China Unicom agrees to buy assetsPublished: 16 Dec 2008 17:58:17 PST
CHINA Unicom (Hong Kong) Ltd, the country's second-biggest mobile-phone carrier, agreed to buy telecommunication assets from its parent for 6.43 billion yuan (US$939 million) to gain access to the southern China market.
The assets are telecom businesses in 21 Chinese provinces and regions, China Unicom said in a statement to Hong Kong's stock exchange yesterday.
They include the local access telephone business and other assets in the north China's Tianjin.
Unicom will be able to enter "the densely populated south China market" and enhance its fixed-line operations with the acquisition, it said. The company bought China Netcom Group Corp, the dominant fixed-line service provider in 10 north China's cities and provinces, including Beijing and Tianjin, in October, as part of a government plan to let carriers offer wireless and traditional phone services, Bloomberg News said.
It will lease the telecom networks from its parent in south China, the statement said.
China Unicom will acquire the assets from parent China United Telecommunications Corp and China Network Communications Group Corp.
Bosch and Siemens to expand investment in ChinaPublished: 24 Sep 2009 17:05:57 PST
Top 5 News From ChinaKnowledge.comAirbus to hand over 80 aircraft to China this yearChina Telecom to offer one-way charging servicesChina Everbright Int'l to sell 480 mln sharesCIC in talks with IDB on US$1 bln co-financing: reportBosch and Siemens to expand investment in China
Sep. 25, 2009 (China Knowledge) - Bosch and Siemens Home Appliances Group will invest RMB 200 million in China each year over the next three years, said Roland Gerke, president and CEO of the company's China subsidiary.
The president made the remarks after a high-end drum washing machine plant of the German home appliance manufacturer kicked off production in Nanjing, Jiangsu province on Wednesday.
The new washing machine plant involves an investment of US$70 million and is designed to have an annual capacity of 800,000 units.
Bosch and Siemens will continue to invest in China in the coming years, said Gerke, adding that its China sales surged over 41% in June compared with that of a year ago.
The company has added US$90 million to its planned US$200-million investment in the country this year, and it will further expand its distribution network and open direct sales stores in the future, according to Gerke.
So far, Bosch and Siemens has poured more than US$750 million into China.
China Shenhua says 2009 capex at 29.9 bln yuanPublished: 29 Mar 2009 21:45:25 PST
HONG KONG, March 30 - China Shenhua Energy Co, thecountry's biggest coal producer, said on Monday it has earmarked29.9 billion yuan ($4.37 billion) for capital spending in 2009.
The coal maker forecasts its commercial coal sales volume toreach 220 million tonnes in 2009, the company said in its annualreport. ($1 = 6.83 yuan)
China, Ecuador to set up US$1.1-bln oil JVPublished: 25 Nov 2009 01:25:20 PST
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Nov. 25, 2009 (China Knowledge) - The state-owned petroleum firms of Ecuador and China will set up a joint venture to develop oil fields in Ecuador's Amazon region, said Germanico Pinto, Ecuador's minister of nonrenewable natural resources, yesterday.
Pinto said that the project will cost China around US$1.1 billion.
The JV, which will be 60% held by Ecuador and 40% by China, will explore and drill in the Oglan block in the Ecuadorean jungle, said the minister.
Pinto said that the establishment of the JV will help the country develop its oil industry.
China, the second-largest oil consumer after the U.S., imported 19.3 million tons of crude oil in October, 20% more than in the same period of last year, according to statistics released by the General Administration of Customs.
In the first ten months of this year, the country's crude oil imports were 165 million tons in total, up 9.4% from a year earlier.
Regional progress gains speed with gaming industry as its fuel
SKYSCRAPERS: Two of Macao's landmarks--the Bank of China Tower and the Lisboa Hotel Macao, November 16, 2009 (XINHUA)
Over the 10 years since Macao's return to the People's Republic of China in 1999, the former Portuguese colony has witnessed nothing less than an economic miracle. Macao's gross domestic product (GDP) tripled during that period and reached MOP171.87 billion ($21.48 billion) in 2008, growing at an average rate of nearly 15 percent per year. The 2008 per-capita GDP of Macao, which lies west of the Pearl River and is China's second special administrative region on the southeast coast of the country, stood at $39,036, a figure that ranks it second in Asia behind only Japan.
With government coffers expanding from growing tax revenues collected from the gaming industry, the social welfare system in the region, which is home to 549,200 residents, has also improved dramatically in recent years. Beginning in the fall of 2007, the Macao Special Administrative Region (SAR) Government began offering 15 years of free education from kindergarten to senior high school.
The Macao SAR Government initiated a "wealth share" handout program in 2008 to allow the public to benefit from its strong budget surplus. Under the program, residents were given MOP5,000 ($625) per person in 2008 and MOP6,000 ($750) per person in 2009. In both years, non-permanent residents received half of that sum.
In October, Macao announced a plan to open individual retirement accounts in the central savings regime for the residents of Macao. The government immediately injected MOP3.3 billion ($412.5 million) into the new system, which amounted to MOP10,000 ($1,250) per account. The money was allocated from the MOP25.1 billion ($3.14 billion) budget surplus recorded in 2008. Money in the accounts for all residents 22 years old and higher can be withdrawn once the beneficiary reaches the age of 65. The government calls this measure a new form of retirement social security for Macao's residents.
Speaking at the Legislative Assembly in his final official meeting with the local parliament on November 19, Macao's Chief Executive of 10 years, Edmund Ho Hau Wah, said he estimated that 2009 would see a surplus of more than MOP10 billion ($1.25 billion), according to the Macao News Agency.
"Next year, the government will continue to implement measures for exemption and reduction of taxes that it has adopted over the last few years, with the aim of helping companies and citizens to face the pressures and difficulties resulting from the international financial crisis," he said.
Celebrations of the 10th anniversary of Macao's return to its motherland included a December 4 seminar in Beijing on the 10th anniversary of the implementation of the Basic Law of the Macao Special Administrative Region, where China's top legislator, Wu Bangguo, delivered a speech reviewing progress made in Macao over the past decade. On December 11, a photo exhibition on Macao's achievements in the last 10 years opened at Beijing's Capital Museum.
New era
Late Chinese leader Deng Xiaoping first put forward the concept of "one country, two systems" in the early 1980s to achieve China's reunification. Deng envisioned the main part of the country continuing under socialism while areas such as Hong Kong, Macao and Taiwan having their own capitalist economic and political systems. Under Deng's framework, SARs were established in Hong Kong and Macao respectively, and SAR governments were allowed to exercise a high degree of autonomy.
"While giving Macao a lot of support whenever there was a major setback, such as the outbreak of severe acute respiratory syndrome and the international financial crisis, the Central Government has strictly follo深圳装修上海翻译公司同声传译过滤机クレジット 現金化クレジットカード 現金化 比較ショッピング枠 現金化真空阀门
Yunnan Baiyao places 500 mln A-shares to Ping An LifePublished: 07 Jan 2009 00:00:00 PST
Jan. 7, 2009 (China Knowledge) - Yunnan Baiyao Group Co Ltd<000538> has completed a private placement of 500 million A-shares to Ping An Life Insurance, a subsidiary of China's second biggest insurer Ping An Insurance (Group) Co of China Ltd<601318><2318>, sources reported.
The proceeds worth RMB 1.394 billion will be used to fund Yunnan Baiyao's integral moving as well as other projects.
The successful placement will enhance the company's anti-risk ability amid the global financial crisis as well as its market competiveness and capital operation capability, said Yin Pinyao, vice president and secretary of the board of Yunnan Baiyao.
Shares of Yunnan Baiyao went down 2.11% to close at RMB 33.4 on Tuesday.
Pierre Cardin to sell licenses to China, not whole brandPublished: 29 Jun 2009 22:50:25 PST
Top 5 News From ChinaKnowledge.comHaier likely to cut sales growth target for Asia-Pacific regionHongkong Electric eyes stake in world's largest wind farmChina advances auto replacement subsidy planBOC to sell RMB 40 bln in subordinated bonds on Jul 6Anglo American may sell MMX stake to ChinalcoJun. 30, 2009 (China Knowledge) - French attire maker Pierre Cardin on Monday announced that it was in talks with two Chinese companies and will sell licenses to the two companies, the official Xinhua News Agency reported.
Pierre Cardin said it will sell clothing and accessory licenses for China to each of two private companies for EUR 200 million. The two buyers are Jiangsheng Trading Co Ltd and Guangzhou Cardanro Development Co Ltd, both based in Guangzhou, the capital of southern China's Guangdong Province.
The deals will be signed very soon, said a spokesman for the Paris-based company.
The company on Monday said it is not selling the Pierre Cardin group or the whole brand, only certain licenses. The company has sold such licenses in Japan in the past.
Pierre Cardin was one of the first Western fashion brands to enter the Chinese market and currently owns about 800 licenses worldwide.
Emerging FX-Asia rises on stock gains, China stimulus hopesPublished: 04 Mar 2009 00:33:45 PST
SINGAPORE, March 4 - Asian currencies rose onWednesday as investors snapped up stocks in the hope that Chinawill step up efforts to spur its economy, with suspectedintervention boosting South Korea's won and the Singaporedollar.
The Philippine peso rose a third of a percent to 48.65 perdollar as a senior central bank official said falling inflationhad created room for the central bank to cut interest rates, aday before the interest rate review.
Deputy central bank governor Diwa Guinigundo also said thecentral bank would avoid intervention given the peso's relativestability.
The peso is down 2.4 percent against the dollar so far thisyear -- the second best performing currency after the Chineseyuan in those that are tracked daily by Reuters.
Meanwhile, the Thai baht gained almost 0.4 percent to 36per dollar.
The volatile South Korean won rose as much as 1 percent to1,535.2 per dollar as dealers suspected the authorities wereselling dollars to support the ailing unit.
The won, the worst performing Asian currency, is still down19 percent against the dollar this year.
A senior Chinese planning official said on Wednesday thegovernment will increase spending in areas such asinfrastructure and manufacturing on top of the 4 trillion yuan($585 billion) stimulus package unveiled in November.
The comment, along with signs of a recovery in China'seconomy highlighted by a big improvement in the purchasingmanagers' index, helped boost Asian stocks.
The MSCI index of Asia-Pacific shares outside Japan rising1.5 percent as of 0747 GMT.
"The bounce in equities probably is the most obvious cuewhile the broad dollar index has stabilised somewhat, with theadditional boost coming from in China of course," said EmmanuelNg, currency strategist at OCBC Bank.
But he cautioned that the near-term outlook for most Asiancurrencies remained grim due to the worsening global downturn.
The Chinese yuan hovered near 6.84 per dollar, but one-yeardollar/yuan non-deliverable forwards eased to 6.9553, whichimplied a fall of 1.6 percent from the spot.
Elsewhere, the Singapore dollar edged up to 1.5510 to theU.S. dollar as traders cited official intervention to limit thecurrency's losses.
"There was a lot of U.S. dollar buying this morning by U.S.houses and funds," said a Singapore-based trader, adding theunit is supported by U.S. dollar sales by the central bank.
A second trader said the intervention may reflect officialconcerns about excessive currency weakness as Singapore dollaris believed to be near the lower end of its undisclosed tradingband. CURRENCIES VS U.S. DOLLAR Change on the day at 0802 GMT Currency Latest bid Previous day Pct Move Japan yen 98.85 98.30 -0.56 Sing dlr 1.5519 1.5530 +0.07 Taiwan dlr 35.048 35.095 +0.13 Korean won 1550.90 1552.40 +0.10 Baht 36.08 36.13 +0.14 Peso 48.69 48.81 +0.25 Rupiah 12025.00 12110.00 +0.71 Rupee 51.79 51.96 +0.33 Ringgit 3.7100 3.7070 -0.08 Yuan 6.8422 6.8413 -0.01 Change so far in 2009 Currency Latest bid End prev year miniature bearings深圳装修公司クレジットカード現金化蝶阀現金化弹簧冷热冲击试验机XP系统下载
MOF plans to sell RMB 200 bln bonds on behalf of local gov'tsPublished: 03 Mar 2009 00:00:00 PST
Mar. 3, 2009 (China Knowledge) - China's Ministry of Finance (MOF) is planning to issue RMB 200 billion three-year bonds on behalf of local governments this year, the Shanghai Daily reported, citing unnamed sources.
MOF will organize the debt auctions and channel funds between bondholders and the city and provincial governments issuing the notes, said the sources.
The proceeds from the bond sale is likely to be used only for the auxiliary projects of major infrastructure construction projects funded by the central government, according to an official from MOF.
The debt auctions are the first of their kind since the 1997-1998 Asian financial crisis.
The proposal is still subject to approval from the National People's Congress (NPC).
Province Introduction of China: NingxiaPublished: 01 Apr 2009 18:42:59 PST
Key Information
Introduction The Ningxia Hui Autonomous Region lies along the western part of the Yellow River and is bordered by Inner Mongolia to the north and west, Shaanxi to the east and Gansu to the south. The region was once a part of the Silk Road that connected China with central Asia and Europe.
Economic Overview During the 10th Five-Year Plan period, Ningxia’s economy maintained a rapid pace of growth, narrowing the gap between the average level of growth in the region and the nation’s average level of growth. In 2006, Ningxia’s GDP reached RMB 70.7 billion (12.5% more than 2005) and per capita GDP amounted to RMB 11784.
The industrial sector leads the economy with a 49.2% contribution to the GDP. The service sector follows with a 39.6% contribution and agriculture contributes the remaining 11.2%. The value-add of the agriculture, industrial and service sectors was RMB 7.9 billion (up 6.1% from 2005), RMB 34.8 billion (up 18.5%), and RMB 28 billion (up 9%) respectively.
In 2006, fixed asset investment kept a steady growth, with total fixed asset investments reaching RMB 51.5 billion. Total urban fixed asset investment in was RMB 43.9 billion, accounting for 85.2% of the total investments. Manufacturing, with the largest amount of fixed asset investment at RMB 8.7 billion, ranks first. Real estate, production and supply of electricity, gas and water, transport storage and post, and mining are the other industries that rank in the top five in terms of total fixed asset investment.
In 2006, the consumer market continued to expand, with total retail sales of consumer goods hitting RMB 19.9 billion - 14.1% more than 2005. Major consumer markets in this region are located in the capital of Yinchuan, and major department stores and shopping centers include Xinghua Shopping Centre, Yingchuan Department Store, Ningxia Hualian Commercial Building, and Yinchuan Xincheng Department Store. Per capita disposable income of urban residents amounted to RMB 9177, an increase of 13.4% from 2005. Food weighs in as the highest expenditure of urban households, comprising 33.9% of per capita expenditure. Clothing, household articles, medicine and medical services, transportation and communication, recreation, cultural activities and education, and residence accounted for other significant expenditures.
Agriculture Due to the irrigation provided by the Yellow River, Ningxia has a well developed agricultural sector which has earned its reputation of being “an oasis in a desert”. Ningxia’s major crops include rice, wheat, maize, beans, sugar beet and Chinese wolfberries. Rice is its most famous produce, giving Ningxia the nickname “Pearl of the Northern Frontier”. In 2006, the total output of grain reached 3.1 million tons, up 3.7% from 2005.
The mountainous area in the south of Ningxia is suitable for both forestry and animal husbandry. The region has broad prospects for the development of the stock rearing and livestock processing industries. In 2006, meat production in the region amounted to 26.6 thousand tons (an increase of 2.8% over the last year), while milk production totaled 64.7 thousand tons (a rise of 11.9% over 2005). However, due to the bird flu pandemic in 2006, the production of poultry and eggs dropped by 26.3% and 19.6% respectively in comparison with the previous year.
Destination China Published: 05 May 2009 17:46:20 PST
STRONG CONFIDENCE: Edgar G. Hotard believes a fast economic recovery will polish China's appeal to foreign investment HU YUE COURTESY OF
China's foreign direct investment (FDI) inflows dropped by about 20 percent year on year in the first quarter, raising questions about the country's attractiveness to foreign investors. Edgar G. Hotard, Chairman of the Monitor Group (China), sat down with Beijing Review reporter Hu Yue on the sidelines of the Boao Forum for Asia on April 17-19, to discuss this issue. The Monitor Group is a global provider of strategy consulting services, headquartered in the United States and with offices in China.
Beijing Review: China's appeal for foreign investment seems to be fading as reflected in the declining FDI. Do you think the decline will continue in the long term?
Edgar G. Hotard: There has been some decline in FDI, but this is more a result of the macro issues deriving from the global downturn and not a reflection of the inherent attractiveness of China. Foreign companies may be holding off on investments until the country's capacity imbalances are properly addressed and there is clearer visibility on growth. Also, private equity investment has seen a decline but should rebound once the economy begins to improve and valuations can be matched with market opportunities and growth.
How are foreign companies revaluing the Chinese market during a downturn, and how are they rethinking their business strategies to match the realities?
Foreign companies are revising their strategies based on the realities of the marketplace and their strategic goals for their business in China. If their strategic objective was to tap into low-cost labor and export their branded goods back to the United States and Europe, they will have to revamp their strategy to address excess capacity in China as consumer demand in the West has declined precipitously.
Those companies that invested in China for growth in the domestic market also will require a strategy revamp as the economy here is continuing to grow at a faster pace than expected despite the global recession. Having achieved 6.1-percent GDP growth in the first quarter when exports plunged by a significant 25 percent means that domestic demand remains relatively strong and continues to grow. This is a positive sign that the Chinese economy might bottom out faster and lead the global recovery. As a result, foreign companies have to better understand the growing market segments and position themselves for future growth opportunities. Reviewing and updating their strategies to respond to the downturn and yet prepare for growth is what a lot of multinationals in China are doing today.
As competition heats up in China, foreign companies need to develop a set of strategic actions to implement. Cost management consistent with strategic direction and balancing the short-term focus on cash preservation with longer-term strategic action is important, and driving innovation into their organizations will be needed in order to create profitable growth.
What should China do to further improve its business environment for foreign investments?
First of all, China should continue to communicate and make its investment regulations understood since there have been some significant changes in terms of attracting foreign investment, including private equity and venture capital.
Second, China should push even harder on innovation, particularly in high technology and basic science development, which is a long-term benefit. Additionally, China can provide an indication of efforts the country is making and highlight successes. Innovation in companies is very important at this time as it is usually during economic downturns that innovation occurs in market leadテレクラlipo battery办公室装修截止阀dental bearingsカード 現金化弹簧oa办公系统
ChemChina plans to resume bidding for Dow AgroSciencesPublished: 22 Jun 2009 23:13:05 PST
Top 5 News From ChinaKnowledge.comShareholders allow BOC to issue RMB 10 bln in RMB bonds in HKSino-Thai trade and tourism goals for 2010 unchanged: Thai PMHang Seng Index opens 482 points lower on TueShanda to be sole operator of 2 Cyberstep games in ChinaChina's SOEs saw combined profit drop 30.3% in Jan-MayJun. 23, 2009 (China Knowledge) - State-owned China National Chemical Corp (ChemChina), the largest chemicals maker in mainland China, has restarted bidding for Dow AgroSciences, the agricultural chemical subsidiary of Dow Chemical, the third-largest chemical company in the world by market capitalization, the South China Morning Post reported on Monday.
The newspaper said that the acquisition of Dow AgroSciences may cost the winning bidder between US$5 billion and US$7 billion.
U.S.-based Monsanto and Switzerland’s Sygenta, the world’s biggest farm chemicals makers, are also participating in the bidding. However, sources quoted by the newspaper said that a successful takeover by ChemChina is unlikely, since its two rivals' businesses are more similar to those of Dow AgroSciences.
The Chinese company previously rejected the idea of buying a minority stake in Dow AgroSciences because it would prefer to acquire the whole company or set up a joint venture, said the newspaper.
ChemChina is reportedly considering buying polypropylene plants belonging to bankrupt European chemical titan LyondellBasell, which plans to sell at least one of its two polypropylene plants in Australia, according to an earlier report from China Knowledge.
Alisoft, Microsoft to launch enterprise mailbox servicesPublished: 01 Sep 2008 02:15:24 PST
Sep. 1, 2008 (China Knowledge) - China's online business software provider Alisoft.com, a software subsidiary of China's leading B2B e-commerce firm Alibaba Group, has teamed up with Microsoft Corp to jointly launch enterprise mailbox services under Software as a Service (SaaS) model, targeting at the millions of small and medium-sized enterprises (SMEs) in China, said industry sources.
The new mailbox services, which integrate Microsoft Exchange tool, enable users to access enterprise mailboxes through several methods, including Webpage and mobile phone, according to a joint announcement released by the two parties. The cooperation will help to beef up both companies' market shares in China.
The enterprise mailbox services will charge users a fixed rate annually and firms can choose to renew the services, said Oliver Wang, General Manager of Alisoft.
According to statistics posted by industry analysts, Chinese enterprise mailbox service market revenue amounted to RMB 65 million last year and it is expected to grow 30% yearly in the future. The SaaS market size reached RMB 3.04 billion in the second quarter of this year, up 32% from that of the first quarter, among which, online software management accounted for 41.8% with market size of RMB 35.81 million.
* govt supports consolidation of local airlines - CAAC (Adds quotes and details)
BEIJING, March 4 - Chinese airlines would respectsigned contracts for aircraft orders, but negotiate the timingof those deliveries, the head of the Civil AviationAdministration of China said on Wednesday.
Aircraft makers such as Airbus <EAD.PA> and Boeing <BA.N>are struggling with falling demand due to the global financialcrisis, while production delays in new aircraft for bothcompanies could lead to order cancellations, say analysts.
"We will respect all contracts," Li Jiaxiang, CAAC'sdirector general, told reporters on the sidelines of a meetingof a parliamentary advisory body.
Li said, however, that Chinese airlines are reviewing theirneeds for new aircraft according to changing market conditions,and it is up to the companies to decide whether to adjust theirairplane orders, he said.
"They will negotiate directly with suppliers," Li said.
Some Chinese airlines may choose smaller-sized cargoaircraft instead of the bigger ones to cope with a slump incargo traffic, Li said.
International cargo volume fell 28 percent in February,said Li. While Chinese domestic passenger volume rose 13.5percent last month. International passenger volume fell 16percent.
Both passenger and cargo volume this year is expected tosee a larger decline than in the previous two years, as theglobal crisis continues to hit international trade, he said.
Li said the government supports consolidation amongdomestic airlines, but the decision would be up to individualcompanies.
Chinese airlines are struggling in the face of a slowingeconomy and Air China's <0753.HK> <601111.SS> Chairman KongDong said on Wednesday the airline has asked the government fora cash injection of at least 3 billion yuan ($439 million).[ID:nPEK304767] ($=6.84 yuan)
China drafts plan for 100 bln yuan tax cutPublished: 02 Sep 2008 19:37:45 PST
BEIJING, Sept 3 - China is considering a 100 billion yuan ($14.6 billion) tax cut as part of a finance reform package, the 21st Century Business Herald reported on Wednesday.
The cut would accompany a shift in the country's value-added tax (VAT) system from the current production-based levy to a consumption-based system that is the norm in most countries.
Some economists have said the government may lower taxes to deliver a fiscal boost after China's growth slowed to 10.1 percent in the second quarter from 11.9 percent last year.
The Chinese-language newspaper said the reform may be implemented at the start of 2009. Citing unnamed sources, it said that the Ministry of Finance recently submitted a draft proposal to the State Council.
The VAT reform, which would allow firms to write off core investment expenses from their tax bills, has already been tried on a pilot basis in a handful of provinces.
Finance officials from across the country will meet in September to discuss the proposal, the newspaper said. ($1=6.832 Yuan)
