- The city of Beijing recorded a lower economic growth than the
national average during the first three quarters of 2008, a report of
the Municipal Statistics Bureau revealed. The city's total output stood
at RMB758.63 bn, up 9.1 per cent. The national average was up 9.9 per
cent.
- Geologists have discovered 1,202 mineral fields since 2006. These
fields could "greatly reduce the country's dependence on imported
minerals", the Ministry of Land and Resources said in a statement.
- The number of visits to China dropped in September year-on-year,
state media reports. New figures from the China National Tourism
Administration shows that the number of inbound travels decreased 5.94
per cent to 10.56 million. Reasons singled out for the decline: Higher
hotel prices, fewer visas granted and the global financial crisis.
- Revenue from inbound tourism from January to September decreased 3.26
per cent compared to the same period in 2007 and hit USD29.83 bn, state
media reports.
- The Chinese government decided to reduce taxes for home buyers and
get rid of the property stamp tax. It also cut the mortgage rates by 30
per cent. These measures should help to revive the slumping real estate
market, state media reports.
- Venture capital collection in China fell 83.7 per cent in the third
quarter compared to the same period in 2007, local media reports.
- China's economic growth could decrease to 9 per cent if the United
States is going through a mild recession. A more serious recession
could mean that the growth rate falls below 8 per cent, Glenn Hubbard,
Dean of the Columbia Business School, said at a media briefing in Hong
Kong.
- Spain agreed to loan China EUR360m between 2008 and 2010, state media
reports. EUR20m will be used to reconstruct houses and infrastructure in earthquake-hit
Sichuan province. The government did not specify for what kind of
projects the remaining EUR340m will be used.
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