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A senior Chinese official Thursday warned of increasing industrial overcapacity, saying that expansion of some industries has outrun growth of market demand. Boosted by government policies, domestic market demand increased fast, but industrial capacity expanded even faster, Jia Yinsong, an official of the Ministry of Industry and Information Technology, t...
China Unionpay, the nation's largest bank card organization said on Wednesday that it had issued more than 1 million bank cards in the Republic of Korea (ROK). It is China Unionpay's biggest issuance in a single foreign country since 2004 when it began to issue cards overseas. The bank card's presence gained steam in the ROK notably after China Union...
Sixty-eight State-owned enterprises have suffered a floating net loss of 11.4 billion yuan ($1.67 billion) on financial derivatives trading by the end of October, the State-owned Assets Supervision and Administration Commission (SASAC) announced Thursday, Xinhuanet.com reported. The sixty-eight companies engaged in derivatives activities with contract val...
Kohlberg Kravis Roberts & Co (KKR) and Fubon Financial are among the bidders for Morgan Stanley's stake in Chinese investment bank CICC, people familiar with the matter said yesterday, in a deal that could be worth more than $1 billion. Fubon, Taiwan's No 5 financial conglomerate, has made no secret about its intention to grow in the mainland, espec...
Central Huijin Investment Co, an investment arm of China's sovereign wealth fund, is likely to ask State-run lenders to pare dividend payouts, or reinvest the dividend proceeds accrued to it in any likely new share sales undertaken by the banks next year, a source with knowledge of the matter said. This is the investment unit's latest effort to help aug...
Industrial and Commercial Bank of China (ICBC) is in talks to buy a stake in Taiwan's Cathay Financial, sources said yesterday, in a deal that could be worth more than $3 billion. The talks come amid an easing of cross-Straits relations between the mainland and Taiwan, in hopes of boosting both economic and political ties. One source said that ICBC was...
China's economic growth is projected to reach 8.8 percent in 2010, but will still fall short of pace according to pre-economic crisis levels, a new UN economic report said on Wednesday. A preview of the annual economic report, which was launched at the UN Headquarters in New York, recognized that the global "economic revival" is a byproduct of the massiv...
China's quality watchdog said Tuesday that China's Southeast (Fujian) Motor Co Ltd would recall its "Lingyue" sedans because of engine flaws. The General Administration of Quality Supervision, Inspection and Quarantine said that 2,056 vehicles, produced between July 17 and Sept 5, would be involved. A company statement said improper anti-rust oil was ...
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