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U.S. product safety watchdog sets up shop in China: THE U.S. Consumer Product Safety Commission had established a permanent presence in China, the watchdog s head said yesterday, following a series of recalls involving faulty Chinese-made items. A commission attache and a product safety specialist would work with China s consumer ...

Wenzhou individuals nowallowed to invest abroad: CHINA S eastern city of Wenzhou will allow individuals to make direct investments overseas as the government encourages capital outflows to ease pressure on inflation and currency appreciation. Citizens cannot exceed US$3 million with any single investment abroad or spend more ...

News Bites: Nation to double high-voltage power capacity SEVERAL power equipment makers including Henan Pinggao Electric Co. Ltd., China XD Electric Co. Ltd. and Northeast Electric Development Co. Ltd. have won bids in a 4.3 billion yuan (US$649.1 million) power capacity expansion project, ...

China committed to more open market: Li: CHINA was committed to expanding domestic consumption and would continue on its path toward a more open market, Vice Premier Li Keqiang said yesterday. Reform and opening up are the driving forces behind our development. China will be steadfast in promoting reform, Li wrote in an ...

Govt. to control rare earth extraction: CHINA would step up its controls over the mining of rare earth and release new industry standards to cut pollution, a minister and domestic media said Friday, after the world s biggest supplier cut export quotas for the minerals. China, which owns one-third of the world s rare ...

Real estate tax based on value: CHINA S real estate tax would be based on the original value of the property, which includes the price of the land, cost of land-usage rights and the cost of development, according to the Ministry of Finance and the State Administration of Taxation in a statement over the weekend...

Nation s land sales up 70% in 2010: CHINA says land sales shot up 70 percent last year as the country s land and resources minister warned of social unrest among frustrated Chinese who can t afford to buy a home. Minister Xu Shaoshi said 2.7 trillion yuan (US$407.24 billion) was spent on land transactions last year...

China to raise power capacity: An electrician works on a power line in Yantang Village in Guangxi Zhuang Autonomous Region on Saturday. China plans to increase its installed power generation capacity by 500 million kilowatts over the next five years, a State Grid Corporation of China (SGCC) official said ...

2010 GDP growth about 10%: CHINA S economy grew by around 10 percent in 2010, with retail sales up 18.5 percent, showing that it was now relying more on domestic consumption, Vice Premier Li Keqiang said in remarks published Saturday. The driving force of domestic consumption is rising, and its increase ...

China pledges to back Europe for investment: EUROPE and the euro would remain among the most important areas of investment for China s world-record US$2.65 trillion in foreign-exchange reserves, a central bank official said in recent show of support. The euro and the European financial markets are an important part of the ...

Car sales to be strong despite unfavorable policies: THE country s automotive market, the largest in the world, is expected to grow strongly this year in spite of the government s decision to phase out some tax incentives and restrict new car sales in the Beijing city, analysts forecast. General Motors, the largest foreign maker of ...

News Bites: 2010 GDP growth likely to reach 10% CHINA S 2010 economic growth was 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 Web site, Zhou said he was not quite confident that the ...

Qilu Bank hit by fraud probe: QILU Bank, a small Chinese bank that was 20 percent owned by the Commonwealth Bank of Australia, was being investigated for its part in a commercial paper fraud of up to 1.5 billion yuan (US$226.59 million), domestic media reported late Tuesday. Police in Jinan, capital of the ...

Govt. may alter banks reserve ratios monthly: THE central bank would examine lending and capital levels at domestic banks each month to determine reserve requirements for individual lenders, China Securities Journal reported. Banks could face higher requirements if their capital adequacy ratios fall below mandated levels, ...

China to become capital-intensive: expert: CHINA was being transformed from a labor-intensive to a capital-intensive economy, which would benefit the country and the rest of the world, a U.S. expert said. It s actually a process that is underway right now, Bernard Baumohl, chief global economist at the Princeton, N.J....

News Bites: China to keep green car subsidies THE Finance Ministry said over the weekend it would continue subsidies for energy-efficient cars this year, a move that would help the world s largest auto market as other factors threaten to slow its rapid growth. The ministry said in an online ...

Obsolete measures inflate China s trade surplus: MEASURING global trade in line with the principle of the country of origin failed to reflect the complexities of global commerce where the design, manufacturing and assembly of products involved several countries, experts said. It is not always true that goods exported by a ...

More exporters allowed to keep revenues abroad: CHINA eased capital controls on exporters foreign currency earnings over the weekend a move that over time could dampen inflationary pressures and slow growth in the massive foreign exchange reserves that have made the country a heavyweight global investor. The expansion of a ...

Taiwan banks to open mainland outlets: THE Chinese mainland had approved applications by six Taiwan-based banks to open branches on the mainland, a mainland spokesman said yesterday. The mainland had also given approval for four other Taiwan banks to establish representative offices on the mainland, Yang Yi, the State ...

News Bites: Vice premier vows to rein in property prices CHINA would not tolerate speculative buying in its red-hot property market and would keep up a slew measures to calm prices, Chinese Vice Premier Li Keqiang was quoted by State television as saying Tuesday. Li also urged local ...

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