China's National Bureau of Statistics reported last week that the economy rebounded in September. While the third quarter's growth was slower (7.4 percent year-on-year) than the second quarter's 7.6 percent, growth picked up quarter-to-quarter. Data on industrial production and fixed asset investments suggested that China's economy, along with inflation and export growth, was bottoming out.
"Housing for people" is an ancient Chinese utopia. In modern times, this idea has become the "right to housing". However, it does not mean that everyone should become a homeowner. Rather it means granting people access to decent housing as a basic right.
The mass transit railway system in the Hong Kong Special Administrative Region is possibly unique, in that it's profitable. While those in other countries are largely subsidized by government funds, Hong Kong's MTR Corporation runs a significant surplus that is driven not by passengers or advertising, but instead by the fact that since it was established in the 1970s, the MTRC has also been a real estate developer.
Wednesday's State Council meeting chaired by Premier Wen Jiabao was confirmation of recent reports that China is to press ahead with its long-awaited income distribution reform. While laying out near-term economic work plans, the State Council meeting has transmitted the message that "an overall program on income distribution reform is set to be drafted in the fourth quarter".
In February last year the Chinese telecommunications equipment maker Huawei wrote an open letter to the US government that complained of being unfairly excluded from the US market, and asked for a formal investigation into its business activities in the US. In response, in November the US government body responsible for overseeing national security and intelligence, the House Intelligence Committee, began investigating the suitability of Huawei and another big Chinese telecoms supplier, ZTE, as suppliers to national communications networks in the US. On Oct 8 the committee published a report on the US national security issues posed by Chinese telecommunication companies Huawei and ZTE.