Chinese Finance Minister Jin Renqing has resigned for “personal reasons”, the government said today.

Chinese politicians have backed a measure to end nearly three decades of blanket tax breaks for foreign investors in a step that will raise the tax burden for many companies.

Some the world’s major central bankers have warned the US that the international community could be running out of patience with the massive US budget and trade deficits that have pushed the dollar lower and increased the cost of their exports in America.

China announced today an 11.6% increase in military spending for 2004, a bigger increase than last year in an age when the People’s Liberation Army is racing to make itself competitive and adapt to a hi-tech world.