China News Direct

 
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NDRC Sets '09 CPI Goal Higher
(Dec 18, 2008) China's National Development and Reform Commission (NDRC) has set a goal of limiting CPI to 3%-4.8% for 2009, according to mainland media. The goal is set higher than the market anticipation of 2% and has left room for reforms, such as the energy pricing system reform, according to 21st Century ...
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China Will Cut Tariffs More in '09
(Dec 18, 2008) China's Ministry of Finance (MoF) expressed on December 17 that China would adjust import and export tariffs on January 1, 2009. An official from MoF said China had basically fulfilled the WTO commitments on tariff cuts after this round of tariff reduction. Since China entered the WTO a few years ...
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Guangdong's Yangjiang Drives RMB100bn GDP Growth
(Dec 17, 2008) The construction of Yangjiang Nuclear Power Plant in coastal Guangdong started on December 16. Yangjiang Nuclear Power Plant will be the fourth and the largest nuclear power plant in China, with six 10-billion-kilowatt-hours reactors. The project, with a total investment of RMB70 billion, could generate 45 billion kilowatt-hours of electricity ...
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Supportive Policy Ready for Raw Material Companies
(Dec 17, 2008) China's Ministry of Industry and Information Technology (MIIT) expressed desire to launch measures to support the raw material industries. MIIT's new measures include adjusting the tariff, keeping more reserves of key raw materials and reforming the pricing system of oil, gas, and fertilizer. MIIT also planned specific measures for non-ferrous ...
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Citibank Opens Lending Unit in Hubei's Jingzhou
(Dec 17, 2008) China's first foreign bank invested credit company, Jingzhou Gongan Citibank Credit Company, opened in Gongan County of Jingzhou city in Hubei province yesterday. Duan Yindi, Deputy Director of Hubei Regulatory Bureau of China Banking Regulatory Commission(CBRC), believed the move represented a big leap towards opening rural China's financial market. Jingzhou ...
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Fujian Starts Infrastructure Projects to Pull 10% Growth
(Dec 16, 2008) Fujian is targeting to achieve economic growth of 10% in 2009, two percentage points higher than the national average, announced the Fujian government on its provincial economy work conference held on December 15. Lu Zhangong, Fujian Communist Party Chief, believed the construction of the West Strait Economic Zone and Cross-strait ...
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SOEs Face Tough Challenges Ahead
(Dec 16, 2008) China state-owned enterprises (SOEs) reported a profit slump in the first 11 months of 2008, the first time in six years. Statistics given by the State-owned Assets Supervision and Administration Commission (SASAC) showed that China's SOEs registered a RMB10.76 trillion revenue in the first 11 months of 2008, up 20.2% ...
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CVM Minerals Lowers IPO Price
(Dec 15, 2008) Malaysia-based magnesium producer CVM Minerals Ltd. has cut its IPO price by 11% in Hong Kong. The unfavorable market conditions after the financial tsunami have induced the price-cut from HK$1.18 to HK$1.05 per share, giving the company a fundraising scale of approximately HK$81.88 million. The company has also delayed the ...
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Stagflation More Likely
(Dec 15, 2008) Chinese officials and experts concerned that the country may face increasing stagflation risk next year. Wu Jinglian, researcher of the Development Research Center of the State Council, said during a forum on December 14 that China would more likely face a stagflation instead of deflation next year. He pointed out ...
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Kuwait Steps up Investment in China
(Dec 15, 2008) Kuwait intends to explore the Chinese market amid financial tsunami. Bader S. Al-Tunaib, Consul General of Kuwait in Hong Kong, expressed earlier that Kuwait plans to set up another consulate in China, probably in Shanghai. Al-Tunaib said that China and Kuwait have good relationship, and Chinese products are popular in ...
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