China In 3 Minutes
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June 3: China services industry growth picks up; policeman critical after shootout with kidnapping suspects

PUBLISHED : Wednesday, 03 June, 2015, 10:38am
UPDATED : Wednesday, 03 June, 2015, 11:52am

Politics and policies

China's Panchen Lama pledges patriotism ahead of the 80th birthday of Dalai Lama, Tibet's spiritual leader in exile. (Reuters)
 

The presidential candidate from Taiwan's pro-independence opposition party, Tsai Ing-wen, has called for a more sustainable and consistent relationship with China as she seeks U.S. government and business leaders’ support. (Reuters)

Diplomacy and defence

Foreign minister Wang Yi will attend a meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organization (SCO) in Russia and will pay official visits to Hungary and the UK from June 3 to 10. (Foreign Ministry)
 

Senior military officials from China and Pakistan met on Tuesday in Beijing, pledging to strengthen cooperation in areas such as training, military equipment and anti-terrorism. (Xinhua)
 

Economy

The HSBC Purchasing Managers’ Index (PMI) of China’s services sector accelerated to 53.5 in May from 52.9 in April, with new business rising at the fastest pace in three years. (Reuters)


The central bank has allowed financial institutions to issue certificates of deposit entitling the holder to receive interest at a higher rate than ordinary deposits, giving banks more freedom over pricing interest rates. Individual investors will need at least 300,000 yuan (about 48,860 U.S. dollars) to participate, and institutional investors at least 10 million yuan. (Xinhua)

A bilateral free trade agreement between China and South Korea covering 17 sectors, including e-commerce and government procurement, will remove tariffs on 90 per cent of all products traded between the two countries. (CCTV)
 

China’s economic growth, already at its slowest in decades, will get worse before it gets better, with economists saying it will take time before liberalising reforms turn net positive. (Reuters)
 


Wanda Cinema Line, a unit of China’s leading property developer Dalian Wanda Group, said it would buy Australian cinema chain Hoyts Group in a move that underscores its parent’s ambitions to become a global entertainment company. (Reuters)

China’s Jiangsu Hongda New Material Co Ltd will acquire Chinese display advertising company Focus Media for 45.7 billion yuan ($7.37 billion) via an asset swap, cash and share issue deal, paving the way for Focus Media’s backdoor listing in China. (Reuters)
 

Abu Dhabi Investment Authority said it has been given approval to invest US$1.5 billion in China's A-share market. (thepaper.cn)
 

Society


The condition of China's first patient with Middle East respiratory syndrome has stabilised, according to health authorities. Sixty-nine people who have had close contact with the patient have been quarantined but none has shown Mers symptoms. (Yicai.com)  

A police officer is in a critical condition after being shot in the head during a gunfight with two kidnapping suspects in Qiqihar, in northeastern Heilongjiang province. Police killed one suspect and have arrested the other. (Beijing Times)