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China's economy grew by 9.6 percent, 0.6 percentage points more than earlier estimates, in 2008, the National Bureau of Statistics (NBS) said on Friday after discovering that the service sector had played a greater role than thought earlier.

Chen Deming, minister of commerce, warned yesterday that China's export situation will continue to be "grim" next year despite the improving economic conditions of its trade partners.

Residential land prices hit a new high yesterday after heavyweight property developers wrangled over a 114,517-sq m piece of real estate in Shanghai.

The Law Committee of the NPC has proposed modifying the current pension system so that retirees who have not fulfilled contribution requirements will still be eligible for a pension if they continue to contribute after retirement.

The Shanghai index shows a powerhouse economy. Looking at the weekly chart of the Shanghai index, this is the only global market, which showed a true, and powerful 'V' shaped recovery in 2009.