Yang Shibo, a 50-year-old farmer in China’s Shandong Province, bought a refrigerator to keep vermin away from his family’s meat and vegetables. The government eased his purchase by knocking 13 percent off the price.
China is allowing the yuan to lead Asian currency gains this week as it struggles to contain the fastest inflation in two years and faces calls for more balanced global trade at a Group of 20 nations’ summit.
Chinese stocks rose to a six-week high on speculation the central bank may ease monetary policy to bolster the economy as Europe’s debt crisis and slumping manufacturing in China and the U.S. threaten global growth.
Chinese stocks rose today, capping the biggest gain among major Asian indexes this week, as Greece signaled it won’t hold a referendum on a bailout package and on speculation China will take more measures to boost growth.
China will expand a trial tax program to 10 more provinces and cities after seven months of testing in Shanghai, in a move that may reduce payments for non- industrial companies and help support the economy.
China’s inflation is showing signs of easing further, giving Premier Wen Jiabao more room to loosen fiscal and monetary policies as the economy cools and Europe’s sovereign-debt crisis threatens exports.