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China can maintain rapid economic growth over the next three decades, which will ensure that what's now the fourth largest economy ranks among developed nations. Guo Shuqing, chairman of China Construction Bank Corp., made that prediction in Caijing Magazine's 2008 yearbook, issued in December. Guo said that human resources, an advanced legal syste...
The deadline for victims of the devastating May 12 Sichuan earthquake who borrowed money and still can't pay it back has been extended by half a year, the central bank said. Individuals in Sichuan Province who borrowed money from banks before May 12 and still couldn't pay back the loans before the end of last month can now enjoy an additional grace per...
China's futures trading volume reached a record high of 71.9 trillion yuan (10.5 trillion U.S. dollars) in 2008, up 76 percent year-on-year, the China Futures Association (CFA) said on Saturday. It said 1.36 billion contracts were traded, up 87 percent. The most active contracts were for sugar in Zhengzhou, soybeans and soybean meal in Dalian and c...
Trade and investment between the Chinese mainland and Hong Kong are still growing, but at a slower pace. Statistics from the General Administration of Customs prove that the trade between the mainland and Hong Kong reached 188 billion USD for the first eleven months of the year. The 5.3 percent increase is much lower than that 19.5 percent growth in t...
China has increased the tax rebates for exports of 533 hi-tech and machinery products from January 1, 2009, as part of its efforts to help exporters struggling amid the global economic meltdown. Exporters of industrial robots and airplane navigation systems would now get tax rebates of 17 percent compared with 14 and 13 percent respectively earlie...
Bucking the national trend, Shanghai has managed to attract more foreign investment and also offer a higher rate of return for investments, according to a white paper released by the local authorities yesterday. The region had an average investment return of 24.73 percent in the first 11 months compared with the national average of 22 percent, said the...
China's demand for imported cotton decreased in the first 10 months of 2008, another sign that demand for Chinese made goods has shrunk considerably this year. The country collectively imported 1.86 million tons of cotton through October, a decrease of 8.3 percent versus the same period in 2007, Xinhua reported Sunday. The falloff was parti...
The Ministry of Finance announced at its website on Dec. 29 the detailed regulations on removal of value-added tax rebates for foreign companies' purchase of made-in-China equipment. The new rule will be effective as of Jan. 1, 2009. Exemption of imported equipment from VAT is also scrapped. The new policy is a part of China's VAT reform which allows ...
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