Daniel Ritort

Tag Archives: Government of China

China’s public local debt jumps 70%

According to an official report, China has local government debts of 17.7 trillion yuan ($2.9tn), up 70% from three years ago. China’s government asked the National Audit Office (NAO) in July to do a round-up of the debts outstanding at … Continue reading

Chinese leaders unveil key reforms in China’s Third Plenum

China‘s leaders have unveiled a series of reforms aimed at overhauling its economy over the next decade. In a statement issued after a closed-door summit, they promised the free market would play a bigger role.

China to audit public debt

China has ordered a nationwide audit of all government debt, underlining fears that the recent slowdown in its economy may impact the financial sector. The last audit, published in 2011, showed they had debt of 10.7tn Yuan ($1.7tn) by the … Continue reading

China’s growth may fall below 7%

Lou Jiwei, finance minister of China, has hinted that economic growth may fall far below 7% in the second half of 2013. Speaking in Washington, Lou thought growth for 2013 as a whole would be 7%, but said that even … Continue reading

China approves stricter control over internet navigation

China has tightened its rules on internet usage to enforce a previous requirement that users fully identify themselves to service providers. The announcement is seen as evidence that China’s new leadership views the internet as a threat. The move is … Continue reading

China confirms new government

Chinese ruling party has confirmed Xi Jinping as the man to lead China for the next 10 years. Xi Jinping replaces Hu Jintao, whose administration China has seen a decade of extraordinary growth. Xi led the new Politburo Standing Committee … Continue reading

Nexen’s shareholders approved CNOOC’s bid

Shareholders of Canada’s Nexen have approved the takeover bid by China’s state-owned CNOOC to acquire the firm in a 15,100 million Dollars deal. CNOOC had offered to pay 27.50 Dollars cash per share for Nexen in July, a 60 percent … Continue reading

Japan firms suspended Chinese operations due to political instability

Some of Japan’s biggest firms have suspended operations in China as safety concerns grow amid violent anti-Japan protests. The Chinese violence against Japan followed Japan’s purchase of islands in the East China Sea which China claims sovereignty over. Panasonic said … Continue reading

China cuts banks reserve ratio to increase their lending capacity

Central bank of China cut the amount of cash banks must hold in reserves yesterday, in a bid to boost lending their lending capacity. The People’s Bank of China cut big banks’ reserve requirement ratio by 50 basis points to … Continue reading

Saab could be declared bankrupt soon

A Swedish court rejected Saab’s application for protection from its creditors, and could be declared bankrupt within days. Carmaker had applied for protection while trying to find additional funding. Saab had suspended production in April when its suppliers stopped deliveries … Continue reading

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