Jia Kang News
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China will dismantle its rail ministry as the nation’s new leaders pare bureaucracy and battle graft in a department that has more than 2 million employees and a debt load larger than Denmark’s economy.
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China will wait until after this year to introduce a tax on carbon, deferring to concern that economic growth might suffer, a government researcher said.
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China’s economy will probably rebound in the fourth quarter, Jia Kang, a Ministry of Finance researcher, said at a conference reviewing China’s economic performance in Beijing today.
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Chinese industrial companies’ profits rose in September for the first time in six months, adding to signs economic growth is picking up following a seven- quarter slowdown.
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U.S.-listed Chinese stocks fell for a second day, led by Baidu Inc. and Soufun Holdings Ltd, on concern policy makers won’t do enough to blunt an economic slump as the government keeps restrictions on the housing market.
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China may introduce an environment protection tax by the end of 2015, the official Xinhua News Agency reported today, citing Jia Kang, head of the Chinese Finance Ministry’s research institute for fiscal science.
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China’s benchmark stock index rose from a one-month low on speculation the government will take more fiscal measures to support economic growth, overshadowing concern that the government will keep property curbs next year.
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The Chinese government may consider expanding its property tax trials when officials review the first implementation of the levy in Shanghai and Chongqing, a state researcher said.
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China plans to shift as much as 3 trillion yuan ($463 billion) of debt off of local governments, reducing the possibility of defaults that could threaten stability, Reuters reported, citing unidentified people.
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China’s yuan gained, snapping a three-day drop, on speculation policy makers will allow currency gains to tame inflation in the world’s second-biggest economy.
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