News

China to scrap 253 types of administrative fees

China will scrap 253 types of administrative fees on enterprises charged by provincial-level governments from Feb. 1, 2012. The cancellation was announced by the Ministry of Finance (MOF) and the National Development and Reform Commission in a joint circular on the MOF website. The move is expected to reduce enterprises' financial burdens by 10...

Tax revenue falls along with home sales in Chinese resort island

Transactional tax revenue in Hainan's housing market plunged 750 million yuan (119 million U.S. dollars), or 16.7 percent, in the first 11 months compared with the same period last year, as home sales in the tropical province are bleak due to central government's policies to curb speculation. The province reported 10.9 billion yuan in property...

HK's foreign currency assets expand in November

Hong Kong's foreign currency assets at the end of November this year were 34.7 billion HK dollars (about 4.47 billion U.S. dollars) higher than at the end of October 2011, the city's Monetary Authority announced Friday. According to the figure, at the end of November 2011, Hong Kong 's total assets of the exchange fund amounted to 2,490.4 bill...

First batch of RQFII gets investment quota of 10.7 bln yuan

China's foreign exchange regulator has granted 10.7 billion yuan (1.7 U.S. dollars) of investment quota to the first ten RMB Qualified Foreign Institutional Investors (RQFII), making a step forward in further opening the country's capital market. The China Securities Regulatory Commission (CSRC) also roughly even-split the quota between fund-b...

China's quality watchdog warns of safety risks of some Subaru vehicles

China's top quality regulator warned Friday of safety risks due to design flaws in the brake master cylinders of the imported Subaru Legacy and Outback vehicles produced by Japanese automaker Fuji Heavy Industries Ltd. The problem, which involved 7,133 imported vehicles on the Chinese mainland, could potentially result in traffic accidents as ...

SAIC Motor sees 12 pct vehicle sales growth in 2011

SAIC Motor Corp. Ltd, China's largest publicly traded automaker, Friday said it sold 4.01 million vehicles this year, up 11.9 percent from a year ago. The sales growth was much higher than the around 3 percent growth for the whole industry in the world's largest auto market. Following 32-percent growth in 2010, China's auto market saw much slo...

HK's Renminbi deposit rises 1.4 pct

Hong Kong's Renminbi deposit expanded by 1.4 percent to 627.3 billion yuan at the end of November 2011, according to statistics published Friday by the city's Monetary Authority. The figures showed the total remittance of Renminbi for cross-border trade settlement amounted to 184.99 billion yuan in November, compared with 161.46 billion yuan i...

China's crude steel production up 8.69% in first quarter

Crude steel production in China rose from 13.58 million tonnes in the first quarter of 2011, an increase of 8.69% over the same period last year, reaching 169.91 million tons, said Friday the Association of Iron and Steel of China (NWAC). In its report on the modernization of the steel industry, NWAC has predicted that growth in steel consumptio...

Rapid growth of the surplus of foreign currency Chinese banks

The growth of the surplus of foreign currency Chinese banks generated by client transactions accelerated in March, allowing China to rapidly increase its foreign reserves, said Wednesday the State Administration of Foreign Exchange (SAFE). During the month of March, more foreign currencies were sold qu'achetées, and the yuan (Chinese curr...

Index of Shenzhen Stock Exchange

The blended index of the Shenzhen Stock Exchange closed Wednesday at 12 070.41 points, down 353.06 points (-2.84%) compared to the previous meeting: A Share Index: 13 101.94 points (-383.23 points -2.84%) B Share Index: 5 671.08 points (-130.91 points -2.26%) Total transactions: 74.02 billion yuan (11.39 billion dollars)....

China grants fall Wednesday

Chinese shares fell sharply Wednesday with a composite index of Shanghai Stock Exchange were down 66.17 points, or 2.26% at 2 866.02 points. The index fell Wednesday to its lowest level in over two months. The share of mining companies fell more than 5%, while the share of non-ferrous metals companies and automotive companies fell more than 3...

China: declining purchasing managers index for the manufacturing sector in April

The purchasing managers' index (IDA) for the manufacturing sector in China has dropped to 52.9% in April, against 53.4% ​​in March, said Sunday the Chinese Federation of Logistics and Purchasing. This figure was 52.2% in February and 52.9% in January. A figure above 50% indicates economic expansion while an index below 50% indicates a dec...

China will continue to make price stability a priority: central bank

China will continue to make the stabilization of consumer prices and the fight against inflation its top priority for macroeconomic regulation, said Tuesday the People's Bank of China (PBOC). It is imperative to continue to maintain macroeconomic regulation in order to consolidate and improve the results of past efforts and stimulate a healthy t...

The United States is favorable to Chinese investment (Locke)

The United States is favorable to foreign direct investment (FDI) in China, benefiting the U.S. economy, said Wednesday in Washington U.S. Secretary of Commerce, Gary Locke. FDI in China are "good for American workers and good for American businesses," said Mr. Locke Center Woodrow Wilson a few days before the third round of Strategic ...