BEIJING - China's manufacturing grew at the slowest pace in 17 months in July as the government clamped down on property speculation and investment in energy-intensive and polluting factories. The Purchasing Managers' Index (PMI) fell to 51.2 from 52.1 in June, the Federation of Logistics and Purchasing said on its website yesterday. That was less tha...
THE International Monetary Fund says the yuan is not "substantially" undervalued, a move that recognises China's efforts to free up its exchange rate and avoids ruffling feathers in Beijing. The summary of an annual review of China's policies omitted the word, used by IMF managing director Dominique Strauss-Kahn as recently as June, reports Reuters. ...
China's Ministry of Commerce said it has approved Zhejiang Geely Holding Group Co's purchase of Ford Motor Co's Volvo Car unit, paving the way for completion of the $1.8 billion acquisition agreed by the two companies in March. The ministry signed off the deal recently, a ministry spokesman said by telephone today from Beijing. Geely agreed on Ma...
China may make solar power as cheap as electricity produced from coal in about a decade as the country accelerates the development of cleaner energy to cut emissions. The country's solar-power tariffs may fall to between 0.6 yuan (9 cents) and 0.8 yuan a kilowatt-hour by 2020 as China expands its capacity to generate electricity from sunlight by ...
Senior resident representative of the International Monetary Fund (IMF) to China, Il Houng Lee, has said the Chinese economy was fundamentally "still very robust" and the IMF has maintained its projection of China's economic growth in 2010 at 10.5 percent. In an interview with Xinhua in Hong Kong, where Lee was delivering a speech on economic outlook o...
The uncertainty of energy supplies, in particular crude oil, might become a new risk for the world economy, a leading economist said Thursday. "We think there is enough strength to keep the recovery going. However, it's still fragile. There are things that can go wrong," said David Wyss, global chief economist of Standard & Poor's, a world leading...
Brazilian President Luiz Inacio Lula da Silva said on Wednesday he will promote negotiations on a free trade agreement between the Central American Integration System (SICA) and Mercosur, where he will take the interim presidency. "A comprehensive trading agreement between Mercosur and the SICA would be essential as Nicaraguan exports to Brazil need to ...
The Director of the Hong Kong Economic and Trade Office (HKETO) in Sydney, Steve Barclay, on Thursday launched the inaugural "2010 Hong Kong Week in Sydney" with a series of diversified events. Barclay believes the Hong Kong Week marks an important milestone for the HKETO, the 15th anniversary of the establishment of the office. "Our role is to cont...
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