Police from China and the United States arrested 73 suspects after a joint operation targeting an international gang making and selling fake brand-name bags, China’s Ministry of Public Security said on Sunday.
Profits at China's State-owned enterprises fell 8.3 percent year-on-year to 1.75 trillion yuan ($277.78 billion) in the first 10 months of 2012.
China's emergence as a strong economic power will have a great impact on the global economy, as the country has contributed 20 percent to the total amount of global GDP growth.
Hong Kong's Causeway Bay has dethroned New York's Fifth Avenue as the world's most expensive retail area, as luxury brands retailers compete for limited prime space in the city.
China's stimulus program for home appliance purchases in rural areas continued to drive up sales in the first ten months.
Chinese consumers using bank cards showed more confidence in October than a month earlier, according to the Bankcard Consumer Confidence Index on Friday.
China will see a shift from an investment-driven economy to a consumption-driven one in the coming decade, economists said.
China's rapid urbanization will greatly increase its number of middle-class people to 600 million and support an economic growth between 7 percent and 8 percent annually by 2020.
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