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October crude oil imports off peak

CHINA reduced net crude oil imports to the lowest level in 18 months as prices and stockpiles increased. Net purchases dropped to 16.1 million metric tons last month, or 3.8 million barrels, from a record in September, according to customs data released yesterday. Net imports in ...

Dec. CPI won t exceed 5%

A CHINESE official responsible for price control at the National Development and Reform Commission said Sunday that the consumer price index (CPI) was not likely to rise to 5 percent in December. Zhou Wangjun, deputy director of the price department, told CCTV that he believed ...

Banks urged to adopt Basel III

A SENIOR Chinese banking regulator urged the country s lenders to conform to the Basel III rules the new set of global banking regulations in a bid to improve international competitiveness, the China Securities Journal reported Wednesday. Cai Esheng, vice chairman of the China ...

Property tax due before March

THE government would soon launch a long-waited property tax, most probably before the annual meeting of the National People s Congress in March, China Securities Journal reported yesterday. It also said Shanghai and Chongqing would be among the first cities to launch a trial, ...

Cities face housing price bubble

CHINESE cities on average faced a relatively large property price bubble, and in some cities the bubble had inflated to excessive proportions, Xinhua said yesterday, citing a report by the Chinese Academy of Social Sciences. The report also said credit levels were falling for ...

Govt. won t extend auto incentives next year

CHINA would not extend tax incentives for small cars next year, domestic media reported yesterday. The government had moved to phase out stimulus measures that helped the country weather the global financial crisis. The Central Government would also withdraw the 3,000-yuan ...

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Ford China sales shoot up 35% FORD said over the weekend that its China auto sales in November rose by 35 percent compared with the sales recorded last year, led by sales in the midsized-car segment, including the Fiesta and Focus models. The company sold 56,829 vehicles in ...

China to lead world in innovation by 2020: survey

CHINA is set to become the world s most important center for innovation by 2020, overtaking the United States and Japan, according to a public opinion survey published yesterday. China is already the world s second-largest economy, after establishing itself as the global workshop...

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N China hikes fertilizer tariff to stem exports CHINA will impose a 110 percent tariff on some fertilizer exports in December in order to ensure domestic fertilizer supplies for the spring, the Ministry of Finance (MOF) said Tuesday. The new export tariff includes a 35 percent ...

Commercial banks restricting property loans

SOME Chinese commercial banks were making property loans only to 16 developers controlled by the Central Government and stopped giving property loans to Central Government owned companies whose core businesses were not real estate development, China Securities Journal reported ...

Executives arrested for raising illegal funds

FOUR high-ranking executives of Taizinai, a leading Chinese fermented yoghurt producer, have been arrested for illegal fund raising, police in Central China s Hunan Province said Tuesday. Beginning in February 2008, Taizinai raised more than 137 million yuan (US$21 million) in a ...

Manufacturing expands as PMI hits 55.2

CHINA S manufacturing grew at the fastest pace in seven months in November, indicating the economy can withstand higher interest rates as price pressures escalate. The Purchasing Managers Index (PMI) rose to 55.2 from 54.7 in October, China s logistics federation said on its Web ...

Macao-Ningbo flight

A plane bound for Ningbo City, Zhejiang Province at Macao International Airport yesterday. Air Macao launched a Macao-Ningbo route yesterday, providing four round trips in a week. Xinhua

Nation allows first foreign loan provider

HOME Credit Group, a Czech company operating mainly in Russia and eastern Europe, has beaten some of the world s largest financial groups to become the first foreign company to set up as a consumer finance lender in China. The company received a license from China s banking ...

CPI surge may continue this month: analysts

THE growth rate of China s Consumer Price Index (CPI) in November may exceed the previous month s growth rate, China Securities Journal said. The country s CPI surged 4.4 percent year on year in October. China International Capital Corporation (CICC) predicted November s CPI will ...

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Hubei to invest US$27b on port expansion CENTRAL China s Hubei Province announced Sunday it will invest more than 180 billion yuan (US$27 billion) to expand throughput capacity of Wuhan New Port on the Yangtze River between 2011 and 2020. The move comes as Hubei seeks to explore ...

Chow Sang Sang recalls18 karat gold products

HONG KONG jeweler Chow Sang Sang has removed all 18 karat gold products from its 170 mainland stores, after mainland authorities found one of its products to be low in gold content. The company said the move is aimed at ensuring the quality of all products sold. A report this ...

Provinces halt plans to increase gas prices

CHINESE provinces including Guangdong, Jiangsu and Henan halted plans to increase natural gas costs after the government called for stable prices, China National Radio reported yesterday without quoting anyone. Hebei Province won t raise gas prices this year while Anhui will ...

Nation sells 117,672 tons of aluminum ingot

CHINA sold all the aluminum ingots it offered from the State reserve at below market prices, according to the result of a tender posted yesterday on the Web site of the National Development and Reform Commission (NDRC). A total of 117,671 tons were sold at an average price of 15...

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China won t stop rare earth exports THE claim that China will stop exports of rare earth is completely groundless, Ma Kai, a Chinese State councilor, said in a speech Saturday. At the same time, we also hope that other countries with rare earth deposits can also produce rare ...
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