China News

Washington Post | Dec 28, 2011

BEIJING — A long-awaited government report said design flaws and sloppy management caused a bullet train crash in July that killed 40 people and triggered a public outcry over the high cost and dangers of China’s showcase transportation system.
A former railway minister was among 54 officials found responsible for the crash, a Cabinet statement said Wednesday.
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Washington Post | Dec 28, 2011

BEIJING — China gov’t says design flaw, sloppy management caused bullet train crash, blames 54 officials.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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People's Daily | Dec 28, 2011

BEIJING, Dec. 28 (Xinhua) -- China's stock index futures opened mixed on Wednesday with the contract for settlement in January 2012, the most actively traded falling 6.2 points to open at 2,319.2 points.

The contract for settlement in February 2012 opened 10.8 points higher at 2,347. The contract for settlement in March next year fell 9 points to open at 2,349 points.

The contract for settlement in June 2012 advanced 10 points to open at 2,386.6 points.

The stock-index contracts, agreem ...

People's Daily | Dec 28, 2011

HONG KONG, Dec. 28 (Xinhua) -- Hong Kong stocks moved down 125.5 points, or 0.67 percent, to close Wednesday's morning session at 18,503.67 points. ...

People's Daily | Dec 27, 2011

BEIJING - The country's graft-busting authorities have vowed to keep a close eye on officials to punish insider trading, a news conference heard on Tuesday.

"The Ministry of Supervision is closely watching the new trend that some Party officials have been involved in insider trading," Yao Zengke, vice-minister of supervision, told China Daily.

High-profile cases mentioned by Yao include that of Xiao Shiqing, former Party secretary and president of China Galaxy Securities, who was sentenc ...

People's Daily | Dec 27, 2011

BEIJING, Dec. 27 (Xinhua) -- Chinese lawmakers on Tuesday continued to read a draft amendment to the Criminal Procedural Law, suggesting more detailed stipulations to stem illegal collection of evidence.

The draft was submitted Monday to the Standing Committee of the National People's Congress (NPC), or China's top legislature, for the second reading. It included many revisions based on suggestions offered by lawmakers and the general public.

According to the draft, authorities may record ...

People's Daily | Dec 27, 2011

BEIJING - China will see a faster-growing fiscal expenditure next year, together with moderate scales of fiscal deficit and public debt, to prompt a steady development, Vice-Premier Li Keqiang said on Tuesday.

Li said more priorities should be given to the areas related to improving people's livelihood, so as to boost the domestic demand and consumption.

And the country will also strive to maintain a proper pace of investment and foreign trade growth.

"The positive fiscal policies in ...

People's Daily | Dec 27, 2011

BEIJING, Dec. 27 (Xinhua) -- Governments at all levels in China have been asked to help needy people while maintaining market order and social security ahead of New Year's Day and the Spring Festival.

Governments should distribute allowances promptly to low-income families, orphans, and the elderly who lack family support, said a statement issued Tuesday from the general offices of the Communist Party of China (CPC) Central Committee and the State Council, or Cabinet.

Authorities should en ...

People's Daily | Dec 27, 2011

BEIJING, Dec. 27 (Xinhua) -- Vice Premier Li Keqiang said that China will maintain a proactive fiscal policy next year with a focus on boosting domestic demand, structural tax reductions, and the improvement of people's livelihoods.

"We will make our fiscal policy more targeted, flexible, and foresighted and facilitate its fullest role in macro-economic control," Li said while attending a national finance work conference that concluded Monday in Beijing.

Li predicted a faster growth of fis ...

People's Daily | Dec 27, 2011

BEIJING - China will see a faster-growing fiscal expenditure next year, together with moderate scales of fiscal deficit and public debt, to prompt a steady development, Vice-Premier Li Keqiang said on Tuesday.

Li said more priorities should be given to the areas related to improving people's livelihood, so as to boost the domestic demand and consumption.

And the country will also strive to maintain a proper pace of investment and foreign trade growth.

"The positive fiscal policies in ...

New York Times | Dec 27, 2011

The Treasury Department’s semiannual report cited China’s progress in raising the exchange rate but said more progress was needed.

People's Daily | Dec 27, 2011

The two leading video-sharing portals in China are suing each other for more than 100 million yuan ($15.8 million), each claiming the other is pirating its content.

In mid-December Tudou.com announced it would file a lawsuit against Youku.com, which in turn said it was the victim of piracy and will also ask for more than 100 million yuan in compensation.

The public dispute grabbed headlines in the Chinese media and again put copyright concerns in the spotlight.

Yu Bin, financial and ...

People's Daily | Dec 27, 2011

BEIJING, Dec. 28 (Xinhua) -- The ChiNext Index, tracking China's Nasdaq-like board of growth enterprises, went down 5.34 points, or 0.73 percent, to open at 721.84 on Wednesday.

The index, together with the Shenzhen Component Index and the Shenzhen SME (small and medium-sized enterprises) Board Index, makes up the three core indices reflecting the performance of China's stocks listed on the Shenzhen Stock Exchange.

The ChiNext Board, which started trading on Oct. 30, 2009, mainly lists hig ...

People's Daily | Dec 27, 2011

As more innovation is developed and available, patent licensing is expected to show strong growth in China, according to a senior official at the State Intellectual Property Office (SIPO).

Cao Donggen, vice-director of SIPO's patent administration department, told a conference in Beijing on Dec 22 that an increasingly active licensing trade has emerged due to new patent alliances and IP firms in big cities like Beijing, Shanghai and Guangdong.

In 2007, just 118 patent licensing agreement ...

People's Daily | Dec 27, 2011

BEIJING, Dec. 28 (Xinhua) -- The Chinese currency Renminbi, or the yuan, strengthened six basis points to 6.3146 against the U.S. dollar on Wednesday, 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 ...

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