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MINISTER

Former Minister of MIIT Elected to CPPCC

Li Yizhong, the former Minister of Industry and Information Technology, has been elected as a member of the Chinese People's Political Consultative Conference (CPPCC) yesterday. Both Li Yizhong and Zhang Guobao, the former director of the National Energy Bureau, have been elected as vice directors of the CPPCC's Economics Committee.

Jiefang Daily | 2011-03-01

FUND

Industry Group Proposes Establishment of 20 Billion Yuan Public Housing Fund

The property association under the All-China Federation of Industry and Commerce, a party-led chamber of commerce consisting of Chinese industrialists and business, has submitted a proposal to the central government to establish a 20 billion yuan public housing fund. Wang Yuqing, deputy general secretary of the property association, estimated that such a fund could finance the construction of 20,0...

The Beijing News | 2011-03-01

BANKS

Four Biggest Banks to Issue New loans of 2.85 Trillion Yuan

According to an industry insider, China's four biggest banks are likely to issue new loans of around 2.85 trillion yuan this year, this will likely mean that the total amount of new loans issued by all Chinese lenders over 2011 will be somewhere between 7.1 and 8.1 trillion yuan. There were 7.95 trillion yuan in new yuan-denominated loans issued in 2010.

China Business News | 2011-03-01

BUDGETS

74 Central Government Departments Open Budgets to Public in 2010

In 2010, central government ministries began to open their ministerial budgets to the public for the first time. According to information leaked from an authoritative institution, only 74 of the country's 171 central government ministries actually published details of their budget.

The Beijing News | 2011-03-01

LOCAL POLITICS

18 Officials Elected During Provincial "Two Sessions"

18 provincial officials were elected last week, including four directors of standing committees of local NPC, four provincial governors and 10 presidents of local-level CPPCC. Wang Guosheng was elected as governor of Hubei Province. All of the 18 provincial officials were born after 1950.

Southern Metropolis Daily | 2011-02-28

BONDS

Central Government Considers Letting Local Governments Issue Bonds

According to a reporter form the Shanghai Securities Journal, the central government is considering the feasibility of letting local governments issue bonds. If the measure passes, a statistics system and a warning mechanism will also be set up.

Shanghai Securities Journal | 2011-02-28

GDP

China Targets 7% GDP Growth Rate

During an online talk with Xinhua News Agency on Sunday, Premier Wen Jiabao announced that the central government has set this year’s target GDP growth rate at 7%. He also stated that 36 million units of government-subsidized housing will be constructed in the next five years. This is the third time that Wen Jiabao has announced government plans through online talks.

China Securities Journal | 2011-02-28