China's Pension Funds Target Stock Market
The Chinese government is working on investing pension funds in its stock market and up to 30% of the funds, or ¥580 billion, are likely to be funneled into the stock market by the end of Q1 2012, the China Securities Journal reported.
China Loses WTO Export Appeal
The World Trade Organization has upheld a ruling against China's policies that had cut exports of raw materials, particularly rare earth elements used in the steel and chemical industries. China said it will abide by the WTO findings.
China's Growth to Slow to 8.4% in 2012
China's gross domestic product will grow 8.4% in 2012, down from 9.2% last year, predicted Zhu Haibin, JPMorgan Chase China chief economist.
Shanghai to Become Global Financial Hub
China will turn Shanghai into a global financial hub by the end of 2015, the National Development and Reform Commission said, revealing a concrete goal of more than doubling the trading volume of the city's financial markets. The amount, excluding foreign exchange transactions, will reach ¥1,000 trillion by 2015, up from ¥386.2 trillion in 2011.
$1 = ¥6.31
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