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China Everbright Bank reported a net profit of 3.43 billion yuan ($502 million) in the first half, down 46.99 percent year-on-year, said a statement on the bank's website Tuesday. The bank's outstanding loans soared 31.6 percent to 616.5 billion yuan since January, while its non-performing loan (NPL) narrowed by 640 million yuan to 8.73 billion yuan as ...
Chinese iron ore trader Minmetals Group's ore project in Anhui province has deposit potential of up to 155 million tons worth nearly 50 billion yuan, Caijing Online reported yesterday, quoting an unnamed source from the Anhui Geology Exploration Bureau (AGEB). The deposit, named Nihe iron ore mine, was currently under exploration, and is expected to star...
Chinese tobacco companies have been banned from claiming tax breaks on advertising, promotional and sponsorship spending. In a joint circular issued Monday, but backdated to January 1 last year, the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) declared an end to tax breaks on promotional spending for tobacco firms. The circul...
China plans to invest at least 700 billion yuan ($102.49 billion) per year in railway construction over the next three years, said Wang Zhiguo, vice minister of railways on Monday. "In the first seven months of this year, China invested 247.49 billion yuan in railway construction, up 136 percent year on year," said Wang, adding that the planned railway in...
China's consumer price index (CPI), a main gauge of inflation, dipped 1.8 percent in July from a year earlier, the National Bureau of Statistics (NBS) announced Tuesday. This marked the sixth consecutive month of decline since the index dropped 1.6 percent in February, the first fall since October 2002. The index was unchanged compared with June, accor...
New yuan-denominated loans slowed to 355.9 billion yuan ($52.04 billion) in July, sharply down from 1.53 trillion yuan in June, China's central bank said Tuesday on its website. The July figure brought new loans in the first seven months to 7.73 trillion yuan, far exceeding the annual target of 5 trillion yuan. The broad measure of money supply, M2, wh...
BHP Billiton, the world's largest mining company, canceled plans to install a new president for the company's operations in China, the Beijing-based Jinghua Times reported today. The main reason for the cancelation was that the company wanted to adjust its marketing model, the newspaper said, without telling details about the company's decision. ...
A new maglev train developed entirely by China will run on Beijing's first maglev rail, which is scheduled to be completed before 2015, the Beijing-based Legal Evening News reported today. The maglev train will run at about 100 to 120 km per hour, and the city's maglev rail will go across its suburban districts, according to the report. (Source: China...
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