Changan Automobiles, China's fourth largest car maker, opens a research and development center at the Science Park n university Boulevard on Monday.

The center will create over 200 jobs by the end of the 2013, attracting talents from local universities and other scientific institutions, as well as local car companies.

It already has two overseas research centers in Italy and Japan.

The Shanghai Composite Index fell to 2,427.05 yesterday, down 4.27% on the previous day's level, reaching the lowest level in the past 14 months since April 9 last year. ChiNext also went down to 913.31 yesterday, down 7.54% compared with that of the previous day. Data monitored by P5w Net shows that funds worth more than 20 billion yuan have flowed out of the A-share market.

Government officials who use public funds to pay for sightseeing trips abroad will be either dismissed from their positions in the Communist Party of China (CPC), placed on probation within the party, or possibly stripped of CPC membership, according to a notice released by the Commission for Discipline inspection of the Central Committee of the CPC.

High-level executives of state-owned monopolies will have their gross salaries restricted as China is determined to reform its income distribution system, according to the Ministry of Human Resources and Social Security. Currently, the salaries of high-level executives is more than 100 times the average wage, giving rise to anger among citizens.

IMF chief said he is considering to put the Chinese yuan into the basket of currencies that make up the Fund's SDR.

The International Monetary Fund chief Dominique Strauss-Kahn said on Tuesday he is considering to put the Chinese yuan into the basket of currencies that make up the Fund's Special Drawing Rights (SDR).

China's summer grain output has slightly declined, ending six years' consecutive bumper harvest.

China's summer grain output has slightly declined, ending six years' consecutive bumper harvest, Caijing learned from the Ministry of Agriculture.

The summer grain output stands at 123 million tons, slightly down from 123.35 million tons of the same period of last year, the ministry said.

"Uncertainty about the future of the regulatory environment undermines positive market growth outlook among European companies."

Concerns about the worsening regulatory environment for foreign firms may undermine positive expectations for market growth among European countries, said the European Union Chamber of Commerce's business confidence survey in China for 2010.

Over the past thirty days, the Baltic Dry Index (BDI) has shed over 40% of its value, and has many now questioning if the move in this leading indicator is a forewarning of what is to come in the global economy. To answer this, one has to look at what has been driving the index lower during the month, and take it in context of broader cyclical moves and the relatively high levels of volatility and speculation.

http://www.eeo.com.cn/ens/Today_Media/review_print/2010/06/28/174014.shtml

The People's Bank of China, China's central bank, said on Tuesday it will issue 55 billion yuan ($8 billion) of 1-year bank bills, more than 10-fold increase compared with 5 billion bills in last week.

The increase, said analysts, signaled the central bank's confidence on the market funds. The bank's move to tighten liquidity is in analysts' expectation, as the country's third-largest lender AgBank successfully launched the world's largest IPO.