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News Bites: Consumption priority CHINA S new five-year development plan makes consumption a priority ahead of investment or exports for the first time, Yao Jingyuan, chief economist for the country s National Bureau of Statistics, said Saturday. The nation s worsening income inequality has a ...

Samsung, LG get nod for LCD plants: SAMSUNG Electronics Co. and LG Display Co., the world s top two flat-panel makers by shipments, have received approval from the Chinese Government to set up liquid-crystal-display (LCD) manufacturing plants in the country, two people familiar with the matter said Friday. There ...

Inflation may top 4%: CHINA S inflation rate is expected to climb above 4 percent next year, with inflationary pressures peaking in the first few months of 2011, Xinhua reported Saturday, citing a researcher with the country s State Information Center. China will face great inflationary pressures next ...

Tighter pollution rules for rare earth output: CHINA is considering regulations to tighten pollution standards for rare earth producers, Xinhua reported yesterday, a move the country s top firm said might further raise export prices. Yang Wanxi, a government adviser involved in preparing the new regulations, said a draft had ...

Shanghai inks park deal with Walt Disney: WALT Disney Co. on Friday signed a formal agreement with a company backed by the Shanghai Municipal Government to build a long-planned theme park in the financial hub of China, the two sides said in separate statements. Shanghai Disneyland will cost US$3.59 billion, making it one ...

Passenger car sales surge in October: CHINA S passenger car sales surged in October from the year before as government agencies stepped up purchases before their budget allocations expire at the end of the year. The 1.2 million passenger cars sold in October was slightly lower than the 1.21 million sold the month ...

News Bites: World Bank raises China growth forecasts THE World Bank boosted its growth forecast for China and said rising inflation should level off but warned the Chinese Government needs to make the economy less reliant on trade to sustain its expansion. In a quarterly update released ...

China mulling rare earth reserves: CHINA is considering setting up strategic reserves of 10 minor metals including rare earth, domestic media said yesterday. The report comes amid concerns in Japan and the United States that China is clamping down on exports of rare earth. The strategic reserve plan would include ...

Regulator to seek changes to local govt. loans: THE banking regulator told banks to ask for faster repayment of local-government infrastructure loans on concern existing debt terms leave them with too much risk, a person with knowledge of the matter said. About 50 percent of loans to the financing vehicles of local governments ...

Cotton prices endanger textile makers survival: TEXTILE makers in China, which uses more than 40 percent of the world s cotton, face a supply shortage that has sent prices to a record and is endangering their survival, an industry group said. The textile market has a shortage of raw material, China Federation of Logistics and ...

News Bites: No significant cut for rare earth quotas CHINA S rare earth export quotas for 2011 will not be cut significantly from recent levels, a commerce official said yesterday, adding to the country s efforts to soothe foreign companies and governments worried about supply. A Chinese ...

Central bank to ease counter-crisis policies: THE central bank said Tuesday it would move away from policies aimed at countering the global financial crisis and further tighten control over credit in the face of increased capital inflows. The announcement by the People s Bank of China comes after the bank raised its ...

Property speculators seek light in second-tier cities: INVESTORS are turning their sights on second-tier cities as government curbs take effect in the red-hot property market. The trend can be attributed to the municipal government s greater restrictions on home purchases released in early October. Under these rules, families with ...

Bordeaux wine eyes larger Chinese market: Wang Yuanyuan, Jane Lai AS a free vino-soaked Wine and Dine Festival in Hong Kong drew tens of thousands of visitors from Thursday to Sunday, its Bordeaux wine booth, a highlight of the four-day event, struggled to keep the increasingly inebriated queues under control. The ...

Manufacturing growth leaps past forecasts: THE country s factories ramped up their production last month and were buoyed by an influx of new business, highlighting the strength of the world s second-largest economy but also pointing to price pressures. Two surveys of the manufacturing sector, which are designed to provide ...

News Bites: Shenzhen private enterprise exports surge EXPORTS by Shenzhen s private enterprises reached US$37.95 billion in the first three quarters of this year, a 25.8 percent increase over the same period last year, Shenzhen Customs said over the weekend. Local private enterprises exports ...

Banks urged to curb property loan risks: CHINESE banks should strictly control lending to the country s major property developers, the banking regulator said Thursday, indicating that it will continue to tighten its grip on lending to sector amid concerns about deteriorating loan quality. Liu Mingkang, chief of China s ...

Rare earth mining takes toll on environment: RARE earth, a class of 17 chemical elements, has become increasingly important in manufacturing sophisticated products, including flat-screen monitors, electric car batteries, wind turbines, missiles and aerospace alloys. As the high-tech industry developed rapidly in recent ...

Government seeks to curb rising coal prices: THE government is seeking to curb rising coal prices through cooperation with coal producers and by stopping provincial restrictions on coal shipments, according to a media report yesterday. The National Development and Reform Commission (NDRC), China s economic planning body, ...

Five firms fined for sellingdiesel above set price: THE government fined five oil companies including units of PetroChina Co. and China Petroleum & Chemical Corp., the country s biggest refiners, for selling diesel above State-set prices, amid a domestic shortage of the fuel. PetroChina s Wuhan unit and the Luoyang and Wuhan ...

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