BEIJING, Jan. 23 (Xinhua) -- China's finance minister said some new-energy vehicle producers have relied too much on government subsidies, noting subsidy-related fraud will be punished severely.
The subsidies were first given to nurture the initial market, but enterprises tend to rely too much on them and focus on policy when designing vehicles, making few technological breakthroughs, Finance Minister Lou Jiwei said on Saturday at a forum on electric vehicles.
QINGDAO, Jan. 23 (Xinhua) -- China's leading home appliance maker Haier said its profits jumped 20 percent year on year to 18 billion yuan (2.7 billion U.S. dollars) in 2015, despite falling global sales.
Haier's global sales reached 188.7 billion yuan last year, down six percent year on year, due to global economic downturn and business adjustment of the company, said Zhou Yunjie, rotating president of Haier, in the company's annual meeting on Saturday.
BEIJING, Jan. 23 (Xinhua) -- Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) are among 45 major banks that global transaction service provider SWIFT has rallied for an initiative to improve cross-border payments.
BEIJING, Jan. 23 (Xinhua) -- The Agricultural Bank of China, one of the country's four largest lenders, has said that it could lose as much as 3.915 billion yuan (597 million U.S. dollars) in what it called a "material risk incident."
The incident took place at the Beijing branch of the bank involving notes held under resale agreement, the bank said in a filing on Friday night to the Shanghai and Hong Kong stock exchanges.
"The amount exposed to risks is 3.915 billion yuan," it said, adding that police have initiated an investigation.
BEIJING, Jan. 23 (Xinhua) -- China's "pan-post-90s" generation, namely those born between 1985 and 1999, are driving the Internet economy, according to a report from Nomura Securities.
It is largely because they have the greatest propensity to consume, and they accounted for over 50 percent of the country's Internet users in the first half of last year, the report said.
BEIJING, Jan. 23 (Xinhua) -- By injecting the most cash in three years in open-market operations, China is using various tools to ensure ample liquidity without cutting banks' reserve requirement ratios (RRR), according to a UBS economist.
The People's Bank of China (PBOC), the country's central bank, plans to use a variety of facilities rather than RRR cuts to ensure liquidity and stable short-term rates in the near term, UBS economist Wang Tao said in a research note.
BEIJING, Jan. 23 (Xinhua) -- Chinese courts on Saturday pledged to hand down harsh punishments on terrorism and secessionist activities in addition to cracking down on graft.
According to a statement released after a national meeting that brought together chief justices of higher courts across the country, courts will hand out "harsh" punishments for criminal offenses that threaten China's national political and economic security as well as social stability.
BEIJING, Jan. 23 (Xinhua) -- Chinese authorities will launch a campaign to regulate Internet finance, which is growing rapidly but threatens social stability due to illegal activity.
Departments of political and legal work at all levels will work with banking regulatory authorities to establish a monitoring and warning system against financial risks and enhance information sharing among different regions and departments, according to a statement released at the central conference on political and legal work held Friday to Saturday in Beijing.
BEIJING, Jan. 23 (Xinhua) -- China has geared up to cope with the winter's coldest weekend as the worst cold front in decades sweeps across the country.
The national observatory raised the weather warning level from yellow to orange on Saturday morning.
According to the National Meteorological Center (NMC), temperatures dropped 6 to 10 degrees Celsius on Saturday morning in parts of northwest China, north China and the Huanghuai area.
China has a four-tier warning system for severe weather, with red being the most serious, followed by orange, yellow and blue.