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What's news [China Daily: Hong Kong Edition](China Daily: Hong Kong Edition Via Acquire Media NewsEdge) Central bank cuts reserve requirement in rural areas The People's Bank of China on Tuesday announced a 2 percentage-point cut in the reserve requirement ratio of rural lenders to strengthen financial support for the agricultural sector. Analysts say the move doesn't reflect a looser monetary stance from Beijing. Many, though, expect monetary stimulus after 7.4 percent economic growth in the first quarter, the slowest since the April-through-June period of 2009. The PBOC said in a statement the move won't affect the overall liquidity level within the banking system and is in line with its current policy framework. China Mobile profit declines amid increase in expenses China Mobile Ltd, the world's largest telecom carrier by users, posted its third straight drop in quarterly profit. Expenses rose due to subsidies for Apple Inc's iPhone and network construction. Net income fell 9.4 percent to about 25.24 billion yuan ($4.1 billion) in the first quarter, the company said on Tuesday. CEO Li Yue is looking to a rapid shift to fourth-generation networks and the introduction of popular devices to stem a market share decline and to boost data sales. China looks to investors to bring capital to countryside China is targeting venture capital and private equity funds to boost financial support for rural areas as part of efforts to shore up the rural economy, a government document said on Tuesday. China will encourage the setting up of rural-focused VC and PE firms to provide more capital to projects in the countryside in an effort to nurture expansion and new product innovation, according to the statement on the government's website. Stocks have first gain in four days with financial rally China's benchmark stock index rose for the first time in four days as financial and phone companies rallied. Technology shares declined. The Shanghai Composite Index rose 0.3 percent to 2,072.83 at close. The ChiNext index plunged 2 percent, the most since March 28. The CSI 300 Index added 0.4 percent to 2,196.80 on Tuesday, while the Hang Seng China Enterprises Index declined 0.4 percent as trading resumed in Hong Kong after a two-day holiday. IN THE DRIVER'S SEAT A child sits in a toy car at the China Chenghai International Toys and Gifts Fair in Shantou, Guangdong province. More than 30,000 products were exhibited at the trade show, which ends on Wednesday. Photo provided to China Daily (China Daily 04/23/2014 page14) (c) 2014 China Daily Information Company. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company |