3rd May 2010

The Lion Awakes 

News at a Glance

今天的中国新闻

A compilation of Headlines + Brief Summary from Chinese & International Publications relating to China.

Just 5 Minutes each day to be up-to-date on the News of China

Combined with Kaixin’s boutique SITE SEARCH ENGINE, it is a unique source of knowledge about China"

China News Archive

From 2008

China Daily

China's central bank to raise 0.5% reserve ratio

BEIJING - The People's Bank of China (PBOC), the central bank, announced Sunday it will raise the deposit reserve requirement ratio (RRR) for financial institutions by half a percentage point from May 10.

The ratio for the rural credit cooperatives and rural banks would remain unchanged at 13.5 percent, said the PBOC in a statement on its website.

However, the RRR for other small financial institutions would rise to 14 percent, and that for large financial institutions to 17 percent.

This is the third rise in the deposit ratio this year. On January 12 and February 17, the central bank raised the deposit ratio by half a percentage point each time.

Beijing unveils tough measures to curb housing price rises

BEIJING: Beijing banned all families from buying more than one home Friday, in a tough set of restrictions designed to curb speculation and soaring home prices.

As of Friday, "one family can only buy one new apartment in the city for the time being," the municipal government said in a statement.

The government also ordered the implementation of central government policies that ban mortgages for purchases of a third or third-plus home.

It also instigated a central government ban on mortgages to non-local residents who cannot provide more than one year of tax returns or proof of social security payments in Beijing.

China's novel approach to iron ore negotiations

BEIJING - In response to the world's top three iron ore suppliers' negotiation attitude of "take it or leave it", China can both take it and leave it in different ways, experts say.

"It seems China has accepted the quarterly benchmark iron ore pricing scheme proposed by the iron ore trio," said Zhang Lin, analyst at Langesteel.com, the country's leading steel information service provider, while on the other hand, "it is increasingly finding substitutes for iron ore."

Buffett says China amazing economy

OMAHA: US billionaire Warren Buffett said on Saturday that China is an amazing economy and the Chinese people will be living better lives in 20 years than today.
When responding to a question from a Chinese student who is currently studying at Kansas City, Buffett said China is a country with great potential.

"China is an amazing economy, there's no question about that, and China's excising this kind of potential," Buffett said at the annual shareholders' meeting of Berkshire Hathaway.

Buffett, CEO of Berkshire Hathaway, also emphasized that countries around the world do learn from each other.

China may learn a few things from US in its own development, but "they don't take everything we have," he said, adding that at the same time, countries like India and China are also helping improve US.

The billionaire said he was full of hopes for emerging economies like India and China. "People in India and China will be living better lives in 20 years than today."

Xinjiang requires officials to be bilingual

URUMUQI - Candidates for government jobs in Xinjiang must be able to communicate in both Chinese and the local language, regional authorities said Friday.

From 2010, all candidates for government jobs must be bilingual, according to the regulation adopted by the regional government Tuesday, Kang Tingfeng, a spokesman for Xinjiang's human resources department, said.

The regulation will enable officials to better serve the people, encourage the learning of languages and promote exchange between people of different ethnic groups, he said.

Caixin Online

Property Bubble Relief and Long-Term Resolve

Various regulations have offered short-term relief but not the permanent cure needed for China's bubble-plagued real estate market

The Wall Street Journal

China's Yuan Gains in World-Wide Clout

A new heavyweight is flexing its muscles in the $3 trillion-a-day market for currency trading: China.

It is an unusual sort of influence given that the Chinese currency, the yuan, doesn't readily trade in foreign-exchange markets and its value is fixed against the dollar.

The New York Times

Indonesians Seek Words to Attract China’s Favor

LAMONGAN, Indonesia — When the regent of this coastal rice-growing region on the island of Java first toured China as part of an official delegation, his eyes went wide. Here was the future, he thought: skyscrapers and humming factories and grand highways.

The Australian

China tightens bank lending again

CHINA'S central bank has ordered banks to set aside more of their deposits on reserve for the third time this year, a move that comes amid growing inflationary expectations and Beijing's crackdown on surging domestic property prices.

The Age

John Garnaut

Outbreak of goodwill in the Middle Kingdom

The dark clouds of Chinese economic nationalism may be lifting for foreign companies, as Chinese leaders switch priorities from saving the economy to creating sustainable growth and workable relations with the world.

The Sydney Morning Herald

Shanghai silences critics and blasts its way into record books at the World Expo
MALCOLM MOORE SHANGHAI

ALMOST 60,000 fireworks exploded over Shanghai in the largest pyrotechnics display to open the World Expo, a six-month show expected to draw 70 million visitors.

Almost three kilometres of the Huangpu River in the centre of the Chinese city were illuminated by a display that rivalled the opening of the Beijing

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