China to tweak export tax rates soon

According to the Ministry of Finance and effective from July 1, China will remove or reduce export taxes on products ¨C ranging from grain and rice to metals and other materials. Export taxes on some steel and tungsten products will drop from 10 to 5%, and export taxes on wheat, rice, soybean and sulfuric acid will be scrapped.

PaZhou Complex

Credit card debt up in China in first quarter: central bank

According to the central bank, the number of Chinese citizens will credit card debt at least six months overdue rose 133% year on year to reach 4.97 billion yuan in the first quarter. Debt overdue by six months or more accounted for 3% of the total credit card debt at the end of March. The central bank warned of the potential risks of the increasing overdue credit card debt as financial institutions expanded their credit card business.

Due to the global economic downturn, lots of exhibitions have been postponed or even canceled, however, 31 exhibitions were held in the Pazhou Complex in the first half of this year, that's 30% more than last year. Over 1.2 million square meter of exhibition space have been sold, up 21% compared to last year. And this good trend doesn't show signs of weakening. Starting today, the 10th China Guangzhou International Metal & Metallurgy exhibition and the 4th China International Metal Industry Trade fair opened at Pazhou.

China's SOEs see revenue down 7.4% in 1st five months

And finally according to the ministry of finance, between January and May, the revenue of China's state-owned enterprises (SOEs) dropped 7.4% compare to last year. Business revenue stood at 7.76 trillion yuan in the first five months, with profits at 425 billion yuan, down 30.3% year on year.