At least 10 million rural residents will be lifted out of poverty this year as the solemn promise of poverty alleviation is delivered upon, Premier Li Keqiang said.The amount of central government funds allocated to combat poverty will increase by 43.4 percent year-on-year, the premier said to the ringing applause of national legislators and political advisers at the Great Hall of the People in Beijing on Saturday."This year, we will help more than 10 million rural residents lift themselves out of poverty, including over 2 million poor residents who are to be relocated from inhospitable a...
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BEIJING - Greenpeace East Asia said on Wednesday that China had a total of 210 coal power projects in the pipeline for environmental assessment permitting at the end of 2015, despite overcapacity in the industry and pollution concerns.Of those, 95 projects received final regulatory permits that would allow construction to begin, Greenpeace said in a report. Construction began on at least 66 coal power projects with a combined capacity of 73 gigawatts (GW), Greenpeace added, some of which had received approval in a previous year."There is a very rapid and accelerating net increase in coal-...
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China has restarted nonperforming asset securitization after halting the business in 2009.Regulators held a meeting last week and confirmed six major commercial banks as the first batch of financial institutions to participate in a trial program for NPA securitization, reported Beijing-based Economic Information Daily on Monday.The five largest commercial lenders in the country－Industrial and Commercial Bank of China Ltd, China Construction Bank Corp, Agricultural Bank of China Ltd, Bank of China Ltd and Bank of Communications Co Ltd－plus China Merchants Bank Co Ltd, the first shareholding com...
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The Chinese government said Monday it was planning to shed 1.8 million coal and steel jobs in an effort to reduce excess capacity.Some 1.3 million jobs will be lost in the coal sector, and 500,000 in the steel industry."Although this is a very difficult task, in every respect, it is something that we must actively work to accomplish," said Yin Weimin, China’s top human resources and social security official. Yin did not say when the jobs would go.The cuts represent about 20% and 11% of China’s coal and steel jobs, respectively, according to IHS Insight.China’s slowdown has triggered ...
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China’s central bank on Monday cut the proportion of funds banks must set aside as reserves, in Beijing’s latest attempt to tackle slowing growth in the world’s second largest economy.The People’s Bank of China (PBOC) said in a statement it would trim the so-called "reserve requirement ratio" (RRR) for financial institutions by 0.50 percentage points, freeing up more funds for them to lend.The move came immediately after a G20 finance ministers’ meeting in Shanghai, which stressed the use of all available policy tools to boost global growth, and with Chinese and world stock markets a...
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