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China's foreign exchange regulator has vowed to crack down on illegal cross-border capital flows, but analysts said the pressure from the influx of speculative money is unlikely to ease. "By the end of October, we uncovered 197 fraudulent foreign-exchange transactions worth $7.34 billion in a nine-month crackdown on 'hot money' inflows," the State Admi...
China's top legislature Thursday voted to adopt a social insurance law that aims to prevent the improper use of social security funds, after reading it four times and receiving feedback on the draft from the general public. The Social Insurance Law specifies a common right for all citizens to access and enjoy five forms of insurance: basic endowment insu...
Chinese manufacturers are generating large volumes of goods for shipments abroad, but are also facing increasingly huge amounts of defaulted payments from foreign buyers. The Sceptre Group, a debt collection agency in California, said the number of debts owed to Chinese exporters by US companies has risen by 80 percent in the past two years. Figures fro...
Bonds of Chinese financial companies have been hit the hardest in the nation's debt market this month, as a surprise interest-rate increase overshadows brighter earnings prospects. The securities have lost 1.45 percent, the most since the last series of rate boosts in July 2007, according to Bank of America Merrill Lynch's China Corporate Index. Bonds i...
The yuan fell to a three-week low against the greenback on Wednesday, a drop analysts said will help the country's exporters if it continues. The central bank set the yuan's reference central parity rate at 6.6912 against the US dollar, the lowest level since Sept 30 after the Chinese currency hit a record high of 6.6497 per dollar on Oct 15. The move...
China will improve its income distribution mechanism to narrow the wealth gap in the five years from 2011 to 2015, according to an official document released Wednesday. The document, the Communist Party of China (CPC) Central Committee's Proposal for Formulating the 12th Five-Year Program for China's Economic and Social Development (2011-2015), was adop...
China will stick to the strategy of expanding domestic demand, consumption in particular, and seek a new phase of economic growth boosted by consumption, investment and exports, according to an official document released Wednesday. The document, the Communist Party of China (CPC) Central Committee's Proposal for Formulating the 12th Five-Year Program for...
China will nurture and develop seven new strategic industries with favorable policies in the next five years, according to an official document released Wednesday. The document, the Communist Party of China (CPC) Central Committee's Proposal for Formulating the 12th Five-Year Program for China's Economic and Social Development (2011-15), was adopted at ...
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