China News

People's Daily | Jan 11, 2012

MORE than 60 percent of China's rich people were upbeat about the country's economy in the next two years, but still they were more cautious toward spending, according to a survey released yesterday.

Around 28.4 percent of the respondents expressed strong confidence and 64.2 percent were relatively optimistic despite a possible economic slowdown, according to the survey of 503 Chinese millionaires conducted by the Hurun Research Institute. More than 30 percent of the rich continued to be act ...

People's Daily | Jan 11, 2012

CHINA'S top planner, the National Development and Reform Commission, has allowed 10 financial institutions to issue yuan bonds in Hong Kong to raise a combined 25 billion yuan (US$3.95 billion).

The Chinese mainland subsidiaries of HSBC and Bank of East Asia, China's five largest state-owned banks and the country's three policy banks including China Development Bank have won the go-ahead, the planner said yesterday.

Liu Jie, a strategist with HSBC told Reuters it was the first time the aut ...

People's Daily | Jan 11, 2012

SONY Ericsson yesterday unveiled the Sony brand for mobile phones in China after the Japanese electronics company sealed a deal to acquire Ericsson's stake in the joint venture for 1.05 billion euros (US$1.4 billion).

With the acquisition Sony will focus on the high-end Android smartphone market as it taps the parent company's rich resources in music, video and gaming via the PlayStation game service, according to Magnus Ahlqvist, Sony Ericsson China President, yesterday.

He added that th ...

People's Daily | Jan 11, 2012

SHANGHAI'S key stock index edged down yesterday, snapping a three-day advance, as investors turned cautious toward taking long positions ahead of the release of China's inflation data today.

The Shanghai Composite Index shed 0.42 percent to end at 2,276.05 points.

Investors had cold feet as they turned cautious over the unveiling of the Consumer Price Index, a general gauge of inflation, for December today, causing the stock market to level off from a three-day 6.4 percent winning streak. ...

People's Daily | Jan 11, 2012

CHINA posted surpluses in its current account and capital account in the third quarter of last year, the State Administration of Foreign Exchange said yesterday.

Its surplus in the current account, a measure of a country's foreign trade, reached US$53.4 billion in the third quarter of 2011. The amount fell from the second quarter's US$59 billion as domestic demand increased its contribution to China's economy.

The capital and financial account surplus totaled US$66.2 billion over the same ...

People's Daily | Jan 11, 2012

SHANGHAI, Jan. 11 (Xinhua) -- China has allowed the Bank of East Asia (BEA) to issue yuan-denominated bonds in Hong Kong for a second time, about three years after it became the first foreign-invested bank to make a yuan bond issuance, the bank said Wednesday.

BEA China Ltd, a wholly-owned subsidiary of the BEA, was given the approval by the National Development and Reform Commission of China to issue yuan bonds in Hong Kong, it said.

Details on the amounts and timing of the offerings were ...

People's Daily | Jan 11, 2012

A list of the world’s top 100 luxury brands was released in Beijing yesterday by the World Luxury Association (WLA), but no Chinese companies were included.

"Our businesses lack brand building awareness and lag behind in terms of global influence and market share, which leaves China’s giant market open to foreign brands,” Zhu Mingxia, director of the research centre for luxury goods at Beijing’s University of International Business and Economics, told the Global Times yesterday.

Ch ...

People's Daily | Jan 11, 2012

SHANGHAI, Jan. 11 (Xinhua) -- The listed arm of China's biggest train maker, China South Locomotive and Rolling Stock Industry (Group) Corporation (CSR), has been allowed by regulatory authorities to raise 9 billion yuan (1.41 billion U.S. dollars) on the stock market, the company said Wednesday.

The Hong Kong- and Shanghai- listed CSR Corp. Ltd. will sell 1.96 billion shares at 4.46 yuan apiece to select investors, it said. But CSR's parent -- state-owned CSR Group -- has agreed to buy no le ...

People's Daily | Jan 11, 2012

China is planning to further expand the use of the yuan in international trade and investment this year by extending channels for cross-border flow of the currency, an assistant governor of the People’s Bank of China (PBC) said yesterday.

As well as coordinating the development of the domestic and overseas yuan market, the central bank will encourage commercial banks to go global and offer cross-border yuan-denominated financial services, Li Dongrong, assistant governor of the central bank ...

People's Daily | Jan 11, 2012

The US will create a panel to monitor and tackle possible trade and other commercial violations by China, the Wall Street Journal (WSJ) reported, a move that some Chinese experts said will increase frictions between the world’s two largest economies.

US President Barack Obama plans to create a panel, called ”Enforcement Task Force”, to enforce US trade rules and is specifically meant to target China, the WSJ cited people familiar with the matter as saying Tuesday.

The report, which ...

People's Daily | Jan 11, 2012

China’s business-to-consumer shopping platform Taobao Mall officially changed its name to Tian Mao yesterday with a view to create phonetic similarity between its English and Chinese names, as well as to establish a clearer positioning of the platform, according to a statement sent to the Global Times yesterday.

”We changed the name of Tmall into ‘Tian Mao’ (literally meaning celestrial cat) in order to reflect the characteristics of fashion, elegance and good quality,” Wang Shuai, ...

People's Daily | Jan 11, 2012

CHINA will expand the yuan's use in cross-border trade and investment as the country seeks to guard itself against global economic uncertainties and financial risks, a senior central bank official said yesterday.

"China's imports and exports are facing new challenges amid sluggish global economic recovery and a rise of trade protectionism," Li Dongrong, assistant governor of the People's Bank of China said at a conference in Beijing. "The People's Bank of China will team up with related finan ...

People's Daily | Jan 11, 2012

Dongfeng Honda Automobile Co will recall 50,410 CR-V vehicles manufactured between September 5 and November 23 last year in China, according to the country's quality watchdog yesterday.

The General Administration of Quality Supervision Inspection and Quarantine (AQSIQ) announced that the internal headlights of the affected automobiles lack heat resistance.

"The faulty headlights' wirings may fuse under extreme conditions, which contains a potential danger," said a statement posted on the ...

New York Times | Jan 11, 2012

The growing political heft of the Taishang, the name given to Taiwanese in China who have staked their livelihoods on its economy, has become a point of contention in a presidential race that has raised questions about embracing Beijing.

BBC | Jan 11, 2012

Is Hong Kong really the world's freest economy?