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China Expects Crude Oil Self-sufficiency 45 pct in 2010

China's self-sufficiency in crude oil is expected to be 45 percent in 2010, the National Development and Reform Commission (NDRC), the nation's top economic planner, said Tuesday. The country imported 218 million tonnes of crude oil in the first 11 months, a rise of 19.8 percent ...

China to Enforce New Regulations on E-waste Recycling

Offenders of China's new regulations on waste electronic equipment could face fines up to 500,000 yuan (75,450 U.S. dollar), after it becomes effective on Saturday. The regulations could be regarded as the country's latest effort to promote comprehensive utilization of resources ...

China Continues to Enhance Regulating Property Market

China will enhance regulating its property market in 2011 and strengthen implementation of the tightening measures already unveiled by the government, a senior official said Wednesday. Jiang Weixin, minister of Housing and Urban-Rural Development, said at a national work ...

Analysis: China's Economic "Paradoxes" and Their Solutions

by Xinhua writers Ming Jinwei, Xu Duo As China becomes a major global economic powerhouse, the following paradox-like phenomena also seem to become more apparent. They range from the huge foreign reserves it has versus the huge foreign investment it attracts, the robust exports ...

China Publishes New Forex Market Maker Guidelines

China's State Administration of Foreign Exchange (SAFE) Thursday issued new guidelines on foreign exchange market makers and classified them into three types in a move aimed at increasing liquidity on China's foreign exchange market and boosting its development. Market makers are ...

Another 15 Foreign Agencies Approved to Release Financial Information in China

China approved another 15 foreign agencies' applications to publish financial information in China this year, bringing the total number to 25, the State Council Information Office (SCIO) said Thursday. Wang Chen, director of the SCIO, told a press conference that leading global ...

Chinese SOEs Ordered to Hand over More Profits

The centrally-administered state-owned enterprises (SOEs) were ordered to hand over 5 percent more of their after-tax profits to the central government beginning 2011, according to a statement by the Ministry of Finance (MOF) on Thursday. According to the MOF statement on its ...

China's C. Bank Reiterates Monetary Policy Stance in 2011

China will implement a prudent monetary policy in 2011 and ensure consumer prices stay "basically stable," the central bank governor Zhou Xiaochuan said Friday. The People's Bank of China, the central bank, will strive to make the monetary policy more targeted, flexible and ...

Hainan Kicks off Tax Refund for Overseas Visitors

Overseas visitors can now claim tax refunds on purchases in south China's island province of Hainan as the rebate plan went into effect on Saturday. Deputy governor of Hainan Tan Li announced the inauguration of the tax refund scheme on Saturday morning at Shengsheng Department ...

Obsolete Principle Inflates China's Trade Surplus

Measuring global trade in line with the principle of "the country of origin" fails to reflect the complexities of global commerce where the design, manufacturing and assembly of products involves several countries, experts said. "It is not always true that goods exported by a ...

China Economy 'Grew 10 pct in 2010': Central Bank

China's 2010 economic growth is estimated to reach about 10 percent, according to central bank governor Zhou Xiaochuan. In a speech published Tuesday by the People's Bank of China on its website, Zhou said he was not quite confident that the nation's economy has returned to ...

Anticompetitive, Monopolistic-type Behavior Banned

China's competition law enforcement authorities Tuesday published new regulations to crack down on anticompetitive, monopolistic-type behavior, amid the country's efforts to ensure competitive markets. The regulations against monopolistic-pricing will take effect from Feb. 1, a ...

China Corporatizes 147 State-run Publishing Houses: GAPP

China's General Administration of Press and Publication (GAPP) announced Tuesday that 147 state-run publishing houses have been corporatized to become self-financing enterprises. The reform to convert 148 publishing houses into market players has come to an end, with one closed ...

Rural Home Appliance Sales Rise

Sales of home appliances in rural areas of China surged 170 percent year on year in 2010, driven by a government subsidy, the Ministry of Commerce said Wednesday. Sales reached 173.23 billion yuan (US$26.13 billion) last year, the ministry said in a statement on its website. Home ...

Asian Financial Forum to Be Held in Hong Kong

The fourth Asian Financial Forum will kick off in Hong Kong on January 17 with Asia's growing role in the global economy being a key topic of discussion, the organizer said on Wednesday during a press conference. Jointly organized by the Hong Kong Special Administrative Region ...

World Bank Issues Its First-ever Yuan Bonds

The World Bank's first yuan-denominated bond offered investors the chance to diversify their currency holdings and promotes the internationalization of the Chinese currency, the yuan, or RMB, economists said. The World Bank China Office said Wednesday the World Bank has priced ...

Home Appliance Sales in Rural China Up 170 Pct in 2010 on Subsidy

Sales of home appliances in rural areas of China surged 170 percent year on year in 2010, driven by a government subsidy, the Ministry of Commerce (MOC) said Wednesday. Sales reached 173.23 billion yuan (26.13 billion U.S. dollars) last year, the MOC said in a statement on its ...

China Meets 5-year Energy-saving Goal: NDRC

China said Thursday it could basically meet its goal of reducing energy consumption per unit of gross domestic product (GDP) by around 20 percent from 2005 levels by the end of 2010. Zhang Ping, director of the National Development and Reform Commission (NDRC), China's economic ...

China Hands out 6.4 Bln Yuan in 2010 Auto Trade-in Program

The Chinese government handed out 6.41 billion yuan (972.9 million U.S. dollars) in subsidies to new car buyers under the old-for-new trade-in auto program in 2010, the Ministry of Commerce said Wednesday. Sales of 459,000 vehicles were subsidized last year as part of the subsidy ...

China to Further Improve Yuan Exchange Rate Formation Mechanism

Deputy Governor of the People's Bank of China Yi Gang said China will take further steps to improve the exchange rate formation mechanism of the country's currency, the yuan. To promote the sound development of its financial market, China will also steadily promote the market...
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