Now we take a quick look at some other business news around China.

Chinese Premier Wen Jiabao reiterated on Sunday that China will stick to a stable yuan.

During a press conference after the closing of the annual National People's Congress session, Premier Wen says China will further improve the yuan exchange rate formation mechanism and keep the yuan exchange rates basically stable at a reasonable and balanced level.

He opposes any foreign pressure on yuan appreciation, adding, a stable yuan has played an important role in facilitating the recovery of the global economy from the worst financial crisis in decades.
 
Premier Wen says since China began its currency reform to unpeg the yuan against the U.S. dollar in July 2005, the yuan has appreciated 21 percent against the U.S. dollar, or 16 percent in real terms.

He emphasizes that China did not depreciate the RMB from July 2008 to February 2009 when the global economy was in extreme trouble, but it appreciated in real terms by 14.5 percent. During this period, China's exports fell by 16 percent but imports only dropped 11 percent. Its trade surplus of the period also decreased 102 billion U.S. dollars.

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China's fiscal revenue was up nearly 33% in the first two months of the year.

A statement posted on the Ministry of Finance website on Sunday said, fiscal revenue for January and February combined reached more than 1.36 trillion yuan, or about 200 billion dollars.

The Ministry of Finance says, rising tax revenue following continued economic recovery and a low comparison base in the first two months last year, when revenue was down 11.4 percent due to the financial crisis, contributed to the revenue increase.  

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China's consumer price index or CPI, a main gauge of inflation, rose 2.7 percent year on year in February.

The figure is also 1.2 percentage points higher than in January, driven by a 6.2 percent rise in food prices. This is the fourth consecutive month that has seen a CPI surge since November.

Spokesperson for the National Bureau of Statistics, Sheng Laiyun dismissed worries of overheating in the economy, saying the figure is still within normal range, and that the CPI rise is mainly due to seasonal factors.

China targets a rise of consumer price of around three percent this year, according to a government work report delivered by Premier Wen Jiabao during the recently concluded National People's Congress.

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China's Ministry of Information and Technology issued a guideline on Sunday, urging the nation's auto producers to establish a quality accountability mechanism to improve quality management.

The guideline warned auto production enterprises against blind expansion, urging them to focus more on technology upgrades and improve product quality.

Auto producers were also asked to strengthen after-sale service, setting up an accountability mechanism to timely recall and deal with any faulty products.

Data from the China Association of Automobile Manufacturers showed that new auto sales rose 46 percent year on year to 13.6 million units in 2009 in China, helping the country overtake the United States as the world's largest auto market.