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A 630 Billion Yuan Stimulus Package to Boost Guangzhou's Economy
Guangzhou in the next two years will invest big into large construction projects, with an estimated total investment of over 630 billion Yuan. The announcement was made by local authorities in an effort to boost the economy. Guangzhou will also launch a series of measures to support the development of small and medium-sized enterprises by providing financial subsidies amounting to nearly 700 million Yuan.
Guangzhou Auto Show Concludes
The China (Guangzhou) International Automobile Exhibition concluded today amid signs of the fair's growing popularity. More from our reporters Yu Sulin and Wang Jianping.
Although the high popularity we have seen during the fair doesn't translate into good sales, some exhibitors were satisfied with the results from the car show. Mr. He from a medium-class car distributor,
"We have reached our expectations and have received orders for up to 10 cars. Attending the auto show is not aimed at boosting car sales, but letting more consumers get more knowledge about our products."
Consumers are showing more of a "wait-and-see" attitude,
"We have to consider carefully whether it is affordable or not to buy. The overall costs to use a car are high."
China Construction Bank Guangzhou Branch Localizing the Changes in Housing Mortgage
In response to the announcement made by the China Construction Bank, saying it will lower its commercial mortgage rates to 70% of the benchmark level, while reducing down payments to 20%, its Guangdong branch said this morning, that it is studying the implementation rules to find out how they can fit into the local market. The localized version is expected to come out soon.
Sharp Decline in Temperatures Expected
Guangdong will experience a sharp decline in temperatures on Thursday(Nov 27th), as the intensity of the cold front increases. An average drop by 3 to 5 degrees is expected, and Guangdong Observatory predicts that most of the province will be sunny with overcast.
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