Li Zhaoxing News
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Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
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China CSSC Holdings Ltd. rose to the highest in more than three months, pacing gains among defense- related shares, on speculation the companies will benefit from increased military spending by China this year.
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Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
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China’s benchmark stock indexes fell as a lower economic growth target from the government overshadowed speculation of measures to bolster the world’s second-largest economy.
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China plans to increase defense spending 11.2 percent this year as the country’s expanding global commitments and lingering territorial disputes drive demand for more warships, missiles and fighter planes.
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China’s surging defense budget, the world’s second-biggest, is helping spur military spending across Asia, offering U.S. and European suppliers a chance to offset slowing demand at home.
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China Shipbuilding Industry Co. , the country’s biggest maker of vessel equipment, jumped in Shanghai trading after agreeing to buy seven affiliates, including makers of torpedoes and submarine telescopes.
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Lockheed Martin Corp., the world’s largest defense company, is counting on stealth technology to beat Boeing Co. and Eurofighter GmbH in a Japanese fighter contest that may be worth more than $4 billion.
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China plans to increase defense spending 12.7 percent this year as the improved military capabilities of the country with the world’s biggest army have heightened concern in the U.S. and the region over its goals.
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U.S. military ties with China are “absolutely vital,” Admiral Mike Mullen, chairman of the Joint Chiefs of Staff, said in Beijing today at the start of a visit that will conclude July 13.
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