July 23, 2008
New Zealand to China: FREE TRADE
New Zealand lawmakers approve Free Trade Agreement with China.
“By 2017, tariffs on 96 per cent of New Zealand’s exports to China, which currently cost exporters $120 million a year, will be phased out, giving our companies a unique competitive advantage in the fastest growing economy in the world. Our exports to China, currently at more than $2 billion a year, are estimated to grow by between $230-350 million a year faster than they would have without an FTA. That means a better standard of living and more jobs for New Zealanders."NZ Trade Minister Phil Goff said.
July 21, 2008
Learn From Subprime Says Paulson
July 15, 2008
China Business News for July 15, 2008
-- The China Securities Regulatory Commission issued rules under which brokerages must appoint compliance officers to help them strengthen internal controls and obey securities industry regulations.
-- Western Securities, which is planning a domestic stock market listing, reported that net profit in the first half of 2008 fell to 401 million yuan ($58.6 million) from 760 million yuan a year earlier as the stock market slumped.
-- More than 60 percent of domestically listed Chinese retail companies have said their profit growth continued in the first half of this year, thanks to stable economic growth and rising incomes, according to local consultancy Wind.
-- Chongqing Steel (601005.SS: ) estimated net profit in the first half of this year jumped at least 60 percent from a year earlier, helped by rising product prices and expanding output.
-- TCL Corp (000100.SZ: ) said trade in its shares would be suspended for one day on Tuesday pending a major announcement.
-- Property developer Beijing Huaye (600240.SS: ) said its controlling shareholder had promised not to sell newly tradable Huaye shares on the market through 2009, and in the following year would only sell shares at a minimum of 12.00 yuan.
CHINA BUSINESS NEWS
-- Baosteel Group has agreed to buy an 8 percent stake in southern China's Zhanjiang Port through the purchase of new shares in Zhanjiang, making Baosteel the third largest shareholder in the port, which may eventually go public, a senior Zhanjiang executive said.
-- Insurance companies have paid claims totalling 386 million yuan by July 12, which represents 86.4 percent of total claims.
-- Analysts said the huge increase in savings deposits, by 1.378 trillion yuan in June, indicated that consumers were more conservative due to high inflation.
-- China's foreign exchange reserves increased by an average of $42.2 billion per month in the second quarter, higher than the monthly trade surplus plus direct foreign investment, reflecting the pressure of capital inflows in anticipation of appreciation of the renminbi, said analysts.
CHINA DAILY (www.chinadaily.com.cn)
-- A BBC documentary alleging China has violated the UN arms embargo in Darfur is biased and made with ulterior motives, China's special envoy for Darfur said. Liu Guijin said "China's arms sales were very small in scale and never made to non-sovereign entities. We have strict end-user certificates."
-- The Sichuan earthquake has left 1.4 million farmers in about 4,000 remote villages in absolute poverty. A State Council anti-poverty official said the government should "pump in a minimum of 12 billion yuan ($1.75 billion)" into the poor villages in the coming three years to ensure the villagers' basic necessities in Sichuan, Gansu and Shaanxi provinces.
-- China will promote a household contract system in the management of collective forestry land and ownership of trees nationwide, an important step to boost the enthusiasm of farmers in planting and increase their income.
-- China's agriculture products are safe and can be used for visitors at Beijing's August Olympics. ($1 = 6.84 yuan)
July 09, 2008
CHINA NEWS: Green Stocks, G8 Summit, China 2035 Bigger Than USA
full transcript at www.sinomania.com
Episode 60 of The Sinomania! Show for July 9, 2008, looks at Chinese stocks in clean tech, green energy listed on US exchanges, the G8 Summit, new report says China will be world's biggest economy in a generation, and more!
China Number 1 by 2035: REPORT
According to the prestigious and often highly influential Carnegie Endowment for International Peace, the Chinese economy will surpass the USA by 2035 and possibly be double in size by mid century, far outpacing any other nation. The report challenges the notion that China's development is centered on exports to the United States and other "developed" nations.
CHINDIA Talks At G8
July 07, 2008
Business News Summary July 7, 2008
-Q2 business prosperity index rises to 137.4 vs 136.2 in Q1
-China to buy additional 300,000 tons sugar at 3,400 yuan per ton
-China economy expanded at 'decent' rate in Q2 - JPMorgan
-CITIC Bank sees H1 net profit up over 150 pct yr-on-yr
-Bank of Ningbo sees H1 net profit up 85-90 pct
-Vanke H1 property sales 24.13 bln yuan, up 38.1 pct yr-on-yr
-Chongqing Changan Auto June vehicle sales 18,053 units
-General Motors H1 China sales up 12.7 pct yr-on-yr at 590,126 vehicles
-China Railway Group units wins 2.95 bln yuan worth of contracts
-Exim Bank to auction 10 bln yuan in 3-yr floating-rate debt
-China Shipping Group to auction 100 pct of terminal unit for 2.6 bln yuan
-Alibaba Group invests 2 bln yuan in online auction unit Taobao.com
-China NDRC approves two alumina projects involving total capacity 1.5 mln tons
-HK-listed CNOOC Ltd reports new discovery in Bohai Bay
-China Eastern Airlines to lease three A340 aircraft from ICBC unit
-Western Mining completes approval process for FerrAus deal
-SDIC, Dutch group Vopak to build crude storage facility in Hainan
-Asia Environment completes placement of 50 mln shares to KSC Fund
-Singapore-listed Bio-Treat reaches settlement with Abax; no material impact seen
-China NDRC approves nation's first offshore wind power project
-Singapore-listed Jiutian Chemical to invest in new methanol facility
-Huaneng Group wins approval to build two wind farms
-BoComm raised to 'BBB+' on capital strength, risk management - S&P
-Hong Kong-listed Agile Property's rating unaffected by Morgan Stanley deal-S&P
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