China News

Voice of Russia | Dec 13, 2011

Russian Maria Lopatina sentenced to death in China for drug smuggling will not appeal because it makes no sense, a spokesman for the Russian Consulate-General in Guangzhou said on Tuesday. Earlier, Lopatina was found guilty of trying to smuggle two kilograms of heroin from the special administrative region of Macao to mainland China.

Los Angeles Times | Dec 13, 2011

Home prices and sales plunge after China's government intentionally slams on the brakes. Some recent buyers stage demonstrations, destroy real estate offices and demand refunds of up to 40%.Falling home values. Debt-strapped borrowers. Real estate woes dogging the economy. It's old news in the United States, but now the air has started to leak from another great housing bubble — in China.

BBC | Dec 13, 2011

At least 15 children have been killed after their school bus veered into a water-filled ditch in China's Jiangsu province.

BBC | Dec 13, 2011

President Hu Jintao promises to boost imports on the 10th anniversary of China's entry into the World Trade Organization.

People's Daily | Dec 12, 2011

HONG KONG, Dec. 13 (Xinhua) -- Chinese mainland's leading brokerage Haitong Securities announced Tuesday that it had decided not to proceed with the global offering in the Hong Kong market at this time "in light of the change in market conditions and recent unexpected and excessive market volatility".

In a statement filed to the Hong Kong stock exchange before the beginning of Tuesday's trading, Haitong said it would closely monitor the market conditions and may revisit the market when the ma ...

People's Daily | Dec 12, 2011

BEIJING, Dec. 13 (Xinhua) -- The Chinese currency Renminbi, or the yuan, weakened 62 basis points to 6.3359 against the U.S. dollar on Tuesday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

People's Daily | Dec 12, 2011

CHONGQING - Qatar Airways Co plans to double its number of flights in China to 70 a week by 2013, its chief executive officer said last week.

The Doha-based carrier, which is the national airline of the State of Qatar, has just increased its frequency across China from 25 to 35 flights each week.

On Nov 28, Qatar Airways launched Chongqing as its fifth destination in China and on Dec 2 the carrier also added three new flights to Beijing and four extra weekly flights to Hong Kong on Dec 2 ...

People's Daily | Dec 12, 2011

SHANGHAI - Health and beauty retail giant Watsons plans to open 2,000 stores on Chinese mainland during the next five years, a move made to maintain its market dominance in the personal care sector.

"By the end of 2016, we will have 3,000 stores in more than 300 cities," said Christian Nothhaft, CEO of Watsons China on Dec 9.

In 1989, the retailer entered the Chinese mainland by opening its first outlet and by 2009 it had 500 at the mainland. In 2011, the company has grown into Chinese m ...

People's Daily | Dec 12, 2011

BEIJING - China Unicom (Hong Kong) Ltd, the second-biggest telecom carrier in China, said it will introduce Apple Inc's iPhone 4S to the Chinese mainland as early as the end of December and no later than Jan 23, the date of the Chinese New Year, said a company official.

To that end, China Unicom has obtained from the Ministry of Industry and Information Technology a network access certificate, which is required to sell the iPhone 4S on the mainland, said Yu Yingtao, general manager of China ...

People's Daily | Dec 12, 2011

BEIJING - China Petrochemical Corp, the country's biggest oil refiner, has signed a deal to increase its stake in the coalbed methane producer Australia Pacific LNG Pty Ltd (APLNG) to further tap into sources of unconventional natural gas overseas.

China Petroleum, also known as Sinopec Group, said in a statement on Monday that it will acquire an additional 10 percent of APLNG, which is jointly owned by ConocoPhillips Co and Origin Energy Ltd.

No financial details about the deal have bee ...

People's Daily | Dec 12, 2011

BEIJING - The quickly increasing overseas demand for yuan will have little effect on the Chinese mainland's financial industry because of the modest amount of the currency that is in circulation overseas and the government's control of it, analysts said on Monday.

The analysts were responding to a report that said the increasing offshore use of the yuan could undermine China's financial development.

On Sunday, the Bank for International Settlements said developments in the offshore use of ...

People's Daily | Dec 12, 2011

HONG KONG, Dec. 12 (Xinhua) -- Hong Kong's GDP growth is expected to ease to 2.9 percent in 2012 from 5 percent tipped in 2011, Standard Chartered forecast on Monday.

We see the risk of a small GDP contraction in the fourth quarter of 2011 and the first quarter of 2012 in seasonally-adjusted quarter-on-quarter terms, assuming U.S. growth will be depressed but still positive, the recession in Europe will be shallow and China will achieve a soft landing, StanChart economist Kelvin Lau said on M ...

People's Daily | Dec 12, 2011

BEIJING - China's share of the world's total exports might decline for the first time in 16 years in 2012 because of weaker world demand and a stronger yuan, an expert from the country's top think tank said on Monday.

"Although 'Made-in-China' products are still the most competitive in the global market, the risk is that (the country's) share of the global export market may shrink," said Zhang Qizi, assistant director of the Institute of Economics at the Chinese Academy of Social Sciences (C ...

People's Daily | Dec 12, 2011

China's industrial competitiveness showed signs of decline this year, with higher-tech industries suffering more than those at the lower end, the Chinese Academy of Social Sciences said yesterday.

Whether China can rebound in 2012 depends on economic conditions in developed countries and the pressure on China's exchange rate, said Zhang Qizi, a researcher at the academy's Institute of Industrial Economics.

Industrial competitiveness in the academy's report involves non-financial sectors de ...

People's Daily | Dec 12, 2011

China's supervisor of State-owned enterprises will tighten its oversight of SOEs, a senior government official said.

The State-owned Assets Supervision and Administration Commission (SASAC) will take oversight measures in a range of aspects such as price, quality of service, cost control, income distribution and resource allocation, aiming to increase corporate transparency and to prevent companies from taking advantage of their dominant market status, Shao Ning, deputy director of SASAC, sai ...