Chinese Premier Wen Jiabao warned that the country's economy was �at a critical juncture� in 2004, singling out issues including banking reforms, overinvestment in key industrial sectors, declining grain production and transport and energy bottlenecks. Wen's statements came at the conclusion of the annual plenary session of the 10th National People's Congress, China's legislative body, […]
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Budget, economic plan passed
The National People's Congress, China's legislative body, passed the national budget and approved the economic plan for 2004. The budget is intended to slow China's deficit spending, with the economic plan aimed at achieving 7% growth. The finance ministry's budget plans to run a budget deficit of US$38.6 billion, the same as in 2003. Passage […]
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China's retail sales up 10.6%
China's retail sales experienced a 10.5% year-on-year increase during January and February, according to statistics released by China's National Bureau of Statistics. Sales reached US$106 billion during the two-month period. The two-month rise in retail sales follows 10.9% and 9.7% increases in December and November 2003, respectively. The bureau calculates statistical data from January and […]
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Ito-Yokado to enter supermarket JV
Asia's largest retailer, Japan-based Ito-Yokado Co, announced that it planned to enter into a supermarket joint venture with Beijing Wangfujing Department Store Group. Ito-Yokado said the joint venture will be capitalized at US$12 million, with initial investment by the partners to total US$24 million. The Japanese retailer said that its supermarkets will aim to serve […]
China adopted a total of 14 amendments to its constitution during the second session of the 10th National People's Congress (NPC). The amendments consisted of clauses protecting private property on a level equal to public property and defending human rights. While private property will be protected, the government will still hold the power to repossess […]