China Economic ReviewBudget airlines taxied closer to reality Wednesday after a meeting between a new Shanghai-based carrier and China's civil aviation administration, state media reported. China could be edging closer to getting true budget airlines after officials of the new Shanghai-based carrier, Spring Airlines, met civil aviation officials. Spring Airlines, a private carrier, was seeking to overcome […]
Beijing will back off some economic controls in overheating sectors, the South China Morning Post reported, citing a top economic planner, Cao Yushu of the National Development and Reform Commission. The economist said the government was temporarily shifting the thrust of its cool-down policy from "suppressing" some overheating sectors to "supporting" underdeveloped sectors. No more […]
China's Auditor-General Li Jinhua announced that 38 central government departments misused almost US$1.1bn in the last fiscal year, state media reported, citing Li's annual report to the NPC Standing Committee. He cited details of misuse and embezzlement across departments, including hospitals, water projects, highway construction, universities and scientific research.
China has vowed to upgrade its accounting standards and narrow the gap between its current standards and international norms, the Financial Times reported, quoting Wang Jun, assistant finance minister. Wang said China would accelerate efforts to bring the nation's accounting rules in line with international standards to bolster investor confidence in the country's financial markets.
Beijing's fixed exchange rate policy is a "legitimate choice" and not a manipulation of the yuan, despite rising angry rhetoric from the US, according to the World Bank's China director, David Dollar, state media reported. Last month, the US Treasury Department warned that China risked being branded a manipulative trading partner unless it undertook significant […]