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Profits of China's industrial businesses up 28.3 pct in Jan-JulyBEIJING, Aug. 27 (Xinhua) -- China's industrial enterprises reported a year-on-year increase of 28.3 percent in profit the first seven months, the National Bureau of Statistics (NBS) said on Saturday. The growth rate was slightly down from the 28.7 percent in from January to June. Profits of the enterprises in the seven months amounted to 2.8 trillion yuan (430.77 billion U.S. dollars). The data was collected from the a pool of industrial businesses with at least 20 million yuan of annual ...
people.com.cn | 27-Aug-2011 12:12
China's maritime authority urges ConocoPhillips to clean up oil spills
BEIJING, Aug. 26 (Xinhua) -- China's maritime authority on Friday once again urged U.S. oil giant ConocoPhillips to finish cleaning up oil spills in north China's Bohai Bay as soon as possible. Aug. 31 is the deadline set by the government. "There are only five days to go before the arrival of the deadline," said a statement of the State Oceanic Administration (SOA). The SOA urged ConocoPhillips China to adopt all technical measures that could be used to clean up oil spills, and to do it " ...
people.com.cn | 27-Aug-2011 11:57
China releases latest top 500 private enterprises list
&$&$Edited and Translated by Ye Xin, People's Daily Online&$ &$ The All China Federation of Industry and Commerce released the newest list of China's top 500 private enterprises on Aug. 25, 2011. Huawei Technologies Co., Ltd., the Jiangsu Shagang Group and Suning Appliance occupy the top three places. Legend Holdings, Ltd. ranks fourth. The four enterprises' operating revenues each exceed 100 billion yuan. In 2010, the lowest operating revenue of private Chinese enterprises on t ...
people.com.cn | 26-Aug-2011 12:09
China's yuan weakens to 6.3950 against USD Friday
BEIJING, Aug. 26 (Xinhua) -- The Chinese currency Renminbi, or the yuan, retreated 14 basis points to 6.3950 per U.S. dollar on Friday, according to the China Foreign Exchange Trading system. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day. ...
people.com.cn | 26-Aug-2011 11:54
China's stocks open lower Friday
BEIJING, Aug. 26 (Xinhua) -- China's stocks opened lower on Friday with the benchmark Shanghai Composite Index down 0.5 percent to open at 2,602.21. The Shenzhen Component Index opened 0.44 percent lower at 11,547.55. ...
people.com.cn | 26-Aug-2011 11:39
Great Wall Motors unveils Haval 6 at factory opening in Tianjin
TIANJIN, Aug. 26 (Xinhua) -- China's major SUV maker -- Great Wall Motors -- has unveiled its newest Haval series of SUVs, H6, at the opening of its new factory in north China's Tianjin Municipality. H6 is a high-end model in the Haval series. It is equipped with intelligent safety and navigation systems. The Tianjin factory which opened and started production on Thursday has an annual production of capacity of 200,000 units including the new H6 model and other Great Wall models such as th ...
people.com.cn | 26-Aug-2011 11:24
China's ministry looks into Nestle and Yum
BEIJING, Aug. 26 (Xinhuanet) -- The Anti-monopoly Bureau of the Ministry of Commerce is looking into Nestle SA's takeover of Chinese candy maker, Hsu Fu Chi International Ltd, and Yum Brands Inc's acquisition of Chinese hotpot chain, Little Sheep Mongolian Hot Pot. The ministry's spokesman, Shen Danyang, said on Wednesday that the ministry will publicly release the investigation results if the acquisitions are denied or approved with restrictions. If the cases are given unconditional approv ...
people.com.cn | 26-Aug-2011 11:09
China's rail firms post shrinking profits after drops in rail investment
BEIJING, Aug. 25 (Xinhua) -- Many Chinese companies in railway-related industries posted shrinking first-half profits due to waning investment in the country's railway sector. Of the 28 rail-related listed companies which have released their mid-year reports, seven firms reported sliding profits while many others in railway-related business sectors suffered downturns, according to Wind Information, a Shanghai-based financial data provider. China Railway Erju Co. Ltd., a leading railway con ...
people.com.cn | 26-Aug-2011 10:54
ICBC H1 profits rise 29 pct
BEIJING, Aug. 25 (Xinhua) -- The Industrial and Commercial Bank of China (ICBC), the country's biggest lender by market value, said Thursday that its profits for the first half of this year rose 29 percent year-on-year as the result of higher loans and fees. The bank's net profits increased to 109.6 billion yuan (17.13 billion U.S. dollars), or 0.31 yuan per share, from 84.6 billion yuan, or 0.25 yuan per share, one year earlier, the company said in a statement filed to the Shanghai Stock Exc ...
people.com.cn | 26-Aug-2011 10:39
IT giant Huawei leads top 500 Chinese private firms 2010: survey
BEIJING, Aug. 25 (Xinhua) -- Huawei, a leading information and communication technology solutions provider based in the southern city of Shenzhen, ranked first among China's top 500 non-state owned firms in 2010 with a business revenue of 185.2 billion yuan (28.9 billion U.S. dollars), a survey released Thursday shows. The 500 private companies, with 329 in manufacturing and many located in eastern China's Zhejiang and Jiangsu provinces, gained an average business revenue of 13.97 billion yua ...
people.com.cn | 26-Aug-2011 10:24
PetroChina posts 1-pct gain in first-half net profits
BEIJING, Aug. 25 (Xinhua) -- The PetroChina Co. Ltd., the country's largest oil producer, said on Thursday its net profits edged up 1 percent year-on-year in the first six months of the year to 66.01 billion yuan (10.31 billion U.S. dollars). The figures were calculated according to international financial reporting standards, the company said. In the first six months of this year, the company suffered losses of 23.36 billion yuan in the refining business, compared with an operating profit ...
people.com.cn | 26-Aug-2011 10:09
Inflation control target difficult to achieve this year: official
BEIJING, Aug. 25 (Xinhua) -- A senior Chinese official said on Thursday that stabilizing the general price level remains the government's top priority, calling for all macro control policies in force to be fully implemented as it will be difficult to fulfill the government's inflation control target. The remarks by Zhang Ping, the head of the National Development and Reform Commission (NDRC), China's top economic planner, came at a bi-monthly legislative session of the Standing Committee of t ...
people.com.cn | 26-Aug-2011 09:54
Chinese nuclear enterprises to contract projects in Xinjiang
&$&$Edited and translated by Yao Chun, People's Daily Online&$ &$ Well-known Chinese nuclear power development and construction enterprises recently gathered in Xinjiang Uyghur Autonomous Region to inspect and sign project contracts. The companies include major central state-owned companies, such as the China National Nuclear Corporation (CNNC), the China Guangdong Nuclear Power Holding Corporation (CGNPC) and the China Nuclear Engineering Group, Co. (CNEC). What attracts these leadi ...
people.com.cn | 26-Aug-2011 00:06
Conoco seals up two oilfield leaks
BEIJING - ConocoPhillips China, the operator of the leaking oilfield off North China's Bohai Bay, said on Wednesday that the sources of the first two leaks have been permanently sealed. The company, a local unit of Houston-based energy giant ConocoPhillips, also said that it will meet the target set by the State Oceanic Administration (SOA) to completely finish its cleanup by the end of August. The massive spill in the Penglai 19-3 oilfield was first observed near Platform B and C as ear ...
people.com.cn | 25-Aug-2011 12:07
10 Chinese banks report better-than-expected profits in H1
BEIJING, Aug. 25 (Xinhua) -- Ten Chinese commercial banks reported higher-than-expected net profits of 244.7 billion yuan (72.11 billion U.S. dollars) amid government tightening measures in the first half of the year, the Shanghai Securities News reported on Friday. According to the ten banks' half-year reports released as of Tuesday, most saw year-on-year rises of over 30 percent in their first-half net profits, the report said. The increases were boosted by strong growth in the banks' ne ...
people.com.cn | 25-Aug-2011 11:52
China's trade surplus falls to 1.44 pct of GDP in H1
BEIJING, Aug. 24 (Xinhua) -- China's trade surplus fell to 1.44 percent of the country's gross domestic product (GDP) in the year's first half and the proportion is expected to drop further this year, the Ministry of Commerce said Wednesday. China has seen its trade surplus-GDP ratio decline in the past few years, down from 6.7 percent in 2008 to 2.2 percent in the first half of 2010, ministry spokesman Shen Danyang told a press conference here. To promote trade balance, China will continu ...
people.com.cn | 25-Aug-2011 11:37
China should stick to prudent monetary policy: central bank advisor
BEIJING, Aug. 24 (Xinhua) -- China should still stick to a prudent monetary policy, the China Securities Journal quoted a central bank advisor as saying on Wednesday. Xia Bin, a member of the monetary policy committee of the People's Bank of China, or the central bank, made the remarks at a forum on Tuesday, noting that the country's macro-economic-controlled direction will not change. "The government is adopting various measures to increase financing to small and medium enterprises, whi ...
people.com.cn | 25-Aug-2011 11:22
China extends cross-border trade settlement in yuan to entire nation
BEIJING, Aug. 23 (Xinhua) -- China announced on Tuesday that all parts of the country are able to use its national currency, the yuan or Renminbi, in cross-border trade settlements. Previously, only 20 provincial regions in the country could conduct cross-border trade settlements in yuan. The policy was announced by the People's Bank of China, the country's central bank, and five other financial authorities. The extension is a crucial step in boosting cross-border use of yuan, which is ...
people.com.cn | 25-Aug-2011 11:07
China plans to allow cross-border direct investment in RMB
BEIJING, Aug. 23 (Xinhua) -- China's Ministry of Commerce has said it intends to allow cross-border direct investment into the country in the Chinese currency renminbi (RMB), the country's latest effort to diversify investment options of the yuan and facilitate its internationalization process. Foreign investors will be able to make direct investments in China with RMB obtained legally from overseas, according to a draft released by the ministry, which is currently soliciting public feedback ...
people.com.cn | 25-Aug-2011 10:52
China to appeal WTO rare earths ruling
China will appeal a WTO ruling against its policy on exports of raw materials, a verdict that could potentially force the country to relax its control on rare earths, the Ministry of Commerce said yesterday. A World Trade Organization panel in July ruled that China broke trade rules by limiting exports on several industrial raw materials, including bauxite and coke, with duties and quotas. Ministry spokesman Shen Danyang yesterday said China will appeal, as he reiterated the nation's pract ...
people.com.cn | 25-Aug-2011 10:37
Hong Kong blessed with new development opportunity
&$&$ Edited and Translated by People's Daily Online &$ &$ China's Vice Premier of the State Council Li Keqiang announced on Aug. 17 a series of measures adopted by the central government to support Hong Kong's development and deepen its cooperation with the Chinese mainland. Of them, the most noteworthy are some policy measures to accelerate the pace of developing Hong Kong into an offshore RMB business center. China's central bank governor Zhou Xiaochuan has accordingly released 10 ...
people.com.cn | 24-Aug-2011 12:07
China to support development of 6 new materials over next 5 years
BEIJING, Aug. 24 (Xinhua) -- China will prioritize the development of six types of new materials in its new material industry over the next five years, the China Securities Journal said on Wednesday. The report cited an insider, who noted that the country's 12th Five-Year Plan (2011-2015) for the new material industry will come out in September, in which the government will launch key projects to support the development of the six materials. The six materials will be high-strength light al ...
people.com.cn | 24-Aug-2011 11:52
Top court to toughen sea pollution penalties
BEIJING, Aug. 24 (Xinhuanet) -- The country's top court plans to improve rules and regulations to better handle rising disputes over marine pollution, a senior judge has said. The remarks were made while ConocoPhillips China, the operator of two leaking oil platforms in northern China's Bohai Bay, faces compensation demands for the oil spills. Existing laws and regulations on pollution cannot keep pace with the rapidly developing marine economy, experts said. The maximum fine for marine po ...
people.com.cn | 24-Aug-2011 11:37
China extends cross-border trade settlement in yuan to entire nation
BEIJING, Aug. 23 (Xinhua) -- China announced on Tuesday that all parts of the country are able to use its national currency, the yuan or Renminbi, in cross-border trade settlements. Previously, only 20 provincial regions in the country could conduct cross-border trade settlements in yuan. The policy was announced by the People's Bank of China, the country's central bank, and five other financial authorities. The extension is a crucial step in boosting cross-border use of yuan, which is ...
people.com.cn | 24-Aug-2011 11:22
China plans to allow cross-border direct investment in RMB
BEIJING, Aug. 23 (Xinhua) -- China's Ministry of Commerce has said it intends to allow cross-border direct investment into the country in the Chinese currency renminbi (RMB), the country's latest effort to diversify investment options of the yuan and facilitate its internationalization process. Foreign investors will be able to make direct investments in China with RMB obtained legally from overseas, according to a draft released by the ministry, which is currently soliciting public feedback ...
people.com.cn | 24-Aug-2011 11:07
Investigators: Compensate fishermen for Penglai spill
&$&$Edited and translated by Yao Chun, People's Daily Online&$ &$ On Aug. 22, the reporter has learned at the scene of the Penglai 19-3 oil spill accident from the joint investigation group that the accident site is still covered by some oil film, and oil slicks are emerging to the surface. The joint investigation group emphasized that compensation should be paid to the affected fishermen. ConocoPhillips China, Inc. admitted yesterday that 10 oil leakage points were discovered on the ...
people.com.cn | 23-Aug-2011 12:11
China to rebate value-added tax on imported natural gas
&$&$Edited and Translated by Han Shasha, People's Daily Online&$ &$ The value-added tax on imported natural gas, including liquefied natural gas (LNG) will be refunded by the Ministry of Finance based on a proportion, according to a statement jointly released on Monday by the Ministry of Finance, General Administration of Customs and State Administration of Taxation. The statement says that during the period between 2011 and 2020, if the prices of import gas are higher than prices o ...
people.com.cn | 23-Aug-2011 11:56
S China's Hainan's overseas investment exceeds $400 mln in first seven months
HAIKOU, Aug. 21 (Xinhua) -- Overseas investment by enterprises in south Hainan Province has totaled 400 million U.S. dollars in the first seven months of this year, sources with the provincial Department of Commerce said Sunday. Hainan's overseas investment has mainly gone to eight countries and regions, which includes India, Singapore, Tanzania, Indonesia and Russia, the department said in a statement. The investment covers a variety of industries such as asset acquirement, electromechani ...
people.com.cn | 23-Aug-2011 11:41
CCB enjoys excellent operating result in 1st half 2011
HONG KONG, Aug. 22 (Xinhua) -- China Construction Bank (CCB) has achieved excellent operating result in the first half of 2011, thanks to the increase of net interest income and intermediary business, CCB Executive Vice President Hu Zheyi said here on Monday. CCB announced its interim results report on Monday. According to the report, the bank realized an operating income of 197.246 billion yuan (around 30.82 billion U.S. dollars) or a year-on-year increase of 28.31 percent in the first half ...
people.com.cn | 23-Aug-2011 11:26
China's FAW rolls out first batch of new energy vehicles
CHANGCHUN, Aug. 22 (Xinhua) -- Major Chinese automaker First Automobile Works (FAW) on Monday launched the first batch of its independently-developed new energy vehicles. The first 20 new-energy vehicles include the company's Besturn plug-in hybrids (PHEV) and pure electric vehicles (EV). Xu Jianyi, FAW chairman, said FAW will stick to the strategy of developing both hybrid and electric-fueled vehicles in the future. "The company will invest 9.8 billion yuan (1.5 billion U.S. dollars) i ...
people.com.cn | 23-Aug-2011 11:11
Macao's inflation reaches 5.96 pct in July, highest since 2009
MACAO, Aug. 22 (Xinhua) -- Macao's Composite Consumer Price Index (CPI) for July this year went up by 5.96 percent over the same period of last year, according to the figures released Monday by the city's Statistics and Census Service (SCS). The figure was the highest since January 2009, when CPI went up by 5.78 percent year-on-year, according to SCS. Price index of miscellaneous goods and services, transport, food and non-alcoholic beverages, and clothing and footwear recorded notable yea ...
people.com.cn | 23-Aug-2011 00:11
China stocks fall for fifth day on weak sentiment
BEIJING, Aug. 22 (Xinhua) -- China's stocks fell for a fifth trading day on Monday as market sentiment remained weak. The benchmark Shanghai Composite Index closed down 0.73 percent, or 18.5 points, to 2,515.86. The Shenzhen Component Index fell 1.67 percent, or 188.89 points, to finish at 11,112.64. ...
people.com.cn | 22-Aug-2011 12:13
China stocks end lower at midday Monday
BEIJING, Aug. 22 (Xinhua) -- Chinese shares closed lower at midday Monday with the benchmark Shanghai Composite Index down 0.49 percent to 2,521.89 points. The Shenzhen Component Index retreated 0.79 percent to 11,211.74 in the morning session. ...
people.com.cn | 22-Aug-2011 11:58
China's yuan strengthens to 6.3997 against USD Monday
BEIJING, Aug. 22 (Xinhua) -- The Chinese currency Renminbi, or the yuan, strengthens 35 basis points to 6.3997 per U.S. dollar on Monday, according to the China Foreign Exchange Trading system. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day. ...
people.com.cn | 22-Aug-2011 11:43
China's stocks open slightly higher Monday
BEIJING, Aug. 22 (Xinhua) -- China's stocks opened slightly higher on Monday with the benchmark Shanghai Composite Index up 0.01 percent to open at 2,534.57. The Shenzhen Component Index opened 0.12 percent higher at 11,315.3. ...
people.com.cn | 22-Aug-2011 11:28
Macao's inflation reaches 5.96 pct in July, highest since 2009
MACAO, Aug. 22 (Xinhua) -- Macao's Composite Consumer Price Index (CPI) for July this year went up by 5.96 percent over the same period of last year, according to the figures released Monday by the city's Statistics and Census Service (SCS). The figure was the highest since January 2009, when CPI went up by 5.78 percent year-on-year, according to SCS. Price index of miscellaneous goods and services, transport, food and non-alcoholic beverages, and clothing and footwear recorded notable yea ...
people.com.cn | 22-Aug-2011 11:13
CNPC terminates 6 overseas projects, estimates losses of 1.2 bln yuan
BEIJING, Aug. 22 (Xinhua) -- China National Petroleum Corp. (CNPC), the country's largest oil and gas producer, terminated six exploration projects in Libya and Niger amid ongoing political turbulence in the Middle East and North Africa, the Securities Daily said Monday. The termination of the six projects run by Great Wall Drilling Co. (GWDC), a wholly-owned subsidiary of CNPC, is estimated to cause 1.2 billion yuan (187.51 million U.S. dollars) in losses for the company, higher than losses ...
people.com.cn | 22-Aug-2011 10:58
Door opens for HK investments in Chinese mainland stocks
&$&$Edited and Translated by People's Daily Online&$ &$ A top Chinese official recently announced that the county would soon launch the long-awaited RMB Qualified Foreign Institutional Investors (RQFII) program and start an exchange-traded fund linked to Hong Kong stocks. This will boost the two-way capital flow between the Chinese mainland and Hong Kong. The official also introduced other polices on Aug. 17 for boosting Hong Kong's development, but none of them have received as muc ...
people.com.cn | 22-Aug-2011 10:43
China stocks fall for fifth day on weak sentiment
BEIJING, Aug. 22 (Xinhua) -- China's stocks fell for a fifth trading day on Monday as market sentiment remained weak. The benchmark Shanghai Composite Index closed down 0.73 percent, or 18.5 points, to 2,515.86. The Shenzhen Component Index fell 1.67 percent, or 188.89 points, to finish at 11,112.64. ...
people.com.cn | 22-Aug-2011 10:28
China Construction Bank H1 net profit up
BEIJING, Aug. 21 (Xinhua) -- China Construction Bank, the country's second largest state-owned bank, said that its first-half net profit surged 31 percent to reach 92.9 billion yuan (about 14.3 billion U.S. dollars). Business revenue during the period amounted to 196 billion U.S. dollars, up 28 percent, according to a report of the bank filed with the Shanghai Stock Exchange late Sunday. Total assets of the bank stood at 11.75 trillion U.S. dollars as of the end of June, an increase of mor ...
people.com.cn | 22-Aug-2011 10:13
S China's Hainan's overseas investment exceeds $400 mln in first seven months
HAIKOU, Aug. 21 (Xinhua) -- Overseas investment by enterprises in south Hainan Province has totaled 400 million U.S. dollars in the first seven months of this year, sources with the provincial Department of Commerce said Sunday. Hainan's overseas investment has mainly gone to eight countries and regions, which includes India, Singapore, Tanzania, Indonesia and Russia, the department said in a statement. The investment covers a variety of industries such as asset acquirement, electromechani ...
people.com.cn | 22-Aug-2011 09:58
Citic Securities first-half profits up 13 pct
BEIJING, Aug. 20 (Xinhua) -- Citic Securities, China's largest brokerage by assets, said Saturday its net profit rose 13.12 percent year-on-year to 2.97 billion yuan (463.83 million U.S. dollars) in the first half of this year. Meanwhile, revenue fell 5.02 percent year-on-year to 7.51 billion yuan during the period, accounting for 10 percent of the total market share, the company said in a statement filed to the Shanghai Stock Exchange. The revenue dropped after the company no longer conso ...
people.com.cn | 21-Aug-2011 12:04
Shanghai Electric H1 profits jump 15%
BEIJING, Aug. 20 (Xinhua) -- Shanghai Electric Group, one of China's largest mechanical and electrical equipment manufacturers, said Saturday its first-half profits rose 15.31 percent year-on-year, thanks to robust sales as the country builds more power plants to meet its demand for electricity. Net profits rose to 1.64 billion yuan (256.25 million U.S. dollars), or 0.13 yuan per share, from 1.42 billion yuan, or 0.11 yuan per share, one year earlier, the company said in a statement filed to ...
people.com.cn | 21-Aug-2011 11:49
Gemdale Corp. H1 profits down 61%
BEIJING, Aug. 20 (Xinhua) -- Gemdale Corp., China's third largest real estate developer, said Saturday its first-half net profit dropped 61 percent year-on-year to 480 million yuan (74.96 million U.S. dollars) amid the government tightening. Meanwhile, revenue stood at 5.16 billion yuan in the first half of the year, down 41 percent from a year earlier, the company said in a filing to the Shanghai Stock Exchange. The company said the sharp declines were mainly due to the fact that a large ...
people.com.cn | 21-Aug-2011 11:34
Financial insiders debate over regulation and innovation
BEIJING, Aug. 21 (Xinhua) -- Enhancing financial regulation has been a common view between govenrments ever since crisis burst out in 2008, but debates over implementation details have kept going, especially when recent debt crisis has given rise to double-dip recession danger. Bankers and financial experts have agreed that the global banking system needs prudent and strict regulation, but how to strike a balance between regulation and financial innovation would be an important issue yet to b ...
people.com.cn | 21-Aug-2011 11:19
Economists say China needs to do more to fight inflation
BEIJING, Aug. 20 (Xinhua) -- China should adopt quantitative tools or conduct more rate hikes in its battle against inflation, economists said at a financial forum Saturday. Xu Xiaonian, a professor at China Europe International Business School, said he expects more interest rate hikes in order to solve lingering inflation. "China still faces tough inflation in the second half of this year, due to the excessive money supply in the past two years, which is still expanding at a rapid growth, ...
people.com.cn | 21-Aug-2011 11:04