Andy Mantel News
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China’s ruling party is planning to keep Zhou Xiaochuan as central bank governor as it prepares for the broadest shuffle of government leadership in five years, according to a person with direct knowledge of the discussions.
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China’s stocks will extend this year’s bear market losses and investors should avoid bank shares as loan growth slows and the need to raise additional capital increases, according to Pacific Sun Investment Management Ltd.
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China’s placement of a North Korean- educated economist and an exemplar of debt-fueled infrastructure on its ruling body may add to challenges for Communist Party leader Xi Jinping as he seeks to deepen the nation’s development.
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China’s stocks fell the most in a week after Moody’s Investors Service cut the debt ratings of six European nations and a former central bank official said the government is unlikely to significantly loosen credit this year.
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Guangzhou Constant Shoes Co. is set to abandon Guangdong, the southeastern province at the center of China’s exporting boom since the 1980s, by shifting most of its production 500 kilometers (311 miles) inland.
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The good news: China’s government will engineer a soft landing. The bad news: Even a soft landing is painful for industries that have become dependent on the world’s fastest-growing major economy as their main profit engine.
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Peking University professor Michael Pettis was discussing declining bank-deposit returns when a student interrupted with a story about her aunt that may stymie China’s plan to boost consumer spending.
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China’s stocks rallied, driving the benchmark index to its biggest gain since October, on speculation policy makers will rein in efforts to cool the economy as Europe’s debt crisis threatens a global recovery.
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Hong Kong stocks fell, dragging the Hang Seng China Enterprises Index into a so-called bear market, on concern China’s efforts to cool property prices and the fallout from Europe’s debt crisis will hurt earnings.
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China’s weakest growth in three years may pressure Premier Wen Jiabao to further ease the government’s crackdown on a property industry that accounts for more than a quarter of final demand.
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