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SHANGHAI, Oct. 7 (Xinhua) -- The Shanghai municipal government issued new rules Thursday limiting families to one new apartment purchase, as the nation tries to curb property speculation and soaring prices."One family in Shanghai, whether local or immigrant, can only buy one new home, including a second-hand one, for the time being," said a circular released by the municipal government.The new rule came into effect Thursday. The Chinese capital, Beijing, introduced the same measure on April 30.Shanghai authorities also ordered banks to suspend loans for third-home buyers and non-local buyers who could not prove they had paid personal income taxes or made social security contributions in the city for at least one year, the circular said.Local authorities would also start preparing for the introduction of a property tax, it said, without providing further details.A land-appreciation tax of 5 percent on the selling price would also be imposed on property developers if they sold residential buildings at an average price that was more than twice the average price of the previous year in the same area.Shanghai's new rules follow a series of measures announced by the Chinese central government in late September to check soaring property prices.The measures included the suspension of bank loans for third-home purchases in the near future and an adjustment in down payments for all home buyers.All home buyers will have to pay a down payment of at least 30 percent of the purchase price, according to the new rules.Previously, according to rules issued on April 17, only first-time buyers purchasing an apartment covering more than 90-square-meters had to pay a 30 percent down payment.On the same day, sources within several departments of the central government told Xinhua that property tax pilot programs will be stepped up and then extended across the entire country.
BEIJING, Nov. 8 (Xinhua) -- Chinese stocks rose for a third straight trading day Monday with the benchmark Shanghai Composite Index closing up 0.96 percent, or 30.01 points, at 3,159.51.The Shenzhen Component Index gained 0.54 percent, or 73.94 points, to finish at 13,807.3.Combined turnover declined to 453.1 billion yuan (68 billion U.S. dollars) from 459.17 billion yuan the previous trading day.Gainers outnumbered losers 743 to 132 in Shanghai and 950 to 140 in Shenzhen.Agricultural shares led the gains with a 5.39 percent rise amid increased inflation expectations and surging farm product prices.Some economists believe China's consumer price index (CPI), the main gauge of inflation, jumped 4 percent year on year in October.Yasheng Industrial Group, Yongan Forestry Group and Fengle Seed Company all rose by the daily limit of 10 percent, ending at 6.47 yuan, 12.84 yuan and 20.77 yuan, respectively.Local stocks in Shanghai continued their surge after Walt Disney Co. inked a deal Friday for its long-awaited theme park in the city.Shanghai Lujiazui Finance and Trade Zone Development Co., Ltd rose 4.8 percent to 22.7 yuan while Shanghai Pudong Road and Bridge Construction Co. Ltd. gained 3.08 percent to finish at 20.43 yuan.Yu Wei, an analyst at Shiji Investment, said more "hot money" will flow into Chinese capital markets because of the U.S. Federal Reserve's second round of quantitative easing, QE2."As the government works on controlling inflation and the property market, the A-share market will be the most attractive place for 'hot money' inflows," he said.

BEIJING, Sept. 28 (Xinhua) -- A senior Chinese political advisor, Du Qinglin, has called for the independent development of the Christian Church in China.Du, vice chairmen of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and head of the United Front Work Department of the Communist Party of China (CPC) Central Committee, made the remarks at a ceremony in the Great Hall of the People on Tuesday to celebrate the 60th anniversary of the "Three-Self Patriotic Movement" initiated by the Chinese Protestant church.The landmark "Three-Self Patriotic Movement" 60 years ago, which advocated the three principles of self-administration, self-support and self-propagation of Christian churches in China, freed the churches from the control and constraint of western countries, Du said."The current development of Christian churches in China is in its glory, and I hope that Chinese Christians will insist on an independent and patriotic path for Christians in China," Du said.Du also called on China's Christian believers to make efforts to promote economic and social development in China.The development of the Chinese Christian churches is closely related with China's development, and the Christian circle in China is pleased with the prosperity of China and the fact that the policy of freedom of religion in China has been fully implemented, said Fu Xianwei, chairman of the National Committee of the Three-Self Patriotic Movement of the Protestant Churches in China.The clergy and believers will continue to insist on the independent development of Christian churches in China, combining patriotism and belief, Fu said.
BEIJING, Sept. 14 (Xinhua) -- Top Chinese legislator, Wu Bangguo, has urged government departments to take effective measures to solve shortages of drinking water and improve the living standards for residents in an impoverished northwestern area of the country."It is a long-term strategic task and an urgent livelihood project to improve the environment and basic living standards in the impoverished areas in Ningxia," said Wu Bangguo during an inspection in northwest China's Ningxia Hui Autonomous Region.Wu, Chairman of the Standing Committee of the National People's Congress (NPC) Standing Committee, urged officials to solve the region's drinking water problem in about three years and accelerate the evacuation of local residents to places with better environment.Wu Bangguo (2nd L), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, inspects a paper manufacture enterprise of northwest China's Ningxia Hui Autonomous Region, Sept. 11, 2010. Wu made an inspection tour in Ningxia from Sept. 10 to 14With an inhospitable natural environment coupled with a severe ongoing drought, the central and southern regions of Ningxia are one of the key impoverished areas for the country to support.Wu visited a mountainous village called Haigou, where the average annual income per capita is only about 2,700 yuan (400 U.S. dollars).Some 251 villagers of the Hui ethnic group are living in the village, and they have been suffering shortages of drinking water due to water and soil losses.
BEIJING, Sept. 13 (Xinhua) -- Chinese Vice Premier Li Keqiang Monday called for international cooperation to deal with economic challenges and achieve common development.Li made the remarks at a seminar here marking the 30th anniversary of China's cooperation with the World Bank. During his speech he urged nations to continue opening markets while removing trade and technology barriers.Li reiterated China's stance on opening up and reform, pledging the country would continue to import advanced technologies, equipment, experience, talent and capital while creating a fair business environment for all enterprises.Chinese Vice Premier Li Keqiang addresses the Conference ot the 30th Anniversary of China-World Bank Cooperation in Beijing, Sept. 13, 2010.China would protect intellectual property and grant foreign-funded companies equal treatment, Li added.He also said China would step up the transformation of economic growth mode, which would rely on the nation's opening up and institutional reforms.Li praised the World Bank's efforts on reducing poverty and said China would continue to support the World Bank to make new contributions to world development and prosperity.
来源:资阳报