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Authorities have been tightening control on a variety of financing by developers as part of a broader deleverage campaign in the country.
BEIJING - A year ago, economic forecasters at home and abroad bet on the sharp depreciation of the renminbi, or the yuan, in 2017 due to a flagging economy and US rate hikes. But the Chinese currency roaring back in past months has proven them wrong. The yuan's midpoint saw a substantial increase to 6.6770 against the greenback Thursday, the strongest in more than 10 months, following a steady strengthening streak since the beginning of 2017. Onshore and offshore rates were also much firmer. While curbed capital flight and the weaker US dollar were considered the immediate cause, the country's economic resilience played a fundamental role in propping up the currency. China posted a forecast-beating GDP increase of 6.9 percent in the second quarter of the year despite expectations of a loss in momentum, flat with that of the January-March period. From buoyant factory activity to robust imports, latest indicators have disappointed doomsayers. "Once again, the Chinese economy has defied the hand wringing of the nattering nabobs of negativism," Stephen Roach, faculty member at Yale University, wrote in an article on Project Syndicate.
Authorities said the center is unlicensed while the teachers, who are now in custody, are unqualified.
BEIJING - A three-year campaign will address misconduct in handling China's minimum living allowance in rural areas, the Ministry of Civil Affairs said Thursday.
BEIJING - About half of China's new urban buildings will meet green construction standards by 2020, the country's construction watchdog said.