Chinese companies face difficulties over the next two years because of the global economic slowdown and rising prices, business leaders said on November 15.The real estate industry is one of the worst hit sectors. One-third of property developers have investments in the stock market which has seen a decline by more than 70 percent since its peak in October last year.The prediction is based on a su

Official figures show that only a little more 7,000 companies in Guangdong province closed down or moved out in the first nine months of this year, and not 50,000 as reported in the media."Statistics compiled by the administration for small- and medium-sized enterprises (SMEs) of Guangdong, show a total of 7,148 companies closed or moved out from January to September," Liu Huanquan, dire

The annual Global China Business Meeting opened here Monday to discuss how Chinese companies can help ward off a global recession amidst the current international financial crisis.Speaking at the meeting's opening ceremony, Spanish Minister of Industry Miguel Sebastian praised China's role in stabilizing the world economy amidst the crisis.The minister said "China has become one of the major

China is set to become an official member of the Inter-American Development Bank (IDB), the People's Bank of China, the central bank, said on its website Tuesday.China's joining IDB was "a win-win choice" for the benefit of all sides involved, said Zhou Xiaochuan, the central bank governor during his meet with IDB President Luis Alberto Moreno in Washington, DC.Moreno echoed Zhou's comme

He was dejected and depressed. His visits to China Import and Export Fair in Guangzhou last week and later to Dongguan were not at all what he expected them to be.Chinese exporters at the fair had a worried look on their faces, "unwilling to talk too much about the future" because foreigners were reluctant to dig into their pockets.Dongguan, a thriving industrial city, was no better. Man

Figures released by the Hong Kong government show that the economy of the Special Administrative Region is now technically in recession. On a seasonally adjusted quarter-to-quarter comparison, GDP fell by 0.5 percent in real terms in the third quarter, after a contraction of 1.4 percent in the second quarter, according to a November 14 press release.The government attributed the poor showing of th

Shanghai's first small-credit company was launched yesterday and started issuing loans as part of the city's moves to help small enterprises withstand the economic downturn.Shanghai Baoshan Baolian Small-Credit Co issued credit of 300,000 yuan (US$43,924) to a rural entity and another 500,000 yuan to a telecommunications company.Baolian Small-Credit, with a registered capital of 50 million yuan, t