Ambitious Chinese Communist Party leadership contender Bo Xilai has been sacked from his post as head of the city of Chongqing in a dramatic move that exposes growing ideological divisions just as a new generation readies to take power.
Chinese Premier Wen Jibao made a strong pitch for political reforms in the Communist ruled country, warning that a failure to carry out structural corrections could unleash the upheaval of another Cultural Revolution.
India will keep a controversial ban on its cotton exports for now after ministers failed to agree its fate at the weekend, even after top buyer China had criticised the move, which boosted global prices.
Economic growth in Latin America should speed to 4.5% in 2013 thanks to monetary stimulus and steadier global conditions, raising the risk of policy complacency, the Institute of International Finance said on Thursday.
Premier Wen Jiabao said China would strengthen its military's capabilities to win “local wars under information-age conditions”, even as the government announced a steep 11.5% rise in domestic security spending to ensure stability ahead of a leadership transition.
China has announced it will increase defense spending by 11.2% in 2012, for the first time taking its annual military expenditure beyond 100 billion dollars as it puts in place plans to modernize its Army against the backdrop of an uncertain regional environment.
China expects economic growth of 7.5% this year as it looks for more sustainable expansion, prepares for a change in leadership and rides out a global slowdown. Premier Wen Jiabao unveiled the target at the start of the annual National People's Congress.
The World Bank has warned China’s government that it must relax its grip on industry and move towards a free-market economy.
China's exports fell in January the first decline in more than two years, raising fresh concerns about the impact of a global slowdown on its economy. Exports dipped 0.5% from a year earlier hurt by sluggish demand and factories being shut during the Lunar New Year.
The head of China’s 410 billion dollars sovereign wealth fund CIC brushed aside a call by German Chancellor Angela Merkel to buy European government debt, saying such investments were difficult for long-term investors.