- China jumps to top global financial tier [Sydney Morning Herald]
Last Monday, despite bloodshed everywhere else and news that inflation had hit 5.6 per cent in China, the Shanghai Composite Index hit a new record high of 4840. It has risen nearly 500 per cent since July 2005, making every other big market look lifeless by comparison. The combined market capitalisation of Shanghai and its sister bourse in the southern city of Shenzhen has hit 21trillion yuan – six times higher than only 20 months ago.
- Shanghai’s first maglev museum opens [Xinhuanet]
Shanghai’s first Maglev Museum opened on Thursday, where visitors can explore the history and technology behind the magnetic levitation train and play interactive games.
- China battered by typhoon Sepat [Al-Jazeera]
Typhoon Sepat has swept along the southern coast of China, killing at least 14 people and forcing nearly one million to leave their homes for safer areas.
- Mines in China that trapped 181 workers being pumped of water [IHT]
Angry relatives protested and demanded answers Sunday as hopes slipped for 181 miners trapped underground more than 48 hours after a collapsed dike in eastern China flooded two coal mines.
- U.S. will be ‘underdogs’ at Beijing Olympics [MSNBC]
Three years ago in Athens, U.S. Olympic officials boldly set a goal of winning 100 medals and ended up leading all countries with 103. No one is making any such predictions for Beijing. Quite the opposite, in fact. Expectations are being lowered to the point where you get the idea team officials would be happy if the athletes just makes it to Beijing on time and find their rooms in the Olympic village.
- China set to become world’s second largest exporter this year [The Hindu]
China may overtake the United States to become the world’s second largest exporter in 2007 next only to Germany if its current growth speed continues in the field continues, said Vice Minister of commerce, Yu Guangzhou.
- Dutch chain recalls beds from China [Taipei Times]
Dutch company Beter Bed Holding has announced the recall after tests on a shipping container holding more than 700 mattresses found they contained poison, possibly as a result of being sprayed to kill insects in wooden packaging.
- Property tycoon Zhou Zhengyi hit with criminal charges [Shanghai Daily]
Shanghai prosecutors have charged former property tycoon Zhou Zhengyi with misappropriation of funds, bribery and forging value-added tax receipts, said a government source.
Photo from ChinaNews.com: Typhoon Sepat has left a trail of destruction in Taiwan and is currently pounding the southeastern coast of China.