The Chinese Lunar New Year brought good business not just for domestic retailers, but for overseas sellers as well. Some 1,200 Chinese tourists celebrated the lunar New Year in New York between Feb 14 and 20, spending an estimated $6 million in the U.S., said Zheng Wenqing, a public relations manager for New York Tourism Board`s China office.
Domestically, China strengthened its banking regulations. The country`s banking regulator has issued two regulations that aim to tighten banks’ lending and risk management controls. The regulations took effect on February 12 and aim to achieve systematic management of credit risk. Borrowers will not be able to obtain loans without declaration of a specific use and they have to meet bank representatives in person to avoid false claims.
A serious domestic issue plaguing China is severe drought conditions. The drought, mainly in the southwestern provinces, including Yunnan and Guizhou, has damaged a total of 53.36 million Mu (about 3.56 million hectares) of crops. About 5.97 million people and 3.59 million livestock are suffering from water shortage. The drought is starting to affect China’s northern region as well.
On the social front, the country`s infertility rate is on the rise. According to a series of regional surveys, infertility levels in the nation have risen sharply from 3% in the early 1980s to 10% in 2010. Interestingly, the World Health Organization ranked infertility and sterility as the third most serious disease worldwide in the 21st century. Read more about China`s economy, politics and other current events in the Daily Updates section of our website.
In our most recent article "China`s Elderly Masses" we talk about China`s aging population. Citizens are getting older, and with decades of managed population growth, the family support system is weak. We look into what is being done to provide security for hundreds of millions of elderly. Find out about this and other news at our website.
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