What's news
|
Guo Jianqiang collects honey in his garden in Shenzhen, Guangdong province, last week. Guo, 45, had polio when he was 4 and lost his ability to walk. He learned to make beehives 20 years ago and became a beekeeper. He collects honey twice a year, which attracts customers all year round. Li Jianqiang / Provided to China Daily |
Mainland stocks surge most in two weeks
China's stocks rose the most in almost two weeks after the nation's trade expanded more than economists estimated and easing inflation provided leeway to policymakers to ease monetary policy.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, climbed 3.8 percent on prospects increasing imports and exports will boost demand for marine transport. SAIC Motor Corp led an advance for automakers after passenger-car sales beat analysts' expectations.
The Shanghai Composite Index rose 24.41 points, or 1.1 percent, to 2,305.86 at the close, the biggest gain since May 29. The CSI 300 Index advanced 1.3 percent to 2,558.26. The Bloomberg China-US 55 Index, the measure of the most-traded US-listed Chinese companies, retreated 0.4 percent in New York on Friday.
The Shanghai measure slid 3.9 percent last week, the most since the five days ended Dec 16.
Report: Chinese, Indian economies starting to falter
There are signs that the economies of two of the world's leading emerging powerhouses, India and China, are starting to falter, while Europe continues to be handicapped by its debt woes, the latest report from the OECD showed on Monday.
The Paris-based economic think-tank said its composite leading indicator for China, which provides a measure of future economic activity, slipped to 99.1 from 99.4 in April, falling further below its long-term average of 100.
The indicator for India also showed signs of weakening, dropping to 98.0 from 98.2, again below the 100 average.
"The assessment for China and India has changed significantly since last month. For both countries, the CLIs point towards economic activity below the long-term trend," the Organization for Economic Cooperation and Development said in its report.
Steel giant cuts prices because of weak demand
Baoshan Iron & Steel Co, China's biggest publicly traded steelmaker, lowered prices as demand from makers of appliances and cars slowed.
Prices were cut by as much as 400 yuan ($63) a metric ton for July delivery, the Shanghai-based company said in a statement on its trade website bsteel.com. Most hot-rolled and cold-rolled products were reduced by 200 yuan a ton. Baoshan had raised prices by 100 yuan in January and as much as 200 yuan in March and kept most grades little changed in the other months this year.
Fiscal income increases by 13% in May
Total fiscal income grew 13.1 percent year-on-year to 1.2 trillion yuan ($188.5 billion) in May, according to a statement released by the Ministry of Finance on Monday.
According to the ministry, the higher fiscal revenue growth in May results from increased annual clearance of corporation income tax reviewed and finalized by banks.
Corporation income tax in May reached 432.8 billion yuan, up 29.9 percent from the previous year. Other revenues are still seeing a downturn for reasons such as sluggish economic growth and declining profits.
Bank president detained for 'economic problems'
Postal Savings Bank of China said its president Tao Liming and another official are, because of suspicions of personal "economic problems," currently "assisting" an investigation by relevant departments, according to a statement posted on the lender's website on Monday. The bank issued the statement after Caixin Online reported earlier on Monday that Tao has been placed under shuanggui, a form of detention imposed on Party officials.
Lenders urged to conduct risk assessment
China's banking regulator has ordered banks to conduct a thorough risk assessment of loans made to credit guarantee firms in the country and step up checks on the sector, sources who have seen the documents told Reuters on Monday.
Sources said the China Banking Regulatory Commission was cracking down on the credit guarantee industry after a series of incidents which exposed how these firms were misusing clients' funds as well as being involved in shadow banking businesses.
In a separate circular, Shanghai-based banks were ordered to conduct a thorough risk review of loans to all major customers and loans by carefully reassessing the value of their collateral, as well as identifying their source of repayments.
Gold output hit 29 metric tons in April
China produced 28.8 metric tons of gold in April, bringing total gold production in the first four months of the year to 109.6 tons, the Ministry of Industry and Information Technology said on Monday.
Total output from January to April was up 6.13 percent from year ago, the ministry said on its website.
Agencies - China Daily
(China Daily 06/12/2012 page14)
