Learn Mandarin online - Stocks break record 5,400 points despite interest hike

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BIZCHINA / Index & Statistics

Stocks break record 5,400 points despite interest hike

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-17 17:37

In a full-scale inflation period, resource-related industries such as
mining, metal, oil and real estate are expected to be chased by investors
because of their scarcity, said analysts. Besides steel makers, stocks in
the media, transportation and petrochemicals industries were particularly
strong today and led the surges in the market.

The central bank raised interest rates for the fifth time this year on
Friday as part of its continuing efforts to arrest the rising inflation
graph and prevent the economy from overheating.

The benchmark one-year lending and deposit rates will be raised by 0.27
percentage points from September 15, the People's Bank of China, the
central bank, said on its website. This means the one-year lending rate
will increase from 7.02 percent to a nine-year high of 7.29 percent, and
the deposit rate will rise from 3.6 percent to 3.87 percent.

More pressure is coming from the expansion of the market capitalization.
A set of Hong Kong-listed heavyweights are set to drain the floating
capital from the market, helping alleviate excessive liquidity and also
slowing down the comparative growth of the market when they are floated
due to their large share bases, said analysts.

Hong Kong-listed China Construction Bank (CCB) kicked off online
subscription for its A shares today. CCB will net up to 58.05 billion
yuan selling yuan-backed 9 billion A shares in Shanghai, the largest on
the domestic market to date, Friday's China Business News reported.

CCB is offering shares at a price ranging between 6.15 yuan and 6.45 yuan
per share, the nation's second-largest bank said in a statement to the
Shanghai Stock Exchange. The online portion of the A shares are open for
subscription at the upper band of the price range, representing a price
to earnings ratio of 32.91.

Final pricing will be set on September 19, with A shares to begin trading
on the Shanghai bourse on September 25. Analysts estimate the total
amount frozen for the subscription could be as large as 2 trillion yuan,
one tenth of the country's gross domestic product of 2006, refreshing the
previous record by Bank of Beijing with 1.9 trillion yuan.

Shenhua Energy, China's largest coal producer, announced that it planned
to issue up to 1.8 billion A shares, or 9 percent of its expanded share
capital, for a listing in Shanghai. The China Securities Regulatory
Commission said it will review China Shenhua Energy's plan for an initial
IPO on the Shanghai Stock Exchange today.

Analysts said the company is expected to raise around 67 billion (US$8.92
billion) yuan from its Shanghai listing, which would be the mainland's
largest share sale yet or global largest IPO this year.

Growth in the domestic market hasn't dampened sales of overseas
investment products. Instead, China would experience a fund sales peak by
qualified domestic institutional investors (QDIIs) that will invest
mainlander's money in the peripheral markets, industrial experts said.

China's first overseas stock-oriented QDII fund has been approved to
increase its fund sales limit to 30 billion yuan, Friday's Shanghai
Securities Journal reported.

China Southern Fund Management Co Ltd said the State Administration of
Foreign Exchange had officially approved its application to increase the
fund sales, as subscription was near to 50 billion yuan in the first day,
far exceeding the scheduled limit of 15 billion yuan.

(For more biz stories, please visit Industry Updates)

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Learn Chinese - Construction: Disadvantages of house-renting in China

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BIZCHINA / Biz Media Digest

Construction: Disadvantages of house-renting in China

(crienglish.com)
Updated: 2007-09-15 16:55

In face of sky-rocketing housing prices, most Chinese people still can't
give up their hopes for owning their own homes. Some government officials
are suggesting that people can also rent instead buy a house, as many
people in the developed countries do.

Owning a stable home and a steady job are the essentials for the Chinese
people who are deeply rooted in agrarian culture. But nowadays, with
convenient transportation, house-renting should have been a modern
convenience. But the reality in China is different.

Wang Jianlin and his wife are from Hebei Province and run a newspaper
booth in Beijing. Their 5-year old daughter goes to a kindergarten close
by. Today, when Hukou, the certificate of one's officially-registered
place, is still heavily related to social benefits one can enjoy, it is a
blessing for such a migrant family to find a proper school for their
child.

"It stands to reason that the rent should be inversely related to the
length of the lease. But we rented for 3 years and the rent kept rising.
When we moved in, it was poorly furnished and all the electric appliances
were almost broken."

Li Zhuo is an architect working in Beijing. He got married and bought the
family's first house by mortgage last year. Before they moved into their
own dwelling, the couple rented 4 different apartments since they began 3
years ago.

"Mostly, what concerned me was the housing condition. The sewage systems,
especially toilets, were always the weakest point in the buildings. Many
people had bad hygienic habits. I couldn't stand the mess left in the
house I was going to rent. And the house structure was always
unsatisfactory. So we had no choice but to buy our own house."

Zhang Suhua, a filmmaker, has been working as a freelancer in Beijing for
3 years. In her words, she has been toughened during the process of
constantly having to move.

"My biggest headache is about renting sources. Now renting agencies have
monopolized all information and blocked landlords from tenants.
Furthermore, the information provided by agencies to tenants is sometimes
deceiving. "

Zuo Yi is in his late 70s. Owing to his health conditions, he has been
considering living part of every year in Hainan. After a one-year trial
period of renting a house there, he finally decided to buy a house
instead, also as an asset for his children in the long term.

"The rent is subject to random changes. What's more, you have to think
about the facilities in the neighborhood. The shopping markets,
transportation, post office and others, are all factors affecting your
living standard. I'd better settle down and adapt myself to a fixed
environment."

The Chinese people now travel more and more for business or for pleasure.
Huge market potential in house rentals has been proven by the emergence
of innumerable renting agencies. It is true that every country has
housing problems but a well-regulated and easy-to-handle residential
rental market is not impossible and is also necessary.

(For more biz stories, please visit Industry Updates)

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Chinese Mandarin - Indices close up amid frequent adjustments

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BIZCHINA / Index & Statistics

Indices close up amid frequent adjustments

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-12 16:29

After the deepest dive in three months yesterday, Chinese stocks changed
directions frequently in short-ranged price adjustments today. As
uncertainty prevails, the major indices failed to form a clear trend,
although both finished higher than yesterday.

As for the short-term future movement, analysts are divided on whether a
4.5 percent plunge yesterday is deep enough to overcome the recent
pressure including an inflation prospect and expected further tightening
measures by the government.

Some believe because the 'discouraging' news has been already released,
and the market fully anticipates the 'almost certain' tightening, sudden
turbulence in the market could be avoided. Others expect a longer period
of price corrections, such as the May 30 setback, in the market before it
turns?up again.

Total turnover of the stocks in the major indices was 225.6 billion yuan,
down 33.6 billion yuan or 13 percent from yesterday.

Shanghai Composite Index
Source: sina.com.cn

The Shanghai Composite Index closed at 5,172.63, up 58.66 points or 1.15
percent from yesterday's close. The index rocketed to its highest of
5,192.30 right after a lower opening at 5,092.58. Then it lost support
and slid all the way down to the lowest 5,025.34 soon before the noon
break, where it turned up again. Following a few hikes and drawbacks, the
index managed to take back the lost 5,100 ground at the close.

Of the A shares listed in Shanghai, 483 went up, 282 closed down and 77
remained unchanged. Huadian Power International led another 35 shares to
rise on the maximum growth cap of 10 percent on the top gainers list.
China Unicom, with the largest trading volume, lost 1.33 percent while
China COSCO Holdings, with the largest transaction value, rose 0.62
percent to 38.7 yuan after yesterday's 10 percent surge against the trend.

Shenzhen Component Index
Source: sina.com.cn

The Shenzhen Component Index finished at 17,398.41, up 269.02 points or
1.57 percent. Opening lower at 17,068.46, it went through the day within
a range between 16,944.11 and 17,453.37.

Of the A shares, 338 closed up, including 21 of them rising to the cap,
223 fell and 78 ended flat. Of the largest traders, China Vanke moved up
a little while TCL dropped 2.1 percent.

Stocks in the mining, pharmaceutical and metal industries led the rise.
Chengzhou Mining Group led all the mining shares except Sinopec on a
surge with a 10 percent rise. Paper makers were also strong today.

(For more biz stories, please visit Industry Updates)

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Learn Mandarin online - Property prices?in major cities?up 8.2% in August

?  ?

BIZCHINA / Center

Property prices?in major cities?up 8.2% in August

By Dai Yan (chinadaily.com.cn)
Updated: 2007-09-12 17:24

Property prices in China's 70 large and medium-sized cities rose 8.2
percent year-on-year in August, the fastest monthly increase this year,
according to statistics from the National Development and Reform
Commission and the National Bureau of Statistics.

The growth rate was 0.7 percentage points higher than that of July. The
prices were up 1.4 percent from July, 0.2 percentage points higher
compared with the growth from the previous month.

Related readings:

?House funding for the low-income tops the agenda?Affordable housing
prices down in major cities
?Rising house prices show no sign of stopping

Special Coverage:
Housing in China

In August, prices for newly built residential houses rose nine percent
from a year earlier, up from 8.1 percent in July, and 1.5 percent over
the pervious month, compared with 1.3 percent in July.

Prices for affordable, ordinary and high-end houses increased by 3.1, 9.3
and 10 percent respectively year-on-year, and 0.7, 1.6 and 1.7 percent
respectively from July.

Beihai, a small city at the southern end of South China's Guangxi Zhuang
Autonomous Region, posted the fastest year-on-year price growth of 18.2
percent for new houses among the cities. It was followed by Shenzhen,
where prices rose 17.6 percent, and Urumqi, 15.5 percent, Beijing, 13.5
percent and Bengpu, 11.1 percent.

Cities with the fastest month-on-month new house price increases included
Hangzhou, 4.7 percent, Urumqi, four percent, Dali, 2.8 percent,
Shijiazhuang, 2.5 percent, Kunming, 1.7 percent, Shanghai, 1.6 percent
and Shenzhen, 1.5 percent.

Prices of second-hand houses rose 7.9 percent year-on-year in August, up
from 7.3 percent in July. The prices were up two percent from July.
Shenzhen posted a 22 percent rise year-on-year, the fastest among the 70
cities. It was followed by Beijing, 10.6 percent, Zhengzhou, 10 percent,
Mudanjiang, 9.5 percent, Ningbo, 9.3 percent and Urumqi, 9.2 percent.

Among the cities that posted the fastest increase compared with July were
Zhengzhou, 5.9 percent, Shenyang, 5.2 percent, Urumqi, 3.7 percent,
Mudanjiang, 3.7 percent, Changchun, 3.4 percent and Nanchang, 2.8 percent.

Non-residential property prices were up 6.2 percent from a year earlier
in August, 0.2 percentage points higher over the increase in July. The
prices rose 0.5 percent compared with July.

Prices for office buildings, amusement and industrial warehousing
properties increased 6.5, 7.4 and 6.1 percent respectively year-on-year.

(For more biz stories, please visit Industry Updates)

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Chinese School - Sino-Ocean Land to raise HK$12b from share sale

?  ?

BIZCHINA / Top Biz News

Sino-Ocean Land to raise HK$12b from share sale

By Bei Hu (China Daily)
Updated: 2007-09-11 09:54

Sino-Ocean Land Holdings Ltd, the property unit of China's biggest
shipping company, is seeking HK$11.9 billion in a Hong Kong share sale as
real estate prices surge on the mainland.

The developer of residential, office and commercial properties in the
northern Chinese Bohai Bay region will offer 1.55 billion shares,
equivalent to a 36.6 percent stake, at HK$6.45 to HK$7.70 apiece.

Och-Ziff Capital Management Group, a New York-based hedge fund manager,
has agreed to buy US$30 million worth of the stock.

Property companies have raised US$3.9 billion in Hong Kong initial public
offerings (IPOs) this year as housing prices on the mainland posted the
fastest increase in almost two years.

"The market still has a lot of interest in property stocks because the
mainland is still lagging in real interest rates," said Kenny Tang, a
director of Tung Tai Securities Co in Hong Kong. "Mainland property
companies' profit margins remain at very high levels, indicating demand
is still strong."

Launching the IPO as late payments on US subprime loans sap international
investor interest in risky assets, Sino-Ocean has reserved a combined
US$240 million of shares for 10 corporate investors, including Och-Ziff
and Hong Kong billionaire Lee Shau Kee. Lee is chairman of Henderson Land
Development Co, Hong Kong's fifth-largest builder by market value.

Hong Kong individuals ordered about 170 times the amount of shares
initially set aside for them in the IPO of Franshion Properties (China)
Ltd last month. Appetite for the sale held up even after concerns about
rising defaults in US subprime mortgages drove down Hong Kong's benchmark
index.

The property unit of Sinochem Corp, the nation's largest chemicals
trader, raised HK$3.81 billion in that share sale.

"Usually, if the market is not stable, players will tend to subscribe to
IPO stocks because the selling pressure is much smaller," making them
more likely to advance than stock in companies that are already traded,
Tang said.

(For more biz stories, please visit Industry Updates)

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===========================================================================

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Learn Mandarin online - China prepares for residents' direct investment in HK shares

?  ?

BIZCHINA / Top Biz News

China prepares for residents' direct investment in HK shares

(Xinhua)
Updated: 2007-09-09 11:10

China has finished at least half of the preparations for the local
residents' direct investment in Hong Kong stock market, Zhu Min, vice
president of Bank of China (BOC), said Saturday.

"The preparations go on smoothly, but there are still many technical
problems yet to be addressed," Zhu said on the sidelines of the Inaugural
Annual Meeting of the New Champions hosted by the World Economic Forum in
China's northeastern coastal city of Dalian.

"It takes a lot of time to prepare new softwares and investors education
and train staff members. However, we have no plan to delay it," he told
Xinhua.

Related readings:

?China may loosen forex controls for  the individuals
?Curbs on forex holdings scrapped
?China removes forex quota of domestic institutions
?Forex reserves top US$1.33 trillion, up 41.6%

The State Administration of Foreign Exchange announced On August 20 the
Chinese mainland individuals would be able to directly buy HK shares
through BOC's Tianjin branch amid efforts to cut the country's huge forex
reserve and excessive liquidity.

"Tianjin is the only pilot city. It's hard to say if the program will
expand to other cities in the future," Zhu noted in response to earlier
media reports saying the program would be expanded to many other cities
and be launched in early September.

"The program will not have big impact on the sales of qualified domestic
institutional investors products as the latter have already been given
go-ahead to invest in almost all the global equity markets," he said.

(For more biz stories, please visit Industry Updates)

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Chinese Online Class - Build local, think global

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BIZCHINA / Biz Who

Build local, think global

(China Daily)
Updated: 2007-09-07 10:16

Zhang Xin and her husband Pan Shiyi?

Zhang Xin, born in China and educated in the UK, used to work on Wall
Street before she and her husband Pan Shiyi founded SOHO China 12 years
ago. The company has grown into one of the largest commercial property
developers in Beijing. The couple have become the most high-profile
property celebrities in China with their innovative ideas on property
development and international vision.

Zhang,?chief executive officer?of SOHO China and a Young Global Leader
(YGL), shares her views on innovation, the entrepreneurial spirit of the
Chinese and YGL, with China Daily reporter Liu Baijia before the opening
of the YGL summit in Dalian.

Q: How does the Global Young Leader (YGL) title help you and your company?

A: YGL is part of the World Economic Forum, but it has its own
characteristics too. First of all, Young Global Leaders are usually young
and their backgrounds are also highly diversified.

Some are businesspeople, some politicians, some working at non-profit or
non-government organizations, and others professionals. It is very
exciting to be with such a diversified group of young people.

At an ordinary economic conference, participants are usually from similar
circles, but the YGL summit has much more diversity and these people are
ambitious and actively working to make the world a better place. So we
brainstorm on many different topics such as terrorism and economics.

Q: What are your views on the entrepreneurial spirit of Chinese
businesspeople?

A: Chinese entrepreneurs are mostly very young and belong to the YGL age
group. China's market economy is also very young and has a lot of
vitality, unlike mature economies.

Entrepreneurial spirit in China is especially strong because China has a
fast-growing economy and entrepreneurs keep looking for new
opportunities, so they are particularly alert and demands for innovations
are especially strong.

Innovation is not only invention. For Chinese enterprises, it's more
important to have innovations in their business models and management.

In China, most developers on the mainland focus on housing projects and
rarely do commercial development because they think that is the territory
of Hong Kong developers.

But Hong Kong developers have a Hong Kong model: they find, build the
property and lease the space. In leasing, famous brands like Louis
Vuitton are key to bringing more tenants, so developers usually charge
these brands very little or even give them the space for free.

But this model does not suit developers on the mainland, so SOHO has its
own model: we build our projects, sell to customers and then help them
lease the properties. In China, only a few actually buy luxury items,
most frequent commercial areas to eat and drink and to have fun.

Q: How do you see the possibility of Chinese entrepreneurs assuming
global leadership?

A: Global leadership is firstly about vision, followed by efforts and
opportunity.

Most Chinese entrepreneurs are around 40 and some of them may become
global leaders in different areas, but I do not know how many. More
importantly, most of them are concerned more about how to grow their
businesses rather than how to become global leaders.

The way to globalization may not be what we are seeing in some companies:
buying enterprises overseas.

There are more failures than successes down this road. We shall not think
like the Japanese decades ago and say we are rich and we can buy foreign
enterprises and turn them around. There's no guarantee that you can run a
company better than the locals.

(For more biz stories, please visit Industry Updates)

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===========================================================================
� SOHO China to sell retail project in online auction
===========================================================================
� SOHO China to list in Hong Kong
===========================================================================

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Chinesepod - China to issue 28b yuan book-entry T-bonds

?  ?

BIZCHINA / Top Biz News

China to issue 28b yuan book-entry T-bonds

(Xinhua)
Updated: 2007-09-06 11:58

China will issue 28 billion yuan (US$3.7 billion) of short-term
book-entry treasury bonds from September 6, the Ministry of Finance (MOF)
said in a statement on Wednesday.

The three-month T-bonds, with a par value of 100 yuan, will be sold at
the price of 99.411 yuan, carrying an annual yield of 2.49 percent. The
bonds will be repaid at the par value on December 6, 2007.

The bonds will be sold via the national inter-bank bond market and stock
markets between September 6 and September 10, and tradable from September
12.

This is the fifteenth batch of book-entry T-bonds to be issued by the MOF
this year.

The MOF announced on the same day that it will issue the next batch of
one-year 28 billion yuan of book-entry T-bonds between September 13 and
18.

China has issued a total of 460 billion yuan of book-entry treasury bonds
this year. The value was 652.72 billion yuan in 2006, 150 billion yuan
more than the 2005 figure.

(For more biz stories, please visit Industry Updates)

Related Stories ?

� Industrial Bank plans bond sale
===========================================================================
� China to issue US$3.68b 20-year T-bond
===========================================================================
� China to issue 6-month T-bond with annual yield of 2.77%
===========================================================================

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Chinese Online Class - China to restructure telecom industry

?  ?

BIZCHINA / Center

China to restructure telecom industry

(Xinhua)
Updated: 2007-09-04 14:18

China's supervisor of State-owned assets has planned to launch
restructuring of the telecommunications sector in the fourth quarter of
this year and finish the reform in March 2008, the latest issue of
Caijing Magazine reported.

Caijing, one of China's most influential financial publications, said the
State-owned Assets Supervision and Administration Commission (SASAC),
which has been mulling over the reform since 2004, has formulated a
restructuring plan, but it is not finalized yet and needs approval from
higher levels.

Currently China has four major players in the telecommunications sector,
namely China Mobile, China Unicom, China Telecommunications and China
Netcom. The sharp differences among their operational results have fused
the restructuring.

According to their half-year reports, China Mobile recorded a net profit
of 37.9 billion yuan (US$4.99 billion); while that of China Unicom, 5.65
billion yuan; China Telecommunications, 13.48 billion yuan; and China
Netcom, 6.713 billion yuan.

A telecommunications expert said that SASAC has hoped that the major
operators can solve the restructuring problems through talks among
themselves, but it did not go very well.

"Directed by the government while handling in line with market rules will
be the main pattern of the restructuring," he said.

Chen Jinqiao, deputy chief engineer of the Telecommunications Research
Institute under the Ministry of Information Industry, said the major
target of the upcoming restructuring is to "realize a harmonized
development of the telecommunications market," after which the
competitors will narrow their differences in asset scales.

Whichever way the restructuring goes, the report says, the key influence
on the development of the industry is still monopolizing the position of
State-owned capital, for private and foreign capital, entering China's
domestic telecommunications operational market is still "a mission
impossible".

(For more biz stories, please visit Industry Updates)

Related Stories ?

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===========================================================================
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===========================================================================

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Learn Chinese online - China sees balanced demand, supply of coal in 1st half

?  ?

BIZCHINA / Top Biz News

China sees balanced demand, supply of coal in 1st half

(Xinhua)
Updated: 2007-09-03 10:18

China's supply of coal largely managed to meet domestic demand in the
first half of this year, sources with the National Reform and Development
Commission said on Sunday.

The top economic planning agency estimated between January and June, 1.26
billion tons of coal were produced nationwide, a growth of 10.1 percent
over the same?period of?last year. The growth rate in the first half year
was 2.5 percentage points higher than the growth of entire last year.

Related readings:

?Shanxi to hold coal fair
?China's top coal company set for Shanghai listing
?More coal trade with Shanxi on the cards
?New coal find to yield 5b tons

The total included 1.08 billion tons of raw coal by major enterprises, up
11.4 percent.

Thanks to the state policy for restricting coal export and encouraging
import as well as appreciation of renminbi, China turned from a net
exporter to a net importer of strategic resources in the first half year.

In the six-month period, China imported 27.07 million tons of coal, up
47.6 percent, and exported 23.12 million tons, down 27.9 percent.

The net imports stood at 3.95 million tons, as against a net export
volume of 13.74 million tons for the same period of last year. This
increased the total coal supply by 17.69 million tons.

In terms of demand, fixed-asset investment kept rising and major
coal-consuming products had their output grow rapidly in the first six
months.

From January to June, the economic planning agency estimated,
approximately 1.263 billion tons of coal were consumed nationwide, up
12.2 percent. The growth rate was two percentage points higher than that
for the whole of last year.

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Chinese School - Complaints on the rise

?  ?

BIZCHINA / Biz Life

Complaints on the rise

By Xie Chuanjiao (China Daily)
Updated: 2007-08-31 09:31

Consumer complaints about real estate, automobiles, computers and
telecommunications products and services are on the rise, consumer
protection advocates have said.

"Though the number of consumer complaints has declined in the first six
months year on year, the number of complaints about houses and
automobiles are rising, and they are getting more complicated," Wu
Hangao, deputy secretary-general of the All China Association of
Consumers, said.

Brokers for major real estate projects have been known to over exaggerate
the products on offer, leaving purchasers angry and disappointed when
they discover the house they have bought is of low construction quality.

Other complaints include poor property management services, contract
violations and instances where the release of property ownership
certificates have been postponed.

In one case,?more than 200 households from one community in Huhhot,
capital of the Inner Mongolia Autonomous Region, complained about the
developer for refusing to hand out their property ownership certificates,
since their settlement in 2000.

Moreover, instances of extreme hyperbole and fraud have been uncovered in
television advertisements, some involving high-profile celebrities who
have acted as the product's spokespersons.

In March, crosstalk performer Guo Degang was involved in a scandal when a
weight-loss tea he promoted was found to be ineffective.

Wu made the remarks yesterday during the official launch of "Good Faith
Prospering Commerce Publicity Month", a national campaign involving 15
ministerial-level departments.

Events promoting "good faith commerce" will be held starting from next
week, including a high-level forum in Shanghai on Tuesday, and a press
conference on September 13 on the progress made in credit system
construction among different industries.

Price supervision departments will keep a close eye on festival markets
as the Moon Festival and National Day, two important Chinese holidays,
draw near; customs will publicize import and export companies in
appearing on the black and red lists in 2006; and industry and commerce
departments will expose a number of fake, illegal advertisements.

To further strike at commercial swindle and defend customer rights, the
ministries, headed by the Ministry of Commerce, has established an
anti-commercial fraud website: www.antifraud.gov.cn.

"All consumers who feel cheated can submit their complaints on the
website, and we will transfer the information to the relevant government
departments, or provide necessary legal suggestions," Wen Zaixing, an
official with the commerce ministry, said.

Departments involved must respond to complaints within 10 days.

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Learn Chinese online - Bank president: Subprime 'won't hurt' CCB

?  ?

BIZCHINA / Center

Bank president: Subprime 'won't hurt' CCB

By Mao Lijun (China Daily)
Updated: 2007-08-28 10:13

China Construction Bank (CCB) said its revenue won't be affected by the
US subprime crisis as it has only a small amount of US mortgage-backed
securities.

CCB, one of the Big Four State-controlled banks, held US$1.06 billion
worth of US mortgage-backed and related bonds at the end of June,
accounting for 2.75 percent of its total investment in foreign exchange
bonds, it said in its interim report yesterday.

"CCB did have a loss from the investment if calculated at the current
market value of the securities," said Zhang Jianguo, president of the
bank. "But the loss is not significant enough to seriously affect revenue
and is well within CCB's capacity to bear."

Zhang said the bank held US$460 million in US subprime mortgage-backed
bonds, accounting for less than half of its total investment of $1.062
billion in US mortgage-backed and related bonds.

He said the US securities it held had high credit ratings of A or above
and more than 80 percent were rated AAA.

Analysts said the high ratings of its securities exposed the bank to low
risk from the credit crisis.

CCB, which posted a 47.5 percent increase in net profit for the first
half, said yesterday it had set aside US$180 million for potential losses.

Its net profit rose to 34.25 billion yuan for the January-June period, up
11.03 billion yuan over the same period last year, the bank said
yesterday.

"If the US subprime mortgage market situation becomes more serious in the
future, CCB will consider increasing the capital in provision," Zhang
said.

A meltdown in the US subprime mortgage market triggered a global credit
squeeze that has roiled markets over the past few weeks.

The Industrial and Commercial Bank of China said its subprime
mortgage-backed and related securities were valued at US$1.23 billion by
the end of June, accounting for 0.3 percent of its total securities
investment and 4.32 percent of its foreign exchange investment portfolio.

(For more biz stories, please visit Industry Updates)

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Learn Mandarin online - Taiwan's 'security report' hurts peace

CHINA / Taiwan, HK, Macao

Taiwan's 'security report' hurts peace
(Xinhua)
Updated: 2006-05-31 13:28

The so-called "security report", released recently by the Taiwan
authorities, exposed the regional leader's obstinate persistence of the
"Taiwan independence" stance and damaged the cross-Strait peaceful
development.

Li Weiyi, spokesman of the Taiwan Affairs Office of the State Council.
[newsphoto file]
The remark was made by Li Weiyi, spokesman of the Taiwan Affairs Office
of the State Council in Beijing on Wednesday at a regular press
conference.

Li said the so-called "security report" systematically assembled the
"Taiwan independence" separatist views of the regional leader,
comprehensively slandered the mainland, and intentionally provoked the
relationship between patriots across the Strait.

The release of the so-called "security report" also exposed the Taiwan
regional leader's attempts to mislead the public, so as to alleviate
Taiwan public's dissatisfaction on regional economy, people's livelihood
and social affairs, said Li.
However, the report had been criticized and denounced by Taiwan public
since its release, demonstrating that the regional leader's persistence
to "Taiwan independence" and ignorance of Taiwanese mainstream aspiration
for peaceful development of cross-Strait relations, Li said.

He said with the common endeavor of the patriots on the both sides the
Taiwan Strait, the cross-Strait relations appeared good tendency of
peaceful and stable development. Opposing "Taiwan independence"
separatist forces and their activities, and maintaining the peace and
stability of the cross-Strait relations are the common wishes of the
compatriots across the Straits.

"We will make utmost efforts with the maximum sincerity to maintain and
promote the peaceful development of the cross-Straits relations," he said.

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Chinesepod - Interest rate hikes an effective economic tool

?  ?

BIZCHINA / Weekly Roundup

Interest rate hikes an effective economic tool

By Yi Xianrong (China Daily)
Updated: 2007-08-24 11:41

According to the central bank stipulation, the commercial banks could
float their bank loan rates within a set limit above or below the
official rates. But the difference between the deposit and the loan rates
has been about 3.5 percentage points for years. Hence, the commercial
banks were blessed with a profit margin which has incurred a lot of
public criticism.

The central bank has responded by narrowing the differences and
encouraging the commercial banks to improve themselves.

Among all the policy tools, an interest hike is the most effective one to
ensure the economy is cooled down gently and safely. The stock market and
the estate market have both be troubled with huge bubbles. The price
bubbles in the two markets are actually a result of the
lower-than-reasonable interest rate.

The bubbles are quite dangerous to the economy, but the means to break
them should be selected with prudence. Administrative intervention might
have an instant effect, but it would also make the economy suffer from
drastic fluctuations

The interest rate hikes can change the market expectations of businesses
and individuals, influence their decision-making, and prick the price
bubbles one by one. Hence the economy is diverted away from overheating
and retains its normal pace.

When interest rates are raised by small percentages it does have a
dramatic influence on the market, but its long-term weight cannot be
neglected.

Currently, the interest rate hike is the best way to achieve a
soft-landing and the central bank is obviously making good use of it.

After this round of interest hikes, the actual interest rate for one-year
deposit will be 1.82 percent under zero if the CPI growth in August
remains the same as in July. The central bank may have to consider more
raises when the time is proper to lift the actual interest rate above
zero.

With the monetary policy being more market-orientated, the central bank
has become more efficient in achieving its policy goals. It could have an
even better performance if its independence was better guaranteed.

(For more biz stories, please visit Industry Updates)

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Learn Mandarin online - Trade: China to open promotion office in Costa Rica

?  ?

BIZCHINA / Biz Media Digest

Trade: China to open promotion office in Costa Rica

(Xinhua)
Updated: 2007-08-22 15:05

China's Council for the Promotion of International Trade (CCPIT) will set
up its representative office in Costa Rica by the end of 2007, the vice
president of the council said on Tuesday.

The office, the first of its kind in Central America, will play an
important part in promoting trade relations between China and Costa Rica,
as well as in communications between entrepreneurs of the two countries,
vice president of CCPIT Wang Jinzhen told a press conference.

Wang is in Costa Rica as part of the first Chinese commercial delegation
to visit after the two countries established diplomatic ties on June 1,
2007.

A four-day exhibition of Chinese goods will also be unveiled in San Jose
on Wednesday and Chinese trade officials and experts will meet their
Costa Rican counterparts on a trade forum the same day.

According to statistics from China's General Administration of Customs,
trade volume between China and Costa Rica reached US$2.1 billion in 2006,
87 percent higher than that of 2005, while the trade volume between the
two sides witnessed a 65-percent rise in the first half of this year.

(For more biz stories, please visit Industry Updates)

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Learn Chinese online - Eating with strangers

?  ?

BIZCHINA / Biz Life

Eating with strangers

By Zhang Ting (China Daily)
Updated: 2007-08-20 11:48

The combination of rising restaurant prices and the fact that Chinese
food is best eaten with others is bringing Shanghai's white-collar
workers together for meals via the alphabet soup of electronic
connections.

Workers on tight budgets are finding meal mates by logging onto a BBS,
leaving a QQ number or MSN address and waiting for replies.

Connecting with strangers for meals is the latest response to Shanghai's
rising restaurant prices as the cost of pork and other ingredients goes
up. Workers are left with two choices: foot the bill alone or share the
price of a meal with others.

Ms Zhang at Shanghai Heng Long Square said the rising food prices had
worried her for a long time. In restaurants near her office building, the
price of set meals has gone up by 1 to 3 yuan, increasing her monthly
meal costs by several dozen yuan.?

"Eating lunch became such a big expenditure that I used to just eat
fruit," Zhang said. "But by sharing meals we have solved the problem."

Now co-workers have turned into meal mates.?

As meal sharing has become increasingly popular, websites have joined the
game. Some have set up BBS where users can find meal mates by posting
invitations or answering them. Some BBS divide respondents into groups
according to workplace.

Besides offering invitations, some experienced sharers are giving tips.
Price-wise suggestions include ordering chicken and seafood instead of
pork to avoid soaring prices.

In the age of computer dating, connections for eating partners have also
turned social. On pinkecity.com, a Shanghai BBS, postings read: "Friends
as meal mates wanted." "Who wants to go to KTV after dinner?" Some users
even list their hobbies and background information, looking for eating
companions with similar interests.

(For more biz stories, please visit Industry Updates)

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Learn Mandarin online - No let-up in foreign money in real estate

?  ?

BIZCHINA / Review & Analysis

No let-up in foreign money in real estate

By Hu Yuanyuan (China Daily)
Updated: 2007-08-17 07:15

Over a year has passed since six ministers jointly released Circular 171
last July to rein in foreign investment in China's sizzling property
sector.

The circular, to some extent, has slowed the entry of speculative foreign
capital, but has had almost no impact on long-term investors.

The National Bureau of Statistics said on June 19 that foreign companies
poured 22.2 billion yuan into China's property market from January to May
this year, a rise of 89.9 percent year-on-year.

On the same day, Aetos Capital, a US hedge fund, inked a deal with the
country's largest insurer, China Life, on a $1 billion investment in
China's property sector.

Also on June 19, Glitnir Bankhf, a financial institution from Iceland,
announced cooperation with CGC Overseas Construction Co to co-develop a
residential block in Shenyang, the capital of Northeast China's Liaoning
Province.

"In the short run, macro policies increase business uncertainties. But in
the long run, China's property market will be more attractive for foreign
investors after the bubble is burst, especially with the renminbi
continuing to appreciate," said Eric Chan, deputy managing director of
Savills Property Services (Beijing) Company.

The high return, experts say, is the driving force behind foreign funds'
strong interest in China's real estate sector.

According to a report by CB Richard Ellis, an international real estate
services firm, the investment returns on office buildings in Beijing and
Shanghai hit 8 percent in 2006, the highest in the world.

RREEF, a real estate arm of Deutsche Bank, said in a recent report that
the gross profit margin of China's residential buildings could be as high
as 20 to 30 percent, which could beat that of the US in the future.

(For more biz stories, please visit Industry Updates)

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Learn Chinese online - PetroChina proven oil reserves revised up

?  ?

BIZCHINA / Top Biz News

PetroChina proven oil reserves revised up

By Wang Yu (China Daily)
Updated: 2007-08-15 09:40

PetroChina's largest oil discovery in a decade boasts more reserves than
estimated, it was confirmed yesterday - a shot in the arm for both the
company and the country's energy security.

Jidong Nanpu Oilfield in the Bohai Bay has combined proven, probable and
possible reserves of as much as 1.18 billion tons of oil equivalent, the
Ministry of Land and Resources of China certified yesterday.

The proven reserves are certified at 445 million tons oil equivalent.

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PetroChina originally estimated Nanpu's three-level reserves to be around
1 billion tons of oil equivalent, with proven reserves in place reaching
405 million tons.

"The confirmation proves the effectiveness of advanced technology in
exploration and production," Han Xiaoping, an analyst with energy portal
China5e.com, told China Daily. "It is a big incentive for more
exploration."

Han contended that like in the case of Northeast China's Daqing Oilfield,
it is possible for even more reserves to be discovered at Nanpu Oilfield
and around Bohai Bay at large, with increased exploration.

The reserves at Daqing, the country's top oilfield, were initially
thought to be 2.2 billion tons, but eventually turned out be to 5 billion
tons following intense exploration efforts.

A source with China National Petroleum Corporation (CNPC) Consulting
Center agreed with Han.

"It is likely that more reserves are discovered at Nanpu Oilfield. In
fact, the offshore areas in Bohai Bay are bound to have a larger
potential, given the geological features," the source told China Daily.

CNPC is the parent company of Hong Kong-listed PetroChina, the country's
top oil and gas producer.

Yin Xiaodong, an oil analyst at CITIC Securities Co, commented that
although the increase in reserves may not necessarily add weight to
PetroChina's earnings per share in the short term, it is positive for
PetroChina in the long run.

PetroChina's proven developed and undeveloped reserves at the end of 2006
reached more than 20.5 billion barrels (2.8 billion tons) of oil
equivalent, according to the firm's annual report. The newly certified
reserves at Nanpu Oilfield will increase the firm's reserves by more than
a third.

The reserve certification was done by independent oil experts from
Sinopec, China National Offshore Oil Corporation and the Ministry of Land
and Resources. It is international practice for reserve certification to
be done by third party members to ensure authenticity, Han explained.

More reserves discovered at home will reduce the country's dependence on
imports, Han pointed out.

In tandem with fast economic growth, the demand for oil is picking up
rapidly.

The country's oil dependency, or the proportion of imports in total oil
consumption, went up 4.1 percentage points year on year to 47 percent in
2006, according to the Ministry of Commerce.

(For more biz stories, please visit Industry Updates)

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Chinese Online Class - Aviation: Juneyao to sell $150m stake to foreign allies

?  ?

BIZCHINA / Biz Media Digest

Aviation: Juneyao to sell $150m stake to foreign allies

(South China Morning Post)
Updated: 2007-08-13 14:57

Juneyao Airlines, a privately owned mainland airline, plans to raise
US$150 million by offering 20 per cent to 25 per cent of its aviation
business to overseas strategic investors.

"We hope to tie up with foreign investors who can bring in management
expertise as well as help us expand our fleet and upgrade technologies,"
chief executive Bryan Huang Hui told the South China Morning Post.
"Juneyao is aiming to set up a sound management system to benefit from
China's sizzling economy."

Last month, Juneyao hired Citigroup as its financial adviser for the
share sale.

A deal was expected to be in place before the year-end, making Juneyao
the first mainland private airline to bring in overseas capital and
funds, Mr Huang said. The share sale will be a prelude to a likely
initial public offering on an overseas stock market late next year or
early in 2009.

The share sale had attracted keen attention from the financial and
business community, with interest already shown by some private equity
funds and hedge funds, Mr Huang said.

The former China president of BearingPoint, a global technology and
management consultancy, said Juneyao would take a global perspective as
it seeks to be distinct from domestic rivals.

"We are eyeing a model that fits China," he said. "Juneyao Airlines will
focus on offering premium services to cater for mainland passengers,
particularly the business travellers."

Juneyao Airlines made its maiden flight in September last year and now
has four planes, compared with low-cost carrier Okay with six. The group
aims to expand its fleet to 67 planes by 2010 - with Juneyao Airlines
flying 30 aircraft and Okay the remaining 37, including 20 for passenger
flights and 17 for cargo.

(For more biz stories, please visit Industry Updates)

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Chinese language - China imposes anti-dumping deposit on imported MEK

?  ?

BIZCHINA / Top Biz News

China imposes anti-dumping deposit on imported MEK

(Xinhua)
Updated: 2007-08-10 14:59

Chinese importers of methyl ethyl ketone (MEK) had to pay anti-dumping
deposits as of August 9 to offset damages caused by MEK producers in
Japan, Taiwan and Singapore.

The move follows a preliminary ruling made by the Ministry of Commerce,
saying MEK exports from Japan, Taiwan and Singapore have inflicted losses
to local manufacturers.

The cash deposits are charged by China's customs authorities in
accordance with the dumping margins (DM) of different producers, which
range from 9.6 percent to 66.45 percent.

China launched the anti-dumping investigation on November 22, 2006.

MEK is a flammable solvent that has many industrial uses, mainly in the
oil refining, dye and synthetic leather industry.

China's is expected to consume 240,000 tons of MEK next year, half of
which will be imported, according to the China Engineering Consulting
Association.

(For more biz stories, please visit Industry Updates)

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Chinese Mandarin - Lending in decline on tightened control

?  ?

BIZCHINA / Center

Lending in decline on tightened control

By Wang Zhenghua (China Daily)
Updated: 2007-08-10 08:57

The central government's efforts to cool down overheated economic sectors
are producing results, according to the latest money supply figures from
the central bank's Shanghai headquarters, which were released yesterday.

Renminbi lending at the city's domestic banks slowed again last month,
with the value of new loans increasing by just 40 percent of the average
monthly increase for the first half of the year, as a result of a string
of macro-control measures launched this year.

The figures are widely seen as a reflection of the national trend, as the
Beijing-based People's Bank of China is expected to release national
figures for July soon.

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While renminbi lending by Shanghai-based Chinese banks in June was up
24.23 billion yuan ($3.2 billion) year on year, in July, loans were down
920 million yuan year on year.

This represents a declining trend, the statement said.

The central bank said the largest year-on-year decline, of 3.87 billion
yuan, in lending in July occurred in the real estate sector, followed by
the utility maintenance and transportation industries.

Lending for individual consumption continued the growth trend that began
in the first half of the year as mortgage lending recorded growth of 5.87
billion yuan in July year on year.

"In July, lending at Shanghai's domestic commercial banks maintained a
momentum of decline indicating the influence of multiple macro-control
policies launched this year on Chinese commercial banks' use of their
funds," the statement said.

Late last month, the central bank raised the amount lenders must hold in
reserve by 0.5 percentage points, the sixth hike this year.

After the increase takes effect on Wednesday, the reserve requirement
ratio will be 12 percent for big lenders.

It follows the raising of benchmark interest rates by 0.27 percentage
points less than three weeks ago and cutting the tax on interest income
from 20 percent to 5 percent in a coordinated move to reduce liquidity
and stabilize the blistering economy.

Authorities also said yesterday that deposits and lending at the city's
foreign financial institutions were picking up.

The outstanding renminbi lending at Shanghai-based foreign banks jumped
76.7 percent last month, year on year, which mainly flowed to the
manufacturing, property, wholesale and retail businesses.

(For more biz stories, please visit Industry Updates)

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Chinesepod - Civil aviation in need of 10,000 pilots in 5 years

?  ?

BIZCHINA / Center

Civil aviation in need of 10,000 pilots in 5 years

By Dai Yan (chinadaily.com.cn)
Updated: 2007-08-08 11:44

The civil aviation sector is expected to be in demand of around 10,000
pilots in five years, and domestic airlines have begun to recruit
self-paid pilots to meet the shortage.

In recent years, several private Chinese airlines, including OK Airways
and Spring Airlines, started operations, making the civil aviation sector
thirstier for pilots.

Passenger aircraft are expected to reach 1,250 by 2010, said Luo Yaguang,
a recruiting officer at the Sichuan-based Civil Aviation Flight
University of China (CAFUC). There are around 10,000 pilots now in China,
and another 6,500 will be in demand in the next three years.

Sichuan Airlines Co Ltd announced on August 3 it plans to recruit the
first batch of 50 pilots who will pay for their own training, becoming
the second Chinese mainland airline after China Southern Airlines to do
so.

Eligible applicants will pay 250,000 yuan each for a two-year course in
Canada and one year of flight training. Those that pass final
examinations will get a license. Generally speaking, about 12 percent of
flight trainees will be eliminated due to physical conditions or failure
to meet certain standards, according to Fang Zhijun, human resource
manager of Sichuan Airlines.

Domestic airlines are vying for pilots, promising a monthly salary of
20,000 yuan (US$2,644). Employing foreign pilots is a shortcut that helps
airlines save training costs and time, but it faces limitations and
requires a lot of approval procedures.

Under the current Chinese pilot training system, airlines need to pay all
the costs for training. Airplanes spend at least two million yuan to
train a qualified pilot over 10 years, Fang said. Trainees have to first
study and train at CAFUC for four years, which costs about 700,000 yuan.

Undergraduates usually take flight training for half a year to one year
before they become assistant pilots. It takes five years for an assistant
pilot to be promoted to pilots. During the five years, airlines have to
spend 120,000 yuan a year on two retraining courses for each assistant
pilot.

(For more biz stories, please visit Industry Updates)

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Learn Chinese - Steel industry: No govt subsidies

?  ?

BIZCHINA / Center

Steel industry: No govt subsidies

By Gong Zhengzheng (China Daily)
Updated: 2007-08-07 08:52

China's steel industry has denied an American Iron and Steel Institute
(AISI) claim that its mills have received more than $52 billion in
government subsidies in the past decade that allowed them to make
products cheaper than rivals.

The China Iron & Steel Association, which comprises almost 200 companies,
said the AISI's recent report contains "unfounded allegations" against
the country's steel sector, the biggest in the world.

The Beijing-based association said it will take measures to protect
Chinese steelmakers if the US takes action against them via the World
Trade Organization (WTO).

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The AISI report said the US and other countries should impose penalties
on China through the WTO if the subsidies are not halted.

The report comes as China's steel exports increase. The country's
first-half exports of steel products almost doubled year-on-year to 33.8
million tons.

But the association said growth will slow sharply for the full year due
to a series of government curbs.

Strong demand and prices on the international steel market are the
"fundamental reasons" for surging steel exports.

The association said 82.1 percent of the 125.2 billion yuan in
fixed-assets investment in China's steel sector in the first half of this
year was raised by steel firms, with the remainder coming from bank loans
and foreign investors.

It said privately owned steelmakers produced 127 million tons and
accounted for 36 percent of total crude steel production in China in
2005, refuting the AISI accusation that the top 20 State-owned mills
control 91 percent of production.

(For more biz stories, please visit Industry Updates)

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Chinesepod - CPI may grow 5% in July

?  ?

BIZCHINA / Center

CPI may grow 5% in July

By Ding Qi (chinadaily.com.cn)
Updated: 2007-08-03 15:20

Price pressures are being passed on from producers to the consumers. The
nation's consumer price index (CPI) growth could reach the year's highest
of five percent in July, the Shanghai Securities Journal reported Friday.

According to the report, three major factors have contributed to the CPI
growth. They are fast growth in currency supply, last year's low CPI
figure, and the latest surge in food prices.

The report found that rapid growth of currency supply had created a loose
monetary environment for price increases.

Related readings:
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According to the report, currency supply has a lagged effect on prices.
The growth of M1, which mainly includes currency held by the public,
reached its peak in February this year, so the CPI will probably respond
around half a year later. That may create a CPI peak in July or August.

Meanwhile, CPI went down between May and July last year due to lower food
prices. But the index regained strength after April this year and formed
an ascending trend, which could last two or three months. These factors
combined may contribute to rapid CPI growth around July.

According to the report, rising prices of agricultural products have
contributed to CPI growth. Although eggs and aquatic products were
cheaper in July, grains, meat, edible oil, and fruit were more expensive.
Vegetable prices also followed suit due to recent flooding in many areas.

Therefore, the year's highest CPI, possibly as high as five percent, may
appear in July, and the second highest may come in August before it falls
below three percent by the end of the year. Meanwhile, due to the hike in
grain prices this year, CPI growth for the whole year may reach 3.5 to
3.6 percent, slightly higher than previous expectations, according to the
report.

(For more biz stories, please visit Industry Updates)

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Chinese language - Officials reassure foreign investors on M&As

?  ?

BIZCHINA / Center

Officials reassure foreign investors on M&As

(Xinhua)
Updated: 2007-08-02 11:25

The MOC issued a regulation to ask foreign investors to apply for
approvals from the MOC "if their purchases of domestic companies affect
national economic security, take place in key sectors or cause a transfer
of the operating rights of famous domestic brands". Previously, only
mergers and acquisitions worth more than 100 million U.S. dollars needed
MOC checks and approvals.

Related readings:
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?Economy fuels M&As in China
?Foreign investment grows in support of new enterprises

The government had enhanced supervision over foreign M&As in such sectors
as power supply, power grid construction, the national defence and
military industries, petroleum production and key manufacturing sectors,
said Jin Bosheng, a research analyst with the MOC.

Liao downplayed the negative side of foreign M&As in recent comments, and
said M&As could facilitate foreign investment without the use of land,
which would avoid straining the land supply.

He also stressed that foreign M&As could bring both capital and
technologies that are keenly needed by state-owned enterprises in their
industrial restructuring and upgrade.

Meanwhile, both officials and economists agreed that legislation
governing M&A deals should be established to ward off risks from hostile
mergers and acquisitions.

Long Yongtu, secretary-general of the Bo'ao Forum for Asia, said foreign
mergers and acquisitions were not "great scourges", but supervision of
the process was important.

(For more biz stories, please visit Industry Updates)

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Learn mandarin - Financial stability in regions improved

?  ?

BIZCHINA / News

Financial stability in regions improved

By Zheng Lifei (China Daily)
Updated: 2007-08-01 08:27

China's regional financial stability has generally improved in 2006
thanks to robust economic growth, a central bank report said yesterday.

The vibrant economies in the east, central, west and northeast parts of
the country, which grew 17, 16, 18 and 15 percent year-on-year
respectively last year, have laid the foundation for regional financial
stability, the China Regional Financial Stability Report said.

Banking reforms, the active financial and capital markets and the
government's efforts to improve the financial environment all contributed
to a more stable regional financial system, said the report, released by
the People's Bank of China's Shanghai headquarters.

Foreign financial institutions' accelerating expansion into areas outside
the coastal regions also helped.

Overseas banks established 30 operating entities by the end of 2006,
which has boosted the financial market competition in these regions and
improved their operating and management, the report said.

But there're other issues and more needs to be done to further improve
the regional financial stability, the report said.

The government should take measures to improve the financial system in
rural areas, facilitate direct financing and improve financing channels.

(For more biz stories, please visit Industry Updates)

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Learn mandarin - ICBC to add loans for small enterprises to 500 bln yuan

?  ?

BIZCHINA / News

ICBC to add loans for small enterprises to 500 bln yuan

(Xinhua)
Updated: 2007-07-27 11:43

The Industrial and Commercial Bank of China (ICBC), China's largest
commercial bank, plans to further explore the burgeoning small enterprise
market by offering loans of between 400 to 500 billion(US$53 to 66
billion) yuan to small enterprises over the next three to five years.

Li Xiaopeng, Vice President of ICBC, announced the plan at a high-level
symposium on financing for small enterprises in Beijing on Thursday.

The quality of the loans lent to small enterprises, whose annual revenues
were under 30 million yuan, kept improving recently, with the
non-performing loan ratio dropping to 0.81 percent, much lower than the
average level of ICBC's corporation clients, said Li.

Statistics from ICBC showed that by the end of June this year, loans for
small-scale enterprises stood at 191 billion yuan, nearly three times
higher than the amount at the beginning of 2005.

ICBC would provide small enterprises with more innovative and
customer-tailored services, including settlement, investment banking,
finance consulting and e-banking, and increase the coverage of such
services, added Li.

Statistics from the China Association of Small and Medium Enterprises
showed that the nation had over 4.3 million registered small-and
medium-sized enterprises. They contributed 59 percent of China's gross
domestic product (GDP) and employed 75 percent of the nation's labor
force by the end of 2006.

However, these small enterprises were in a disadvantageous position in
terms of access to capital, technologies and information compared with
their much larger competitors.

The government would adopt new measures to support small enterprises,
including giving them better and more timely business information, more
staff training programs and more government procurement opportunities,
said Zhang Hongli, Chinese deputy finance minister, at the symposium.

(For more biz stories, please visit Industry Updates)

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Chinese School - Tianjin's Binhai New Area, Tangshan sign cooperation agreement

?  ?

BIZCHINA / Biz News

Tianjin's Binhai New Area, Tangshan sign cooperation agreement

By Du Xiaoli (chinadaily.com.cn)
Updated: 2007-07-25 18:14

Tianjin's Binhai New Area signed an economic cooperation agreement with
Tangshan, an industrial city in North China's Hebei Province, on July 21.
The agreement is an effort to bring the two economic engines together for
development of areas surrounding the Bohai Sea and to sharpen the
region's core competitiveness.

Tianjin's Binhai New Area and Tangshan will jointly establish a
high-level modern manufacturing base and strengthen mutual cooperation on
metallurgy, exploitation and processing of oil and oceanic chemical
industries.

The two will also strengthen mutual complement cooperation on electronic
information, auto manufacturing, refined chemistry, energy, and building
material industries. The two sides' industrial chains will be extended
and linked and a regional industry development system with closely linked
upstream and downstream industries will be formed.

They will also strengthen ports strategic cooperation and logistics
service cooperation to enhance the regional opening-up level. Tianjin
port and Caofeidian port will cooperate closely to jointly construct an
international shipping center and a logistics center in northern China.

Tianjin's Binhai New Area and Tangshan will set up an efficient mechanism
for communication, exchange, and cooperation between governments to
facilitate the agreement. Exchange among enterprises, chambers of
commerce, and industrial associations will also be arranged.

(For more biz stories, please visit Industry Updates)

Chinese School

Chinese Mandarin - Yangtze Power to sell corporate bonds

?  ?

BIZCHINA / News

Yangtze Power to sell corporate bonds

(China Daily)
Updated: 2007-07-24 11:24

China Yangtze Power Co plans to sell 8 billion yuan(US$1.06 billion) in
corporate bonds domestically to buy generators, Caijing magazine said,
without citing sources.

The Beijing-based magazine said the bonds would be sold over two years.
China Vanke Co and China Petroleum and Chemical Corp are also among
companies seeking to sell bonds.

China's government issued rules last month giving the stock market
regulator the power to approve bond sales by publicly traded companies as
it seeks to expand the country's capital markets.

(For more biz stories, please visit Industry Updates)

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Chinese Online Class - Beijing housing prices up 10.1% in 1st half

?  ?

BIZCHINA / Center

Beijing housing prices up 10.1% in 1st half

By Tu Lei (chinadaily.com.cn)
Updated: 2007-07-23 10:13

The housing sales prices increased 10.1 percent year on year in the first
half of this year, said Yu Xiuqing, a spokeswoman from the Beijing
Statistic Bureau, last week.

Special coverage:
Housing in China?
Related readings:
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?Beijing's new house prices rise 20% in June
?Property price growth in May quickens; Up 6.4% on year
?House prices surge along Beijing's No 5 subway line

The high prices are a result of the increased permanent population and
hot money, said Yu.

Figures show that every year the permanent population in Beijing rises by
about 300,000 to 400,000 people, with some of them being college
graduates. The capital city's?number of graduates in 2006 increased to
179,000 from 70,000 in 2001.

"Many of them choose to stay in Beijing," said Yu.

The upgrade of residents' consumption structure creates a strong demand
for housing, and many people are eager to make money via buying and
selling houses, which also shortens the supply of housing, said Yu.

Currently, the city government is working on safeguard measures, said Yu,
adding the government will also supply an additional 20 million square
meters of economically affordable houses and houses with limited housing
prices and flooring area in three years.

(For more biz stories, please visit Industry Updates)

Chinese Online Class

Learn mandarin - Chinese firm wins suit in US

?  ?

BIZCHINA / IPR Issue

Chinese firm wins suit in US

By Wan Zhihong (China Daily)
Updated: 2007-07-20 09:01

General Protecht, an electrical product manufacturer based in East
China's Zhejiang Province, has won a three-year patent infringement
lawsuit in the United States.

According to a Federal Court ruling in New Mexico, the ground fault
circuit interrupter (GFCI) products of General Protecht did not infringe
upon the patents of the US company Leviton.

Beginning in April 2004, Leviton filed lawsuits against several customers
of General Protecht in New Mexico, Florida and California, alleging
several patent infringements of its products.

GFCI is a small electrical device often used in houses. They can reduce
the risk of electrocution.

"It's a great win for General Protecht, which has always respected the
intellectual property rights (IPR) of others," said Chen Wusheng,
president of the company.

It shows a Chinese company, which conducts business in the US, can be
treated fairly and impartially according to the rule of law, he added.

General Protecht is a specialized manufacturer of GFCI. All of its
products are exported to countries such as the US and Canada. The
products have been approved by Underwriter Laboratories Inc (UL) and
Canadian Underwriter Laboratories Inc (CUL).

As a large-scale export enterprise, General Protecht has paid great
attention to its patents. The company has obtained several invention
patents and outward design patents in China as well as in the US, said
Chen.

Chen also said the technologies of his company are more advanced than its
US competitors and are popular with US consumers. Leviton simply wants to
use its patent rights as a tool to stifle competition, Chen added.

The lawsuit has significantly affected General Protecht's business. Sales
have plummeted sharply and the company has to pay hefty legal fees.
However, it vowed not to back down, he said.

"It's a significant win for General Protecht. The company has set up a
good example for other Chinese companies," said Quan Guotong, an analyst
with Beijing High-tech IPR Research Institute.

(For more biz stories, please visit Industry Updates)

Learn mandarin

Chinese School - PetroChina eyes mainland listing in 4th quarter

?  ?

BIZCHINA / News

PetroChina eyes mainland listing in 4th quarter

(Chinadaily.com.cn)
Updated: 2007-07-18 14:32

PetroChina, China's largest oil and gas group, is targeting a share
offering in the fourth quarter of this year, although the timetable
depends on how quickly it can gain approval from the Chinese securities
regulator, the Financial Times reported.

The latest large State-owned company is expected to offer as many as 4
million new shares. It is poised to use the funds raised to buy oil and
gas resources overseas and fund exploration and development projects at
home.

It has chosen UBS to help raise up to US$6 billion in what is poised to
be one of the biggest listings on the country's mainland market.
PetroChina's offering is likely to fall just short of the biggest
mainland initial public offerings (IPOs), by Industrial and Commercial
Bank of China, which raised US$6.1 billion last year.

The deal highlights UBS' determination to grab a big slice of the Chinese
public offering market after securing control of a Chinese brokerage,
which gave it the license to arrange mainland share offerings, five
months ago.

The Swiss bank last week handled the initial public offering of Western
Mining, a Chinese lead and zinc producer, which surged 144 per cent on
its first day of trading. UBS was the sole manager of the Western Mining
IPO but is expected to work together with local firms on the PetroChina
listing – which still requires regulatory and shareholder approval.

China has been trying to persuade large Chinese companies listed in Hong
Kong and other overseas markets to sell shares on the Shanghai market.
China Mobile is among other large companies that are eyeing a Shanghai
listing. If it goes ahead, the telecom company's IPO would almost
certainly set a new record in terms of size.

(For more biz stories, please visit Industry Updates)

Chinese School

Chinese Mandarin - China invests US$10.2b in railway projects

?  ?

BIZCHINA / Center

China invests US$10.2b in railway projects

(Xinhua)
Updated: 2007-07-17 14:29

China's railway sector invested 77.4 billion yuan (US$10.2 billion) in
fixed assets in the first half of this year, a year-on-year increment of
1.1 billion yuan, or 1.5 percent, sources with the Ministry of Railway
said on Tuesday.

In comparison, input in capital construction went down 1.1 billion yuan,
or 1.7 percent, to 61.1 billion yuan in the six-month period.

The sources said the slight decline indicated more efforts had been
shifted to upgrading projects since the beginning of this year.

The sector launched its sixth speed boom on April 18, which helped boost
trains' speed to 200 kilometers per hour on upgraded tracks. The
upgrading projects cost 26 billion yuan in total, or four million yuan
for every kilometer of the tracks revamped.

(For more biz stories, please visit Industry Updates)

Chinese Mandarin

Chinesepod - Human Resource: One senior SOE post, 73 applicants

?  ?

BIZCHINA / Biz Media Digest

Human Resource: One senior SOE post, 73 applicants

By Li Fangchao (China Daily)
Updated: 2007-07-13 09:56

Some senior management posts in large State-owned enterprises (SOEs) has
drawn a record number of candidates from home and abroad.

The State-owned Assets Supervision and Administration Commission (SASAC)
of the State Council said yesterday that 1,603 people had applied for the
22 senior posts in the enterprises, managed directly by the central
government.

With about 73 people fighting for one post, a historical high, the
competition is really intense, China Youth Daily quoted an SASAC official
as saying.

Twenty-five of the applicants are foreign nationals, an SASAC statement
said, without clarifying whether they are of Chinese origin. Also, 10 of
the candidates are from the Hong Kong and Macao special administrative
regions, and Taiwan.

The vacancies include senior posts like that of the deputy general
manager in China Netcom Group Corp, the second largest fixed-line telecom
operator in the country. More than 100 people have applied for the post.

To facilitate the selection of the overseas talents, SASAC has chosen
some cities abroad for interviews.

SASAC Chairman Li Rongrong said applications were invited both from home
and abroad to optimize human resources distribution globally, which in
turn will prepare the central enterprises to compete in the international
market as early as possible.

Central enterprises mean large-scale SOEs, which are the leading vital
industries and play a pivotal role in the national economy.

Their total revenue rose from 300.6 billion yuan ($39.7 billion) in 2003
to 754.7 billion yuan ($99.7 billion) last year. And, their total and net
assets has risen 47.4 and 48.7 percent to 12.27 trillion yuan ($1.6
trillion) and 5.35 trillion yuan ($707 billion).

Also, a major reform is underway in these SOEs as part of SASAC's plans
to trim and integrate about one-third of the existing ones to make them
more competitive.

The number of central enterprises is 159, but it is likely to be down to
80-100 by 2010.

Li said some key sectors such as armaments, power generation and supply,
oil and petrochemicals, telecom, coal, aviation and shipping industries
should be under the "absolute control" of the State.

(For more biz stories, please visit Industry Updates)

Chinesepod

Chinese language - Steel exports soar 43.56% in June

?  ?

BIZCHINA / Impacts

Steel exports soar 43.56% in June

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-07-12 11:49

China exported 6.36 million tons of steel products in June this year, up
43.56 percent year on year and 3.08 percent from May this year, according
to statistics from China Customs released July 10.

The June steel export is higher than the 6.17 million tons in May but
lower than 7.16 million tons in April this year, a record month in the
nation's steel sales abroad.

Steel exports are supposed to decline in response to China's newly
enforced tariff rebate adjustments, and insiders said the surge was a
result of enterprises rushing to export as much as they could ahead of
the July 1 implementation of new policies.

To help reduce the trade surplus, the government said it would lower the
rebate on the value added tax of about 37 percent of its export
categories beginning July 1.

Export tax rebates for 553 "high energy-consuming and resource-intensive"
products, such as cement, fertilizer and non-ferrous metals, will be
eliminated.

Rebates for another 2,268 products, described as "likely to trigger trade
frictions", will be slashed from 8-17 percent to 5-11 percent. They
include garments, toys, steel products and motorcycles.

The government reduced tax rebates on exports of 76 steel products such
as stainless plate and cold-rolled steel sheet to five percent and
eliminated the tax rebate on 83 particular steel products including
hot-rolled steel sheet and section steel from April 15. It also applied
export license management to those same 83 steel products as of May 20.

Earlier, on June 1, the government levied five to ten percent export
tariffs on those categories of steel products and upped duties on
overseas shipment of another 19 categories to 15 percent from 10 percent.

As of July 1, export tax rebates will be reduced from a current 13
percent to 5 percent for seamless steel pipe, stainless steel pipe, steel
rail, welded steel angle and steel section.

Zhou Tao, a researcher with Guojin Securities Co Ltd, said that the
policies were effective.

He predicted net export of steel and steel billets in June would be 4.95
million tons and 730,000 tons respectively.

He also expected net export of raw steel to be 5.94 million tons, around
40,000 tons less than May.

Zhang Shibao, a researcher with China Merchants Securities, said that
these policies' influence would fade in two to three months, and the
total export of steel products for this year is estimated to account for
10 to 11 percent of China's total production.

In the first half of this year, China exported 33.79 million tons of
steel products, up 97.7 percent year on year while the nation imported
8.69 million tons of steel, down 7.6 percent year on year.

From January to June this year, a total of 4.37 million tons of steel
billet was exported, up 40.9 percent year on year while only 140,000 tons
of it was imported, down 34 percent year on year.

(For more biz stories, please visit Industry Updates)

Chinese language

Learn Chinese online - The bullish market: A broker's boon

?  ?

BIZCHINA / Comments & Analysis

The bullish market: A broker's boon

(Chinadaily.com.cn)
Updated: 2007-07-10 16:35

Bourses in Shanghai and Shenzhen released the latest trading statistics
on stocks, funds and warrants of their member brokers. The statistics
show that major securities companies reaped a windfall from commission
charges on transactions in the booming stock markets.

Securities analysts say that brokerage charges were currently the primary
source of income for securities companies.

According to the statistics gathered by Wind Info, China Galaxy
Securities, Guotai Jun'an Securities, and Shenyin Wanguo Securities rank
top three in total transaction values in the first half of the year,
reaching 3.69 trillion yuan (US$486 billion), 3.38 trillion yuan, and
2.72 trillion yuan respectively.

Statistics show there are 11 securities firms whose stock transaction
value surpasses one trillion yuan in the past six months. Their combined
transaction value of stocks totals 19 trillion yuan.

Special coverage:
Markets Watch

Related readings:
?Brokers see net income surge
?Mutual funds leap in 1st half, top US$198.4b
?Rules released to curb warrant speculation

Analysts predict the commission income of China Galaxy, Guotai Jun'an and
Shenyin Wanguo will reach 4.56 billion yuan, 3.82 billion yuan and 3.49
billion yuan respectively, assuming their commissions levels are 15
percent of total transaction value. Companies like CITIC Securities and
Huatai Securities, which hold stakes of other brokers, are also likely to
enjoy considerable brokerage revenue.

Chinese stock markets witnessed astounding trading enthusiasm in the
first half of the year, with total transaction value of stocks, mutual
funds, and warrants climbing to 27.75 trillion yuan, five times last
year's figure. Meanwhile, the transaction value of stocks totaled 23.72
trillion yuan in the first half of the year, six times the same period
last year.

Nonetheless, with the stamp tax hike and structural corrections to the
stock market, the transaction value is expected to drop before the end of
the year. And if analysts are correct, so will the income of brokers.

(For more biz stories, please visit Industry Updates)

Learn Chinese online

Chinese language - Japan, China talks end without breakthrough

CHINA / National

Japan, China talks end without breakthrough
(AP)
Updated: 2006-05-18 19:47

Japan and China ended talks in disagreement Thursday over their competing
claims to gas reserves in the East China Sea and planned to meet again
next month, an official said.

Both sides exchanged details about their positions on the dispute and
underlined the importance of managing boat traffic in the area to
minimize the chance of an unexpected confrontation, Foreign Ministry
spokesman Akira Chiba said.

But neither side presented new ideas in the 5 1/2-hour one-day meeting
that could break the impasse, he said.

"There was no breakthrough," Chiba said. "There was a deepening of
understanding of the viewpoints of each side."

The issue has strained relations between Beijing and Tokyo. China claims
it has rights to the gas reserves under the sea bed in the East China
Sea's Pinghu field, but Tokyo says the two countries should share them.

Repeated meetings between the countries have failed to resolve the
dispute, and earlier this week, China had warned not to expect any
breakthrough at the talks.

Delegates from the countries are eyeing another meeting next month,
possibly in Beijing, but a date has not been set.

Page: 1 2

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Chinese language - Ministry: Housing supply sufficient

CHINA / National

Ministry: Housing supply sufficient
(China Daily)
Updated: 2006-05-15 06:00

The Ministry of Construction yesterday denied reports that housing supply
in some cities is insufficient, but admitted inconsistencies in the type
of units available.

Data from 40 major cities shows that housing supply can satisfy normal
market demand, said a ministry spokesman.

However, some cities have an oversupply of expensive apartments and a
shortage of affordable housing.

At the end of April, the 40 cities had 1 million apartments with a total
120 million square metres on the market, of which only 12,000 units were
smaller than 60 square metres.

As house prices in China are relatively high compared with incomes,
people tend to buy small apartments, said the spokesman.

The ministry has instructed local planning departments to readjust the
supply balance in favour of smaller apartments, and this is having an
effect, he said.

Since 2004, the government has taken measures to stop the property market
from overheating, but prices have kept rising and investment is still
pouring into the sector, he said.

Analysts are divided as to how serious the problem is with some holding
that the vacancy rate is at a highly dangerous level of 26 per cent.

Some warn of an impending "bubble" and urge tough measures to bring down
the vacancy rate while others insist rising prices are a proper
reflection of insufficient supply.

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