So True
Chinas officials forced to sell luxury cars
Cash-strapped local governments in China have begun auctioning off fleets of officials luxury cars as part of efforts to bolster revenues hit by the countrys slowdown.
Wenzhou, a south-eastern coastal city hit hard by the cooling economy, sold 215 cars at the weekend, fetching Rmb10.6m ($1.7m). It plans to sell 1,300 vehicles 80 per cent of the municipal fleet by the end of the year.
Government revenues from tax and land sales in Wenzhou have been declining after years of heady growth. With the citys risk-taking businesses struggling to pay back debts, the burden has fallen on the local government to turn things around. State media noted the auctions would directly boost the citys coffers.
Wenzhou is not alone. Across the country, from Kunming in the south to Datong in the north, officials have been tightening their belts, paring back on banquets, curtailing travel and trimming the fleets of tinted-window luxury cars that have long been standard issue even in the middle ranks of government.
It is a sign of the difficulties facing city finances, said Tao Ran, a local government expert at Peoples University in Beijing.
China factory data add to economy fears
Chinas manufacturing sector has slowed further in June and a decline in new orders shows that the weakness is likely to drag on, according to a survey released on Thursday.
HSBC said its Chinese purchasing managers index was on track to fall to 48.1 in June from 48.4 in May, which would mark a seven-month low. In dipping further below the 50 threshold, the flash figure, which is the earliest piece of monthly economic data for China, indicates a steepening contraction of factory activity.
China factory data add to economy fears - FT.com
How come Mods are allowing posts like above????
I can get the same Indian nonsense from BR. When a Pakistani site starts sounding exactly like an Indian Nationalist defence forum, something is amiss.
did you bother to read the post which was above mine, he goes on with the same on each and every thread - besides being racist, talking of nuking India, talking of poverty.