News from China

The Russian government said it had lowered its oil export tariff from the current 270.7 U.S. dollars per ton to 253.6 dollars, starting March 1. According to a statement published on the government website late Tuesday, export duty on light oil products had been lowered from 194.7 dollars to 183.2 dollars per ton. The heavy oil tariff was cut from 104.9 dollars per ton to 98.7 dollars. The Russian government adopted monthly adjustments on duties for oil and oil products in December 2008 to ...

Something on the lips of every policy maker of note is the need to transform the mode of growth in China and remake industrial structures from the roots up. And support has come in man forms. Pro-change policies are a help, as are government platforms encouraging companies to innovate and upgrade their methods of production. It also offers intern positions and training courses for college students. Beijing is taking advantage of being the capital city to encourage more industrial innovation. ...

Chinese equities closed lower Wednesday for the first time in four days led by weak real estate and coal mining shares. Stocks of property developers fell across the board Wednesday as concern grew over possible monetary policy tightening after exports grew 45.7 percent year-on-year in February. China's banking regulator also said Tuesday the goverment would step up work to monitor non-banking financing, and focus more on trust companies and the real estate sector to prevent them from usin ...

There are plans to build the largest global contract bio-pharmaceutical base in Asia in Beijing, with a total investment of about $120 million, Xinhua website reported on March 9. The investment is a contract manufacture organization (CMO) project, a consortium of Beijing Yizhuang International Investment Co., Suma Ventures and AutekBio Inc. The bio-pharmaceutical base will be built in Beijing Yizhuang Development Zone, a national biomedical manufacturing base which houses over 100 enterpr ...

A complaint letter to Hewlett-Packard (HP) from over 170 Chinese consumers was delivered to the General Administration for Quality Supervision, Inspection and Quarantine (AQSIQ) on March 8. It requested the Chinese government order a recall of allegedly faulty laptops and that the quality watchdog investigate the quality of the HP products. The complaint said the problems are from the faulty graphic cards. The letter demands that the computer giant should buy back or exchange the faulty lap ...

The China Banking Regulatory Commission (CBRC) announced Tuesday that it will redouble its efforts to monitor possible risks brought on by non-banking financial institutions, according to the Wall Street Journal. Cai Esheng, vice chairman of the CBRC, stated on the commission's website Tuesday that it will focus on supervising the cooperation between banks and trust companies, and trust companies and local governments. The supervision will also cover platform-financing and debt risks. Tr ...

China will continue to forge yuan convertibility under capital accounts, Yi Gang, deputy governor of the central bank and head of the State Administration of Foreign Exchanges (SAFE), said at a press conference Tuesday. Yuan convertibility has been permitted under current accounts since 1996, while it remains controlled under capital accounts. The government is already gradually opening up capital accounts, as seen from the increasing maximum investment quotas of Qualified Domestic Institu ...

Swiss drugmaker Novartis AG announced Wednesday a $5 billion bond issue to finance its purchase of eye-care company Alcon Inc. The pharmaceuticals company said the notes will be issued in three parts by its US subsidiary Novartis Capital Corporation. "Proceeds will be used for intercompany refinancing purposes in connection with the pending Alcon acquisition, as well as for general corporate purposes," Novartis said in a statement. &$&$Source:China Daily&$&$ ...

Swiss drugmaker Novartis AG announced Wednesday a $5 billion bond issue to finance its purchase of eye-care company Alcon Inc. The pharmaceuticals company said the notes will be issued in three parts by its US subsidiary Novartis Capital Corporation. "Proceeds will be used for intercompany refinancing purposes in connection with the pending Alcon acquisition, as well as for general corporate purposes," Novartis said in a statement. &$&$Source:China Daily&$&$ ...

The Philippines' net foreign direct investments (FDI) in 2009 hit $1.9 billion, 26.2 percent higher from the previous year buoyed by investors confidence in the Philippine economy, the country's central bank said Wednesday. "The country continued to attract foreign investment in 2009 as investors recognized the relative strength of the country's underlying macroeconomic fundamentals, with inflation continuing to be low and falling within target, the external payments position remaining favor ...

The Philippines' net foreign direct investments (FDI) in 2009 hit $1.9 billion, 26.2 percent higher from the previous year buoyed by investors confidence in the Philippine economy, the country's central bank said Wednesday. "The country continued to attract foreign investment in 2009 as investors recognized the relative strength of the country's underlying macroeconomic fundamentals, with inflation continuing to be low and falling within target, the external payments position remaining favor ...

Toyota said on Tuesday it will expand a recall announced last year to fix Tundra pickup trucks with frames that could rust and lead to spare tires falling from the vehicle. Toyota spokesman Brian Lyons said the recall will cover Tundra pickups from the 2000-2003 model years in all 50 US states. It would broaden a recall announced in November that covered 110,000 trucks in 20 "cold weather" states and Washington. Lyons said dealers were notified of the expanded recall Tuesday but he did not ...

Toyota said on Tuesday it will expand a recall announced last year to fix Tundra pickup trucks with frames that could rust and lead to spare tires falling from the vehicle. Toyota spokesman Brian Lyons said the recall will cover Tundra pickups from the 2000-2003 model years in all 50 US states. It would broaden a recall announced in November that covered 110,000 trucks in 20 "cold weather" states and Washington. Lyons said dealers were notified of the expanded recall Tuesday but he did not ...

The Chinese Premier Wen Jiabao said China should work hard to develop its financial market and press ahead with financial innovations, in his government work report delivered during the opening ceremony of the 11th National People's Congress last week. He also called for more efforts to boost direct financing, develop a multi-tier capital market system and expand the volume of equity and securities financing in a bid to meet diversified demands for investment and financing. The Chinese aut ...

Canon, the world's biggest camera maker, expects China to surpass the U.S. and become the world's largest camera market in 2015, company sources said on Wednesday. Canon, well known for its EOS and PowerShot digital models, is doubling the number of outlets and boosting its marketing workforce in China to tap the company's fastest-growing major market, Canon's Chief Director of Image Communication Business Masaya Maeda said. "The China market is very vibrant and will likely drive worldwide ...

Shares in the Chinese mainland closed lower Wednesday, with the benchmark Shanghai Composite Index down 20.21 points or 0.66 percent to close at 3,048.93. The Shenzhen Component Index lower by 116.01 points or 0.93 percent to close at 12,391.65. &$&$Source: Global Times&$&$ ...

China State Construction Engineering Corp. (CSCEC), the largest contractor in China, said Wednesday that house sales revenue totaled 6.5 billion yuan (953 million U.S. dollars) in January and February, up 71.5 percent from the first two months last year. In a statement to the Shanghai Stock Exchange, the company said it sold 610,000 square meters of floor space, a 35.9 percent rise. The value of the company's new construction contracts in the first two months surged 85.3 percent year on ye ...

Indonesian President Susilo Bambang Yudhoyono told the Australian parliament on Wednesday that more work was needed to strengthen economic ties between Indonesia and Australia. Indonesia, with a population of 240 million, a growing middle class and rich natural resources, had a GDP of 514 billion U.S. dollars, the third highest growth of G20 nations, he said. Meanwhile, Australia, a developed nation, had the 18th largest economy in the world, with high-level corporate governance and a GDP ...

Indonesian President Susilo Bambang Yudhoyono told the Australian parliament on Wednesday that more work was needed to strengthen economic ties between Indonesia and Australia. Indonesia, with a population of 240 million, a growing middle class and rich natural resources, had a GDP of 514 billion U.S. dollars, the third highest growth of G20 nations, he said. Meanwhile, Australia, a developed nation, had the 18th largest economy in the world, with high-level corporate governance and a GDP ...

The Brazilian government still awaits a U.S. negotiation proposal about subsidies on U.S. cotton producers to avoid trade sanctions, a Brazilian minister said Tuesday. Brazil and the United States have quarreled about U.S. subsidies on its cotton producers, with Brazil complaining the subsidies would harm Brazilian cotton producers' interests. After meeting U.S. representatives here, Brazil's Minister of Development, Industry and Foreign Trade Miguel Jorge said Brazil is still waiting for ...

The Brazilian government still awaits a U.S. negotiation proposal about subsidies on U.S. cotton producers to avoid trade sanctions, a Brazilian minister said Tuesday. Brazil and the United States have quarreled about U.S. subsidies on its cotton producers, with Brazil complaining the subsidies would harm Brazilian cotton producers' interests. After meeting U.S. representatives here, Brazil's Minister of Development, Industry and Foreign Trade Miguel Jorge said Brazil is still waiting for ...

According to the statistics on nationwide production and sales in February released by the China Association of Automobile Manufacturers, the country’s auto sector hit sales of 1.21 million cars, down by 27 percent compared with the previous month, up by 46 percent year-on-year. Auto production and sales situation in February was good, said Dong Yang, secretary-general of the China Association of Automobile Manufacturers. The sales gap between China and the U.S. may be enlarged in 2010 in v ...

The inflow of foreign direct investments to the Philippines is expected to be higher this year as the global recovery boosts investor confidence. "There should be an upward drift in FDIs this year relative to 2009," Philippine Central Bank Officer-in-Charge Diwa C. Guinigundo said at the sidelines of the Financial Education Expo being held here. FDIs in 2009 rose by 26.2 percent to 1.9 billion U.S. dollars. This compared with the 2008 FDI that hit only 1.5 billion U.S. dollars, boosting op ...

The inflow of foreign direct investments to the Philippines is expected to be higher this year as the global recovery boosts investor confidence. "There should be an upward drift in FDIs this year relative to 2009," Philippine Central Bank Officer-in-Charge Diwa C. Guinigundo said at the sidelines of the Financial Education Expo being held here. FDIs in 2009 rose by 26.2 percent to 1.9 billion U.S. dollars. This compared with the 2008 FDI that hit only 1.5 billion U.S. dollars, boosting op ...

Tom Albanese, the chief executive officer and board member of the Rio Tinto Group, is reportedly to visit Beijing this month. He may attend this year's China Development Forum, said the Wall Street Journal. Rio Tinto's business in China was hampered by the arrest of its Shanghai office staff member Stern Hu on charges of stealing commercial secrets and Rio Tinto spurned a 19.5 billion U.S. dollar investment from Chinalco last year. Stern Hu, the Shanghai-based head of Rio's iron ore operat ...

Private new-energy vehicle buyers will be entitled to subsidies, said both the Ministry of Finance (MOF) and the Ministry of Industry and Information Technology (MIIT) March 8 during the "2 Sessions." Zhang Shaochun, vice minister of the MOF, said that the specific amount of the subsidy is still under consideration. Li Yizhong, minister of the MIIT, disclosed that a low subsidy will serve no use, so the subsidy for per new-energy vehicle is likely to amount to thousands of yuan. In regards to ...

Beijing said Wednesday that its exports soared by 45.7 percent, the fastest pace in three years, a figure that could help persuade the policy-makers to let its currency, the yuan, to rise in value. China's global trade surplus was $7.6 billion in February and the combined January-February surplus was $21.8 billion. Underlining China's position as the world's leading exporter, shipments to other's shores hit 94.5 billion dollars, continuing a 3-month streak of export gains, its customs ag ...

Q: In the management of inflation expectations, what measures will the CBRC take this year? A: Our government has experience and awareness dealing with inflation, there are also various measures. We will release a lot of signals in a timely manner to adjust people's inflation expectations. Do not be too afraid of inflation, as economic recovery is a long, tortuous, complicated and iterative process. China's CPI and PPI may witness a slight increase, but inflation beyond moderate level is u ...

Chairman Liu Mingkang of the China Banking Regulatory Commission (CBRC) recently held an exclusive interview with Xinhua news agency, talking about hot issues in the banking sector this year. Q: 2009 is the most difficult year for China's economy in the new century, and 2010 is seen as the most complex and uncertain year, what initiatives are the CBRC considering in 2010? A: In 2009, China's banking sector's performance was very good, new yuan loans amounted to 9.59 trillion yuan, almost 3 ...

Tibet's press and publication industry recorded an output value of 430 million yuan in 2009, up 12 percent year on year, according to Tibet Daily. The figure accounted for 1.2 percent of the region's gross domestic product (GDP) in 2009. The industry employs 8,400 people. More than 356 kinds of Tibetan-language and Han-language books, about 2.3 million copies, were published in Tibet last year, a 63-percent rise year on year. Also published were 506 kinds of 12 million copies of ...