Learn Chinese Online: December 2007

Monday, December 31, 2007

Chinese Online Class - QFII

BIZCHINA / Backgrounder

QFII

(chinaamc.com)
Updated: 2006-09-26 09:49

Q:What is QFII?

A: On November 5, 2002 the China Securities Regulatory Commission (CSRC)
and the People's Bank of China (PBOC) introduced the QFII (Qualified
Foreign Institutional Investor) program as a provision for foreign
capital to access China's financial markets.

Chinese QFII regulations relax some capital controls and allow foreign
institutions to invest in RMB-denominated equity and bond markets.
Indeed, QFII is a Chinese brokerage business, which allows qualified
foreign institutions to trade Chinese A-shares via special accounts
opened at designated custodian banks, for their clients.

The QFII mechanism not only further opens China's securities markets ��C
but also gives foreign investors an opportunity to take position on those
markets and buy stakes in Chinese companies, thus sharing in China's
phenomenal growth. QFIIs can provide their clients with added
opportunities to share in the growth of the Chinese Market.

As of October 14, 2004 a total of 25 foreign institutions have received
QFII licenses with quotas ranging from $50 million to $800 million,
amounting to more than $2.8 billion authorized for investment in the
Chinese markets. China's market capitalization of $500 billion is
increasingly attracting foreign investors and around 10 other foreign
institutions have submitted applications and CSRC approval is pending.

Q: What financial instruments can a QFII invest in?

A: Shares listed on China's stock exchanges (excluding B shares);
Treasuries listed on China's stock exchanges; Convertible bonds and
enterprise bonds listed on China's stock exchanges; Other financial
instruments approved by the CSRC; Shares held by each QFII in one listed
company should not exceed 10% of total outstanding shared of the company
(a rule also enforced for domestic investors); Total Shares held by all
QFIIs in one listed company should not exceed 20% of total outstanding
shares of the company.

Q:Who can become a QFII?

A: Overseas fund management institutions, Insurance companies, Securities
companies, Other assets management institutions which have been approved
by the CSRC. In order to encourage medium and long-term investments, the
CSRC stated that it will give preference to institutions managing
closed-end Chinese-focused funds, or pension funds, insurance funds and
mutual funds with good investment records in other markets

Q:Who oversees the QFII Program?

A: The China Securities Regulatory Commission (CSRC) and State
Administration of Foreign Exchange (SAFE) are the regulators of the
securities investment activities conducted by QFIIs. They are responsible
for overseeing all transactions and conducting annual inspections on
QFIIs. SAFE is responsible overseeing business tied with foreign exchange
operations, such as the approval of the QFII investment quotas, issuance
of the foreign exchange certificate, supervision of account management
and foreign exchange settlements (as specified in Foreign Exchange
Control on Securities Investments in China by Qualified Foreign
Institutional Investors Tentative Provisions). The CSRC is the approval
authority for QFII status. It interprets the rules regarding QFII and
takes the role of a general regulator.

The QFII applicant must meet the following criteria:

Sound financial and credit statusRisk control indicators meet the
requirements set by laws and securities authorities under applicant's
home jurisdiction

Sound management structure and internal control system

If a fund management institution:

It must have operated its fund business for over 5 years with the most
recent accounting year managing assets of not less than $10 billion

If an insurance company:

It must have operated its insurance business for over 30 years with
paid-in capital of not less than $1 billion and manage securities of not
less that $10 billion in the most recent accounting year.

If a securities company:

Must have operated securities business for over 30 years with paid-in
capital of not less than $1 billion and manage securities assets of not
less than $10 billion in the most recent accounting year.

If a commercial bank:

It must rank among the top 100 of the world in terms of total assets for
the most recent accounting year and manage securities assets of not less
than $10 billion.

Under new regulations, currently waiting approval by the CSRC,
requirements on investor's qualifications, border securities and
investment percentage, capital remittance and sub-account opening will be
downgraded��C allowing more QFII's to enter the market.

Application Process

The applicant must mandate a custodian and a broker for their securities
trading. The elected custodian files the application for QFII
qualification and investment quota to the CSRC and SAFE respectively. The
current QFII investment quotas range from $50 million to $800 million.
There are currently 11 banks in China that are qualified for the
custodian business. They include 7 Domestic Qualified Custodians: Bank of
China, China Construction Bank, Industrial and Commercial Bank of China,
Agricultural Bank of China, Bank of Communications, China Merchants Bank,
China Everbright Bank

4 Foreign Qualified Custodians

Standard Chartered Bank, HSBC, Citibank, Deutsche Bank. The custodian
bank offers securities and cash clearing services to QFIIs that have
received authorization from Chinese regulators. A custodian acts as the
primary communication channel between the QFII and the Chinese
authorities. They service foreign exchange and cash settlement needs of
the QFIIs and are in charge of the safekeeping of securities, receiving
of dividend and interest payments, and reporting to the CSRC and SAFE
about the status of the account and compiling the QFII's annual report.

After obtaining approval from the CSRC and the investment quota from
SAFE, the QFII must remit into China within 3 months the full amount of
its initial investment in foreign currency in accordance with the quota
set my SAFE. This capital is then converted into RMB and deposited with
the custodian.

(For more biz stories, please visit Industry Updates)

Chinese Online Class

Learn Chinese online - Trade: Trade between mainland, Taiwan busts $100 billion mark

BIZCHINA / Biz Media Digest

Trade: Trade between mainland, Taiwan busts $100 billion mark

(Xinhua)
Updated: 2007-01-17 15:34

Trade between the Chinese mainland and Taiwan hit a record high of 107.8
billion U.S. dollars in 2006, Taiwan Affairs Office of the State Council
spokesman Yang Yi said on Wednesday.

This is the first time trade has exceeded 100 billion U.S. dollars, Yang
stressed, adding that it had risen 18.2 percent on the previous year.

Mainland exports to Taiwan reached 20.74 billion U.S. dollars, up 25.3
percent year-on-year and imports totaled 87.11 billion U.S. dollars, up
16.6 percent, said Yang Yi.

According to Chinese Ministry of Commerce statistics, the mainland
approved 3,752 Taiwan-funded projects in 2006 worth 11.34billion U.S.
dollars. The funds actually used reached 2.14 billionU.S. dollars, the
ministry said.

(For more biz stories, please visit Industry Updates)

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Learn Chinese online

Chinese language - Citigroup to expand network with new Hangzhou branch

BIZCHINA / Overseas Investment

Citigroup to expand network with new Hangzhou branch

(CRI)
Updated: 2007-01-15 10:38

Citigroup has been granted approval by the China Banking Regulatory
Commission to open a branch in the city of Hangzhou. The Hangzhou branch
represents Citigroup's seventh branch in China, and will be officially
opened early in 2007 pending the completion of Citigroup's local
incorporation in China.

Mr. Richard Stanley, CEO of Citigroup China said, "Citigroup remains
deeply committed to pursuing organic growth in China, and the opening of
our Hangzhou branch reflects our intent to further expand the Citigroup
franchise in China. As a key economic center that continues to prosper,
there is high demand in Hangzhou for banking and wealth management
services by a sophisticated population. We are dedicated to bringing
world-class products and services to companies and individuals in
Hangzhou."

The new branch will offer a comprehensive range of RMB and foreign
currency products and services to multinational and local companies,
Chinese residents and foreign nationals as regulations permit. In
addition to general banking services, the branch will also offer
CitiGold, Citigroup's world-renowned wealth management service. CitiGold
provides customized banking products and services to enable customers to
realize their wealth management goals. The branch will also provide
services designed to meet the needs of corporate customers, such as cash
management, electronic banking, structured corporate finance, and
research services.

Citigroup currently operates six corporate bank branches in Beijing,
Shanghai, Guangzhou, Shenzhen, Tianjin, and Chengdu, thirteen consumer
bank outlets in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen and
Chengdu, and one representative office in Xiamen.

(For more biz stories, please visit Industry Updates)

Chinese language

Chinesepod - JVC unit in city slated for shutdown

BIZCHINA / Overseas Investment

JVC unit in city slated for shutdown

(Shanghai Daily)
Updated: 2006-12-28 14:08

Victor Co of Japan Ltd, which makes JVC brand electronics, will disband a
China venture that makes and sells DVD players and recorders to improve
profitability.

Production at the Shanghai JVC Electronics Co venture will end in
January, with operations ceasing in December 2007, Makoto Hikita, a
Tokyo-based Victor spokesman, was quoted as saying yesterday by Bloomberg
News. Output at the venture is expected to fall to one million units this
year, compared with three million in 2003, he said. Manufacturing will
relocate to factories in Beijing, Malaysia and Indonesia, he said.

Victor's profitability has declined in recent years amid competition in
the consumer electronics industry. The Yokohama-based company on April 27
reported an annual loss of 30.6 billion yen (US$257 million), the biggest
since the year ended on March 2002.

The costs for disbanding the venture have been factored in earnings
forecasts, Victor said in a statement, without disclosing a number.

(For more biz stories, please visit Industry Updates)

Chinesepod

Sunday, December 30, 2007

Learn Chinese - Microeconomy: 50 SOEs to go global

BIZCHINA / Biz Media Digest

Microeconomy: 50 SOEs to go global

(Shenzhen Daily)
Updated: 2006-12-21 11:42

The government said it plans to foster up to 50 State-owned enterprises
to become globally competitive to shield them from overseas rivals under
the World Trade Organization.

The government wants to maintain control in companies engaged in national
defense, petrochemicals, power transmission, telecommunications, coal,
civil aviation and shipping, said Li Rongrong, director of China's
State-owned Assets Supervision and Administration Commission, caretaker
of the government's assets.

At a Tuesday press conference in Beijing, Li said that the government
will "foster the growth of between 30 and 50 internationally competitive
business groups with their own intellectual property rights and brands."

The government may set up a new asset management company to accelerate
the pace of readjusting assets among its companies, Li said, without
elaborating.

China also wants its largest companies to tap the capital market for
funds. The government will allow business groups such as SAIC Motor Co,
the Chinese partner of Volkswagen AG and General Motors Corp., to inject
assets into publicly traded units, according to Li. Companies will also
be encourage to sell shares on the Shanghai and Shenzhen stock exchanges,
he said.

"State companies were previously encouraged to list overseas because we
wanted them to enhance their management and because the domestic markets
did not have the capital to accommodate them," Li said. "With the
improvements in the domestic markets, there are more options available to
them to raise funds locally."

State companies will also be required to contribute to the government's
pension fund, in a move to reduce the burden of public finance, Li said.

Most of China's largest companies are already State owned. Baoshan Iron &
Steel Co, the biggest Chinese steelmaker, ranked sixth in the world by
production, is owned by the government.

SAIC Motors, one of China's largest carmakers by sales, is owned by the
Shanghai government. The maker of GM's Buick and Volkswagen's Santana
sedans sold a record 1.05 million cars and trucks last year, 24 percent
more than in 2004 and about 18 percent of the total vehicles sold last
year.

The country's six largest airline groups, including Air China Ltd, China
Southern Airlines Co. and China Eastern Airlines Corp. are government
owned. China Southern is run by the government of Guangdong Province
where the carrier is based while China Eastern is Shanghai-owned.

(For more biz stories, please visit Industry Updates)

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Learn Chinese

Learn Chinese online - China leads Asia in outbound tourism

BIZCHINA / Top Biz News

China leads Asia in outbound tourism

By Xin Dingding (China Daily)
Updated: 2006-12-14 08:39

China is consolidating its status as Asia's largest outbound tourism
market as 28.55 million people travelled abroad in the first 10 months of
this year.

The State Tourism Administration said on its website that the number is
10.8 per cent more than for the same period last year.

Shao Qiwei, head of the administration, said it is a result of the
tourism industry's opening up since China's entry into the World Trade
Organization (WTO)(find more in WTO package) in 2001.

Mainland travellers can now visit 132 countries and regions, up from 18
in 2001, including the Hong Kong and Macao special administrative regions.

In 2001, 12.13 million Chinese travelled overseas. Last year, the number
soared to 31 million.

In the past five years, China has overtaken Japan to become the largest
source of outbound travellers in Asia.

The administration, however, has not provided figures on the expenditure
of Chinese outbound travellers.

In the latest list of the world's leading outbound tourism markets, based
on statistics in 2004, the World Tourism Organization placed China behind
Japan in terms of expenditure.

China ranked seventh and Japan fourth.

China is also gaining appeal as a top tourist destination.

Official statistics show that China received 46.8 million tourists last
year, ranking fourth globally. The tourists spent a total of US$29.3
billion, placing China sixth globally.

1 2

(For more biz stories, please visit Industry Updates)

Learn Chinese online

Chinese School - IT: Telecom still lacking in 1b villages globally

BIZCHINA / Biz Media Digest

IT: Telecom still lacking in 1b villages globally

(Shanghai Daily)
Updated: 2006-12-04 16:25

One billion villages in the world are still not connected with
telecommunications although the information and communication technology
is developing very rapidly, a senior telecom official said in Hong Kong
yesterday.

"They are experiencing what my mother experienced some 100 years ago,"
Yoshio Utsumi, secreary general of the International Telecommunications
Union, said. He hoped the situation will be improved with the joint
efforts of the international community.

Muhamad Tunus, winner of the Nobel Peace Prize 2006, said information
technology can play "an exciting role" in helping the poor out of
poverty. It needs collected efforts in the ICT communities to achieve the
United Nations' target of reducing the poor population by half in 2015.

(For more biz stories, please visit Industry Updates)

Chinese School

Chinesepod - Shanghai plans to build int'l financial center

BIZCHINA / Top Biz News

Shanghai plans to build int'l financial center

(Shanghai Daily)
Updated: 2006-11-27 10:34

Shanghai expects its financial institutions to double their deposit and
loan balances by 2010, as part of Shanghai's plan to be an international
financial center.

Shanghai today issued the scenario for building the framework for an
international financial center during the 11th Five-Year-Plan period,
which will end in 2010.

The city plans locally-based financial institutions will have 4.5
trillion yuan (573 billion U.S. dollars) deposit balance in 2010. The
figure was 2.3 trillion yuan by the end of last year, according to the
National Bureau of Statistics.

Loan balance will reach 3.2 trillion yuan in 2010, jumping from last
year's more than 1.6 trillion yuan in the city.

According to the scenario, the fundraising volume in Shanghai's financial
market, including stock, government bond and corporate bond markets, will
account for 25 percent of the country's total in 2010.

Trading volume in the city's financial market will total 80 trillion yuan
in 2010, up from 35 trillion yuan in 2005.

The combined assets of the city's financial institutions will be 10
percent of that of the country.

1 2

(For more biz stories, please visit Industry Updates)

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Chinesepod

Saturday, December 29, 2007

Chinesepod - 'Time ripe for welfare reform'

BIZCHINA / Top Biz News

'Time ripe for welfare reform'

(China Daily)
Updated: 2006-11-21 08:30

China's high savings rate and sound public finances offer the right
conditions for the authorities to proceed with social security and
healthcare system reforms, People's Bank of China Governor Zhou Xiaochuan
said.

Speaking to the Xinhua News Agency in Sydney, where he was attending a
Group of 20 meeting of finance ministers and central bankers, the head of
China's central bank said the nation's social security system should
include all members of society.

Social security fund reform should involve government support, individual
accounts and commercial insurance, Xinhua quoted Zhou as saying.

People with adequate savings should be encouraged to invest in personal
pension and medical insurance schemes, Zhou said, stressing that the
government should offer more support to poorer citizens.

The central bank governor said that pension funds, which are currently
mainly held by banks, should be invested in capital markets to increase
their value and generate higher returns.

The government is currently working on a plan to transfer 10 per cent of
any domestic shares in listed State-owned companies to the national
pension fund, the National Council for Social Security Fund.

The council, which had total assets of 230 billion yuan (US$29 billion)
at the end of August, currently invests mainly in bonds and bank deposits
and is planning to start overseas investment in the near future.

Zhou said the current healthy state of the nation's finances also offered
good opportunities for further steps to be taken in foreign exchange rate
reform.

He added that the nation's financial sector was now in a much stronger
position than it was three or four years ago, noting that it was now
better equipped to cope with interest rate reform and a more flexible
yuan.

In another development, the People's Bank of China announced yesterday it
had opened a representative office for the South Pacific in Sydney.

The office will improve communications with monetary authorities in the
region and promote financial co-operation, the central bank said.

(China Daily 11/21/2006 page9)

(For more biz stories, please visit Industry Updates)

Chinesepod

Learn mandarin - Trade: French wine import to rise 60%

BIZCHINA / Biz Media Digest

Trade: French wine import to rise 60%

(Xinhua)
Updated: 2006-11-16 14:51

French Minister for Agriculture and Fisheries Dominique Bussereau
predicted his country would export 100 million US dollars worth of wine
to China by the end of the year, an increase of 60 percent on 2005.

Almost a third of China's total wine imports in 2006 will be French
wines, the French minister said here on Wednesday.

China has overtaken Japan to become France's largest wine export market
in Asia, said the French minister, who was on a visit to China aimed at
boosting bilateral cooperation in the agricultural sector.

The construction of a wine production base, the Sino-French winery
jointly funded by the Chinese and French governments, was recently
completed in Hebei Province in north China.

The winery will produce high-end products, with each bottle costing
around 1,000 yuan (125 U.S. dollars).

Wine production and consumption in China have both grown at about 10
percent per year over the past decade.

Despite rising wine consumption in China, the nation's per capita wine
consumption is only 0.3 liters, or 6 percent of the world average.

(For more biz stories, please visit Industry Updates)

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Learn mandarin

Chinese School - Contracts inked worth US$1.9b

BIZCHINA / Weekly Roundup

Contracts inked worth US$1.9b

By Xing Zhigang (China Daily)
Updated: 2006-11-06 09:16

China and Africa signed 16 agreements worth US$1.9 billion yesterday as
Beijing seeks to boost economic relations with the continent.

The deals between 12 Chinese firms and African governments and companies
were signed at the closing ceremony of the Second Conference of Chinese
and African Entrepreneurs.

The conference was held on the sidelines of the two-day summit attended
by dozens of top African leaders.

The agreements cover operations in infrastructure facilities,
communications, technology and equipment, energy and resources
development, finance and insurance.

The African countries involved are Egypt, Ethiopia, South Africa,
Nigeria, Kenya, Ghana, Zambia, Uganda, Seychelles, Lesotho and Cape Verde.

Chairman Wan Jifei of the China Council for the Promotion of
International Trade hailed the contracts as "a substantial result" of the
conference attended by 1,500 Chinese and African businessmen.

"The conference helped us enhance mutual understanding and creates
opportunities for more collaboration," he said.

The conference organized a "matchmaking" meeting yesterday morning for
business people from both sides in 14 sectors such as energy, mining,
agriculture, textiles, telecommunications and finance.

At the conclusion of the two-day conference, Wan also announced the
establishment of the China-Africa Joint Chamber of Commerce and Industry
to push forward bilateral economic exchanges.

Wan said the chamber would focus on trade, investment, technological
transfer, services and industries.

China's trade with Africa rose to US$39.7 billion last year, almost four
times the 2000 figure.

Premier Wen Jiabao on Saturday pledged to boost Sino-African trade to
US$100 billion by 2010 while promising to open China's markets wider to
African exports.

"Since China is a great market and a great economy, Africa wants to be
part of its business," said Mwaka Nakazwe, a representative of the Zambia
Association and Chambers of Commerce and Industry.

Noting that the influx of low-cost and good-quality Chinese goods has
benefited African people, Nakazwe said Africa looks forward to more
investment from China.

"What we really want, and need, for our economies to grow is for Chinese
firms to invest more and set up plants in our countries," she said. "That
will help increase employment."

By the end of last year, China's investment in Africa had amounted to
US$6.27 billion.

(For more biz stories, please visit Industry Updates)

Chinese School

Chinesepod - No-Car Day adopted by 250,000

BIZCHINA / Biz Life

No-Car Day adopted by 250,000

(Xinhua)
Updated: 2006-11-02 10:54

More than 250,000 drivers in Beijing have promised to leave their cars at
home for at least one day during the China-Africa forum to ease traffic
congestion and improve air quality.

The drivers are from 476 organizations, including 380 drivers' clubs and
28 private and overseas-funded businesses, said Wang Xiaoming, of the
Beijing Municipal Environmental Protection Bureau.

A random sample survey released by the Beijing Social Psychology
Institute on Tuesday shows more than 80 percent of drivers in the city's
eight urban districts have heard of the "no car day" campaign, and 42.3
percent voiced "strong support," hoping it would improve traffic and air
conditions.

The survey also shows half of the drivers who promised to leave their
cars at home will choose buses or subways to travel during the Forum on
China-Africa Cooperation from yesterday through Sunday, which will
attract 40 African state leaders.

To ensure smooth traffic for the forum, Beijing will restrict use of
vehicles belonging to government departments and state-owned enterprises,
and shorten school hours to ease traffic congestion, the Beijing
Transportation Committee has said.

Half of Beijing's army and central government vehicles and 80 percent of
Beijing municipal government department cars will be banned from city
roads during the forum, the committee said.

The plan is understood to be a practical rehearsal for traffic
arrangements during the 2008 Olympics.

Meanwhile, Beijing will increase bus and subway train services to ease
traffic congestion in the period, the committee said.

A city with a population of about 16 million, Beijing now has 500,000
company cars and two million private vehicles.

The "no car day" campaign urges drivers to leave their cars at home at
least one day each month.

(For more biz stories, please visit Industry Updates)

Chinesepod

Friday, December 28, 2007

Chinese language - Airbus, China agree on establishing assembly line

BIZCHINA / Overseas Investment

Airbus, China agree on establishing assembly line

(Xinhua)
Updated: 2006-10-27 13:59

European aircraft maker Airbus signed a framework agreement with China on
Thursday to establish an Airbus A320 assembly line in Tianjin, a port
city in north China.

Chinese President Hu Jintao and visiting French President Jacques Chirac
attended the signing ceremony at the Great Hall of the People in Beijing.

Under the framework agreement, which now needs the approval of the
Chinese government and the Board of Directors of the European Aeronautic
Defense and Space Co., the assembly line will go into operation in early
2009. It is scheduled to produce four Airbus A320 planes a month from
2011.

Airbus President and CEO Louis Gallois said at the ceremony that the
joint venture will be a long term strategic cooperation and will benefit
both parties.

He said Airbus will work with China to ensure that the Airbus A320 planes
produced in Tianjin will be up to the same standard as those manufactured
in other places.

"We are looking forward to the operation of the first A320 plane produced
in China," he noted.

(For more biz stories, please visit Industry Updates)

Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.

Chinese language

Chinese language - Century 21 buys stake in Shanghai property agent

BIZCHINA / Overseas Investment

Century 21 buys stake in Shanghai property agent

(Shenzhen Daily)
Updated: 2006-10-20 14:34

U.S. home sales giant Century 21 Real Estate LLC is acquiring a stake in
a domestic real estate agency, the target company said Thursday.

Century 21's Chinese unit has signed an agreement with Bonity Property
Group (Shanghai) Co. Ltd. to take over its residential property service
outlets in Shanghai, a Bonity spokeswoman said.

"Century 21 is acquiring our residential offices," Vanessa Yan said,
adding that the firm has 22 outlets in the city, including residential
and commercial property offices.

She declined to elaborate.

The U.S. firm, which says it is the world's largest residential real
estate sales group, will take all Bonity outlets in Shanghai under its
own brand, the Shanghai Securities News cited sources as saying Thursday.

Spokespersons with the Parsippany, New Jersey-based Century 21 could not
be reached for comment Thursday morning.

Property markets in Shanghai were active in the third quarter, with
strong demand for office and retail space, despite intensified official
efforts to cool the property sector, property consultants Jones Lang
LaSalle said earlier this month.

Transaction volume in Shanghai's residential property market rose by 76
percent.

Century 21, which has 7,800 offices in more than 42 countries worldwide,
is a unit of Realogy Corp., a real estate franchiser spun off from
Cendant Corp. in August.

(For more biz stories, please visit Industry Updates)

Chinese language

Learn Chinese online - VC eyes high-tech industries

BIZCHINA / Center

VC eyes high-tech industries

(Xinhua)
Updated: 2006-10-16 09:45

More foreign venture capital will pour into China's promising high and
new technology industries in the coming five to ten years, said SoftBank
Corporation.

Dr. Alan Song, vice president of SoftBank China Venture Capital, said
that foreign capital will enter new emerging information technology
industries covering 3G products and services, digital TV, IP TV, and
broadband value-added services.

Mr. Song, while attending the China Informatization Forum held in east
scenic city of Hangzhou on Sunday, said that in the next five to ten
years, China's economy will continue to grow at an annual rate of 7 to 12
percent, making it a hot investment destination for foreign venture
capital.

He said that factors including more open government policies, experienced
entrepreneurs and growing purchasing power also contribute to the more
overseas venture capital pouring into China's market.

"Venture capital will also tap vast business opportunities in industries
covering software manufacturing, medical device, energy, new materials
and auto electronics," Song said.

SoftBank, founded in Japan in 1981, has invested in new emerging
companies such as Yahoo, Alibaba, UT Starcom, and Focus Media.

(For more biz stories, please visit Industry Updates)

Learn Chinese online

Chinese Mandarin - Retail: Holiday spending rises

BIZCHINA / Biz Media Digest

Retail: Holiday spending rises

(China Daily)
Updated: 2006-10-09 10:46

China's gross consumer goods retail sales hit 300 billion yuan (US$37.5
billion) during the "Golden Week" holiday (October 1-7), up 14.5 per cent
on the same period of last year, according to the Ministry of Commerce.

A survey released on Saturday showed consumers spent their cash on a
variety of products. Mobile phones, liquid crystal TV sets, digital
devices, jewellery and clothes were among the bestsellers.

China has three week-long breaks each year, called "golden weeks". They
take place at Spring Festival, May 1 International Labour Day and
October 1 National Day.

(For more biz stories, please visit Industry Updates)

Chinese Mandarin

Thursday, December 27, 2007

Learn Chinese online - MG power plants to be built in Nanjing

BIZCHINA / Overseas Investment

MG power plants to be built in Nanjing

(Shanghai Daily)
Updated: 2006-09-28 14:08

Nanjing Automobile Corp, the Chinese owner of the failed British carmaker
MG Rover, said it will begin producing MG engines this month, a step
toward reintroducing the oldest English car brand on the world market.

The company plans to manufacture 1.8-liter, 1.8-liter turbo and 2.5-liter
V6 engines on MG assembly lines this month, according to a statement
yesterday.

The assembly lines were dismantled and shipped from Britain to the
Chinese company's Jianglin plant in Nanjing after it outbid Shanghai
Automotive Industrial Corp to take over MG's production facilities for 53
million pounds (US$100 million) last July.

"The move represents crucial progress for our car projects, and the power
train systems are the most valuable assets," said Sun Honggen, general
manager of Nanjing Auto MG Power Train Co Ltd.

The power train program is part of the global revival plan for the
British car brand. It follows a new vehicle plant in Oklahoma City in the
United States in addition to resumed production at the old MG Longbridge
assembly plant near Birmingham, England.

Nanjing Auto aims to produce 50,000 engines annually in another new plant
in its home city starting next year.

(For more biz stories, please visit Industry Updates)

Learn Chinese online

Chinese School - Initial public offering

BIZCHINA / Finance/Investment

Initial public offering

Updated: 2006-09-26 09:35

Initial Public Offerings (IPOs) are the first time a company sells its
stock to the public. Sometimes IPOs are associated with huge first-day
gains; other times, when the market is cold, they flop. It's often
difficult for an individual investor to realize the huge gains, since in
most cases only institutional investors have access to the stock at the
offering price. By the time the general public can trade the stock, most
of its first-day gains have already been made. However, a savvy and
informed investor should still watch the IPO market, because this is the
first opportunity to buy these stocks.

Reasons for an IPO

When a privately held corporation needs to raise additional capital, it
can either take on debt or sell partial ownership. If the corporation
chooses to sell ownership to the public, it engages in an IPO.
Corporations choose to "go public" instead of issuing debt securities for
several reasons. The most common reason is that capital raised through an
IPO does not have to be repaid, whereas debt securities such as bonds
must be repaid with interest. Despite this apparent benefit, there are
also many drawbacks to an IPO. A large drawback to going public is that
the current owners of the privately held corporation lose a part of their
ownership. Corporations weigh the costs and benefits of an IPO carefully
before performing an IPO.

Performance

The aftermarket performance of an IPO is how the stock price behaves
after the day of its offering on the secondary market (such as the NYSE
or the Nasdaq). Investors can use this information to judge the
likelihood that an IPO in a specific industry or from a specific lead
underwriter will perform well in the days (or months) following its
offering. The first-day gains of some IPOs have made investors all too
aware of the money to be had in IPO investing. Unfortunately, for the
small individual investor, realizing those much-publicized gains is
nearly impossible. The crux of the problem is that individual investors
are just too small to get in on the IPO market before the jump. Those
large first-day returns are made over the offering price of the stock, at
which only large, institutional investors can buy in. The system is one
of reciprocal back-scratching, in which the underwriters offer the shares
first to the clients who have brought them the most business recently. By
the time the average investor gets his hands on a hot IPO, it's on the
secondary market, and the stock's price has already shot up.

(For more biz stories, please visit Industry Updates)

Chinese School

Chinese Mandarin - Cisco to shift into consumer market

BIZCHINA / Overseas Investment

Cisco to shift into consumer market
(Shanghai Daily)
Updated: 2006-09-20 14:09

Cisco Systems Inc will increase investment in its Shanghai research
center, where it is working on consumer-oriented products such as network
DVD players and Internet-protocol TV equipment, the company's chief
development officer said yesterday in the city.

Within the next year, the US-based router giant will invest almost US$4
billion on research and development, mainly in its five research centers
worldwide, including the Shanghai operation.

Cisco plans to double staff to 500 at the local center by the middle of
next year,

In the future, Cisco's Shanghai center, founded in 2005 with an
investment of US$32 million, will hire more than 1,000 engineers, about
10 percent of the company's global total for researchers, said Charles
Giancarlo, Cisco's chief development officer, without providing a
specific timetable.

Cisco's local center is now working on new technologies, from voice over
Internet protocol to IPTV and network DVD devices that play
computer-stored videos on TV screens through wireless connections.

"We have strong technologies for Internet protocol," Giancarlo said in an
interview at the center.

Cisco will launch a new marketing campaign next month to target end
users, including changing its logo, Giancarlo said, declining to
elaborate.

"The competition in the enterprise router market is heated, and Cisco,
though still No. 1, is losing market share to rivals in China," said
Zhang Tao, an analyst at Beijing-based CCID Consulting, a research firm
under the Ministry of Information Industry.

As such, Cisco is forced to find other business opportunities, such as
the promising consumer market, Zhang said.

"The key point (in assessing the consumer sector) is price, and Cisco has
to cut costs on management and talent," Zhang said.

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Chinese Mandarin

Chinesepod - Environment: Water congress ends

BIZCHINA / Biz Media Digest

Environment: Water congress ends
(China Daily)
Updated: 2006-09-15 13:55

Co-hosted by China's Ministry of Construction and the International Water
Association (IWA), the fifth World Water Congress and Exhibition was
concluded yesterday.

About 3,000 experts, entrepreneurs and officials from more than 90
countries and regions attended the five-day event to exchange ideas on
the sustainable development of the world water industry.

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Chinese School - Morgan Stanley, Goldman get extra QFII quotas

BIZCHINA / Overseas Investment

Morgan Stanley, Goldman get extra QFII quotas
(Sehnzhen Daily)
Updated: 2006-09-13 11:17

The foreign exchange regulator said yesterday it has granted Morgan
Stanley and Goldman Sachs Group Inc. additional quotas to invest in
China��s capital markets under the Qualified Foreign Institutional
Investor (QFII) program.

Morgan Stanley received an additional 200 million U.S. dollars quota and
Goldman Sachs received an additional 150 million dollars, the State
Administration of Foreign Exchange (SAFE) said in a statement on its Web
site.

SAFE said it had assigned the 200 million dollars quota to Morgan Stanley
unit, Morgan Stanley Investment Management Inc. The unit is authorized to
launch a Morgan Stanley China A-share fund, the statement said.

Morgan Stanley International controls an additional 400 million dollars
in QFII quotas, according to official SAFE data.

The new quota for Goldman Sachs increases its total QFII quotas to 300
million dollars.

The QFII program, which was launched in mid-2003, allows approved foreign
institutional investors to trade yuan-denominated A shares listed on
exchanges in Shenzhen and Shanghai.

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Chinese School

Wednesday, December 26, 2007

Chinese Mandarin - Light Industry: Yurun profit surges

BIZCHINA / Biz Media Digest

Light Industry: Yurun profit surges

Updated: 2006-09-07 13:59

Yurun Food, the mainland's largest meat processor, yesterday posted a
48.5 per cent year-on-year increase in its net profit from January to
June, to reach 254 million yuan. Its gross profit margin rose 3.1
percentage points to 17 per cent thanks to a reduction in the prices of
its raw materials. The Jiangsu-based company, which slaughters pigs and
processes meat, also said yesterday it would invest 170 million yuan to
set up a plant in Northeast China's Harbin to boost its capacity. (China
Daily HK edition)

Lipman Electronic Engineering Ltd, the world's leading electronic payment
system provider, has received an order for 20,000 point-of-sale (POS)
units from China UnionPay, a leading financial network operator in China.
The order, which will facilitate UnionPay's migration to EMV-compliant
payment systems, is for Lipman's NURIT 8320 POS terminal and the NURIT
222 PIN Pad, and is expected to be supplied throughout 2006. Lipman,
headquartered in Israel, is currently the only international vendor
chosen by UnionPay during its rollout of electronic payment systems.
(China Daily)

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Learn Chinese - Agriculture: Farmers to get certificate

BIZCHINA / Biz Media Digest

Agriculture: Farmers to get certificate
(China Daily)
Updated: 2006-08-31 17:56

Farmers in Panzhihua, Sichuan Province, now have easy access to
agricultural expertise without having to leave the village, as teachers
from the city's technical secondary school for agricultural knowledge
popularization visited their homes to offer training courses.

Upon graduation, these student farmers will receive a certificate of
secondary learning.

In the class of corn production in Xigeda Village of Hongge Township,
female farmers account for more than 50 per cent of the total 52 students.

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Learn Mandarin online - IT: Kingsoft plans to go public

BIZCHINA / Biz Media Digest

IT: Kingsoft plans to go public
(Shenzhen Daily)
Updated: 2006-08-25 16:02

Software developer Kingsoft Corp. plans to raise roughly US$100 million
from an overseas listing next year. It has attracted investment from a
group of foreign investors that includes Intel Corp., a Kingsoft
executive said Wednesday.

��We are assessing IPO opportunities in different markets, including
NASDAQ. In terms of cost and geography, however, Hong Kong is more
convenient,�� said Kingsoft chief financial officer Wang Donghui.

Kingsoft said a group of companies led by Singapore��s Government
Investment Corp. agreed to invest US$72 million in the company. Also in
the group were Intel��s venture-capital arm, Intel Capital, and New
Horizon Fund, a private equity fund set up by Singapore state investment
company Temasek Holdings Pte. and Tokyo-based financial service company
SBI Holdings Inc.

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Learn Mandarin online

Chinese Online Class - Light Industry: Bright Dairy net down 40.2%

BIZCHINA / Biz Media Digest

Light Industry: Bright Dairy net down 40.2%
(Shenzhen Daily)
Updated: 2006-08-22 15:06

Bright Dairy and Food Co., in which France's Groupe Danone owns a 11.55
percent stake via unit Danone Asia Pte., said yesterday its first-half
net profit fell 40.2 percent due to increased marketing costs for its
yogurt products.

Net profit for the six months ended June 30 was 90.5 million yuan
(US$11.31 million), down from 151.3 million yuan in the first half of
2005, according to the company's statement on the Shanghai Stock
Exchange��s Web site.

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Tuesday, December 25, 2007

Learn mandarin - Ongoing drought affects 100 million hectares farmland

BIZCHINA / Weekly Roundup

Ongoing drought affects 100 million hectares farmland
(Xinhua )
Updated: 2006-08-17 10:49

Scorching weather and continuous drought across China have affected over
100 million hectares of farmland this summer, latest statistics show.

China's State Flood Control and Drought Relief Headquarters said on
Wednesday that more than 40 million hectares are facing a severe drought.

A farmer squats on a dried-out river bed at a village in Xiangfan,
central China's Hubei province August 16, 2006. Scorching weather and
continuous drought across China have affected over 100 million hectares
of farmland this summer, latest statistics show. [newsphoto]

Crops on ten million hectares of farmland have already withered.
Sustained high temperature and low summer rainfall have brought drought
to large parts of China this summer, said Tian Yitang, a headquarters
official.

In the southwestern municipality of Chongqing and neighbouring Sichuan
province, it is the most severe drought in 50 years, said Tian.

The southern parts of China, usually rainy and humid in summer, have also
experienced drought this year, said Tian. Water levels in most rivers
have remained low.

The northwestern parts of the country, hit by drought most summers, are
suffering from searing heat and low rainfall this year as usual.

Tian said continuous droughts have left about 14 million people and 15
million livestock short of water.

Local governments have allocated more than 300 million U.S. dollars to
help residents fight the drought.

On the hottest days, more than 30 million people are mobilized each day
to tap ground water, transport water tanks and improve water conservation
facilities.

The drought-relief efforts have solved water supply problems for more
than 12 million people across China, Tian said.

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Learn mandarin

Chinesepod - Crystal Clear

BIZCHINA / Weekly Roundup

Crystal Clear
By JIANG JINGJING (China Daily)
Updated: 2006-08-07 13:47

When Daniel Swarovski invented an automatic cutting machine at the end of
the 19th century, he made possible a fashion accessory that would
transform what women wear: crystal.

Crystal, as a raw material, has always been seen as valuable and
beneficial. But after Swarovski created his machine, the material entered
the world of fashion and beauty.

Over time, with its innovation, trend research and creative products,
Swarovski's brand logo has become the symbol of crystal, and moreover, a
mainstay in jewellery across the world.

Today, this Austrian name no longer belongs to Western fashionistas only.
It is rapidly attracting Chinese mainland customers.

The crystal business here has maintained 60-per-cent growth every year
since it entered the country in 1998, a rate of expansion that has
already overtaken Japan and Hong Kong.

As for Swarovski's sales, the brand had 85 outlets in China by the middle
of last month, and by year's end will boast 90 points of sale in over 30
cities, says Allison Pyrah, greater China director of Swarovski's
consumer goods business.

"We have taken the correct strategy to enter the market," Pyrah says. "We
established ourselves as an affordable luxury brand."

From a 300 yuan (US$37.5) mobile phone accessory to a 30,000 yuan
(US$3,760) necklace, Swarovski has a broad price range.

"We are not the top-end brand," Pryah says. "In our shops, customers can
always find something they can afford."

She adds that for top-end brands, such as Hermes and Louis Vuitton, many
customers go into their shops to look, but only a small percentage of
people buy their products. That goes against some research statistics,
whcih show Chinese consumers offen buy luxury brands.

She stresses that Swarovski is an upper-middle class brand. "We are not
for elites. We are not diamond. We are crystal. So, we can reach more
people."

Page: 1 2 3

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Learn Mandarin online - White collars becoming tied up

BIZCHINA / Biz Life

White collars becoming tied up
(Chinanews.cn)
Updated: 2006-07-24 10:37

According to a report by the China News Weekly, Chinese white collars are
becoming fully occupied in the office. They pursue many of their
activities in the office building, eating, doing exercises, resting,
playing games or even dating. Their working companies also like to create
a humane environment in the office so that staff members can complete the
office work while doing some personal activities at the same time.

For these young people, they tend to go off work at a later time day by
day, and in the end, they just don't want to go home. In large cities
such as Guangzhou, Shenzhen, Shanghai and Beijing, where economy is
developing at a fast speed, office workers face an increasing work
pressure day by day and many of them have begun to make office their home.

As the young generation in society, most of them are aged between 25 and
45. Most of them work in the IT sector, advertisement design industry,
media, profession training industry, or corporate management. In the eyes
of outsiders, they enjoy a comfortable life: they lead the fashion trend
in the city and earn a high salary. They enjoy a flexible working
schedule and a very good working environment. Having a good education
background, the white collars don't have to worry lest they lose their
jobs.

However, only the white collars themselves know what others see as a good
life is in fact a boring life. They often work for extra hours, suffer
from loss of creative capability and have little time to make friends.
When they go off from work late at night, sometimes they might think of
asking for a leave the next day and having a holiday somewhere. However,
when a new day begins, they find everything back to normal and themselves
pushed by new tasks.

In fact, even if they don't work for extra hours in the office, they have
no place to go. Many of the young people are fresh from college, or have
come to work in large cities from their hometowns. Their parents are not
with them. If they don't cook their own meals, they may have nothing to
eat for dinner. As newcomers, they haven't established a social network.
They have few friends to chat with, and don't have much chance to go
dating. Even if they might have a chance to relax and find people to chat
with, these people are often than not their own colleagues.

Meanwhile, many of them face a great pressure for earning money to buy a
house or a car. If they cannot afford to buy these, they still have to
work to pay for high apartment rents and communication fares. For young
persons who have just graduated from college and earn a low income, all
these are enough to make them live a modest life.

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Learn Chinese online - Not interested in nightlife

BIZCHINA / Biz Life

Not interested in nightlife
(Chinanews.cn)
Updated: 2006-07-13 10:05

How would you enjoy your night time? Go Karaoke or do exercises? How does
the colorful nightlife attract white collars after a day's busy work?

Actually, a survey conducted by a human resources service organization
reveals that half of white collars in Beijing believe they have nothing
to do with nightlife, and they still enjoy the life between home and
office. Moreover, half of those who accustomed to nightlife spend no more
than 300 yuan every month on it in average.

It is found that those interested in nightlife normally enjoy it once or
twice per week, while only 5.4% go out every night. In addition, men are
more interested in nightlife than women.

According to the survey, different work also affects people's different
attitudes toward nightlife. Those engaged in public relations,
advertising, or marketing are more taken with nightlife, as they are
required to have more communications with others for the needs of their
jobs.

Moreover, 60% will go home before midnight.

Among various recreational activities, 46% of people choose KTV first,
and night bars second.

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Monday, December 24, 2007

Chinese Mandarin - AMD ramps up Intel rivalry with R&D centre

BIZCHINA / Overseas Investment

AMD ramps up Intel rivalry with R&D centre
By Liu Baijia (China Daily)
Updated: 2006-07-04 09:25

US microprocessor firm AMD will establish its second research and
development centre for mobile processors and solutions in Shanghai next
month, as it tries to break the dominance of its rival Intel in China.

Vanoy Wong, vice-president of sales with AMD China, said that his company
is likely to set up the centre in Shanghai's Zhangjiang, a semiconductor
hub, in August. The centre will mainly focus on the development of mobile
platforms with partners.

The US microprocessor firm already has an engineering centre in Beijing,
which is mainly engaged in desktop computers.

But Wong would not disclose further details about the centre.

"This year will be a year of mobility for us," said Wong in an interview.

Last year AMD achieved significant breakthroughs in the world's
second-largest computer market, which was formerly dominated by Intel.

As many as 80 per cent of Lenovo's consumer desktop computers sold last
year used AMD chips and the ratio for HP was 60 per cent. Almost all
major computer makers in China bought some processors from AMD.

The technological innovations in 64-bit computing and dual-core
processors enabled AMD to lead the market in terms of technology. And the
demand from computer makers for an alternative supplier amid intense
competition made companies like Lenovo and HP endorse AMD products.

Following success on the desktop market, AMD has this year turned its
attention to the more profitable and faster growing notebook market.

Page: 1 2

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Chinese Online Class - Oracle sets up global support centre in Dalian

BIZCHINA / Overseas Investment

Oracle sets up global support centre in Dalian
By Zhu Chengpei (China Daily)
Updated: 2006-06-23 09:33

US-based Oracle, one of the world's leading business solution providers,
is to set up a global support centre in this port city of Northeast
China's Liaoning Province.

The Dalian centre, targeting the firm's customers in China and the
Republic of Korea, is one of Oracle's 18 support centres providing world
coverage.

"We are just to meet the inquiries and requests in this rapidly changing
market in North Asia, " said Tom Shields, Oracle Product Support
vice-president.

Oracle is one of the world's leading IT service providers attending the
4th China International Software and Information Service Fair being held
in the city from yesterday to June 25.

Since its "Golden China Plan" was launched in 2002, Oracle has
established a development centre in Shenzhen and a research centre in
Beijing.

The Dalian investment marks the beginning of the second phase of Oracle's
China plan.
"We hope to provide our products and services to more cities in China to
support their rapid economic growth," said Shields.

Shields said Oracle sees the opportunity in China's strategy to
revitalize the economy in Northeast China and its efforts to build Dalian
into one of the world's IT service centres.

"We want to do more business because China is one of the most important
markets for Oracle," said Shields.

Unlike other IT giants' centres in Dalian also targeting Japan, Oracle
wanted to establish a foundation to win customers and then further its
operation in the region.

"So the working team now is not so big and will expand driven by our
continuous business," said Shields.

"But the centre here is part of our global teams and will receive
training, best practices and share knowledge with our other 17 support
centres," he said.

Located near Japan and the Republic of Korea, good communications and a
reservoir of multilingual talents from Northeast Asia has seen Dalian
become an ideal place for the world's leading IT companies to set up
centres providing service to clients in the region. Oracle is now one of
a cluster of IT giants such as IBM, Microsoft, Intel, SAP and Accenture
in the city.

"We will spare no effort to draw more IT giants to the city and better
our support to them," said Vice-Mayor Dai Yulin.

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Learn Chinese online - Three coal-fired power plants to be built

BIZCHINA / Top Biz News

Three coal-fired power plants to be built
By Wang Ying (China Daily)
Updated: 2006-06-16 08:51

Chinese power firms plan to build three 3,600-MW (megawatt) coal-fired
power plants in neighbouring Mongolia to meet growing electricity demands
in North China.

It is one of many projects planned by China to import electricity from
neighbouring countries.

"The Mongolia plan is a phase-by-phase project. We aim to put the first
plant into operation at the end of the 11th Five-Year Plan period
(2006-10)," an official from the State Grid Corp of China (SGCC) told
reporters yesterday on the sidelines of an energy forum in Beijing.

A coal-fired power plant in East China's Anhui Province. Chinese power
firms plan to build three 3,600-MW (megawatt) coal-fired power plants in
neighbouring Mongolia to meet growing electricity demands in North China.
[newsphoto]

"It is a growing trend in China to seek cheaper and reliable energy
resources from foreign countries to fuel the fast-growing economy," he
said.

China last year produced 2.06 billion tons of coal equivalents of energy
resources, supplying 93 per cent of domestic needs, Liu Zhaoshao, chief
economist at the SGCC, told the forum yesterday.

But as the nation's economy expands at an annual rate of at least 8 per
cent, China's domestic energy supply will be able to meet just 75 to 80
per cent of demand by 2020, he said.

China and Mongolia are now studying the feasibility of the power
projects, pending final approval from the country's top economic planning
body, the National Development and Reform Commission (NDRC), the first
source said.

"We have selected three sites in Mongolia to build the plants," he added.

One or more of the country's power generation firms, including Huaneng or
Datang, will be responsible for building the plants, while transmission
lines will be constructed by the nation's biggest electricity distributor
SGCC, the first source said. "It will not be a foreign company," he added.

Page: 1 2

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Sunday, December 23, 2007

Learn Mandarin online - CCB to raise 58.05b yuan from A-share listing

? ?

CHINA / index

CCB to raise 58.05b yuan from A-share listing

By Dai Yan (chinadaily.com.cn)
Updated: 2007-09-19 11:51

China Construction Bank (CCB), one of the nation's four big State-owned
commercial lenders, is expected to raise a record 58.05 billion yuan
(US$7.71 billion) after selling?9 billion A shares in its initial public
offering (IPO), at 6.45 yuan per share, according to a CCB announcement
issued today.

Employees work at a China Construction Bank branch in Hai'an, East
China's Jiangsu Province, in this October 23, 2006 file photo. The bank,
one of China's four big State-owned commercial lenders, will raise a
record 58.05 billion yuan (US$7.71 billion) after selling?9 billion A
shares in its initial public offering, according to an announcement
issued September 19, 2007. [newsphoto]?

The new record exceeded the 1.9 trillion yuan received by the Bank of
Beijing, the country's largest city commercial bank, earlier this month.

Special Coverage:
Markets Watch ?

Learn mandarin - Quick review: May 29-June 4

BIZCHINA / Weekly Roundup

Quick review: May 29-June 4
(China Daily)
Updated: 2006-06-05 09:34

Land allotment

The Ministry of Land and Resources said last Wednesday that a ban on land
allotment for building villas would be strictly implemented, in order to
further support recent government moves to cool down the property market.

The ministry urged governments at various levels to immediately halt the
approval of land for villa construction and commence structural
adjustments of the land supply.

Although a ban on land approval for villas was imposed three years ago,
when Beijing was attempting to slow the rise of several macro-economic
indices, nationwide implementation has been inconsistent.

Property policy

The State Council, China's cabinet, has decided to significantly tighten
the rules on mortgage down payments and housing transactions, in an
effort to cool down the country's overheated property sector.

A statement issued last Monday said that as of June 1, the minimum down
payment for a new apartment larger than 90 square metres would be raised
from 20 per cent to 30 per cent.

The ratio for an apartment smaller than 90 square metres will remain
unchanged at 20 per cent, in order to cater to the needs of middle- and
low-income groups, the State Council said.

Excessive investment, loans

The People's Bank of China, the central bank, last week warned of
excessive investment and loans throughout the country, and pledged it
would take active measures to curb this trend.

China's financial institutions granted 1.26 trillion yuan (US$157.5
billion) in loans in the first quarter, up 519.3 billion yuan (US$64.9
billion) from the same period last year, according to the central bank's
quarterly monetary policy report.

The country's outstanding loans had grown 14 per cent year-on-year to
21.9 trillion yuan (US$2.7 trillion) by the end of March. The central
bank attributed this growth to a surge of fixed asset investments based
on a flood of new construction projects in the first quarter, as well as
commercial banks' increased willingness to lend, due to improved capital
adequacy.

Electronic system

China plans to introduce an electronic system for trading
dollar-denominated bonds, as a means of developing a domestic market for
foreign-currency debt securities.

The China Foreign Exchange Trade System and the National Interbank
Funding Centre markets for trading foreign currencies, bonds and other
related securities said they are preparing to offer the system to their
members in Shanghai. The statement, posted on their Chinamoney website
last week, did not provide any further details.

The country is now promoting a foreign-currency bond market, so local
banks can use US dollars, rather than sell them to the central bank.

Auto sector measures

China will introduce measures to trim overcapacity in the auto sector and
promote local brands, the industry regulator said last week.

Sources from the National Development and Reform Commission said annual
sales for all carmakers in China must reach four-fifths of their
manufacturing capacity if they want to build plants in other cities.

All new vehicle manufacturers will also be required to produce
Chinese-brand vehicles, sources said. If carmakers intend to invest in
different product categories from their current offerings, these should
include domestically developed brands.

Oil plan

Shanghai Futures Exchange, the country's only exchange for metal and
energy contracts, has developed an ambitious plan to introduce new
oil-related products that meet the needs of heavy energy users such as
power companies and airlines. The new strategy was issued in response to
wildly fluctuating international oil prices.

The exchange is also contemplating measures to open the futures market to
more financial institutions and foreign investors.

Increasing consumption of oil and other raw materials to fuel China's
rapid economic growth, particularly copper, is widely seen as having a
direct influence on world prices.

Northern development

Vice-Premier Zeng Peiyan last Tuesday said that development of Binhai New
Area in North China's Tianjin Municipality must be accelerated.

"Development of Binhai New Area is a task of strategic importance in
China's overall economic and social development. Its development will
promote the growth of Beijing and Tianjin, Hebei Province and areas
around the Bohai Sea," Zeng said at a meeting organized by the State
Council to promote the zone's development.

Binhai New Area should become an open gateway to China's northern
regions, a modern manufacturing and research base, and an international
shipping and logistics centre, he said.

Gov't auto purchases

The government is expected to spend 70 billion yuan (US$8.75 billion) to
purchase vehicles this year, said an official with the China Machinery
Enterprise Management Association.

Zhu Jinping, the association's deputy secretary-general, revealed last
week that the Ministry of Finance had earmarked 300 billion yuan (US$37.5
billion) for government procurement this year, with 70 billion yuan
(US$8.75 billion) assigned to vehicle purchases.

Government expenditure on vehicles has grown steadily in the last three
years, from 35 billion yuan (US$4.4 billion) in 2003 to 60 billion yuan
(US$7.5 billion) last year.

Tax breaks

In accordance with international practices, the government is considering
tax breaks for charitable donations, the Ministry of Civil Affairs said
last week.

"We are negotiating with taxation and financial departments to set up a
new tax reduction system for donations," said Jiang Li, vice-minister of
Civil Affairs.

According to the current tax law, corporate donations can be exempted
from income tax only when the amount is within 3 per cent of a company's
annual revenue; the ratio is 30 per cent for individuals. This means that
the more one donates, the more tax they have to pay.

"New policies will encourage companies and individuals to donate," Jiang
said.

Agricultural exports

The Ministry of Commerce last Monday urged exporters of domestic farm
products to strengthen food inspections, in a bid to deal with Japan's
new law on food imports.

The Japanese Government said the "positive list system" law, which took
effect last Monday, includes new tests for pesticides and other
chemicals. The law is aimed at improving the quality of imported food and
banning the excessive use of fertilizers and pesticides on agricultural
products.

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Chinesepod - China raises diesel oil price

BIZCHINA / Backgrounder

China raises diesel oil price
(Xinhua)
Updated: 2005-05-10 16:12

China will raise the producer price of diesel oil by 150 yuan (US$18) per
ton from Tuesday, according to sources with a state authoritative
institution of China.

China raised the producer price of gasoline by 300 yuan (US$35) per ton
on March 23 due to soaring international crude oil prices.

To guarantee the demand for diesel oil used in agricultural production,
however, China resisted raising diesel oil prices.

As a result, the country has seen a tension between the supply and demand
of diesel oil in the past month.

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Learn Chinese online - Nokia to build new China hub

BIZCHINA / Overseas Investment

Nokia to build new China hub
By Li Weitao (China Daily)
Updated: 2006-05-24 09:19

Nokia, the world's top mobile phone maker, will invest more than 450
million yuan (US$56.3 million) to build its new China headquarters in
Beijing.

The Finnish firm yesterday began construction of the campus in the
Beijing Economic-Technological Development Area (BDA).

The campus will be a new hub for Nokia's activities in China, including
Hong Kong, Taiwan and Macao.

Company Chairman and Chief Executive Officer Jorma Ollila said the campus
will also include Nokia's research and development (R&D) centres and its
existing mobile phone manufacturing base.

The campus is scheduled to open in late 2007 and will host more than
1,500 of Nokia's staff from R&D, sales and marketing, pre-production,
logistics, sourcing and manufacturing.

More than 2,000 Nokia employees are expected to be based at the new hub.
Currently Nokia employs more than 6,000 people in China, including Hong
Kong, Taiwan and Macao.
Ollila said development of the Nokia China campus will be a "big
milestone" in the firm's operations in the country.

The campus will be one of the largest mobile communications parks in the
world, integrating R&D, product design, supply of components and spare
parts, logistics, manufacturing activities and regional headquarters.

"For us, it will integrate all parts of our operations in one location,
providing unique opportunities for the exchange of information and ideas,
as well as for very effective operations across all of Nokia and with our
partners," said Ollila.

In 2000, Nokia established its Xingwang (International) Industrial Park
in the BDA, one of its major global production bases.

The park attracted nearly 20 leading mobile phone component suppliers and
service providers with 30,000 employees and a total investment of 10
billion yuan (US$1.25 billion).

The park's annual sales exceeded 70 billion yuan (US$8.75 billion) last
year. And more than half of the handsets made on site were exported.

Zhang Boxu, director of the BDA administrative committee, said the campus
will be an extension of the Xingwang model, integrating all parts of the
industry chain in a single location.

Nokia is the first multinational company to build its China headquarters
in the BDA area.

With increasing activities and expanding staff numbers, major global
telecommunications companies are rushing to establish new headquarters in
China.

Canada's Nortel Networks in 2004 committed US$200 million over three
years to build its new China headquarters and R&D centre.

And Sweden-based Ericsson, the world's largest mobile phone network
maker, invested 400 million yuan (US$50 million) in late 2004 to build
its new China headquarters, which could be operational this year.

Motorola has also poured US$90 million into building a new office complex
in China.
Nortel, Ericsson and Motorola all chose the Wangjing zone of Beijing for
their new China headquarters.

Insiders said Nokia opted for the BDA as the land supply in Wangjing is
already inadequate to host its ever-growing expansion in China.

The BDA will become "a true world-class end-to-end business park that
over time will potentially rival the reputations of the world famous
high-tech business parks in the Silicon Valley and other parts of the
world," Ollila said.

Nokia's annual net sales in China including Hong Kong, Taiwan and Macao
last year surged by 29 per cent to 3.85 billion euros (US$4.95 billion).

China is now Nokia's largest single market.

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