China News

People's Daily | Nov 25, 2011

BEIJING, Nov. 23 (Xinhua) -- Beijing is finally seeing a turning point for sky-high housing prices following the implementation of tightened property market control policies, said property market observers.

With the tightening policies and rises in unsold housing supplies, the property market in China is now experiencing apparent price reductions, Zhang Dawei, an analyst with Centaline Property Agency, said Wednesday.

More Chinese cities posted monthly housing price declines in October. Ov ...

People's Daily | Nov 25, 2011

BEIJING - China's decision to grant zero-tariff status to some least developed countries (LDCs) has drawn positive responses from the international community.

During the recently concluded G20 summit in Cannes and the Asia-Pacific Economic Cooperation (APEC) meeting in Honolulu, President Hu Jintao announced that China would give duty-free status to 97 percent of the tariff items of exports to China from the LDCs, provided they have diplomatic relations with his country.

The decision was d ...

People's Daily | Nov 25, 2011

BEIJING - China's industry and commerce watchdog on Wednesday released rules to help fund-strapped firms restructure debts and improve cash flow through debt-for-equity swaps.

The move is the government's latest effort to protect companies, especially small firms facing difficulty accessing bank loans, from being hurt by tightening monetary measures aimed at stemming inflation.

The rules, published by the State Administration for Industry and Commerce (SAIC) on its website, specify how com ...

People's Daily | Nov 25, 2011

BEIJING - US Senator Charles Schumer's call to bar Chinese agencies from auditing firms trading on the US market is the latest reflection of the US government's protectionism in service trades and does not benefit either country, local companies and industry experts said on Wednesday.

"Schumer's proposal actually reflects protectionism in service trades. And I am afraid that cooperation between US accounting firms and Chinese ones will be affected," said Liu Dongdong, a partner at the China b ...

People's Daily | Nov 25, 2011

NEW YORK / BEIJING - The United States' increasing presence in the Asia-Pacific region is not meant to threaten China, a US national security official said on Tuesday, after US President Barack Obama's nine-day trip to the region.

"With regard to China, I think the president was very clear that we do not see our engagement in the region as any way coming at the expense of China," Ben Rhodes, deputy national security adviser for Strategic Communications, said during a video conference.

Rho ...

People's Daily | Nov 25, 2011

SHANGHAI - China's first-tier cities have failed to satisfy their residents in building service-oriented government, even as they play crucial roles in national politics and economy, according to a report released on Wednesday.

The report, jointly compiled by Singapore's Nanyang Technological University (NTU) and China's Shanghai Jiao Tong University, aims to track how satisfied Chinese citizens and businesses are with government service.

A survey of 25,222 citizens and 3,203 enterprises ...

People's Daily | Nov 25, 2011

China's manufacturing activities may weaken sharply and return to contraction this month because of a reduction in demand at home and abroad, a preliminary reading for the HSBC Purchasing Managers' Index showed yesterday.

The HSBC Flash PMI, the earliest available indicator of industrial sector operating conditions, fell to a 32-month low of 48 in November, down from October's final reading of 51. It settled at 49.9 in September.

A reading below 50 means contraction.

"The dipping headli ...

People's Daily | Nov 25, 2011

SHANGHAI, Nov. 23 (Xinhua) -- BoCom Leasing on Wednesday signed a deal with Commercial Aircraft Corporation of China, Ltd. (COMAC) to buy 30 of the nation's homegrown C919 large passenger planes.

The financial leasing arm of China's Bank of Communications (BoCom), the nation's fifth largest lender, signed the new order as it sought to expand its fleet size to cash in on the country's rapidly growing demand for air services.

The deal is also a boost for COMAC as the newcomer looks to compet ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 23 (Xinhua) -- The State Council, or China's Cabinet, has approved a reshuffling of the central bank's monetary policy committee, according to a statement posted on the central government's website on Wednesday.

Guo Shuqing, chairman of the China Securities Regulatory Commission, and Xiang Junbo, chairman of the China Insurance Regulatory Commission, will join the People's Bank of China's monetary policy committee, the statement said.

Wu Dingfu, former head of the country's t ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 23 (Xinhua) -- China's decision to grant zero-tariff status to some least developed countries (LDCs) has drawn positive responses from the international community.

During the recently concluded G-20 summit in Cannes and the Asia-Pacific Economic Cooperation (APEC) meeting in Honolulu, President Hu Jintao announced that China would give duty-free status to 97 percent of the tariff items of exports to China from the LDCs, provided they have diplomatic relations with his country.
...

People's Daily | Nov 25, 2011

XINING, Nov. 23 (Xinhua) -- China's largest coal producer, China Shenhua Group, has launched a project to research and develop combustible ice, a kind of natural gas hydrate, in the northwestern Qinghai province.

Shenhua Group signed an agreement with the Qinghai provincial government on Monday evening to start the exploration of combustible ice in the province.

Combustible ice usually exists in seabed or tundra areas (two mediums having the strong pressure and low temperature necessary to ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 23 (Xinhua) -- China's industry and commerce watchdog on Wednesday released rules to help fund-strapped firms restructure debts and improve cash flow through debt-for-equity swaps.

The move is the government's latest effort to protect companies, especially small firms facing difficulty accessing bank loans, from being hurt by tightening monetary measures aimed at stemming inflation.

The rules, published by the State Administration for Industry and Commerce (SAIC) on its websi ...

People's Daily | Nov 25, 2011

SINGAPORE, Nov. 23 (Xinhua) -- China's southeastern province of Fujian held a consumer product expo in Singapore on Wednesday in a bid to explore the southeast Asian markets.

About 350 exhibitiors from Fujian took part in the fair to sell products such as clothes, sportswear, shoes, food and electric- powered consumer products. Combined with the Asia Expo-Singapore with gathers sellers from different countries and regions in East Asia, it boosts a total exhibition area of more than 13,000 squ ...

People's Daily | Nov 25, 2011

SHANGHAI, Nov. 23 (Xinhua) -- The parent company of both KFC and Pizza Hut, Yum! Brands Inc., announced Wednesday it has signed a deal with Sinopec Corp. to open chain restaurants in China's most spreading Sinopec gas stations.

Zhu Zongyi, president of Yum! Brands China Division, said Sinopec gas stations would help his company expand business into counties and well-off townships.

The Louisville, Kentucky-based multinational has nearly 3,500 KFC franchises and about 560 Pizza Hut restauran ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 23 (Xinhua) -- Completed fixed assets investment in China's telecom sector plunged 42.89 percent in October from the previous month.

A total of 21.77 billion yuan (3.43 billion U.S. dollars) of investment was completed last month, and 229.21 billion yuan for the first 10 months, according to a post on the Ministry of Industry and Information Technology's website Tuesday.

On a monthly basis, the sector's business turnover also declined, down 2.16 percent to 92.85 billion yuan ...

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