Controversies regarding this question are triggered again after the Ministry of Finance Wednesday issued glamorous statistics showing that China's fiscal revenue for the first seven months surged 25.7percent to five trillion yuan.

By Caijing reporter Zheng Meng

»China’s fiscal revenue rose 25.7 percent, or 1.05 trillion yuan year-on-year to 5.11 trillion yuan ($750billion) in the January ~ July period, the Ministry of Finance said Wednesday.

»In July alone, the fiscal revenue was 778.32 billion yuan, marking an increase of 16.2 percent from a year ago, said the ministry in a statement.

»China’s consumer price index, a main gauge of inflation, rose 3.3 percent in July from a year earlier, official data showed Wednesday.

»The figure was 0.4 percentage points higher than the 2.9 percent annual growth registered in June and 0.3 percentage points higher than the 3 percent target set by Chinese government, the National Bureau of Statistics (NBS) announced on its website.

» The U.S. Federal Reserve on Tuesday decided to keep its key interest rates at historical low of 0-0.25 percent, the level it has been since the end 2008, and said it will buy bonds issued by the U.S. government to stimulate economic recovery, Xinhua reported.

»The central parity rate of the yuan, China’s currency Renminbi, advanced to a record high 6.7685 against U.S. dollar on Monday, up 45 basis points from the previous trading day, Xinhuanet reported.

»The U.S. dollar continues to dip as investors are worried about the outlook of U.S. economy after the government released non-farm employment data last week.

»China Everbright Bank said Sunday it had set the issue price of its Shanghai initial public offering at 2.85-3.10 yuan per share and expected to raise up to 21.7 billion ($3.21 billion) including the overallotment option.

»The indicative price range is lower compared with the widely expected 2.95 yuan per share.

»Japan’s foreign-exchange reserves totaled $1.06 trillion at the end of July, up $13.27 billion from June, the Ministry of Finance said Friday.

»It is the second straight month of growth in foreign exchange reserves.

»Bond assets rose as U.S. treasury interest rates fell and their prices rose. Euro-denominated assets also increased in value in dollar terms.

»Proceeds from the global initial public offerings in July hit a highest record since November 2007 before the financial crisis, according to Thomson Reuters data.

»The $30.4 billion raised on a global basis via IPOs have exceeded the amount raised by follow-on issues for the month for the first time since 2009.

China's export will slow in the second half of the year from a strong rebound in the first, the government said Tuesday.

Yao Jian, spokesman for the Ministry of Commerce told a regular conference that situation in the second half will be "quite complicated" and the foreign trade outlook is "no cause for optimism."

"In the second half, export growth will fall due to a high base effect and uncertainties in foreign demand," he said.

China's industrial output growth will exceed the targeted 11 percent all through the year, despite a possible slowdown in the second half.

China's industrial output growth will exceed the targeted 11 percent all through the year, despite a possible slowdown in the second half, said spokesman Zhu Hongren for the Ministry of Industry and Information Technology (MITT) Tuesday.