Beijing to Shut Factories for Olympics The capital’s city government has announced plans to shut factories and close construction and heavy industry in its endeavors to improve the air quality before the Olympic Games. Beijing’s environmental protection group said that the plans include stopping all digging and concrete pouring on construction sites from mid-July. Nineteen heavy-polluting industries have been told to cut their emissions by 30 percent, media report.
GDP Up 10.6 Per Cent, Inflation At 8 Per Cent China's GDP rose by 10.6 per cent in the first three months of 2008, according to official figures. Meanwhile, consumer prices climbed 8.3 per cent in March, taking inflation to an average of eight per cent in the first quarter. The Chinese economy has been hit by rising prices for food, electricity and oil for several months, and some analysts question the validity of the new CPI figure.
Chinese Fund Buys Into BP A Chinese investment sovereign fund has bought slightly less than one per cent in BP, the British company said. The fund purchased shares for about USD2 bn. It is China's second stake in a European oil company after France's Total announced last week that a Chinese fund had acquired 1.3 per cent of the company.
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