China Business news

SERC inspecting wind farms after disconnections

Monday, 08 August 2011 13:25 Written by People Daily

&$ A worker connects power cables to a wind farm in Laian, Anhui province. The authorities will inspect wind-power facilities this month after technical failures were reported. Xu Yong / for China Daily The State Electricity Regulatory Commission (SERC) will conduct nationwide inspections this month of wind power facilities after a series of large-scale disconnections that threatened ...

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Safe promises crackdown on hot money

Monday, 08 August 2011 13:25 Written by People Daily

China will resolutely crack down on "hot money", because the country may still face "relatively large" pressure from capital inflows in the second half, the State Administration of Foreign Exchange (SAFE) said on Thursday. In a statement posted on its website, the watchdog said it will pay more attention to slowing the excessive growth of a surplus of foreign exchange through purchases by banks. "In the second half, capital inflow pressure may still be 'relatively large'. We should ...

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Nonferrous self-sufficiency rate set to increase by 2015

Monday, 08 August 2011 13:25 Written by People Daily

&$ A copper wire factory in Huaian, Jiangsu province. China needs to secure more nonferrous metals both domestically and internationally to meet demand, the China Nonferrous Metals Industry Association said. San Zi / for China Daily China plans to raise its self-sufficiency in nonferrous metals by stepping up domestic exploration and overseas acquisitions during the 12th Five-Year ...

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Contest to find champions in Chinese

Monday, 08 August 2011 13:25 Written by People Daily

&$ Competitors in front of a sculpture of youthful Mao Zedong on Orange Island in the Xiangjang River that runs through Changsha. Photos Provided to China Daily &$

&$ Finalists in the Chinese Bridge competition toured Shaoshan, hometown of Chairman Mao. &$Read more... Add new comment

JPMorgan chasing revenue

Monday, 08 August 2011 13:25 Written by People Daily

&$ J.P. Morgan China's focus will be on serving large corporations and financial institutions in the country that have international needs, a senior company official says. Provided to China Daily JPMorgan Chase &Co said it aims to triple its revenue in China over the next five years by targeting large-scale Chinese and international corporations and financial institutions in China. ...

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Great Wall gets green light for listing

Monday, 08 August 2011 13:25 Written by People Daily

The approval of Great Wall Motor Co Ltd's proposed A-share initial public offering (IPO) by the country's securities regulator will enable the company to double its production capacity in the world's largest auto market, analysts said. The Hong Kong-listed company got the green light on Wednesday night to list on the Shanghai Stock Exchange. It submitted a draft prospectus to the China Securities Regulatory Commission (CSRC) last Friday. According to the prospectus, Great Wall plan ...

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Medtronic eyeing MA possibilities with local firms

Monday, 08 August 2011 13:25 Written by People Daily

Medtronic Inc, the world's largest independent medical device company by sales, will maintain fast and stable growth in China through mergers and acquisitions. The company will also double the number of local staff member within four years. Jean-Luc Butel, executive vice-president and group president of Medtronic International (the company's overseas unit), told China Daily that the Minnesota-based company will strengthen cooperation with Chinese players probably through a series of joint ...

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SOEs check out of hotel business under SASAC rule

Monday, 08 August 2011 13:25 Written by People Daily

Stated-owned enterprises (SOEs) are stepping up the divestment of more than 100 billion yuan ($15.53 billion) worth of hotel assets to comply with government directives to focus on their core businesses. China Mobile Ltd, the largest mobile service provider in the country, handed over its unit, Chongqing-based Li Yuan Hotel, to China National Travel Service (HK) Group Corp (HKCTS) on Tuesday. The transfer was "for free" and more hotels from other SOEs "will be transferred to our co ...

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Shanghais OTC equity exchange to start in September

Monday, 08 August 2011 13:25 Written by People Daily

The municipality's Over-The-Counter (OTC) equity bourse, launched in July 2010 in the city's Zhangjiang Innovation Park (ZIP), is expected to begin operations by September, according to a senior local official. "We expect that the bourse will not only serve enterprises within Zhangjiang, but also thousands of small and medium-sized enterprises in the Yangtze River Delta region," said Ding Lei, executive vice-director of the administrative committee of ZIP, at a recent rebranding ceremony ...

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Chinese auto parts firm sets sights on German brakes unit

Monday, 08 August 2011 13:25 Written by People Daily

Chinese auto parts maker BWI Group (Beijing West Industries) is the frontrunner to acquire the brakes manufacturing unit of German automotive supplier Robert Bosch GmbH, according to a BWI manager in the United States. "The (Bosch) deal is really to strengthen the capacity of BWI's business in brakes and suspension systems," said Steve Lin, an engineering manager at BWI Group's Michigan office. When China Daily reached Bosch representatives at its Michigan office, the company could ...

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Tudou offering could shore up No 2 ranking

Monday, 08 August 2011 13:25 Written by People Daily

Tudou Holdings Ltd, which is clinging to second place in China's online video market, could shore up its position in the sector with funds raised from a pending initial public offering (IPO), analysts said. Tudou is seeking to raise up to $180 million in an IPO on the Nasdaq, it said in a filing to the US Securities and Exchange Commission (SEC) on Wednesday. That would be 50 percent more than stated in its initial SEC filing in November. The IPO was delayed by a dispute between th ...

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Hong Kong stocks open 432 pct lower

Monday, 08 August 2011 13:25 Written by People Daily

Hong Kong stocks plummeted 4.32 percent on Friday morning following heavy losses on U.S. stock market. The benchmark Hang Seng Index lost 945.34 points to open at 20, 939.4 on Friday. Overnight, all three major U.S. indexes plunged more than 4 percent, with basic materials and energy sectors leading the slide. ...

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Chinas gold output exceeds 164 tonnes in H1

Monday, 08 August 2011 13:25 Written by People Daily

China's gold output grew by 5.18 tonnes, or 3.25 percent year-on-year to 164.42 tonnes during the first half of the year, the Ministry of Industry and Information Technology (MIIT) said Friday. In June alone, the country produced 32.39 tonnes of gold, according to a statement on the ministry's website. The combined output value of Chinese gold producers amounted to 119.54 billion yuan (18.55 billion U.S. dollars) during the first half, up 23.37 percent from a year earlier. T ...

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Chinas economy set for long-term growth despite hurdles

Monday, 08 August 2011 13:25 Written by People Daily

A slew of data seems to reinforce evidence that China's economy is slowing gently, prompting some observers to predict a "turning point" in the world's second largest economy which has enjoyed nearly double-digit growth over the past three decades. Growth in China's manufacturing activity slowed for the fourth straight month in July, as the purchasing managers' index (PMI), which previews business conditions in factories, dipped to a 29-month low at 50.7, the China Federation of Logis ...

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