China reduces benchmark interest rate by 0.27 percentage points
Effective from 30th of October, China’s central bank, People’s bank of China, would cut its benchmark lending and deposit rates by 0.27 percentage point to stimulate China’s economy growth amid the global economic slowdown.
The benchmark one-year deposit interest rate would be reduced from the current 3.87 percent down to 3.60 percent, down by 0.27 percentage points; while the one-year benchmark lending rate would be cut from the current 6.93 percent to 6.66 percent, down by 0.27 percentage points.
Other grades of deposit and loan interest rate are adjusted accordingly. Loan interest rates of personal housing accumulation fund remain unchanged.
Source: China Daily
2014 Global China Business Meeting will take place in Italy
The 2014 Global China Business Meeting will take place at Lake Como, Italy on November 10th. Over 300 representatives across the globe are expected to participate in this annual gathering of Chinese business leaders and their global counterparts.
Chief Executive Officers of the world’s leading companies are expected to discuss increasing impact of Chinese companies on global business and conceptualization the globalization of Chinese companies.
In the past three years, the meeting has created an unprecedented platform for Chinese companies to globalize their business operation.
Source: Xinhuanet, Horasis
China becomes world’s second largest exporter with 8.8%
China’s statistical authority announced that China accounts for 8.8% of world’s export by 2007, making it the world’s second largest exporter, after Germany. China’s scale of foreign trade in goods increased by more than 100 times, growing at an average annual rate of 17.4 percent to USD 2,173.7 billion in 2007 from USD 20.6 billion since 1978.
China’s exports grew from USD 9.8 billion to USD 1,217.8 billion during the same period, increased by 124 times while imports gained from USD 10.9 billion to USD 956 billion, an increase of 87 times.
In the last thirty years of opening up and reform, 2002 – 2007 period was the fastest growing period in which the total import and export trade volume has already exceeded the period of 1979-2001.
Source: Chinaview.cn, National Bureau of Statistics of China