Economy/Resources - 146. page
People’s Daily: Be Vigilant for Financial Industry Overdevelopment
Britain Seized Fake Cosmetic Products Made in China
People’s Daily: China Surpassed the U.S. to Become the Largest Oil Importer
National Development and Reform Commission: More Reform Measures to be Introduced
On May 18, China Youth Daily reported that, according to the National Development and Reform Commission, more reform measures will be introduced soon in order to ease the pressure from the slowdown of economic development. The reforms will take place in areas that include the investment and financing system, pricing, State Owned Enterprises, the tax and financial systems, urbanization, and the countryside. The article stated that the goal is to stimulate the market, regain confidence, promote reform in State Owned Enterprises, protect intellectual property, and speed up transformation within government entities.
Source: China Youth Daily, May 18, 2015
http://finance.youth.cn/finance_gdxw/201505/t20150518_6640811.htm
China Won Russian High Speed Rail Project
People‘s Daily reported that the China Railway Group Limited’ subsidiary, China Railway Eryuan Engineering Group Co. Ltd., has formed a consortium with two Russian companies. This consortium signed a 20 billion ruble ($390 million) agreement with the Russian Railways to design and construct a high-speed railway system from Moscow to Kazan.
The project is 770 kilometers (480 miles) long, with the highest speed being 400 km. per hour. It is the first overseas contract that the China Railway Group has won.
Sources:
1. People’s Daily Online, May 6, 2015
http://world.people.com.cn/n/2015/0513/c1002-26991896.html
2. People‘s Daily Online, May 6, 2015
http://usa.chinadaily.com.cn/epaper/2015-05/06/content_20637032.htm
The 117th Canton Fair Saw a Decline in the Volume of Exports
Xinhua: 2014 Shanghai Financial Supervisory White Book Published
Xinhua reported on the 2014 Shanghai Financial Supervisory White Book which was recently published. According to the report, in 2014, 2,063 financial crime cases went through legal proceedings; a total of 2,378 people were involved. These numbers were up 46.2 percent and 47.8 percent respectively compared to 2013. Credit card fraud still ranked number one. The rest of the crimes included taking illegal public deposits, illegal financing and loans, insurance fraud, and insider trading. Reports indicated that another trend highlighted in the White Book was that the number of crimes that financial professionals committed reached a record high in 2014.
Source: Xinhua, May 10, 2015
http://news.xinhuanet.com/fortune/2015-05/10/c_127783921.htm