Beidou satellite launch marks first of many 2011 space missions

The high-density launch missions of China's aerospace industry in 2011 began with the successful launch of the eighth Beidou navigation satellite. In 2011, China will implement more than 20 launch missions, such as the Tiangong-1, Shenzhou-8 and the Beidou navigation project, according to plans. According to sources, China is expected to carry out more than 100 space launches during the 12th Five-Year Plan period. Wu Dong, director of the Navigation Project Office under the China Aerospace ... Add a comment
 

China needs caution in drive to up gold reserves

&$&$Edited and Translated by People's Daily Online &$&$ According to data on every country's gold reserves recently issued by World Gold Council (WGC), the United States’ gold reserves are 8,133.5 tons, accounting for 26.49 percent of the world’s total, and the Untied States is still the largest gold reserve country. China’s gold reserves are a little more than 1,054 tons, ranking sixth in the world. Although China's gold reserve is not less in quantity, it accounts for only ... Add a comment
 

China to spend record amount on Tibetan water projects

&$&$Edited and Translated by He Xin, People's Daily Online&$&$ China will spend a record high of 11.6 billion yuan, equivalent to 1.8 billion U.S. dollars, on construction of Tibet's irrigation and drinking water projects under the 12th Five-Year Plan (2011-2015), according to a release from Tibet's Water Resources Department on Tuesday. The water program will cover 16 categories, including irrigation, drinking water, geological disaster prevention and control as well as hydropower, ... Add a comment
 

China stocks close 071 pct lower Tuesday

BEIJING, Aug. 16 (Xinhua) -- China's stocks closed lower on Tuesday with the benchmark Shanghai Composite Index down 0.71 percent, or 18.60 points, to close at 2,608.17. The Shenzhen Component Index fell 0.87 percent, or 102.33 points, to finish at 11,665.41. ... Add a comment
 

Chinas yuan advances to 63925 against USD Tuesday

BEIJING, Aug. 16 (Xinhua) -- The Chinese currency Renminbi, or the yuan, gained 25 basis points to a record high of 6.3925 per U.S. dollar on Tuesday, according to the China Foreign Exchange Trading system. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business ... Add a comment
 

Chinas banking regulator seeks public opinion on new capital rules

BEIJING, Aug. 15 (Xinhua) -- China's banking regulator said Monday it has begun to seek public opinion on the drafted tougher capital rules for the nation's banks. The new rules will keep minimum capital adequacy ratio (CAR) for banks of systematic importance at 11.5 percent, while raising the ratio for banks of non-systematic importance to 10.5 percent, the China Banking Regulatory Commission (CBRC) said on its website. The regulation is designed to keep China's banking industry in compli ... Add a comment
 

China-Russia wood expo kicks off in NE China

HARBIN, Aug. 16 (Xinhua) -- Representatives from at least 400 wood companies gathered in the city of Mudanjiang in northeast Heilongjiang Province as the 5th China-Russia International Wood Expo opened Tuesday. The expo will not only speed up local economic growth, but also promote over-all cooperation in foreign trade, said Zhang Jingchuan, the Communist Party chief of Mudanjiang. As one of the country's big four wood expos, it attracts exhibitors from Russia, Germany, Finland, Sweden, Ca ... Add a comment
 

Anhui Conch Cement Co first-half profits surge 234 pct

BEIJING, Aug. 15 (Xinhua) -- Anhui Conch Cement Co., China's second largest cement producer by output, said Monday that its first-half profits rose 233.62 percent year-on-year due to higher selling prices and increased sales volume. Net profits rose to 5.99 billion yuan (937.5 million U.S. dollars), or 1.13 yuan per share, from 1.8 billion yuan, or 0.34 yuan a share, one year earlier, the cement maker said in a statement filed to the Shanghai Stock Exchange. Revenues generated from the com ... Add a comment
 

China to file lawsuit demanding compensation for oil leaks in Bohai Bay

BEIJING, Aug. 16 (Xinhua) -- China's maritime authority on Tuesday confirmed that it will sue companies responsible for oil leaks in the Bohai Bay. The State Oceanic Administration (SOA) said in a statement that the oil spill in the Penglai 19-3 oil-field developed by ConocoPhillips China caused damage to China's oceanic ecological system, and the North China Sea branch of the SOA will, on behalf of the country, file lawsuits against companies responsible for the leaks. The administration ... Add a comment
 

Tianjin Faw Toyota Motor Co to recall 33 809 vehicles in China

BEIJING, Aug. 15 (Xinhua) -- Tianjin Faw Toyota Motor Co. will recall 33,809 Corolla EX sedans from Tuesday to fix an engine computer malfunction, China's quality watchdog said on Monday. The recall affects Corolla EX sedans manufactured between Oct. 23, 2010 and Jan. 29, 2011, the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) said in a statement on its website. The auto maker said the onboard computer controlling engine functions may fail when the comput ... Add a comment
 

Chinas current account surplus rises in Q2

BEIJING, Aug. 16 (Xinhua) -- China's current account surplus widened sharply to 69.6 billion U.S. dollars in the second quarter of the year, the State Administration of Foreign Exchange (SAFE) said on Tuesday. This means the surplus under the country's current account, a measure of its foreign trade, more than doubled between April and June from the first quarter's 28.8 billion U.S. dollars, according to preliminary statistics released by the SAFE. For the capital and financial account, Ch ... Add a comment
 

Chinas FDI up 1857 in first seven months

BEIJING, Aug. 16 (Xinhua) -- China's foreign direct investment (FDI) rose by 18.57 percent year on year to 69.19 billion U.S. dollars in the first seven months of the year, the Ministry of Commerce(MOC) said Tuesday. In July alone, a total of 8.297 billion U.S. dollars of FDI was brought to China, up 19.83 percent year on year, said the ministry in a statement on its website. This compares to a 2.83 percent year on year growth in June. China approved the establishment of 15,600 foreign-inv ... Add a comment
 

China says local govt debt risk controllable

BEIJING, Aug. 15 (Xinhua) -- China said on Monday the default risk of its local government debt is "controllable overall," while it urged strict checks over new debts that are potentially unsafe. Local governments as a whole have the ability to repay their debts, but some districts and industries are financially weak and potentially risky, the Ministry of Finance said in a statement on its website. The evaluation came after the disclosure of massive local government debts aroused concerns ... Add a comment
 

Record high gold price drives up panic buying

Edited and Translated by Ye Xin,People's Daily Online Influenced by the rising international gold prices, the shopping malls, including Caibai and Guohua in Beijing, raised the retail prices of gold ornaments twice in five days. The price of gold ornaments rose by 27 yuan per gram. Caibai's price for 99.99 percent pure gold has risen to 415 yuan per gram and the price of other standards of pure gold has risen to 410 yuan per gram, hitting a record high. Although gold prices continue to fl ... Add a comment
 

Can Chinas government debt attract intl investors

Amid the global financial turmoil caused by the U.S. and European debt crises, China recently made a high-profile announcement that it would raise 20 billion yuan from a massive sovereign bond issue in Hong Kong in mid-August. Industry insiders generally believe that this bond issue plan shows the Chinese government's determination to promote Hong Kong's social and economic development and to deepen economic and financial cooperation between the mainland and Hong Kong. Asian sovereign debt b ... Add a comment
 

China stocks close 13 pct higher Monday

BEIJING, Aug. 15 (Xinhua) -- China's stocks closed higher on Monday with the benchmark Shanghai Composite Index up 1.3 percent, or 33.60 points, to close at 2,626.77. The Shenzhen Component Index rose 1.0 percent, or 116.45 points, to finish at 11,767.74. ... Add a comment
 

Chinese power company signs 526 mln USD contract in Guinea

CONAKRY, Aug. 15 (Xinhua) -- A contract of 526 million U. S. dollars between the China Water and Electric Company (CWE) and the Guinean government for the construction of a dam was signed in the West African country's capital Conakry, officials disclosed here on Monday. According to Deputy Director of the CWE Li Li, the construction of the dam will last 24 months. She pledged that it will be a dam to meet the needs of Guineans. Guinean Minister of Energy Papa Koly Koroma, who signed the co ... Add a comment
 

Hong Kong stocks rose over 3 pct

HONG KONG, Aug. 15 (Xinhua) -- Hong Kong stocks rose 595.92 points, or 3.04 percent, to 20,215.93 points during the afternoon trading on Monday, due to improved investment sentiment after week- long tumble. ... Add a comment
 

China extends anti-subsidy probe on EU potato starch imports

BEIJING, Aug. 15 (Xinhua) -- China will prolong its anti-subsidy probe by one month on potato starch imported from the European Union, said the Ministry of Commerce (MOC) on Monday. The investigation will be completed before Sept. 30, 2011, one month after the previous deadline, since the case was "special" and "complicated," according to a statement posted on the ministry's website. China launched an anti-subsidy investigation on the imports of EU-made potato starch on Aug. 30, 2010 at th ... Add a comment
 

Tsingtao Brewery Co first-half profits jump 22 pct

Tsingtao Brewery Co., China's second-largest brewer by volume, said on Sunday its first-half profits rose 21.62 percent year-on-year due to higher sales volume and expanded production capacity. Net profits rose to 989.9 million yuan (155 million U.S. dollars), or 0.73 yuan a share, from 813.9 million yuan, or 0.6 yuan, one year earlier, the brewer said in a statement filed to the Shanghai Stock Exchange. Sales climbed 21.1 percent to 11.87 billion yuan. The company sold 3.75 million kiloli ... Add a comment
 

Quality of Chinas exports to EU improved in H1

BEIJING, Aug. 13 (Xinhua) -- The quality of the products China exported to the European Union (EU) improved during the first half of this year due to strict quality control measures, according to quality control authorities. The number of quality complaints made by the EU regarding Chinese imports declined by 45 percent in the first half of 2011, according to the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ). The administration attributed the improved qua ... Add a comment
 

Chinas power consumption up 122 pct in first seven months

BEIJING, Aug. 14 (Xinhua) -- China's National Energy Administration (NEA) announced Sunday that the country's total electric power consumption from January to July rose 12.2 percent from a year earlier to 2.69 trillion kilowatt-hours (kwh). In July alone, power consumption was up 11.8 percent year-on-year to 434.9 billion kwh, according to the NEA. ... Add a comment