Shanghai Daily news

Shanghai shares dipped yesterday after an official research report indicated the central government should increase interest rates to curb the country's overheated economy.
The Shanghai Composite Index, which covers both yuan-denominated A shares and hard-currency B shares, shed 0.69 percent to 1413.15.
The A-share Index slipped 0.68 percent to 1482.33, while the B-share Index lost 1.17 percent to 93.62.
"The interest rate hike issue has concerned investors in the market for a long time and any related information may trigger a selling sentiment," said Zhang Qi, a Haitong Securities Co analyst.
The Chinese Academy of Social Sciences, a government research agency, said in a report the central government should raise interest rates on both deposits and loans on concerns the country's economic growth rate would hit 9.4 percent for the year, which would be the fastest growth in eight years.
But it did not recommend how much the rates should be raised by.
The report also pointed out it was not effective for the government to introduce lending curbs to cool investment in industries including steel, autos, cement and real estate.
Baoshan Iron and Steel Co, the listed arm of the world's sixth-largest steelmaker, lost 1.85 percent to close at 6.38 yuan (76 US cents).
China United Telecommunications Corp, the listed unit of the country's second largest mobile phone carrier, dropped 2.42 percent to end at 3.22 yuan.
China Petroleum and Chemical Corp, the country's largest oil refiner, closed at 4.55 yuan, down 2.57 percent.