BYD, China's leading car manufacturer, has announced it will reduce its sales target from 800,000 units to 600,000 units this year, making it the first Chinese car producer to reduce sales target this year. BYD sold 448,000 cars in 2009 and had originally
The aggregate floor space of unsold residential apartments climbed to 191.82 million square meters at the end of June, up 6.4% on the same period last year, according to data released by the National Bureau of Statistics (NBS). The NBS did not publish any
China's state-owned enterprises paid a collective total of 5.4 trillion yuan in tax to the central government from 2002 to 2009, which works out as an average tax rate of 27.3% as measured in terms of the ratio of tax to total sales revenue (before tax).
The State-owned Asset Supervision and Administration Commission plans to formally unveil the new Guoxin Asset Management Company, which is frequently referred to in the local financial press as "CIC No. 2", in August. By the end of the year, it’s expected
Over recent days the China Banking Regulatory Commission (CBRC) has published announcements requiring all commercial banks to clean up their act in regard to the collection of service fees that are not in line with existing regulations. The banks have bee
The Ministry of Land and Resources has passed on a “black list” of 1,457 plots of land which had been leased to developers but which up until now have not been developed, to the China Banking Regulatory Commission. It is believed that 80% of these plots w
Although no official announcement has been made, revisions to existing regulations governing China's system of wages currently being considered by the State Council and which come under the purview of the Ministry of Human Resource and Social Security, ar
The procuratorate and People’s court of Qinyang City in Henan Province has admitted that they were wrong to prosecute a case that resulted in the sentencing of eight farmers who had earlier complained about the illegal behavior of the party secretary of t
The water supply to many of the major cities in Jilin Province, including Baishan, Tonghua and Antu, were cut off yesterday and cities are also suffering from a shortage of fresh vegetables, due to floods and continued heavy rainfall in the region.
Based on recent increases in the price of some agricultural products, Lu Zhengwei, a senior economist with the Industrial Bank of China, predicts that China’s CPI is predicted to grow by more than the government’s stated target of three percent in July. H
The Shanghai Composite Index ended the month above 2,600 points, achieving a growth rate of 9.97% over the previous month. Analysts say that given the steady policy environment and the central government's focus on pushing ahead with construction of polic
New RMB loans issued by China’s four largest commercial banks, reached 243 billion yuan in July, 78 billion yuan more than the amount issued in June. The new loans issued by the four state-owned banks accounted for 27.3% of the total amount of new loans i
Huang Guangyu, former chairman of Gome Electrical Appliances - one of the largest privately-owned electrical appliance retailers in Mainland China - and once listed as the wealthiest man in China, has switched defense teams in preparation for his appeal a
The Purchase Management Index (PMI) of China's manufacturing sector decreased to 51.2 in July, down from 52.1 in June, hitting a 17-month low, according to data issued on Sunday by the China Federation of Logistics and Purchasing and the National Bureau o
China's central government collected 3.86 trillion yuan of tax in the first half year of 2010, up 30.8% on the amount collected over the same period last year, according to the Ministry of Finance's taxation department. However, since China’s economy reco
Yesterday, Chinalco reached an agreement with Rio Tinto to found a joint company to explore and operate the Simandou iron ore project located in Guinea; Chinalco will invest 1.35 billion US Dollars in this project in the coming two to three years and will
China Everbright Bank (CEB) has made public its application to be listed on the A-share market, which, if approved by the China Securities Regulatory Commission, will make it the 16th Chinese bank listed on the A-share market. According to the application
The Beijing branches of many Chinese banks, including the Bank of China, the Industrial and Commercial Bank of China, the Shanghai Pudong Development Bank, and the Communications Bank of China, have started charging individuals to print their account stat
China released its National Medium and Long-term Project on Reform and Development of Education Sector (2010-2020) yesterday, raising a target of transferring four percent of the country’s GDP to the education sector in 2012 and reforming the national sys
