China News

People's Daily | Nov 25, 2011

BEIJING - Political turmoil in the Middle East and North Africa means that China's offshore construction contractors are shifting their focus from developing countries to developed economies, industry insiders said.

"We see business opportunities in developed economies and are trying to tap into the market due to the infrastructure upgrade there," said Yu Zhende, vice-president of Overseas Operations for China State Construction Engineering Corp Ltd, the country's largest construction enterpr ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- China's oil production will rise steadily over the next 20 years, and its gas output will soar, the Ministry of Land and Resources said Thursday.

Combined oil and gas output is expected to rise to 360 million tonnes of oil equivalent by 2015 and 450 million tonnes by 2030, up from 280 million tonnes last year, Peng Qiming, director of the ministry's geological exploration department, said at a press conference, adding that "natural gas will contribute mainly to th ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- China issued 2.81 billion bank cards as of the end of the third quarter, up 4.9 percent from the end of June, China's central bank said Thursday.

The country issued 2.54 billion debit cards as of the end of September, up 17.6 percent year-on-year. The growth rate was 4.2 percentage points higher than that posted during the same period last year, the People's Bank of China said in a statement on its website.

Some 268 million credit cards were issued by the end o ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- The Ministry of Environmental Protection on Thursday announced a list of the first 15 rare earth metal enterprises that have passed the ministry's environmental protection check.

The enterprises were selected from 84 companies that passed inspections by environmental watchdogs in 14 provincial divisions, said Tao Detian, the ministry's spokesman.

China currently has more than 300 enterprises working in the rare earth metal industry.

Environmental protection ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- The State Council, or China's Cabinet, has made a decision to issue disciplinary punishments to 64 people responsible for four accidents involving the China National Petroleum Corporation (CNPC).

A total of 64 people responsible for the accidents, including several of the CNPC's top executives, will be given disciplinary punishments by the Communist Party of China or the government, according to the decision of the State Council revealed Thursday, made after recei ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- Bank of China (BOC) signed a memorandum of cooperation with Sumitomo Mitsui Banking Corporation (SMBC) on Thursday on yuan-related business due to increasing trade between China and Japan.

According to the memo, the two banks will cooperate in cross-border yuan trade settlement and fund-raising in yuan and other yuan-related business and research, BOC said in a statement on its website.

The move will not only deepen cooperation between the two banks but also pr ...

People's Daily | Nov 25, 2011

GUANGZHOU, Nov. 24 (Xinhua) -- The 2011 World Customs and Trade Forum kicked off Thursday in Guangzhou, capital city of south China's Guangdong province.

Officials from international organizations and customs administrations, as well as managers from multinational corporations gathered at the two-day event to discuss topics including the customs-trade partnership and the management of customs administrations.

Yu Guangzhou, minister of the General Administration of Customs (GAC) of China sa ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- China will launch the trading of the Australian dollar (AUD) and the Canadian dollar (CAD) against the yuan on the interbank foreign exchange market starting from Nov. 28, the China Foreign Exchange Trade System (CFETS) announced Thursday.

The move followed the introduction of the Malaysian ringgit and the Russian ruble into the interbank forex market last year and marks the government's latest effort to make the yuan an international currency.

The CFETS said i ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- China is expanding help to boost the world's least developed countries (LDCs) through a hefty tariff exemption, to live up to its obligations despite rising protectionism amid global economic headwinds.

Chinese President Hu Jintao announced at the G20 Summit earlier this month that China will, in the context of South-South cooperation, give zero-tariff treatment to 97 percent of the tariff items of exports from the LDCs with diplomatic ties to the country.

That ...

People's Daily | Nov 25, 2011

BEIJING, Nov. 24 (Xinhua) -- China's stocks rebounded mildly on Thursday, with the benchmark Shanghai Composite Index ending a six-day losing streak amid hopes for more credit-loosening measures.

The Shanghai Composite Index edged up 2.49 points, or 0.1 percent, to close at 2,397.55.

The Shenzhen Component Index clambered 9.43 points, or 0.1 percent, to finish at 9,966.74.

Combined turnover expanded slightly to 104.97 billion yuan (16.5 billion U.S. dollars) from 101.27 billion yuan on ...

People's Daily | Nov 25, 2011

SHANGHAI, Nov. 24 (Xinhua) -- Annual visits to Shanghai Disneyland are expected to reach 10.5 to 15 million after opening, said a senior official with the International Academy of Tourism (IAT) on Thursday in Shanghai.

"Shanghai Disneyland will be three times of the one in Hong Kong. The massive population in the Yangtze River Delta will strongly support it to be a top choice for a one-day tour," said Alastair M. Morrison, director with the IAT, at the international seminar on the theme park ...

People's Daily | Nov 25, 2011

The People's Bank of China and the Hong Kong Monetary Authority will increase their currency swap line from 200 billion yuan to 400 billion yuan, according to a renewed currency swap agreement for a term of three years, which was signed by the two parties in Beijing on Nov. 22.

This new agreement supersedes the previous one signed on Jan. 20, 2009 and can be renewed with mutual consent.

Hong Kong's Financial Secretary John Tsang said that the renewal and expansion of the currency swap ag ...

People's Daily | Nov 25, 2011

KHARTOUM, Nov. 23 (Xinhua) -- China will continue to enhance economic and commercial cooperation with Sudan and encourage Chinese companies to intensify cooperation with their Sudanese counterparts, a Chinese official said here on Wednesday.

"China and Sudan have achieved positive results in economic and commercial cooperation. The Chinese government will continue to encourage the commercial and economic exchange between the two countries," Chinese Vice Commerce Minister Jiang Yaoping said du ...

People's Daily | Nov 25, 2011

YICHANG - Paris-based cosmetics giant L'Oreal plans to expand a factory in central China's Hubei province into its largest cosmetics production base in Asia with an investment of 200 million yuan ($31.5 million), the company announced Wednesday.

Covering an area of more than 70,000 square meters, the production base, located in the city of Yichang, will be able to produce 250 million units of cosmetics annually upon being completed in early 2013, said Alexis Perakis-Valat, chief executive of ...

People's Daily | Nov 25, 2011

China overtook the United States for the first time as the largest smartphone market by shipments in the third quarter, with more low-cost smartphone models entering the market, according to a latest industry report.

China's exports of smartphones jumped 58 percent from the second quarter to 23.9 million units while the United States shipped 23.3 million units, a quarterly drop of 7 percent, US research and consulting firm Strategy Analytics said in a research report yesterday.

Nokia still ...