China’s commercial banks are gaining more room in pricing and risk valuation in mortgage lending, the country’s top financial regulators said on Friday."Mortgage lending should be further encouraged, as it remains quite safe compared with corperate lending," said Zhou Xiaochuan, governor of the People’s Bank of China, at the conference held by the Institute of International Finance in conjunction with the G20 Finance Ministers and Central Bank Governors Meeting.Zhou said individual mortgage loans in China account only for between 10 percent and 20 percent of total banking loans, &quo...
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BEIJING (AP) — Move over, New York City: Beijing is the new "Billionaire Capital of the World."The Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, a Shanghai firm that publishes a monthly magazine and releases yearly rankings and research about the world’s richest people and their spending habits.The study, which comes months after reports suggested China now has more billionaires than the United States, highlights how China’s elite are continuing to accrue vast wealth despite a wobbling stock market and cooling economy.D...
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China has successfully made the transformation from an economy whose growth is mainly driven by investment and foreign trade to one that is powered by domestic demand, especially consumption, said Gao Hucheng, minister of commerce, during a press conference held by the State Council Information Office on Tuesday.By 2015, China’s retail sales of consumer goods reached RMB 30.1 trillion, up 10.7 percent from the previous year. Consumption contributed 66.4 percent to national economic growth, 15.4 percent higher than in 2014, playing the role of stabilizer for economic growth.Gao said there are m...
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Authorities have rushed to defend and clarify a controversial policy that has drawn wide criticism.The government will not take the one-size-fits-all approach in opening up gated communities to public road system, the Ministry of Housing and Urban-Rural Development said on its website on Wednesday, after the country’s top court said on Tuesday that the community road rule still needs legislative support.In a statement, the ministry emphasized that the legal rights of residents will be protected.The central government issued a new urban planning directive on Sunday saying that new open resident...
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Liu Shiyu was appointed as Party leader and chairman of the China Securities Regulatory Commission (CSRC), according to decisions made by the Communist Party of China Central Committee and the State Council on Saturday. Xiao Gang, former head of the CSRC, was removed from his post as the chairman as well as the Party leader of the commission.Chinese stocks slumped 23 percent in January, their poorest month since the depths of the global financial crisis in 2008, a performance that made the Shanghai exchange the world's worst-performing major market.A series of moves intended to smooth dram...
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