Top 10 economic events that made news in 2014

%3CP%20align%3Dleft%3E%3CFONT%20face%3DVerdana%3EDuring%20a%20year%20that%20will%20see%20China%20record%20its%20slowest%20growth%20rate%20since%201990%2C%20the%20government%20has%20still%20been%20working%20flat-out%20to%20maintain%20what%20it%20considers%20a%20healthy%20level%20of%20growth%20while%20at%20the%20same%20time%20pushing%20ahead%20with%20economic%20reforms%20set%20out%20at%20the%20Third%20Plenary%20Session%20of%20the%2018th%20CPC%20Central%20Committee%20in%20November%20last%20year.%20The%20emphasis%20in%202014%20has%20been%20very%20much%20on%20restructuring%20and%20transitioning%2C%20to%20an%20economy%20that%20enjoys%20more%20sustainable%20growth.%20China%20Daily%20has%20picked%20out%20what%20we%20think%20to%20be%20the%20top%2010%20business%20and%20economic%20moments%2C%20of%20what%20turned%20out%20to%20be%20an%20eventful%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E1.%20Restructuring%20shifts%20growth%20to%20a%20%27new%20normal%27%3CBR%3E%3C/STRONG%3EThis%20year%27s%20economic%20slowdown%2C%20likely%20to%20result%20in%20China%20missing%20its%20GDP%20growth%20target%20of%207.5%20percent%2C%20has%20seen%20the%20government%20refrain%20from%20the%20large%20stimulus%20measures%20of%20the%20past%20in%20favor%20of%20smaller%20moves%20to%20support%20growth.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMuch%20of%20this%20was%20decided%20in%20March%20at%20the%20meeting%20of%20the%20National%20People%27s%20Congress%20and%20Chinese%20People%27s%20Political%20Consultative%20Conference.%20The%20leadership%20made%20its%20commitment%20to%20focus%20on%20quality%20growth%20and%20restructuring%20of%20the%20economy%20rather%20than%20the%20straight%20pursuit%20of%20GDP%20growth.%20This%20decision%20paved%20the%20way%20for%20the%20economy%20to%20start%20its%20transition%20to%20a%20new%20era%20of%20slower%2C%20more%20sustainable%20growth%20driven%20by%20consumption%2C%20which%20has%20become%20known%20as%20%22the%20new%20normal.%22%3C/FONT%3E%3C/P%3E%0D%0A%3CP%20align%3Dcenter%3E%3CIMG%20border%3D0%20src%3D%22/new_maoyi_en/cn/admin/news/NewsFile/-1/2014123010013607.jpg%22%20width%3D500%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E2.%20China%2C%20Russia%20sign%2030-year%20natural%20gas%20deal%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20the%20presence%20of%20Presidents%20Xi%20Jinping%20and%20Vladimir%20Putin%2C%20China%20National%20Petroleum%20Corp%20and%20Russia%27s%20top%20gas%20exporter%20Gazprom%20OAO%20completed%20an%20historic%2030-year%20natural%20gas%20contract%20on%20May%2021.%20The%20deal%2C%20which%20had%20been%20in%20the%20works%20for%20around%20two%20decades%2C%20was%20finally%20sealed%20with%20a%20value%20of%20%24400%20billion%2C%20securing%20the%20world%27s%20largest%20energy%20user%20with%20a%20stable%20source%20of%20cleaner%20fuel.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20contract%20means%20Russia%20will%20export%2038%20billion%20cubic%20meters%20of%20natural%20gas%20to%20China%20every%20year%2C%20starting%20in%202018%2C%20for%2030%20years.%20The%20gas%20will%20be%20pumped%20via%20a%20new%20eastern%20pipeline%20to%20be%20jointly%20built%20by%20CNPC%20and%20Gazprom%20as%20per%20the%20agreement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%20align%3Dcenter%3E%3CFONT%20face%3DVerdana%3E%3CIMG%20border%3D0%20src%3D%22/new_maoyi_en/cn/admin/news/NewsFile/-1/2014123010844933.jpg%22%20width%3D500%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E3.%20Anti-trust%20investigations%20result%20in%20auto%20price%20reduction%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThis%20year%20saw%20a%20deluge%20of%20anti-monopoly%20investigations%20involving%20companies%20as%20diverse%20as%20auto%20parts%20makers%20and%20contact%20lens%20producers%2C%20tech%20firms%20and%20pharmaceutical%20manufacturers%2C%20as%20China%27s%20regulators%20became%20more%20stringent%20in%20their%20enforcing%20of%20the%20nation%27s%20six-year-old%20anti-monopoly%20law.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EOn%20Aug%2020%2C%20the%20National%20Development%20and%20Reform%20Commission%2C%20the%20top%20economic%20planner%20and%20price%20regulator%2C%20doled%20out%20China%27s%20largest%20ever%20fine%20of%201.235%20billion%20yuan%20%28%24201%20million%29%20to%2012%20Japanese%20auto%20parts%20and%20bearing%20suppliers%20for%20monopolistic%20conduct%20related%20to%20pricing.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMultinational%20carmakers%20were%20also%20investigated%2C%20including%20a%20fine%20of%20248.5%20million%20yuan%20%28%2440.5%20million%29%20for%20the%20joint-venture%20between%20Volkswagen%20Group%20and%20State-owned%20FAW%20Group%20that%20makes%20Audis%20in%20the%20country.%20The%20investigations%20resulted%20in%20reductions%20in%20prices%20of%20vehicles%2C%20spare%20parts%20and%20services.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%20align%3Dcenter%3E%3CFONT%20face%3DVerdana%3E%3CIMG%20border%3D0%20src%3D%22/new_maoyi_en/cn/admin/news/NewsFile/-1/2014123010925969.jpg%22%20width%3D500%3E%3C/FONT%3E%3C/P%3E%3CFONT%20face%3DVerdana%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E4.%20Alibaba%20float%20becomes%20the%20largest%20IPO%20in%20history%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EE-commerce%20giant%20Alibaba%20Group%20Holding%20Ltd%20made%20its%20public%20debut%20on%20the%20New%20York%20Stock%20Exchange%20on%20Sept%2019.%20The%20company%20raised%20a%20record%20%2421.8%20billion%20in%20its%20initial%20public%20offering%2C%20which%20valued%20it%20at%20%24231.4%20billion%2C%20larger%20than%20Amazon.com%20Inc%20and%20eBay%20Inc%20combined.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAlibaba%27s%20shares%20closed%20up%2038%20percent%20on%20the%20first%20day%20of%20trading.%20Its%20IPO%20now%20ranks%20as%20the%20world%27s%20largest%20at%20%2425%20billion%2C%20after%20some%20shareholders%20exercised%20an%20option%20to%20boost%20the%20deal.%20The%20previous%20IPO%20record%20was%20set%20in%202010%2C%20by%20Agricultural%20Bank%20of%20China%20Ltd.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E5.%20Lenovo%20snaps%20up%20IBM%27s%20server%20business%2C%20Motorola%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ELenovo%20Group%20Ltd%2C%20the%20Chinese%20personal-computer%20manufacturer%2C%20completed%20its%20%242.1%20billion%20acquisition%20of%20International%20Business%20Machines%20Corp%27s%20low-end%20server%20business%20on%20Sept%2029%2C%20making%20it%20the%20third-largest%20server%20vendor%20behind%20Hewlett-Packard%20Co%20and%20Dell%20Inc.%20It%20already%20owns%20IBM%27s%20PC%20business%2C%20which%20it%20bought%20in%202005.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20October%2C%20Lenovo%20acquired%20Motorola%20Mobility%20for%20%242.91%20billion%20from%20Google%20Inc%2C%20a%20deal%20which%20elevated%20Lenovo%20to%20the%20world%27s%20third-largest%20smartphone%20producer%20after%20Apple%20Inc%20and%20Samsung%20Electronics%20Co%2C%20overtaking%20Xiaomi%20Corp.%20The%20acquisitions%20strengthened%20its%20position%20and%20presence%20in%20the%20United%20States%20and%20other%20developed%20markets.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%20align%3Dcenter%3E%3CFONT%20face%3DVerdana%3E%3CIMG%20border%3D0%20src%3D%22http%3A//www.ccpit-tj.com/new_maoyi_en/cn/admin/news/NewsFile/-1/20141230101255290.jpg%22%20width%3D500%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E6.%20Property%20restrictions%20and%20mortgage%20conditions%20eased%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20People%27s%20Bank%20of%20China%20eased%20property%20buying%20restrictions%20nationwide%20on%20Sept%2030%20for%20the%20first%20time%20in%20four%20years%2C%20amid%20a%20sharp%20downturn%20in%20real%20estate%20sales%20and%20investments.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ESecond-time%20home%20buyers%20can%20now%20make%20lower%20down%20payments%20and%20be%20given%20mortgage%20rates%20that%20were%20earlier%20only%20available%20to%20first-time%20home%20buyers%2C%20so%20long%20as%20they%20have%20paid%20off%20their%20first%20mortgage%2C%20the%20PBOC%20said.%20Third-home%20buyers%20were%20also%20offered%20easier%20mortgage%20conditions.%20The%20loosening%20mortgage%20policies%20spurred%20a%20property%20market%20recovery%20starting%20from%20the%20fourth%20quarter.%20Sales%20growth%20is%20now%20expected%20to%20turn%20positive%20from%20the%20second%20half%20of%202015%2C%20State%20lender%20Bank%20of%20China%20Ltd%20has%20predicted.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E7.%20%27Silk%20Road%27%20initiative%20to%20galvanize%20regional%20cooperation%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHaving%20introduced%20the%20%22Silk%20Road%20Economic%20Belt%20and%20the%2021st%20Century%20Maritime%20Silk%20Road%22%20concept%20last%20year%2C%202014%20saw%20China%20elevate%20the%20initiative%20into%20a%20key%20diplomatic%20objective%20to%20improve%20cooperation%20across%20Eurasia.%20During%20his%20four-country%20tour%20of%20Tajikistan%2C%20the%20Maldives%2C%20Sri%20Lanka%20and%20India%20in%20September%2C%20President%20Xi%20Jinping%20called%20on%20those%20countries%20to%20actively%20join%20in%20the%20initiatives%20to%20enhance%20communication%20and%20economic%20integration%20across%20the%20region.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22One%20Belt%20One%20Road%22%20received%20a%20further%20boost%20on%20Nov%208%20when%20President%20Xi%20announced%20China%27s%20pledge%20of%20%2440%20billion%20to%20set%20up%20a%20Silk%20Road%20fund.%20The%20purpose%20of%20the%20fund%20is%20to%20improve%20connectivity%20across%20Asia%20by%20investing%20in%20infrastructure%2C%20resources%20and%20industrial%20and%20financial%20cooperation%2C%20among%20other%20projects.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E8.%20Free-trade%20pacts%20strengthen%20bilateral%20ties%20with%20nations%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ENovember%20saw%20the%20leaders%20of%20the%2021%20economies%20of%20the%20Asia-Pacific%20Economic%20Cooperation%20forum%20meet%20in%20Beijing%2C%20with%20accelerating%20economic%20ties%20across%20the%20region%20topping%20the%20agenda.%20In%20a%20historic%20step%2C%20the%20meeting%20endorsed%20a%20China-backed%20roadmap%20for%20a%20vast%20free-trade%20area%20across%20the%20region%2C%20known%20as%20the%20%22Free%20Trade%20Area%20of%20the%20Asia-Pacific%22.%20A%20two-year%20study%20into%20the%20establishment%20of%20the%20FTAAP%20has%20now%20been%20launched.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20also%20completed%20two%20further%20bilateral%20free-trade%20agreements%20with%20Asia-Pacific%20partners%20in%20November.%20The%20first%20was%20with%20South%20Korea%20signed%20on%20the%20sidelines%20of%20the%20APEC%20meeting%20on%20Nov%2010.%20A%20week%20later%2C%20a%20trade%20agreement%20with%20Australia%2C%20which%20had%20been%20in%20discussion%20for%20close%20to%20a%20decade%2C%20was%20signed%20during%20President%20Xi%20Jinping%27s%20visit%20to%20the%20country.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E9.%20Shanghai%20and%20HK%20bourses%20linked%20by%20Stock%20Connect%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20pilot%20share%20trading%20program%20Shanghai-Hong%20Kong%20Stock%20Connect%20was%20officially%20launched%20in%20Hong%20Kong%20on%20Nov%2017.%20It%20is%20expected%20to%20see%20billions%20of%20dollars%20in%20cross-border%20share%20transactions%20and%20open%20up%20the%20mainland%27s%20financial%20markets%20to%20the%20world.%20Institutional%20and%20individual%20investors%20with%20over%20500%2C000%20yuan%20in%20their%20brokerage%20accounts%20may%20trade%20Hong%20Kong%20shares%20through%20a%20broker%20on%20the%20Shanghai%20stock%20market.%20It%20also%20enables%20Hong%20Kong%20and%20international%20investors%20to%20trade%20selected%20stocks%20on%20the%20restricted%20Shanghai%20stock%20market.%20The%20stock%20link%20will%20enhance%20Hong%20Kong%27s%20status%20as%20a%20major%20offshore%20yuan%20trading%20hub%2C%20and%20the%20competitiveness%20of%20both%20stock%20markets.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CSTRONG%3E10.%20Central%20bank%20cuts%20interest%20rate%2C%20triggering%20stock%20rally%3C/STRONG%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EOn%20Nov%2022%2C%20the%20People%27s%20Bank%20of%20China%20cut%20the%20lending%20and%20deposit%20interest%20rates%20for%20the%20first%20time%20since%20July%202012%2C%20signaling%20that%20the%20government%20is%20aiming%20to%20bolster%20the%20country%27s%20slowing%20economic%20growth.%20The%20central%20bank%20lowered%20the%20benchmark%20one-year%20loan%20rate%20by%200.4%20percentage%20point%20to%205.6%20percent%2C%20and%20reduced%20the%20benchmark%20one-year%20deposit%20rate%20to%202.75%20percent%20from%203%20percent.%20The%20unexpected%20moves%20raised%20hopes%20for%20better%20growth%20and%20market%20liquidity%2C%20which%20contributed%20to%20a%20later%20best%20one-week%20stock%20rally%20of%20the%20Shanghai%20Composite%20Index%20in%20five%20years.%20The%20unwarranted%20bull%20market%2C%20however%2C%20has%20since%20spurred%20concerns%20from%20investors%20and%20warnings%20from%20regulators.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%26nbsp%3B%3C/P%3E%0D%0A%3CP%3E%3CBR%3E%3C/P%3E%3C/FONT%3E%0D%0A%3CP%3E%3CBR%3E%3C/P%3E%3C/FONT%3E