The credit rating of 10 mainland commercial banks have increased from last year. Seven banks were rated AAA this year as compared to only five last year. China Merchants Bank went from AA+ to AAA and China CITIC Bank Corp Ltd upgraded from AA to AAA. The increase in banks' ratings were due partly by higher risk resistance and profitability.

In an effort to maintain steady economic growth, the government aims to steer investment into five key areas including agriculture, energy saving and emissions reduction, economic restructuring, independent innovation, and social undertakings. Furthermore, high-energy consuming sectors will be regulated in how much they can expand. The government will focus on these five areas to help competitive enterprises out of difficulty.

Economists from the Ministry Finance and National Development and Reform Commission questioned JPMorgan's report on China's economic stimulus package. JPMorgan reported that China's stimulus package would be worth somewhere between $33 billion and $67 billion. Economists speculate that these estimates are too high.

According to analysts, investors warmly received a statement made by the China Insurance Regulatory Commission, which said several hours after the market close on Tuesday that it would always firmly support the development of the country's share market.

Purchasing larger cars in China after September 1, will cost more due to the 40% raise in vehicle excise tax. China's Ministry of Finance (MOF) and State Administration of Taxation (SAOT) announced this new ruling via a notice posted on their websites. Due to China's rapid economic growth, it has lead to an expanded middle class increasing the number of private car ownership to 20% on a yearly average. This ruling follows a similar trend in the past several years of highly-polluting factories being shut-down, companies adopting more energy-saving technologies, and public buildings being required to adopt energy saving practices.

According to a report by the National Bureau of Statistics, China's consumer price index rose 6.3% in the month of July. Food prices grew significantly with meat and cooking oil increasing the most. The 6.3% of growth is somewhat lower than July's growth of 7.1%

The State Information Center projects China's economic growth to be 10.2%. in the third quarter. According to the report, consumption will continue to drive the economy. The consumer price index is expected to rise 6.6% in the third quarter.

Supply of housing in Beijing far exceeded demand, thus lowering the price of accommodations. Most people expected that the Olympic Games would increase accommodation prices, but some rentals of flats decreased almost 75%. The price of hotel rooms in Beijing also decreased.

The China Securities Regulatory Commission reported that from January to June of this year, 21 listed companies raised 74.5 billion yuan through bond issuance, six times as much as the same period last year. The increased number of companies turning to bonds is due mostly to the condition of the stock market during the fist half of the year. Funds raised through initial public offering stood at 94 billion yuan, which is 30% less than last year.

In order to promote fair competition, China has implemented its first anti-monopoly law. The law was proposed 14 years ago, but it wasn't until last year that the Standing Committee of the National People's congress officially approved it. Chinese experts feel that the law still needs a good deal of tweaking to make it more efficient.