• China's stock market boom expected in 2014

    Dec 27, 2013

    The Chinese Academy of Social Sciences (CASS) has said there is a strong possibility that the country's stock market make dramatic gains next year when the government reopens the market for IPOs. Although there will be challenges, the CASS said in a report that a dramatic rise in the stock market could happen next year, resembling that of 1999 in many ways. Within two months from mid-May in 1999, the benchmark Shanghai Composite Index increased from around 1,100 to more than 1,600. With the relaunch of IPOs next year striking rises should be expected, experts said.

  • Samsung SDI to build USD182m polariser plant in Wuxi

    May 27, 2015

    Samsung SDI of South Korea is setting up a USD182m polariser production plant in the city of Wuxi in eastern China's Jiangsu province, the Global Times has reported. The plant, which is expected to start mass production at the end of next year, will have an annual output that can be used to produce 20-30 million 48-inch LCD TVs, the report added. A polariser is an essential part of display products because it adjusts the brightness and contrast of back light modules. Samsung SDI's CEO Namseong Cho and Communist Party secretary of Wuxi Li Xiaomin signed a memorandum of understanding for the multi-million investment.

  • China to launch second round of QDII2 in 6 cities

    May 27, 2015

    Individuals in the cities of Shanghai, Tianjin, Chongqing, Wuhan, Shenzhen and Wenzhou will soon be allowed to directly invest overseas with the launch of the Qualified Domestic Individual Investor programme, commonly called QDII2. Reuters has reported that the second iteration of the scheme will be piloted in the six cities mentioned. The first version was limited to institutions. Under the QDII2, individuals with at least Rmb1m (USD160,000) of financial assets can apply to join the programme, which allows Chinese investors to buy shares in New York, London or Paris. The timeframe for the launch of the QDII2 has not been announced yet.

  • Huawei launches P8 in Dubai

    May 27, 2015

    China-based Huawei Technologies Co. Ltd has unveiled its newest smartphone model, the P8, in Dubai. The P8 is the latest in the Huawei P series. It is 6.4mm thin with dual-SIM capability. Huawei Device Middle East president Jiao Jian said that Huawei seeks to position the P8 as this year's most popular smartphone, the official Xinhua news agency has reported. The company's rivals, US-based Apple (iPhone), Samsung of South Korea, Canada's Blackberry, and fellow China-based Lenovo are competing fiercely to gain advantage in the market. Apple and Samsung currently dominate the United Arab Emirates market, according to the Gulf state's telecom regulator TRA.

     

  • China moves up in IMD's competitiveness index

    May 27, 2015

    Mainland China moved up one place in the 2015 world ranking of competitiveness, according to Swiss business school IMD. Education and public expenditure showed significant improvements. China was ranked 22nd this year, up from  23rd  in 2014. IMD assessed factors such as government and business efficiency, economic performance and infrastructure. Sixty-one economies were included in the survey. The United States is still top with Hong Kong in second place and Singapore third.

  • Canada’s Barrick and Ivanhoe sign mining contracts with China's Zijin

    May 27, 2015

    Canadian-based mining firms Barrick Gold Corp and Ivanhoe Mines Ltd revealed on 26 May that they had signed separate partnership contracts with Zijin Mining Group Co of China, in order to boost their respective projects in the Democratic Republic of Congo and Papua New Guinea. The deals with Zijin are the conclusion of the Canadian firms' goal to bring in a China-based partner. Zijin's deal with Ivanhoe is a mere 60 days after the former agreed to purchase about a 10% stake in Ivanhoe for a reported USD85m.

  • IMF: yuan is not undervalued anymore

    May 27, 2015

    The International Monetary Fund announced on 26 May that the official Chinese currency, the yuan or renminbi, is not undervalued anymore. The IMF had previously stated for an extended period that the yuan was modestly undervalued. The IMF added that the yuan's undervaluation was a significant reason for huge imbalances, but the agency has assessed that major appreciation in 2014 brought the exchange rate to a level that is not undervalued any longer.

  • FTSE Russell to launch transitional indexes including China A shares

    May 27, 2015

    London's FTSE Russell, one of the world’s biggest index providers, announced the launch of two transitional indexes that will include China A shares. This gradual approach will take domestic Chinese shares into its global emerging markets benchmark in 2-3 years. China has campaigned hard to be included in international benchmark indexes, which may encourage billions of dollars of investments into China's stock market.

  • China's 'super rich' list passes 1 million

    May 27, 2015

    Mainland China's highnetworth individuals (HNWI) now number over a million along with a rise in the so-called innovative industries sector, according to the latest the China Private Wealth Report released on 26 May. The CPWP defines HNWI as having over Rmb10m (USD1.6m) of investable assets. China had 1.04 million HNWI at the close of 2014, double the number in 2010. Consulting company Bain & Co and China Merchants Bank compile the annual study.

  • Germany's railway operator Deutsche Bahn to open office in Beijing

    May 27, 2015

    Deutsche Bahn AG, the national railway operator in Germany, has expressed intentions to purchase trains and spare parts from Chinese manufacturers in the near future, the official Xinhua news agency has reported. The company also plans to open a purchasing office in Beijing as early as this coming autumn to closely cooperate with Chinese train makers CSR and CNR. Heike Hanagarth, a board member at Deutsche Bahn, was quoted as saying that Asia, and China in particular, can assume a key role in supplying the company with trains and spare parts within the next three to five years.

     

  • Dalian Wanda to invest USD24bn in Chongqing

    May 27, 2015

    The Dalian Wanda Group, China's largest commercial property developer as well as the world's largest cinema chain operator, has agreed to invest Rmb150bn (USD24bn) to build a tourism city and shopping plazas in Chongqing, China, Reuters has reported. Dalian Wanda will build a tourism city that will be called Wanda Cultural Tourism City and 28 Wanda Plazas, making the company Chongqing's largest investment partner. Dalian Wanda Group said in a statement that it has signed a strategic cooperation deal with the Chongqing municipal government for the multi-billion investment that is expected to generate over 200,000 service sector jobs in the south-west Chinese city.

  • Bank of China set to open first branch in India

    May 27, 2015

    Bank of China, one of the biggest state-owned commercial banks, is opening its first Indian branch in Mumbai soon after getting clearance from India's National Security Advisor Ajit Doval. With the clearance, Bank of China will now have to seek the permission of the Reserve Bank of India, the country's central bank, to establish the branch in Mumbai. The Indian Press reported that Maharashtra Chief Minister Devendra Fadnavis has confirmed that Bank of China will open its office in Mumbai soon but will have to adhere to the requirements and regulations of India's central bank.

  • Industrial profits hit USD78.3bn in April

    May 27, 2015

    Official data released by the National Bureau of Statistics (NBS) showed that profits of Chinese industrial firms reached Rmb479.5bn (USD78.3bn) in April, an increase of 2.6% year-on-year. The April growth reversed the 0.4% decline posted in March. The improvement was attributed to the growth of industrial production and sales, higher investment returns and a drop in operating costs.  However, industrial profits in the first four months of this year, shrank by 1.3%, but the fall was less than the 2.7% decline posted in Q1.

  • China launches global gold fund

    May 26, 2015

    About 60 countries around the world have invested in the new China-led international gold fund, which seeks to facilitate gold purchase for central banks to increase their gold holdings, the official Xinhua news agency has reported. The fund expects to raise Rmb100bn (USD16bn) by investing in or developing gold mining projects in the New Silk Road. The newly-mined gold will either be traded on the Shanghai Gold Exchange (SGE) or sold directly to the central banks of member nations. The international gold fund, Xinhua added, will allow central banks of member countries to easily acquire gold for their reserves. The SGE is overseeing the project.

  • Huawei to construct Malaysia-Cambodia-Thailand undersea cable I

    May 26, 2015

    Submarine network provider Huawei Marine Networks announced on 25 May that it was awarded the contract to build the Malaysia-Cambodia-Thailand (MCT) undersea cable system. Telekom Malaysia Berhad, Telcotech of Cambodia and Thailand's Symphony Communication are the members of the consortium developing the project, which covers 1,300 km. The MCT cable system will connect Cherating in Malaysia and Rayong in Thailand, plus providing a branching unit that will link the main trunk into Sihanoukville in Cambodia.

  • China's banks assets and liabilities hit USD28.79tr

    May 26, 2015

    Overall assets and liabilities of mainland China's banking institutions went up in April, according to data that the China Banking Regulatory Commission released. As of the end of April, onshore assets of China’s banking institutions, including commercial banks, policy banks and rural credit cooperatives, rose 11.9% year-on-year to Rmb176.16tr (USD28.79tr). Total liabilities reached Rmb163.06tr (USD26.27tr) -- an 11.3% rise year-on-year. The CBRC added that total assets of commercial banks increased 13.2% in the same period, while their liabilities rose 12.6% year-on-year.

  • CNOOC's Australian LNG supply base begins operations

    May 26, 2015

    China National Offshore Oil Corp announced on 25 May that its liquefied natural gas supply base, the Queensland Curtis LNG project in Australia, is now in operation. It has a capacity of 3.6 million tonnes annually for two decades. The base's proven and explorable reserves amount to 350 billion cubic metres. CNOOC signed LNG agreements with the BG Groupto acquire interests in the Queensland Curtis LNG project in Australia in 2010 and 2013. CNOOC operates seven LNG receiving terminals in the Chinese mainland's coastal regions with a receiving capacity of 25 million tonnes per year.

  • 200 firms join CES Asia expo in Shanghai

    May 26, 2015

    The International Consumer Electronics Show launched its first-ever expo in Asia on 25 May in the city of Shanghai. The US Consumer Electronics Association (CEA)-sponsored International CES Asia fair has drawn over 200 science and technology firms from 15 nations. Gary Shapiro, president and CEO of  CEA, said that the fair shows off products and ideas in varied fields like the so-called Internet of Things, robotics, 3-D printers, and wearable devices. There will be discussions on the prospects of consumer electronics between China and the United States.

  • China's CPCG prefers to list in the US for USD485bn

    May 26, 2015

    China Pacific Construction Group, the country’s biggest privately-owned construction firm, does not expect to list until 2020, preferring to do it in the United States because of its better-regulated markets. CPCG founder Yan Jiehe said that if a company is stable enough, it should conduct its listing in the US, believing his company's market value will be worth about Rmb3tr (USD485bn) when it lists. By comparison, Chinese e-commerce goliath Alibaba is currently worth an estimated USD233bn and US-based Apple Inc USD764bn. CPCG has annual revenue of USD59.6bn, ranking 166 in the 2014 Fortune 500.

  • China to invest USD53.3bn in Brazil

    May 26, 2015

    China is investing up to USD53.3bn in Brazil as part of the investment agreements signed by the two countries, the State of Rio de Janeiro announced. Rio Times Online has reported that Brazilian officials have met with Chinese traders to formalise plans for the multi-billion investments, which will include construction of a train factory, a shipyard and a technical school.  Brazilian Governor Luiz Fernando Pezao expressed confidence that the multi-billion Chinese investments will result in jobs and income generation and transform Rio de Janeiro into a centre of professional training for the rail system throughout Brazil.

  • SOE profits drop 5.7%

    May 26, 2015

    The Ministry of Finance said in a statement that combined profits at China's state-owned enterprises (SOEs) fell again during the January-April period. Data released by the ministry showed that combined profits at SOEs dropped 5.7% to Rmb704.1bn (USD115bn) during the same period. The drop, however, was less than the 8% and 21.5% decline posted in the first three months and the first two months of the year, respectively. China's three major oil players–CNPC, Sinopec and CNOOC—and those in coal mining, steel and non ferrous metal sectors, however, went up by 11.6% during the period, the ministry said.

  • Alibaba's Cainiao to open distribution centre in Chengdu

    May 26, 2015

    Cainiao, the logistics affiliate of Alibaba Group, is set to open its first supermarket distribution centre in Chengdu, providing delivery services for customers buying groceries in Chengdu and Chongqing. The supermarket distribution centre will offer next-day delivery services to customers buying Tmall supermarket products, including groceries, pantry items and other non-perishable FMC goods. Cainiao plans to extend the service to other regions in south-west China and increase the number of its supermarket distribution centres to seven. Cainiao currently operates distribution centres in Tianjin, Shanghai, Suzhou, Guangzhou and Jinyi, the Logistics Business Review has reported.

  • Foton sets up USD10m plant in Uganda

    May 26, 2015

    Chinese carmaker Foton is setting up a car show room and after-sales service centre in Uganda with an investment of USD10m, the country's New Vision newspaper has reported. The property will be constructed at Namanve Industrial Park in Mukono district and is expected to provide employment to more than 300 people. The plant will house Foton's various departments, including engineering, finance, sales, marketing and IT, said Andrew Kavuma, Foton East Africa Uganda’s national marketing manager. The timeframe for completion of the plant was not disclosed.

  • China and Chile sign currency swap deal worth billions

    May 26, 2015

    China and Chile are moving to enhance their trade and financial relationship, this time signing cooperation deals that include a multi-billion dollar currency swap agreement. The agreement was signed in front of Chilean President Michelle Bachelet and Chinese Premier Li Keqiang, who was in Chile for a state visit. The currency swap deal, which is worth Rmb22bn (USD3.5bn), is aimed at promoting bilateral trade and investment. Aside from the currency swap deal, China also granted a quota of Rmb50bn (USD8.1bn) to RMB qualified foreign institutional investors in Chile, the official Xinhua news agency has reported.

  • Shenzhen's shares hit 7-year high

    May 25, 2015

    Stocks in China revived in the third week of May, with the Shenzhen index enjoying its best weekly performance since 2008. The Shanghai Composite index likewise went up for four consecutive days to reach its own seven-year high. The Shenzhen A-Share index increased 1% on 22 May and 12% for the whole week for its best weekly performance since 14 November 2008. The Shanghai Composite Index also rose by 8.1% during the same week, after increasing by 2.8% on 22 May.

Your subscription is being processed. Please wait...

Verification has been sent to your email

As part of our double opt-in policy, a verification message has been sent to your email address.

Please check the mail box for that address, and follow the instructions to confirm.

Error

Error Message

Error Message

Login