The chairman of the China Banking Regulatory Commission (CBRC) said that the regulator would ensure that “every cent” of bank loans this year enters the real economy.
Liu Mingkang echoed comments made by Wen Jiabao at the National People’s Congress, saying that the year ahead “will be extremely complex and full of uncertainties.”
“Faced with inflation expectations, [...]
China’s exports rose 45.7% year-on-year in February, up from the 21% growth reported in January.
The significant increase is largely seen as a result of base effects, as February 2009 marked the point of sharpest decline for China’s exports during the global financial crisis.
Imports were up 44.7% in February, down from 85.5% growth in January; January’s [...]
China’s consumer prices rose 2.7% in February, up from a 1.5% increase in January.
The producer price index rose 5.4% in February, up from a 4.3% in January. Higher food prices were largely responsible for the rise, although economists note that other consumer price index (CPI) components, such as transport and housing, are also increasing.
Beijing has [...]
British Foreign Secretary David Milliband will visit Beijing and Shanghai next week for talks on China-Britain relations.
Chinese Foreign Ministry spokesman Qin Gang said that Milliband will meet with his Chinese counterpart Yang Jiechi in Beijing and then travel to Shanghai.
“The two sides will exchange views on China-Britain relations and major international and regional issues of [...]
China’s vast foreign exchange reserves are diverse, long term investments and will not be used to speculate on currency markets, according to a senior government official.
Yi Gang, head of the State Administration of Foreign Exchange, said in a statement at the National People’s Congress that the country’s $4.2 trillion foreign exchange stockpile included multiple currencies.
“Currently, [...]
Senior Chinese officials appear divided over the issue of renminbi revaluation following comments by the country’s top banker to the National People’s Congress.
Zhou Xiaochuan, governor of the People’s Bank of China, told the NPC that the currency peg to the dollar, which was formally introduced in 2008, was a “special measure” and that “these kinds [...]
The city of Chonqqing is set to become the first inland bonded area in China, after a resolution by the State Council.
Bo Xilai, secretary of the Chongqing Municipal Committee of the CPC, told Beijing’s Global Times that Chongqing will be granted special tax status, allowing the trade area to impose no taxes for trading and [...]
A leading Chinese banker has defended China’s trade with Africa, arguing that it is both sustainable and beneficial to the African continent.
Li Ruogu, president of the Export-Import Bank of China, said his bank would continue to invest in China despite criticisms from abroad. He also dismissed claims by developed countries that China was driving up [...]
HSBC’s China Manufacturing Purchasing Managers’ Index (PMI) confirmed that manufacturing growth slowed in February.
The PMI data for February, prepared by Markit, dropped to 55.8 from 57.4 in January. A reading of less than 50 indicates manufacturing contraction, while above 50 indicates growth.
The slowdown is thought to reflect the timing of the [...]
The International Monetary Fund has said that the renminbi is “substantially undervalued.”
In a note to the G20 ministers meeting held in Seoul over the weekend, the IMF said that “the Chinese renminbi has depreciated in real effective terms in tandem with the US dollar and is assessed to be substantially undervalued [...]
