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Chinese banks are expected to lend 3 trillion yuan ($438.96 billion) in the next half of this year. Most of that money will be distributed by small and medium-sized banks, since the big four state-owned banks have reached or nearly reached their loan targets this year through lending for large infrastructure projects, the Securities Times reported today. ...
Bank of Communications (BOCOM), China's fourth-largest lender by market value, may launch its own insurance unit as early as this year as part of its efforts to become a financial conglomerate in the long run, sources said. The bank plans to buy a stake in China Life-CMG Life Insurance Co, an insurer now 51-percent owned by China Life Insurance, Dicky Yi...
China's efforts to boost domestic consumption may not be enough to arrest the slide in exports and more steps may be necessary if the nation has to achieve this year's foreign trade target of over $2 trillion, said the Ministry of Commerce (Mofcom). "Domestic demand alone cannot make up for the export shortfall," said Fu Ziying, vice-minister, Mofcom. ...
Seven people who oversaw construction of a building in Shanghai that toppled over, killing one, have been arrested for their role in the disaster. Two developers of the property, Zhang Zhiqin and Qin Yonglin, will face trial, along with Zhang Yaojie, Xia Jiangang and Lu Weiying, who worked with the construction company. Also arrested was Qiao Lei, who sup...
China expressed "regret" Thursday over a World Trade Organization ruling against its regulations on the import and distribution of books and audio-visual products. China regretted the decision by a WTO dispute panel to uphold a United States appeal about those regulations, said Yao Jian, spokesperson for the Ministry of Commerce. "China has always fulfi...
China's Ministry of Industry and Information Technology (MIIT) Thursday announced a three-year moratorium on approvals of new expansion-related proposals in the iron and steel industry, as the government pledges to eliminate outdated capacity. MIIT Minister Li Yizhong said overcapacity in the steel industry was "the most evident" of all the industrial se...
Sinopec Group, China's largest oil refiner, announced Wednesday that it had got approval from the National Development and Reform Commission of an 8.27 billion Canadian dollar ($7.51 billion) bid for taking over Geneva-based oil and gas producer Addax Petroleum Corp. Source: BizChina
The State Assets Supervision and Administration Commission (SASAC), the government body which manages and directs China's State-owned enterprises, allocated one billion yuan to help with the reorganization of Sinotrans, the country's State-owned shipping giant, the China Business News reported today, citing an unnamed source. In its current form, Sinotr...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
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