From the New York Times: China’s central bank raised interest rates on Friday evening, the latest in a series of moves by the government to choke off a binge in speculative lending and investment that threatens to saddle the country’s banks with more bad loans if the economy slows. The People’s Bank of China raised […]
Read MoreFrom rgemonitor: In their latest quarterly report on China, the World Bank’s Beijing office estimates that China’s current account surplus will reach $220 billion, or 8.3% of China’s GDP, in 2006. With an estimated $65b in net FDI inflows, the surplus in China’s basic balance of payments will be close to $285b, 10.7% of China’s […]
Read MoreFrom Bloomberg: Ping An Insurance (Group) Co. plans to offer credit cards next year, becoming the first insurer in China to diversify into an industry forecast to expand more than tenfold by 2010. Ping An will issue credit cards “as soon as possible,” Chief Operating Officer Louis Cheung said in an interview in Hong Kong […]
Read MoreFrom the Wall Street Journal: China, in what the government said was an unprecedented move, has punished three provincial officials for ignoring the central government’s call to slow down investment. The action highlights the difficulty Beijing faces in trying to control the growth of its runaway economy. The authority of the central government is being […]
Read MoreFrom the Wall Street Journal: China may issue new regulations to censor online videos, extending the government’s efforts to control the Internet into a burgeoning new type of Web content. But it remains unclear exactly who would be targeted by the regulations — service providers or individual video creators — and how the rules would […]
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