger revenue rose 2.11% to CNY72.9 billion, while freight revenue dropped 5.26% to CNY7.6 billion. With its subsidiary China United Airlines moving to the second airport in Beijing, the company is considering the potential of entering the budget travel market. China Eastern is also a shareholder of budget carrier Jetstar Hong Kong.

Travel agencies in Shanghai are reporting a sharp fall in tourist booking to Malaysia in a fallout over the missing Malaysia Airlines Flight MH370. About 20% of local tourists who had booked tours to Malaysia with the Shanghai China CYTS Outbound Travel Service have cancelled their trip. CYTS announced it had stopped using Malaysia Airlines as a carrier for all tours out of safety concerns. March is the peak travel season to Southeast Asian countries including Malaysia, Thailand and Singapore. The choice of airline is becoming a top concern for tourists. Online tour operator Ctrip said it did not recommend tourists travel to Malaysia in the current situation. Some Chinese have called for a boycott of Malaysian tours. Malaysia has been among the top 10 tourism destinations for Shanghai travelers. According to Tourism Malaysia, 1.79 million Chinese visited the country last year, a nearly 15% annual increase. Luo Juan, Senior Analyst with market research company Forward Information, predicted Chinese arrivals would this year drop by 20% to 40%, representing 400,000 to 800,000 tourists. If each tourist spent an average of CNY10,000 during their stay, the total loss could rise to CNY4 billion to CNY8 billion. “A recovery might only be seen after about one year,” she added. Malaysia Airlines plans to put the Kuala Lumpur-Beijing service on hold beginning May 2 due to a lack of passengers.

Chinese President Xi Jinping has started his visit to Belgium and to EU headquarters in Brussels. He was welcomed on March 30 at Brussels airport by Prime Minister Elio Di Rupo and met King Philippe at the Royal Palace, who awarded him the Order of Leopold, an honorary knighthood. He also attended the official opening of the panda pavilion at the Pairi Daiza zoo. On March 31 he will hold formal talks with the Belgian government, visit EU headquarters – a first for a Chinese President – and attend a state banquet at the Palace of Laeken.

Earlier, President Xi Jinping met U.S. President Barack Obama ahead of the Nuclear Security Summit in The Hague, where Xi made a keynote speech. “China is firmly committed to building a new model of major country relations based on no confrontation, mutual respect, and win-win cooperation with regard to the United States,” Xi said. The Chinese President also visited France and Germany. China signed a new 10-year accord allowing Airbus to assemble A320 planes in Tianjin until 2025 and unblocked orders for larger jets worth a total of more than USD6 billion. Watched by visiting President Xi Jinping and his French counterpart Francois Hollande, Chinese officials in Paris also signed deals to co-produce 1,000 French EC-175 helicopters over 20 years with Airbus’ helicopter division and to cooperate on turbo-prop engines with France’s Safran.

In Germany, Xi, accompanied by his wife Peng Liyuan, was greeted with military honors by his counterpart Joachim Gauck at the presidential palace. Xi Jinping and German Chancellor Angela Merkel oversaw the signing of deals including agreements for automaker Daimler to expand production at its Beijing-based venture Beijing Benz, and BMW to deepen ties with its Chinese partner, and a deal between the countries’ central banks that will allow yuan-denominated payments to be cleared and settled in Germany’s financial center, Frankfurt.