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The former assistant head of Meilong township in Shanghai has been arrested on charges of corruption, becoming the eighth to be arrested for the collapse of an apartment building in June, the Shanghai Procuratorate said Tuesday. Before the arrest of Que Jingde, seven others had been arrested on charges of causing major accident, including Zhang Zhiqin, ge...
China Life Pension Co, an affiliate of the country's largest insurer China Life Insurance Co, set up its first branch in Shanghai yesterday, to vie for market share in the city's fast-growing corporate annuities business. Beijing-based China Life Pension won approval to establish the subsidiary from the China Insurance Regulatory Commission (CIRC) in Ma...
Patients at public hospitals will save more money beginning Sept 25, when the government starts to heavily subsidize a list of common medicines. China's first essential medicine list is part of the country's ongoing medical reform, which aims to assure all Chinese have basic healthcare services. Most of the 307 drugs on the list are prescription-only ...
China Minsheng Banking Corp, the nation's first listed non-State lender, showed a significant rise in net profit in the first half, benefiting from higher lending growth and a one-time gain from the sale of its equity investment in a brokerage firm. In a statement to the Shanghai Stock Exchange, the bank said its net profit for the first six months was 7...
China Petrochemical Corporation (Sinopec Group) announced Tuesday it has bought Geneva-based Addax Petroleum Corp through its wholly-owned Sinopec International Petroleum Exploration and Production Corporation (SIPC). SIPC's bid for Addax is C$52.8 ($46) per share, totaling more than C$8.32 billion ($7.56 billion), the largest by cost overseas takeover t...
While Chinese banks are seeing a credit boom due to the nation's huge stimulus package, their foreign peers have not been so lucky and might just be facing their most difficult period as far as business expansion in China is concerned. According to the central bank's latest monetary policy report, in the first half of 2009, lending by foreign financial ...
China's $200-billion sovereign wealth fund is set to invest up to $2 billion in US mortgages as it eyes a property market recovery, two people with direct knowledge of the matter said yesterday. China Investment Corp (CIC) plans to invest soon in US taxpayer subsidized investment funds of toxic mortgage-backed securities, which it sees as a safer bet tha...
Hiccups are developing in China's new energy industry, say experts. New energy has been a hot topic in China for quite a few years. Some experts, however, suggest that improving conventional energy efficiency carries more weight in developing a low carbon economy. Li Junfeng, deputy director of the Energy Research Institute of the National Development ...
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