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The government has cut back on import taxes on spare parts of large equipment and canceled the import tariff exemption on some complete sets. The adjustments were made to support the domestic manufacturing of large equipment, said the Ministry of Finance. Taxes levied on domestic enterprises for importing key spare parts of large equipment, includ...
Chinalco Northeast Light Alloy Co, which provides aluminum alloys to the aviation and defense industries, will spend more than 5 billion yuan to build a new plant as it tries to meet rising demand. Construction of the 200,000-ton-a year alloy plant in Harbin, Heilongjiang province, began on Tuesday and it is due for completion in 2011, Beijing-based Ch...
Global media conglomerate Bertelsmann still sees China as an important growth market despite the closure of its book club business here, said Thomas Rabe, the firm's chief financial officer. In July, the German company closed its book club in China, its biggest business in the nation with over 1.5 million members and 38 bookstores. But Rabe, the com...
Market rumors that the government is about to scrap the export tax rebate are behind a recent steel export surge, analysts said yesterday. The nation posted a record 7.68 million tons of steel exports for August, a sharp rise of 470,000 tons from July, and up 42.78 percent year-on-year, according to Customs figures. China has exported 41.84 million ...
Tsingtao Brewery, one of China's largest beer makers, will buy Carlsberg Hong Kong's remaining 25 percent stake in Tsingtao Beer Shanghai Songjiang Co for 51.25 million yuan. After the purchase, the Qingdao-based brewer will own the entire equity interest of the Shanghai company. Tsingtao bought a 75 percent stake in the subsidiary from Carlsberg in 20...
China's mainland reported a 41.6 percent year-on-year surge in the actual use of investment from other areas in the first eight months of this year. Investment inflow reached 67.73 billion U.S. dollars from January to August, China's Ministry of Commerce said on Wednesday. Zhang Hanya, a researcher with the National Development and Reform Commissi...
China's urban fixed-asset investment grew to 8.49 trillion yuan in the first eight months of 2008, up 27.4 percent year-on-year, the National Bureau of Statistics said yesterday. The figure outpaced the growth rate for the first seven months of this year by 0.1 of a percentage point. This indicates a slight pick-up in investment in August, despite cons...
China's trade surplus reached a new record high of $28.7 billion in August after its imports significantly slowed as a result of weakening domestic demand, analysts said. The nation's export growth slowed to 21.1 percent year-on-year in August from 26.9 percent in July, but its import growth slowed more sharply to 23.1 percent from 33.7 percent, leadin...
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