PSA Peugeot Citroen plans to create an all-new passenger car brand in China based on models from Chang'an Automobile Group, its newly courted local partner, to tap the world's biggest vehicle market, according to an anonymous industry source with knowledge of the matter.

China has the highest rate of diabetes - 9.7 percent - and the largest diabetic population - of more than 92 million on the mainland - a leading expert has said.

Anshan Iron and Steel Group (Ansteel) has received approval from the State-owned Asset Supervision and Administration Commission to bring Pangang Group under its fold. China's Benxi Steel agrees to acquire Beitai

China's automotive market remains volatile. Speculation that strong sales in March were just building dealer inventories appears to be well founded. In April, light vehicle sales totaled 1.44 million units, 12 percent lower than the previous month, though still up 34 percent year on year.

Pressured by Europe debt crisis, slow economic recovery and uncertainty in financial reform, all three major indexes of US stocks broke the 10 percent correction level from previous highs.