The world now has a record 793 billionaires, up 15 percent from a year ago, with a rising number in India, Russia, Brazil and the Middle East as well as more women, Forbes magazine said on Thursday.
Higher income, affordable housing, better education and less pollution these are among the promises in the nation's 11th Five-Year (2006-10) Plan that the government's chief planner highlighted yesterday.
Avon Products Inc. has won approval to return to its favoured direct-selling model in China, a senior government official said on Monday, rescinding a controversial 1998 ban just days ahead of a visit to Beijing by U.S. trade officials.
Eye-care product maker Bausch & Lomb has suspended sales of its ReNu contact lens solution in Hong Kong, less than a week after suspending sales in Singapore following reports of a series of eye infections.
MILWAUKEE - Saying the nation is on the verge of technological breakthroughs that would "startle" most Americans, President Bush on Monday outlined his energy proposals to help wean the country off foreign oil.
The nation's biggest nuclear reactor builder, China National Nuclear Corp (CNNC), will join with one of the country's top five power majors, China Huadian Group, to build a nuclear power plant in East China's Fujian Province.
A long list of renowned multinational companies, including Microsoft, IBM, Motorola, Siemens, Nortel, GE, GM, The participation of foreign strategic investors in China's ongoing banking reform will not threaten the nation's financial security, a senior Chinese central banker said yesterday.
A long list of renowned multinational companies, including Microsoft, IBM, Motorola, Siemens, Nortel, GE, GM, Volkswagen and Honda have established research and development centers in China, the Ministry of Commerce said.
Morgan Stanley, Merrill Lynch and rival investment banks are jostling to underwrite a $10 billion listing of Industrial & Commercial Bank of China, potentially the mainland's biggest IPO and one that could yield $300 million in banking fees.
The government will continue to regulate land supply for real estate development this year but promised to transfer more to construct economical housing for low-income families, said a cabinet official.
With the start of Spring Festival next week, travellers are becoming more and more concerned about who will take care of their homes, water their flowers and feed their pets.
Microsoft Corp will invest about 100 million dollars annually over the next three to five years in China, the world's second largest Internet market with 111 million users, state press reported.
China's increasingly marginalized B-share markets, where share prices are denominated in U.S. dollars and which are available to overseas investors, are set to be merged into the country's A-share market, experts said.
Formally ineligible holding companies of foreign financial institutions can now invest in Chinese securities firms, thanks to a regulation under revision that aims to open the door to overseas investors.
China raised interest rates on US dollar and Hong Kong dollar deposits yesterday, a move that analysts say is a response to higher interest rates on the international market.
Google Inc. and America Online Inc. have expanded their search and advertising alliance to include video and instant messaging, shutting out Microsoft Corp., which had fought hard for a deal with Time Warner Inc.'s AOL unit.
Sony's China subsidiary has temporarily suspended sales of six digital camera models after they failed to meet quality standards in one of the country's provinces, a Sony spokeswoman said Monday.
China is likely to declare itself the world's fourth largest economy next week, having leapfrogged Italy, France and Britain, after a widely expected revision of its annual gross domestic product figures.
China's economy will likely grow by 9.4 percent this year, and will see continued fast growth next year, Ma Kai, the State Development and Reform Commission's (SDRC) minister, has been quoted as saying by state media.
Nokia, the world's largest mobile phone maker, said that over the first nine months of the year it had sold 23 million handsets in China, an increase of 77 percent compared to the same period a year ago.
China is rising rapidly as a new major source of outbound tourists in the world, with 25.76 million Chinese citizens traveling abroad in the first ten month this year, up 8 percent year-on-year.
Foreign investors are unlikely to secure controlling stakes in major Chinese commercial banks for the foreseeable future, Guo Shuqing, chairman of China Construction Bank Corp., said.
US Trade Representative Rob Portman said China's trade surplus with the United States was likely to exceed 200 billion dollars this year, roughly 40 billion dollars more than 2004.
Ben Bernanke, President George W. Bush's pick to succeed the all-powerful Alan Greenspan as Federal Reserve chairman, will appear before US senators Tuesday for a crucial confirmation hearing.
The United States and China have signed a deal to resolve a trade dispute over imports of Chinese clothing and textile products into the United States, the two sides said Tuesday.
The United States and China have reached a tentative agreement to limit imports of Chinese clothing and textile products into the United States, U.S. industry officials said Saturday.
The Federal Reserve on Tuesday pushed its target interest rate up to 4 per cent, highlighted concerns about inflation and said it expected to continue tightening monetary policy.
The Federal Reserve is expected to raise interest rates by a quarter-point, to 4%, when it meets Tuesday, economists say, noting that growth remains robust while inflation has been rising despite 11 previous rate increases since June 2004.
A revised Personal Income Tax Law was adopted by China's top legislators yesterday, raising the threshold for monthly personal income tax from 800 yuan (US$99) to 1,600 yuan (US$198) a move that will help ease the burden on low-wage earners.
Google increased its focus on China by hiring a sales veteran to lead the US Internet search powerhouse's marketing strategy in that country, the company announced.
BAIDU.COM Inc has stopped providing free music download links on its Website as a compromise to music publishers, which sued the biggest Chinese online search engine firm over the issue.
China Construction Bank (CCB) has never filed an application for listing in the United States so far, and its option for Hong Kong listing has nothing to do with whether it meets the regulatory requirements of other regions, said a CCB official.
China affirmed yesterday its intention to enhance the flexibility and strengthen the role of market forces in its managed floating exchange rate regime.
Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan were leading talks with China on Monday on economic issues - including what the U.S. side said was a proposal by Washington for broad reforms to counter Beijing's huge and growing trade surplus.
China and the United States yesterday failed to solve the long-simmering textile dispute, an impasse described by industry experts as a "loss-loss" result which could see more categories of Chinese textiles facing restrictions.
Huang Guangyu, the chairman of Gome Electrical Appliances, is China's richest man for a second consecutive year, with a fortune of $1.7 billion, according to an annual ranking of the country's wealthiest business people.
China's largest foreign exchange bank said yesterday it had signed an agreement on a US$75 million investment from the Asian Development Bank (ADB), the region's development finance agency.
China's central bank Sunday announced the approval of two pioneer multilateral financial groups to issue their first batch of yuan-denominated bonds on the Chinese mainland.
President Bush hopes to pick a successor to Federal Reserve Chairman Alan Greenspan as soon as possible, White House spokesman Scott McClellan said Friday.
China Construction Bank, the country's third-largest lender, will offer its IPO at a value as high as US$7.64 billion, or 1.59 to 1.90 times forward book value, sources close to the deal said on Wednesday, making it the world's biggest IPO this year.
General Electric Co. plans to buy a 7 percent stake in China's Shenzhen Development Bank in the latest foreign strategic investment in China's increasingly competitive banking market, reports said Thursday.
They debated, they differed and dug deep for a solution to a vexing issue: How can personal income tax be levied to benefit as many as possible while at the same time ensuring State finances do not suffer too much?
China Construction Bank won approval to make an initial public offering in Hong Kong worth at least $5 billion, and it is also poised to sell a $500 million stake to Credit Suisse, sources close to the deal said on Thursday.
China is unlikely to introduce fuel oil tax this year as officials from various government departments failed to reach a consensus on the move last week, central government officials said.
China's central bank pledged Monday to keep the newly unshackled yuan basically stable but urged fresh efforts to wean the economy off export-driven growth.
OPEC oil producers on Sunday wavered over a supply increase that would aim to allay consumer country concerns about energy security after Hurricane Katrina pushed crude over $70 a barrel.
China will not adjust its currency's exchange rate through another revaluation, a senior central bank official said Thursday, responding to questions about speculation over such a move.
After the success of a pilot project, the nationwide reform of split (tradable and non-tradable) share merger was officially launched yesterday as 40 companies listed on the A-share market unveiled their detailed proposals to float their non-tradable shares.
China's specialized campaign to enforce intellectual property rights laws has been extremely successful, government officials said yesterday at the APEC (Asia-Pacific Economic Co-operation) High-level Symposium on IPR.
China's 1,300-odd listed companies have got the green light to deal with the overhang of State shares after the country's stock market regulator unveiled a detailed circular over the weekend.
China and the European Union (EU) early this morning were still discussing an agreement to solve the problem concerning millions of items of China-made textile products being blocked in the ports of EU countries.
Bank of China (BOC) announced yesterday that Bank of China International, Goldman Sachs Group and UBS would be the financial advisers and lead underwriters for its planned initial public offering (IPO) sometime next year.
Recent reforms to China's currency regime do not represent a one-off adjustment, Chinese central bank governor Zhou Xiaochuan told the Financial Times, repeating a commitment to gradually make the exchange rate more flexible.
The authorities announced yesterday that the share merger reform would be extended to the whole market, sparking a smart rally on the Shanghai and Shenzhen bourses.
The nation's central bank raised the US and Hong Kong dollar deposit rates yesterday following a recent 0.25 percentage rise in the US Fed's deposit rate.
The Royal Bank of Scotland (RBS), Europe's second largest and the world's sixth largest banking group by market capitalization, is to spend US$3.1 billion buying a 10 per cent stake in Bank of China (BOC).
China's real estate loans will keep its rising momentum in the coming years due to people's demands to improve their living conditions, according to a report released yesterday by People's Bank of China (PBOC), the country's central bank.
Just one day after Yanjing Beer was named the domestic beer sponsor of the Beijing 2008 Olympic Games, Tsingtao Beer, another leading Chinese brewery, joined the elite club.
Chinese business website Alibaba.com is scheduled to make a significant announcement, which could be related to its reported sale of a 35 percent stake to Yahoo for one billion dollars.
The Federal Reserve pushed borrowing costs to their highest point in nearly four years Tuesday in an attempt to make sure the combination of high energy prices and a solidly growing economy doesn't turn into a recipe for inflation.
Four foreign investors are poised to spend $6 billion for a nearly 25 percent stake in Bank of China, a leading financial magazine says in its latest edition.
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