China Railway Rolling Stock Corp subsidiary CSR Sifang America has been awarded a $1.3billion order to supply up to 846 railcars to the Chicago Transit Authority, the biggest train order in the midwest city’s history.The new cars, the 7000-series, will look similar to those that have been in operation since the1980s, the 2600-series, and will be locally assembled at a new purpose-built plant.Brian Steele, a CTA spokesman, said the contract is expected to create around 169 new jobs,including mechanical engineers and electricians.CSR Sifang America is a joint venture between Qingdao-based CRRC Q...
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SHANGHAI - China has signalled its intent to cut prices of medicines used to treat serious diseases such as cancer, part of a wider drive to reduce the cost of healthcare for patients in the world’s second-biggest economy.The National Health and Family Planning Commission is negotiating a pilot programme with drug firms to lower the price of five drugs, the official Xinhua news agency reported on Wednesday, citing Li Bin, the head of the commission.The high cost of healthcare is a major point of contention in China, where low levels of state health insurance coverage means patients and their f...
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China has completed a reform plan on individual income tax and it will be submitted to the national legislature for review this year, Chinese Finance Minister Lou Jiwei said Monday.The Ministry of Finance, the State Administration of Taxation and other relevant departments jointly worked out the reform plan last year, said Lou at a press conference.The plan has been presented to the State Council, the cabinet, he said. The amendment to the current individual income tax law will be submitted to the national legislature this year.The amendment is not just about thresholds, but considers overall ...
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Seeking to douse fears about China’s economy, the finance minister said Monday that Beijing can manage its rising debt load as it steps up deficit spending to prevent a slide in growth.The deficit target of 3 percent of gross domestic product announced Saturday, up from last year’s 2.3 percent, is in line with the ruling Communist Party’s long-term reforms, Lou Jiwei said. He spoke at a news conference during the annual meeting of China’s legislature.Chinese leaders, long seen as skilled managers, are scrambling to reassure companies and investors the world’s second-largest economy is on track...
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Japan crossed a financial Rubicon yesterday as the country sold new 10-year bonds with a yield below zero at a government auction.The sale is the latest sign of a worldwide collapse in borrowing costs which has upended assumptions about the workings of financial markets, as policymakers take ever more drastic steps to stimulate economic growth.It also highlights the challenge of retaining support for unconventional central bank measures, with Shinzo Abe, the prime minister, struggling to maintain momentum behind his “Abenomics” growth policies.Disruption and uncertainty created by the Bank of ...
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