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HOME APPLIANCES

Central Government Cracks Down on False Claims in Home Appliance Subsidy Scheme

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 appliances sold in rural areas introduced as part of stimulus measures announced in late 2008. The new regulations require provincial-level finance bu...

The Beijing News | 2011-05-12

KUNGFU

Head of Chinese Fast Food Chain Arrested

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 had been on the run after Guangzhou police opened an investigation into suspected crimes in the management of the company on March 17.

Xin Kuai Bao | 2011-05-12

POWER

Power Outages in Hangzhou Effect Residential Areas

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.

National Business Daily | 2011-05-12

AUTO

First Drop in Car Sales in Over 2 Years

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 million units sold, this is the first time in 27 months that monthly sales and production figures have seen negative growth on both a monthly and a...

China Business News | 2011-05-11

BANKING

Some Bank Branches Raise Required First Home Down-payment to 40%

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 branches of commercial banks in Zhejiang and coincides with reports that some Beijing bank branches have also hiked the required deposit rates.

Guangzhou Daily | 2011-05-11

TRANSPORT

Excessive Toll Fees Result in Huge Profits

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 total of 9,000 yuan was collected over the whole trip. The report also cited data showing that toll companies were now more profitable than oil comp...

The Beijing News | 2011-05-11

TRADE

China's Foreign Trade in First 4 Months Exceeds 100 Billion Dollars

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, with exports up 29.9% from a year earlier, down from March's 35.8% rise, to 15.57 billion dollars. Imports rose 21.8% year-on-ear, down from the 2...

China News Agency | 2011-05-10