Traditionally, when girls in villages of Heze city, Shandong province, got married, their parents would buy gold and silver jewelry for their dowries. Now, gold and silver have been replaced by Taobao online stores.
For Yu Jiwan, Party secretary of the Cangtian village in Cixi, Zhejiang province, the booming Taobao businesses in the village have introduced positive changes, providing a seamless connection between the production, marketing and sales of the sanitary ware produced in the village.
As New China continues to celebrate the 70th anniversary of its founding, the renminbi is having its own moment under the sun, savoring the first decade of its internationalization.
As a financial journalist whose beat includes the monetary system and the central bank, I find the phrase "RMB internationalization" encouraging and confusing at the same time.
China, traditionally home to manufacturers, infrastructure project contractors and service providers, is not usually a place where people expect to find fashion elements with international appeal, much less a room for appreciative fans.
Liberalization of cross-border investments is a tough task but inevitable in order to facilitate international usage of the renminbi. Fortunately, financial opening-up measures confirm the country's determination to go through the process, no matter what, experts said.
HANGZHOU - He Xuping, in her 60s, is a skilled user of smartphone equipped with over 50 apps, ranging from social networking, video sharing, online shopping, travel, mobile payment to financial management.
Few people who pass a tea set now on display in the Asian gallery of the Metropolitan Museum of Art in New York would give it a second glance, and why should they?
In a villa in northeast Beijing, a dozen young children danced to the rhythm of Bharatanatyam, a major form of Indian classical dance.
China must reform its existing tax system, which gives local authorities a greater share of the tax income, as the aggressive tax cut program and economy-boosting spending has increased fiscal deficits, said analysts.
The International Monetary Fund has called for "urgent action" by policymakers to tackle rising financial vulnerabilities across the globe, as a loose monetary environment has magnified debt burden and encouraged riskier investments.
Foreign institutions will be allowed to move funds more easily in the interbank bond market, as part of China's latest efforts to push forward capital account opening and make the renminbi more attractive globally, according to monetary authorities.
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