Film Mogul & Art Collector
Wang Zhongjun, Chairman of the Beijing-based Huayi Brothers Media Corp., reportedly buys Vincent Van Gogh's masterpiece Still Life, Vase With Daisies and Poppies at Sotheby's New York
Designer for APEC Leaders
Luo Zheng, a prominent fashion designer in China, has become a focus of the fashion world as one of the designers of outfits for APEC economic leaders, who held their annual meeting in Beijing in early November

"Efforts must be stepped up to advance market-oriented reforms, and a final push may even be needed to give impetus to them at an appropriate time."

Lu Feng, a Peking University professor in economics, stating Chinese President Xi Jinping's latest elaboration on the "new normal" theory has served to build consensus for bolder economic reforms

"The official will be held accountable even after he goes to other posts, retires, or quits his job."

Yuan Shuhong, deputy head of the Legislative Affairs Office of the State Council, noting that China is to set up a lifelong accountability system for officials in a recent interview with China Radio International

"The new arrangement will facilitate the introduction of yuan-denominated investment products by financial institutions in Hong Kong and enhance its position as an offshore yuan business center."

Norman Chan, Hong Kong Monetary Authority Chief Executive, commenting on the central bank's decision to abolish the daily 20,000 yuan ($3,260) conversion cap for Hong Kong residents

"Monetary policy in China is clearly geared toward the long term, and China has the benefit of large reserves and a growing economy, with a vigilant central bank. I think all the ingredients are there to address the potential market volatility."

Christine Lagarde, Managing Director of the International Monetary Fund, speaking in Beijing on November 12

Taking Root in Cities

Oriental Outlook

November 6

The household registration system, or hukou, is regarded as a vitally important element of a person's life in China. The system, which was formed during the era of the country's planned economy, has played an important role in controlling population migrations. However, as China's economy and society undergo ever more profound reforms, the negative impact of the system has become increasingly obvious. Although China has attempted to reform the system many times in the past 30 years, the speed and efficacy of such reforms have fallen short of the public's expectations.

Don't Play With Your Phone While Driving

Xinhua Daily Telegraph

November 3

As smartphones become widely used and social networking platforms such as Twitter-like micro-blogging service Weibo and instant messaging tool WeChat gain popular traction, many drivers have gotten into the habit of checking their Weibo or WeChat or even taking photos with their phones while driving.

In recent years, drivers who use their phones while driving have caused many traffic accidents. However, there are no laws governing behaviors such as driving while looking at one's micro-blog or WeChat.

New Drilling Ship China has completed its first domestically produced drilling ship, giving the country extra opportunity to tap into the deep-sea drilling sector (CHEN FEI)
Extended Visas Edmund Thomas Downie shows his visa to the press after becoming the first American citizen to be issued one of the new visas valid for entry within 10 years at the Visa Department of the Chinese Embassy to the United States in Washington D.C. (YIN BOGU)
IPR Court
A court specializing in intellectual property rights opens in Beijing in the latest effort to effectively handle IPR conflicts
Anti-Terrorism Efforts
China has launched a joint mechanism to improve intelligence gathering for anti-terrorism efforts
Phone Users
China's phone users numbered 1.53 billion at the end of September, including 1.27 billion mobile phone users
New Channel A construction vehicle works at a section of a tunnel of the Jiujiang-Jingdezhen-Quzhou railway in east China’s Jiangxi Province (FU JIANBIN)
Ready to Set Sail Ships float on the main course of Xiangjiang River around Orange Island Bridge in Changsha, capital of central China’s Hunan Province (LONG HONGTAO)
China's consumer price index, a main gauge of inflation, grew 1.6 percent year on year in October
Surging Exports
China's exports rose 11.6 percent year on year to hit $206.87 billion in October
Energy Agreement
China and Russia signed agreements to boost their energy cooperation, including a MOU to develop a second route to supply China with Russian natural gas
Income Tax Needs Further Reform
Source: Economic Information Daily
In 1994, the ratio of indirect tax in China was 75 percent, and two decades later, it now stands at roughly 60 percent. Currently the ratio of individual income tax is 6-7 percent, and is not likely to hit 15 percent in 2020. Ultimately, it is still a small tax.
    German Chancellor Angela Merkel and Mayor of Berlin Klaus Wowereit place roses in a preserved segment of the Berlin Wall during commemorations on November 9 to mark the 25th anniversary of the fall of the landmark barrier between West and East Germany (XINHUA/AFP)
    Pedestrians walk under a board listing foreign currency rates against the Russian ruble outside an exchange office in central Moscow on November 10 when Russia’s central bank announced to end the dollar/euro currency peg (XINHUA/AFP)
    Queensland police on November 12 patrol near the Brisbane Exhibition and Convention Center where the G20 Summit would be held on November 15-16 (XINHUA/AFP)
    Astronomers watch 3D footage of the comet the spacecraft Rosetta would soon land on during a viewing party on November 12 at the University of Maryland in College Park, Maryland. Rosetta successfully landed on the comet after sailing through space for more than 10 years (XINHUA/AFP)
    Men work to construct a 12-meter-high sandcastle that aims to be the highest of its kind in the world in Niterói on November 11 (XINHUA/AFP)
    A fisherman displays his catch at the port in Gaza City on November 10 after Israel allowed, for the first time since 2007, the transport of Gazan fish to the West Bank (XINHUA/AFP)
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