Expert: China's Interest Cuts An Effort to Tackle the World Financial Crisis

The U.S. Federal Reserve, together with other major central banks from around the world, slashed interest rates yesterday(Oct 8th). China's central bank took similar actions, with the announcement of cuts in both interest rates and in the reserve-requirement ratio, starting from today. Renowned economist Yi Xianrong considered that interest cuts in China is a responsible move to cope with the current world financial crisis. More from our reporter Zhang Bin.

 "China is fully integrated into the world¡¯s economy. The simultaneous interest-cuts with other counterparts across the world is China¡¯s duty in order to stabilize the market."

Yi also said that, although China's monetary policy is changing to tackle the worsening global financial crisis, it will not affect the domestic economy and is unlikely to boost the stock market or the real estate immediately.

Hotel Prices During Canton Fair Plunge By Half

Guangzhou's hotel prices will experience a drop in the upcoming Canton Fair compared to last year. Prices around the Liuhua Complex tumble as the Canton Fair is entirely moved to the Pazhou complex. Deluxe single rooms are going for approximately 1,500 Yuan at the five star Dongfang Hotel which is nearly 50% less than last year. The fair being three phases this year also contributes to the drop.

Guangzhou New Transportation Card to Offer More Discounts

Guangzhou's new transportation card will be issued on Oct. 15th. From next month onwards, card users can enjoy discount fares on buses and on the metro as they purchase the new monthly package.