The following piece comes from Global Post, which provides excellent coverage of world news - important, moving and odd.
China's top auditor said Monday that the debts of local governments at provincial, city and county levels exceeded 10 trillion yuan ($1.54 trillion) by the end of 2010.
The Chinese premier, Wen Jiabao, has thrown the eurozone a vital lifeline and pledged to buy billions of euros of European debt to keep the single currency project alive.
China, already the world's second-largest luxury goods market, will soon slash import duties on opulent items to encourage wealthy local shoppers to buy more pricey cosmetics, watches and liquor, Chinese media said on Monday.
Ironically, when I was young we were told by our political teacher that the evil capitalism made the farmer dump the milk into ditches. and Now, in our great socialism, we fortunately see the same scene!
The price of solar power in China is expected to drop by 20 percent in the next five years as the country prepares to start large-scale application of the green energy source after 2015, a senior official from the National Energy Administration (NEA) said.