Govt shows milky way to troubled dairy firms
The central government unveiled on Wednesday a robust plan to clean up and revive the dairy industry, which was hit hard by the recent milk contamination scandal. The plan states that, by the end of the year, milk supply, processing and sales should return to normal. By the end of October next year, sound legislation and a standardized system for dairy products should be in place. By the end of October 2011, the entire dairy industry will have to be standardized. About 30 percent of cows will have to be raised in big farms of over 100 animals, and at least 70 percent of raw milk processed by a dairy company should come from its own farms, instead of from individual farmers.
Beijing not to restrict private car purchase
A senior official said on Wednesday that Beijing will not restrict the purchase of private cars, as was purposed by residents, to help ease traffic jams and stem pollution. Wang Haiping, deputy head of Beijing's Municipal Commission of Development and Reform said at a press conference that city authorities will not limit the number of license plates issued to reduce car purchases. Instead, city authorities will rely on boosting construction of their urban mass transit system and other forms to public transport to solve Beijing's traffic issues.
U.S. major indexes plunge to five year low on deep recession concerns Wall Street shares plunged to their lowest level in five-and-a-half years yesterday on deep economic recession concerns. It was the first time the Dow Jones closed below the 8,000 point level since March 2003. The S&P 500 and the NASDAQ broke through last week's intra-day lows, which were the lowest in over five years.
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