Ping An Insurance (Group), the world's second-biggest life insurer by market value, will gain a majority share of Shenzhen Development Bank (SDB) after a protracted two-year process of gradually acquiring larger stakes in the bank. The latest acquisition,
After a series of measures aimed at ensuring transparency and clarity in the pricing of commercial housing, the National Development and Reform Commission (NDRC) issued another announcement yesterday requesting local departments carry out special inspecti
The People's Bank of China announced earlier this evening that it intends to lift the required reserve ratio (RRR) of deposit-oriented financial institutions by 0.5 percentage points as of May 18. This is the fifth time the central bank has lifted the req
Ningbo Intermediate People's Court sentenced Xu Maiyong, the former deputy mayor of the Hangzhou, to death this afternoon after finding him guilty on charges of accepting bribes, corruption and abuse of power. Xu was also stripped of his political rights
Ministry of Finance, Ministry of Commerce and Ministry of Industry and Information Technology jointly issued an announcement yesterday indicating their intention to crack down
on rorts in relation to the policy of offering subsidies for home appliance
Cai Dabiao, president of popular Chinese fast food restaurant Kungfu (Zhen Gongfu), was arrested by Guangzhou authorities along with 4 other suspects on April 22 on charges of suspected embezzlement, misappropriation of funds and other charges. Cai Dabiao
A number of residential areas in Hangzhou were effected by the first wave of power outages for this year on May 10 as temperatures in the southern city climbed to above 36 degrees celsius.
According to the date released by China Association of Auto Manufacturers (CAAM) yesterday, domestic production and sales of automobiles in April declined by 1.85% and 0.25% year-on-year respectively. In April 1.535 million units were produced and 1.55 mi
Some branches of China's big four commercial banks in Guangzhou have raised the down-payment required of first home buyers from 30 to 40%. The move follows earlier reports that the deposit required of first home buyers has already been lifted by some bran
In an investigative report into China's toll roads, a reporter with CCTV accompanied a driver along the 2,800 km Guangdong-Liaoning expressway and discovered that tolls accounted for at least 1/3 of the cost of transporting goods over that distance. A tot
China's trade surplus widened sharply to 11.43 billion US dollars in April, as growth in imports slowed, according to data released by the General Administration of Customs earlier today. Total foreign trade in April came clse to 30 billion US doallars, w
The Chinese Academy of Social Sciences and Social Sciences Academic Press jointly released an annual report on China's real estate sector yesterday. According to Li Enping, the associate editor of the "Blue Book of Real Estate: Annual Report on the Develo
The National Development and Reform Commission (NDRC) may raise the retail price of refined oil on May 9, as a basket of international crude oil prices increased by more than the amount required to trigger the possibility of a price hike, according to an
The National Development and Reform Commission (NDRC) said yesterday that the State Council has given approval to a plan to set up a special economic zone linking various cities in Sichuan and most of Chongqing. Over the next 4 years, the zone is expected
The State-owned Assets Supervision and Administration Commission (SASAC) is the latest central government department to reveal details of its 2011 budget, publishing the figures on its official website yesterday. Responsible for overseeing the large centr
The Civil Aviation Administration of China (CAAC) issued a report yesterday which included details of the proportion of commercial flights that took off according to schedule. According to the report, of the 1,888,000 scheduled flights operated by the maj
According to sources at some of China's largest satellite TV stations, the State Administration of Radio, Film and Television (SARFT) has required large satellite TV stations across the country to refrain from broadcasting spy dramas or related programs b
The Office of Compensation of the Supreme People's Procuratorate announced yesterday that it had adjusted the standard rate at which compensation paid to citizens involved in compensation cases will be calculated, in line with the most recent average annu
During an executive meeting of China's State Council chaired by premier Wen Jiabao yesterday, participants talked about the recent progress made in making government finances at various levels more transparent. A list of future plans including getting loc
