The China Merchant Bank and the Bank of Beijing have denied rumors that commercial lenders have been free to set market-based interest rates for certain deposits in the past two months. Lu Lei, the Deputy Dean of Guangdong Financial College has stated tha
According to media reports, quoting figures from a recent report released by the Ministry of Human Resources and Social Security (MOHRSS), in 2008, the average salary of an employee working in China's financial sector, the highest paid sector in the count
A total of 359 contracts for various projects awarded by 23 airports across the country were found to involve irregularities in the bidding process, according to a report released by the National Audit Office yesterday. Almost 20% of the 1,817 contracts a
Li Xueyong, former secretary of the CPC committee of the central Ministry of Science and Technology, was elected the governor of Jiangsu Province at the Fourth meeting of the general assembly of Jiangsu's 11th Provincial People's Congress.
China's General Administration of Customs announced yesterday that China's exports rose by 37.7% year-on-year in January 2011 to 150.73 billion US dollars. Imports increased by 51% to 144.28 billion US dollars. The total trade volume in January was over 2
The State Council released a notice on Feb 12 announcing the introduction of new system to monitor and evaluate foreign mergers and acquisitions for any impact on China's national security. The announcement revealed details of how cross-border M&A activit
Liu Zhijun, the Minister of Railways, was removed from his position as the ministry's CPC secretary on Feb 12 on suspicion of "severe disciplinary violations." Sheng Guangzu, the current head of the General Administration of Customs, has been appointed as
Sinopec has been urging its employees to pose as neutral parties and publish opinions supporting price hikes on blogs and online forums. A Sinopec official confessed to the fraudulent PR campaign in an interview with a reporter from South Metropolis Daily
Sina reports that He Li (何力) will resign as editor in chief of Caijing (財經), an influential bi-weekly business magazine once edited by Hu Shuli, to launch his own monthly magazine. He Li wrote on his Sina microblog that he is recruiting staff for the new
Yesterday, the Ministry of Culture and Ministry of Finance issued an official document that calls on provincial governments to allow free access to all public libraries, art galleries and culture centers around the country by the end of the year. Accordin
The People's Bank of China has implemented a series of regulatory measures that impose differentiated reserve requirements on a portion of China's small- and medium-sized banks, mainly urban commercial banks, an anonymous source told the China Securities
The Ministry of Land and Resources has decided to establish China's first state-planned rare earth mining area. The mining zone is made up of 11 reserves that together account for over 2,500 square kilometers of land. It's estimated that the reserves hous
In keeping with a series of directives issued by the central government, 36 Chinese cities have already issued policies that put certain conditions on additional property purchases. It's predicted the number of cities implementing these restrictions on pr
Troubled by labor shortages, many companies, including large multinational corporations like Foxconn and Inventec, are recruiting migrant workers at Chongqing's major railway stations. According to the report, some companies are offering monthly salaries
The State Council issued a series of policies aimed at encouraging the development of the local software and integrated circuit industries. While software companies will be given preferential treatment in relation to value-added tax policy, companies that
Chinese power consumption grew by an average of over 11 percent per annum over the past five years, according to figures released by the China Electricity Council (CEC) on Feb 9. According to the CEC figures, power consumption for 2010 exceeded 4.19 billi
Wholesale fuel prices in various Chinese cities, including Beijing, surged yesterday, with prices rising by between 20 and 150 yuan per ton. The rise in wholesale prices has further strengthened predictions by some analysts that the National Development a
China will allow provincial-level health bureaus to approve Sino-foreign joint ventures in the domestic health care sector, according to an anonymous source at the Ministry of Health. Up until now, only the Ministry itself had the authority to approve suc
Effective today, the People's Bank of China raised its benchmark one-year deposit and lending rates by 25 basis points to 3% and 6.06%, respectively. This is the first interest rate increase in 2011 and the third since 2010.
The National Development and Reform Commission (NDRC) is requiring five provinces and eight cities to include low-carbon development models in their regional 12th Five-year plans. The NDRC also stated that it is waiting to approve project plans, a reporte
