Tourism and government officials are working to find a way around strict EU visa regulations in order to be able to attract some 300,000 visitors from China a year, compared to the paltry 1,000 that visit the island at present, a meeting at the Foreign Ministry concluded.

European banks’ bad loans have more than doubled since 2009 to stand at about €1trn at the end of 2014, according to an International Monetary Fund (IMF) paper released recently.

Hermes Airports in cooperation with the Ministry of Transport, Communication and Works will be inviting an expression of interest for the old Larnaca and Paphos airports grounds within the next few days, Hermes Airports spokesperson Adamos Aspis told the Cyprus News Agency.

Central government debt fell compared with the year earlier in the second quarter of 2015 according to figures from the Public Debt Management Office.

The Statistical Service of Cyprus announced that it has published the new monthly electronic publication “Intra-Extra EU Trade Statistics (by commodity and country)” for January-June 2015.

President Nicos Anastasiades recently said if there was one lesson other countries learn from Cyprus it would that structural reforms work, even in the short term.

Banks in Cyprus saw their net interest margin narrow to 2.8% in June 2015 from 3% in March and 3.2% in June 2014, the Central Bank of Cyprus said.

Cyprus Tourism Organisation (CTO) aims to attract around 400, 000 Chinese tourists, chairman Angelos Loizou said recently.

Nestled in the Eastern Mediterranean, surrounded by crystal blue waters, Cyprus, with almost 365 days of sunshine, is a popular holiday destination. Tourism accounts for an impressive 11% of GDP. Visitors to Aphrodite’s island come to enjoy the sun, sea, sand, mountains, history and culture that Cyprus offers in abundance.

Low demand and lack of liquidity are the main problems Cypriot businesses face, a recent survey has shown.