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Chinese residents' deposits in July fell 19.2 billion yuan from June -- the first monthly decline since October 2007, according to statistics from People's Bank of China. Analysts attribute the decline to investors' zeal in the stock market, which is similar to the situation in October 2007, when the Chinese stock market soared to the record high of 6,...
Nearly six weeks after being detained by the Shanghai State Security Bureau for suspected espionage activities, Shanghai procuratorate authorities have now formally arrested four Rio Tinto employees. The four, including Australian executive Stern Hu, have been charged with infringing business secrets and bribery, the Xinhua News Agency reported yesterday....
Chinese stocks sank 4.66 percent to their lowest close in four weeks on Wednesday on worries that this year's surge in stocks has outrun the economic recovery and that a drop-off in lending means less money flowing into shares. The Shanghai Composite Index closed at 3,112.719 points, down 10.5 percent from a 14-month high hit at the rally's peak last we...
China's Ministry of Finance announced Wednesday that the country's fiscal revenue in July rose 10.2 percent year on year to 669.59 billion yuan ($97.96 billion). The July figure brought the total fiscal revenue in the first seven months to 4.067 trillion yuan, down 0.5 percent year on year, according to a statement from the ministry. Fiscal revenue ha...
China's textile and garment export dropped 12.35 percent to $16.38 billion in July from the same period last year, according to the latest statistics on the official website of the General Administration of Customs. The figure in July, however, was 21 percent up from $13.48 billion in June. The textile and garment export declined 11.15 percent to...
China's Ministry of Commerce affirmed Wednesday its stance on the United States' proposed imposition of tariffs on Chinese tire imports, saying the move was neither supported by "legitimacy nor objective foundation". The slowdown in the US tire industry was a result of the global financial crisis, and not China's increasing tire exports to the United S...
Despite signs of economic recovery, millions of workers face wage cuts and freezes under new salary guidelines. Experts, however, have warned that the guidelines - which are not mandatory but are an important reference point for employers - could have a significant impact on domestic consumption, and could widen the gap between rich and poor. Guangdong ...
Chinese equities advanced 0.46 percent, ending a straight decline in previous five trading days after the country released a series of rising economic figures Tuesday. The benchmark Shanghai Composite Index was up 14.97 points, to finish at 3,264.73. The Shenzhen Component Index gained 1.26 percent, or 163.46 points, to end at 13,137.11. Combined turnov...
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