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Home China Media and Publication China News Links China Finance/Money News Links 

 

 China Finance / Money Report Links (International Media)

 
 China Finance  and Money News Links

Finance Minister Removed from Post
Xinhua News Agency August 30, 2007 - Finance Minister Jin Renqing was removed from his post on Thursday by China's national legislature. Xie Xuren, 59, director of the State Administration of Taxation, was appointed by the Standing Committee of the National People's Congress to replace 63-year-old Jin. President Hu Jintao signed a presidential decree of approval for this replacement and made it public the same day.

Central bank raises interest rates
July 23, 2007 - China decided to raise interest rates and cut the withholding tax on interest income on Friday in a coordinated move to get the blistering economy onto a healthier footing. The benchmark one-year deposit and lending rates of commercial banks will be raised by 0.27 percentage point, effective from Saturday, the central bank said in a statement on its website. (Click the title of this news for full report.)

China's GDP grows 11.5 percent in first half year
July 19, 2007 - China''s gross domestic product (GDP) rose 11.5 percent in the first half of the year, after it grew 11.9 percent in the second quarter, official figures revealed on Thursday.The growth rate for the first half is 0.5 percentage points higher than the same period last year and much faster than the planned eight percent, spokesman Li Xiaochao with the National Bureau of Statistics told a press conference. (Please click title of this news for full coverage.)

China outlines new policies for finance industry, Jan. 20, 2007

China hikes bank reserve ratio to cool investment
China Daily, April 29, 2007 - China's central bank Sunday raised the amount of money banks must set aside in reserves, reducing the money available for lending, in the latest move to rein in the investment boom. "The increase is aimed at stepping up liquidity management of the banking system and to guide a reasonable growth of credit," said the statement. That marked the seventh hike in less than a year in addition to three interest rate increases as regulators try to prevent the economy from overheating. China's economy surged 11.1 percent in the first quarter of this year after growing 10.7 percent in 2006, as shown in official statistics. (Click for full report.)

What to do with US$1 trillion of forex reserves?
People's Daily, Jan. 18, 2006 - Figures released by the People's Bank of China on January 15 show that at the end of December 2006, China's foreign exchange reserves totaled US$1.0663 trillion, an increase of 30.22 percent from 2005. During the last two years, China's foreign exchange reserves have grown by US$200 billion annually. Last February, China overtook Japan as the country with the largest foreign exchange reserves in the world. (Click for full report)

Regulations for overseas stock exchanges' agencies
Xinhua Jan. 14, 2006 - China will not approve the establishment of overseas bourses' agencies before regulations on the management of the business are made, a senior securities regulatory official said Saturday. The country is mulling over measures to regulate overseas bourses' agencies in the country, Tu Guangshao, vice chairman of the China Securities Regulatory Commission (CSRC) said. Applications of overseas stock exchanges to set agencies in China will be examined and approved only after the regulations come out, said Tu, without elaboration. Earlier reports said that China has granted applications of the New York Stock Exchange and the Nasdaq Stock Market. Stock exchanges from the United States, Britain, Singapore and the Republic of Korea have launched a series of promotions in China over recent years, encouraging local enterprises to go public there. However, analysts worry that overseas listing of domestic companies, especially those report outstanding performance and with high-growth potentials, will slower the growth of China's capital market.

Stock Index Ends 2006 on All-time High
Dec. 30, 2006 = China's stock market soared to an all-time high on the last trading day of 2006 as a flood of fresh investment funds boosted the benchmark index up 4.2 percent and brought its total gain for the year to 127 percent. The Shanghai Composite Index closed at 2,675.474 points on Friday with the second-biggest daily percentage rise this year. Turnover in Shanghai A shares was 58.75 billion yuan (US$7.5 billion). This is the second-highest level this year. (Click for full report)

China's foreign debts exceed US$300 billion
At the end of September this year, China's outstanding foreign debts amounted to US$304.976 billion (excluding those of Hong Kong, Macao and Taiwan regions), which is $23.931 billion or 8.52 percent more than at the end of 2005, the State Administration of Foreign Exchange announced in Beijing on Thursday. Medium and long-term debts accounted for $136.387 billion, an increase of $11.485 billion. Short-term debts comprised $168.589 billion or 55.28 percent of the total. Of the total $207.876 of registered debts, sovereign debt ¨C borrowed by ministries under the State Council ¨C was $33.888 billion, 16.3 percent of the total, while the amount borrowed by financial institutions was $66.041 billion, or 31.77 percent. Foreign-funded enterprises borrowed $57.227 billion, accounting for 27.53 percent, and debt owed by foreign financial institutions in China reached $46.707 billion, 22.47 percent. Domestic enterprises borrowed $3.746 billion, or 1.8 percent of the total; leasing companies borrowed $97.1 billion and other institutions $267 million.

China's end-June foreign debt hits $297.9 bln
Reuters, Sep. 30, 2006 - In a statement on its Web site (www.safe.gov.cn), the foreign exchange regulator said short-term foreign debt had risen 6.5 percent at the end of June to $166.3 billion from the end of 2005.

China's foreign debt rose 6.01 percent in the first half of the year to reach $297.9 billion at the end of June.
Reuters Sep. 30, 2006, the State Administration of Foreign Exchange said on Saturday.

Global Public Tender Platform Now Available in Chinese
China today announced the launch of www.toubiao.info, a Web portal dedicated to facilitating international bidding and tenders transactions. The solution is the brainchild of the Development Gateway Foundation (www.dgmarket.com) under the World Bank, China Development Gateway (www.chinagate.com.cn) and China Bidding Ltd (www.chinabidding.com.cn). (Click for full report)

Is China's 10.9% growth rate overheating?
People's Daily Online, July 21, 2006 - On July 18th, the National Bureau of Statistics issued the latest economic data for the first half of the year. According to the statistics, China's GDP grew by 10.9 percent, 0.9 percentage points faster than the same period of last year. Fixed assets investment increased by 29.8%, 4.4 percentage points faster than the same period of last year. If this is true, how are we to understand China's economic performance in the first half of the year? What is the trend for the next half? The reporter has invited several experts to answer these questions. (Click for full report)

China adjusts bank quotas for overseas investment
July 21, 2006 - China's foreign exchange regulator said on Friday that it had approved US$4.8 billion in quotas for three banks to invest abroad under the Qualified Domestic Institutional Investor (QDII) scheme. The approval paves the way for the formal start of a regime for allowing financial institutions in China to invest their clients' funds in overseas markets, which analysts say will help ease some of the upward pressure on the yuan. (Click for full report)

China's forex reserves exceed $900 bln
June 13, 2006 -  China's foreign exchange reserves, the world's largest, have risen above $900 billion as a result of the nation's growing trade surplus, a senior government official said on Monday. (Click for full report.)

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