China agreed to end hundreds of millions of dollars of subsidies to wind power manufacturers following a complaint the US filed at the World Trade Organization, the US Trade Representative's Office said. China's Special Fund for Wind Power Manufacturing illegally required aid recipients to use Chinese-made parts, the US said in a case filed in December at the WTO after getting a complaint from the United Steelworkers union. Individual grants were as much as $22.5 million.
China's red-hot real estate market is strongly bolstered by the booming economy and will not collapse, said Portman Holdings, adding that it plans to do business in Beijing, Shanghai, Xian, Wuhan and Nanjing. On the other hand, the US property developer warned of possible bubble in the hospitality market.
$1 = ¥6.48