SHANGHAI: Chinese stocks jumped on Monday after Beijing unleashed an unprecedented series of support measures over the weekend to stave off the prospect of a full-blown crash that was threatening to destabilise the world's second-biggest economy. In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company, which in turn would be aided by a direct line of liquidity from the central bank.
The website of the People's Daily, the ruling Communist Party's mouthpiece newspaper, is turning to capitalists to help it compete with rivals. It's planning a stock-market listing that could raise about $83.5 million.
China has launched a renewed crackdown on golf, closing 111 courses in an effort to conserve water and land, and telling members of the ruling Communist Party to stay off the links.
The state-run Xinhua News Agency said Sunday the courses were closed for improperly using groundwater, arable land or protected land within nature reserves. It said authorities have imposed restrictions on 65 more courses.
BEIJING (Reuters) - China's ruling Communist Party announced on Sunday the removal of the military chief of restive Xinjiang from the region's governing council, following a car crash in Beijing's Tiananmen Square blamed on Islamist militants from Xinjiang.