Posts tagged ‘yuan’

28/02/2015

China to spend 26 billion yuan to register rights ahead of rural reforms | South China Morning Post

China will spend about 26 billion yuan (HK$33 billion) to help identify and register the contractual rights over the nation’s arable land to pave the way for rural reforms.

Uygur farmers prepare potato beds in Xinjiang province. Photo: Reuters

More than 200 million rural households around the nation will be interviewed to help prepare the accurate record of farming rights.

Calling the task a “massive systematic project”, the Ministry of Agriculture said on Friday that clarifying land tenure and issuing certificates to farmers would form the basis of a series of expected reforms which aimed to help free up the rural land market.

Nearly 200,000 villages around the country – or one third of the total – have begun with the task, by aerial photography or site measurement, said MOA officials in a press conference.

Zhao Kun, a deputy inspector of the ministry’s rural economic system department, said local governments had appropriated a total of 8 billion yuan to carry out the job.

The central government has promised to provide 10 yuan for each mu of arable land – the Chinese unit of land area, which measures 666 square metres – a total of 18 billion yuan according to official data that states the mainland had 1.82 billion mu of farmland up to the end of 2011.

The Land Administration Law states that the ownership of rural land belongs to village collectives, with farmers given contractual rights to the land they farm for 30 years.

The central authorities decided to increase the security of land tenure in 2008. A directive issued that year said that contractual land management rights for farmers should “remain unchanged for a very long time”.

However, unlike urban home owners, rural residents do not yet hold any certification to prove their legal rights to their homes and farmland.

This makes it hard for them to transfer the land, which is forbidden by existing regulations but now being reformed in order to encourage larger scale farming and improve utilization efficiency of rural land.

Zhang Hongyu, head of the rural economic system department, said when farmers were given contractual rights of farmland in the first round of rural reform a few of decades ago, there were only rough estimates made about the size of their land plots owing to limitations over measuring methods at the time.

“Any related document the farmers previously had – either a contract or some other sort of certificate – showed different figures from what we are now finding,” he said.

Zhao said the project was not only a technical issue of measurement.

“It also involves interviews with each of the more than 200 million rural households [around the nation], which are really important for farmers as they need to know how big their plots are and where they’re located,” he said.

via China to spend 26 billion yuan to register rights ahead of rural reforms | South China Morning Post.

19/12/2014

Beijing Zoo boss who put 8 million yuan fortune down to part-time taxi driving is jailed for life for corruption | South China Morning Post

The former deputy chief of China’s Beijing Zoo – who claimed his 8 million yuan (about HK$10 million) fortune was earned from part-time jobs, including working as a taxi driver – was sentenced to life imprisonment by a Beijing court this morning.

Xiao Shaoxiang was jailed for life today after being found guilty of corruption, including taking bribes and “possessing huge assets of unknown origin”. Photo: Xinhua

The Beijing Second Intermediate People’s Court found Xiao Shaoxiang guilty of corruption, including taking bribes and “possessing huge assets of unknown origin”.

All his personal property would be confiscated, the Beijing-based newspaper, Mirror, reported on its official mainland microblogging Weibo website.

Prosecutors said six million yuan in cash, paintings and gold bullion from unknown sources were found in Xiao’s apartment – a cache worth a total of 8 million yuan, the court said during his trial in August.

He was charged with accepting bribes totalling more than 140 million yuan.

Xiao, 59, had denied all the charges during the trial.

He had defended himself by claiming that he had earned the money from moonlighting as an unlicensed cab driver after work at the zoo from 1991 to 1994.

via Beijing Zoo boss who put 8 million yuan fortune down to part-time taxi driving is jailed for life for corruption | South China Morning Post.

25/02/2014

Stocks scale peaks, yuan drops most in three years | Reuters

World shares were at a 6-year high on Tuesday following a record peak on Wall Street, while moves by China to stamp out easy betting on the yuan triggered the currency’s biggest drop in over three years.

An office worker walks past the board of the Australian Securities Exchange building displaying its logo in central Sydney April 5, 2013. REUTERS-Daniel Munoz

The upbeat mood among equity investors in the United States as well as Europe helped steady markets in China after the sharp plunge in the yuan and talk of credit tightening had seen stocks in Beijing suffer their biggest drop since September. .SSEC.

Spot yuan has entered a dramatic weakening cycle in recent weeks, guided by a series of moves by the central bank, with the unwinding of yuan positions by banks and funds adding downward momentum.

China allows the yuan to move 1 percent above or below a midpoint set daily but traders believe the recent depreciation is intended to set the stage for a widening of that band to 2 percent or more this year to make it more free moving.

via Stocks scale peaks, yuan drops most in three years | Reuters.

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13/12/2013

Chinese filmmaker Zhang Yimou faces billion-yuan lawsuit over children | South China Morning Post

Top Chinese film director Zhang Yimou is facing a billion-yuan lawsuit after violating the country’s controversial one-child policy, state media reported on Friday.

china_zhang_yimou.jpg

Zhang’s case has brought renewed debate over what critics say is the selective enforcement of China’s late-1970s family-planning law, which restricts most couples to one child but is frequently flouted by the wealthy and well-connected.

Two lawyers filed a lawsuit Thursday in the eastern Chinese city of Wuxi, the hometown of Zhang’s wife, suing the director of Red Sorghum and Raise the Red Lantern for a total of one billion yuan (HK$1.26 billion).

“The rich have become increasingly audacious by violating the family planning policy just because they are rich enough to pay the fine … and they take an extra share of resources from society,” one of the lawyers, Jia Fangyi, said in a statement reported by state-run newspaper China Daily.

“It’s unfair to the poor and those who strictly follow the national policy,” he added

The two lawyers are claiming 500 million yuan in “compensation for public resources” and another 500 million yuan in punitive damages, the China Daily said.

Zhang, one of China’s best-known filmmakers and the director of the opening and closing ceremonies at the 2008 Beijing Olympics, had faced rumours for months that he had fathered as many as seven children with several different women.

Amid increasing pressure – including a Nanjing newspaper’s publication last month of a front-page “wanted” poster seeking information on his whereabouts – Zhang finally issued an apology on Sunday through his studio’s microblogging account.

He acknowledged that he has two sons and a daughter with his current wife, as well as another daughter with his ex-wife.

Chinese media reports have speculated that Zhang could face a penalty as high as 160 million yuan (over $25 million), but authorities have not released any figures.

via Chinese filmmaker Zhang Yimou faces billion-yuan lawsuit over children | South China Morning Post.

13/03/2012

* Japan to buy $10b Chinese govt bond

China Daily: “Japan got the permission from China to purchase 65 billion yuan (about $10.3 billion) worth of Chinese government bond, Japanese Finance Minister Jun Azumi said Tuesday.

It was the first time the Japanese government announced the specific figure of its permitted allotment of Chinese government bond.

Azumi told reporters that the size was “appropriate” in view of strengthening the economic ties between the two countries.”

via Japan to buy $10b Chinese govt bond|Economy|chinadaily.com.cn.

Another small but sure step towards establishing the Yuan as an international currency.

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