"China is part of the world trade of wheat, rice, soya, sugar and others, playing a very important role in the increase of those product exports. The same happens in the case of the minerals and oil," Barcena told Xinhua in an interview.

He said China is one of the most important market for Latin American and the Caribbean products.

"China is being a blessing for the exports of raw materials from Latin America and the Caribbean. But it is also a great exporter (to the region). So, it competes with the countries of this region, mainly with Mexico and the Central American nations," said Barcena.

Trade between China and Latin America has grown tremendously, he noted....]]> Business Sat, 21 Nov 2009 07:17:45 +0800 /articles/09/1120/197817/MTk3ODE388NomgMx.html JAKARTA, Nov. 19 (Xinhua) -- The Hong Kong and Shanghai Banking Corporation Limited (HSBC) inked a deal on Thursday with Small Middle Enterprises (SMEs) businesses joined in Indonesian Business Woman Association (IWAPI), aimed at assisting the organization members in anticipating market potentialities.

The cooperation agreement with the IWAPI also made HSBC the first foreign bank operating in Indonesia to provide special business account particularly for Indonesian businesswomen organization.

According to Jeffrey C Tjoeng, HSBC Indonesian Head of Business Banking, the cooperation agreement also includes cash management and business coaching clinics for the organization that has more than 40,000 SMEs members in 33 provinces across the country.

"The opening of especially-administered business account is very important for them. It would make them have effective and efficient operation system. The business coaching clinics prog...]]> Business Thu, 19 Nov 2009 16:24:53 +0800 /articles/09/1120/197816/MTk3ODE2ZfQYcUwt.html CANBERRA, Nov. 19 (Xinhua) -- A Chinese state-owned company is allowed to take up to a 50 percent stake in an Australian mineral development project, Australian Associated Press reported on Thursday.

Centrex Metals Ltd, which is listed on the Australian Securities Exchange, said Australia's Foreign Investment Review Board had agreed Baotou Iron and Steel could invest up to 40 million Australian dollars (37 million U.S. dollars) to develop the Bungalow magnetite ore deposit in South Australia.

Under the deal, Baotou, China's 10th biggest steel producer, will pay 8 million Australian dollars (7.4 million U.S. dollars) towards exploration and study of the site for a 10 percent interest.

The same amount will then go toward a second round of exploration and 24 million Australian dollars (22.2 million U.S. dollars) will be spent on completing a bankable feasibility study. This would give Baotou a 50 percent stake in the joint ventur...]]> Business Thu, 19 Nov 2009 16:24:42 +0800 /articles/09/1116/197401/MTk3NDAxhBMAw1dg.html BEIJING, Nov. 16 (Xinhua) -- A Chinese delegation will leave for Serbia, France, the Netherlands and Ireland this weekend to further China-Europe economic cooperation, China's Ministry of Commerce announced Monday.

Ministry spokesman Yao Jian said the delegation of more than 300 business people from around 170 enterprises would visit the four countries from Nov. 21 to Dec. 4.

The tour, organized by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, would involve the sectors of energy, aviation, automobile, telecommunications, machinery, and information technology, Yao said.

The delegation would hold economic and trade cooperation forum and talks with European enterprises, Yao said.

Chen Deming, China's Commerce Minister, would hold talks with Christine Lagarde, French Economy, Industry and Employment Minister, during his three-day visit to France beginning on Nov. 26, said Yao.

In a disclosure submitted Wednesday to the Philippine Stock Exchange, JFC officials reported that system-wide sales, a measure of all sales to consumers from both company-owned and franchised stores, went up by 11.2 percent in months of January to September. This raised operating profit by 14.1 percent.

"Our China business now accounts for 10.4 percent of the Jollibee group's worldwide sales. Our total foreign business grew by 52.8 percent over last year and now contributes 18.6 percent of JFC's total sales versus only 3 percent just a few years ago," JFC chair and chief executive officer Tony Tan Caktiong said in a press statement.

Tan Caktiong said in the third quarter...]]> Business Thu, 12 Nov 2009 07:26:44 +0800 /articles/09/1111/196909/MTk2OTA51WavBt35.html CANBERRA, Nov. 11 (Xinhua) -- Chinese demand could be restrained if the prices of Australian resources continued to rise, and Australia's export and economy could be severely affected, an expert warned on Wednesday.

The expert on the Chinese economy, Arthur Kroeber of research firm Dragonomics, said higher prices could force Chinese industries turning to the substantial stockpiles they are believed to have built up.

"Once the price gets up to a certain level -- whatever that is -- China can easily stop buying and start running down their stockpiles," Kroeber said.

China's economy had been growing at seven to eight percent so far in 2009 but, in Australia, this growth must have seemed much stronger because the growth had almost all been driven by resource-intensive investment, Kroeber said.

"From Australia's prospective, it feels like China is growing at 11 or 12 percent because of the level of investment," he told Australian ...]]> Business Wed, 11 Nov 2009 12:23:01 +0800 LISBON, Nov. 10 (Xinhua) -- The ties between China and Africa benefit both parties and need to be further strengthened in private sectors, business leaders attending the fifth Global China Business Meeting in Lisbon said Tuesday.

China's investment in Africa has attracted world attention to the continent, and its investment in infrastructure and natural resources has aided African people and contributed to the regional integration, economic experts from China and Morocco said.

Besides cooperation on the governmental level, participants from Africa urged more China-Africa cooperation in the private sectors, mainly in the bank sector to create better financial conditions and promote the growth of enterprises.

Many African participants praised the announcement made by Chinese Prime Minister Wen Jiabao earlier in Egypt of the decision to provide 10 billion U.S. dollars in concessional loans to some African countries, which was amo...]]> Business Wed, 11 Nov 2009 07:24:14 +0800 /articles/09/1107/196505/MTk2NTA1XgXlXZV5.html MANILA, Nov. 6 (Xinhua) -- China Banking Corp., one of the Philippines biggest commercial banks, chalked up 3.21 billion pesos (68.5 million U.S. dollars) in net profit for the first nine months of the year, or up 40.7 percent on year, on back of stronger revenues.

In its disclosure issued to the Philippine Stock Exchange Friday, China Bank officials reported that the bank's revenues increased 22.8 percent on year to 13.02 billion pesos (27 million U.S. dollars).

"With our continued focus on improving service, strengthening our balance sheet, and effective management of risks, we were able to sustain our growth momentum for this year. Our double digit growth is underpinned by our commitment to consistently deliver strong shareholder value," China Bank executive vice president and chief operating officer Ricardo Chua said in a press statement.

To strengthen its balance sheet, provisions for probable credit losses were more th...]]> Business Sat, 07 Nov 2009 07:29:09 +0800 /articles/09/1107/196486/MTk2NDg2k2vv8bcf.html     BEIJING, Nov. 7 (Xinhua) -- China Minmetals Corporation, the country's largest state-owned metals trader, had said it was conducting research on a London Mining iron ore project in Sierra Leone and has not signed any cooperation deal for the same, China Daily reported on Saturday.

    The statement came after London Mining said Friday that it held talks with Minmetals and Sinosteel Corp., China's largest iron ore trader, as well as China's National Railways for its Marampa project in Sierra Leone.

    A source with China Minmetals Corporation said the company has not yet taken a decision on whether to invest and is still studying the project, said the newspaper.

    The source said Minmetals would rather look for suitable iron ore acquisitions projects in Australia and Africa, like Mauritania, and largely focus on small- and medium-sized projects.

 &nbs...]]> Business Sat, 07 Nov 2009 02:09:53 +0800 /articles/09/1105/196336/MTk2MzM2fxyYZ7pG.html CANBERRA, Nov. 5 (Xinhua) -- The Australian government on Thursday approved a 271-million-Australian-dollar (245.7 million U.S. dollar) investment by China's third largest steel maker in iron ore explorer Centrex Metals Ltd..

The company plans to build a new export port in South Australia with its proposed Chinese joint venture partner.

The Foreign Investment Review Board has unconditionally given the green light to Wuhan Iron & Steel (Group) Co (WISCO) earning a60-percent stake in the iron ore rights to five Centrex-owned tenements on South Australia's Eyre Peninsula.

Centrex said WISCO was now gaining approval for the deal from China's State Department of Commerce.

To earn its interest in the iron ore rights, WISCO will pay about 10.1 million Australian dollars (9.1 million U.S. dollars) to take a 15-percent stake in Centrex via a placement of 40 million new shares at a heavily discounted price of 22.6 U.S. cents per ...]]> Business Thu, 05 Nov 2009 12:22:28 +0800 BEIJING, Nov. 3 -- The world descended on Beijing Tuesday as the nation's largest overseas investment fair opened for business.

The expo, which is aimed at helping Chinese companies invest in overseas markets, is being seen as a major milestone in China's unprecedented buying spree of overseas assets.

Some 1,100 representatives from 122 countries, including 60 ambassadors, planned to attend the China Overseas Investment Fair, according to organizers.

Participants will be looking to promote their countries and cities to potential Chinese investors.

Chinese companies have remained largely unscathed following the global financial crisis and many have significant investment capital.

Backed by the increasing value of renminbi, Chinese companies' outbound direct investment saw year-on-year growth of 190 percent in the third quarter, to $20.47 billion, which was larger than the total for the previous two quarters, accord...]]> Business Tue, 03 Nov 2009 07:17:40 +0800 /articles/09/1103/196056/MTk2MDU2Mk1ciXmB.html BEIJING, Nov. 3 -- Rio Tinto, the world's second-largest iron ore miner, has softened its stance regarding iron ore prices to Chinese steel mills, with negotiations just around the corner and both sides trying to test how far the other would bend in the crucial talks.

Tom Albanese, Rio's chief executive, said in London on Friday that he would seek to mend relations with China: "I made a personal commitment to ensure that our relationship with China is restored to a sound footing, and I was most recently in the country a few days ago."

Sam Walsh, chief executive of Rio's iron ore unit, also said it was possible that China may use a new iron ore pricing mechanism in the 2010 contract year.

"Any number of scenarios could relate to an outcome in 2010 with one scenario being a different pricing mechanism in China to the rest of the world," he said.

But he also warned any efforts by Chinese mills to seek an unfair benchma...]]> Business Tue, 03 Nov 2009 07:17:30 +0800 /articles/09/1030/195708/MTk1NzA4I80XFfxh.html BANGKOK, Oct. 30 (Xinhua) -- Bangkok Bank, Thailand's largest commercial bank will open its first company in China, Kosit Panpiemras, Chairman of the Board of Executive Directors said Friday.

The Shanghai-based company, will provide banking and other services in the country, Kosit, a former finance minister and former deputy prime minister said in an interview with Xinhua on the sideline of a seminar on Sino-Thai relations.

Currently, Bangkok Bank has branches opened in four cities in China, Beijing, Shanghai, Xiamen, and Shenzhen to offer financial products and services to meet customer needs, according to the bank's website.

The preparation will be finished early December and the company will open after that, the president said explaining that the 65 anniversary of the establishment of the bank will fall on Dec. 1,the chairman said.

The company will have a registered capital of four billion yuan(586 million U.S. dollars), h...]]> Business Fri, 30 Oct 2009 12:26:34 +0800 /articles/09/1028/195441/MTk1NDQxnoZLkOoW.html CHICAGO, Oct. 27 (Xinhua) -- The municipal government of Shenyang, a city in northeast China, is dedicated to promoting business exchanges with its sister city Chicago, a Shenyang official said here on Tuesday.

"My visit to Chicago is to enhance business cooperation between Chicago and Shenyang. I met a lot of entrepreneurs and business leaders this time in Chicago and look forward to doing business with them in the future," Yang Yazhou, vice mayor of Shenyang, said during a luncheon hosted by Sidley Austin LLP, a leading law firm in Chicago.

Yang briefed his host on Shenyang's strong economic development over the past year and its strategies to thrive during the global recession.

"Our stimulus plan is to encourage investment in agriculture, industries, infrastructure and education. It has shown positive effects," he said.

"As one of our policies to deal with the global financial crisis, we provide great incentives to help ...]]> Business Wed, 28 Oct 2009 07:12:28 +0800 /articles/09/1027/195346/MTk1MzQ2kEU8Ul0b.html     LHASA, Oct. 27 (Xinhua) -- A local barley beer brewer in this capital of southwest China's Tibet Autonomous Region expects to sell more products to the United States in the second half of next year.

    According to orders from its American dealer, Dzambuling, Lhasa Beer Co., Ltd. will supply 1,000 tonnes, or 2.78 million bottles, of barley beer to the United States every month since next July, Norbu Tsering, the company's deputy general manager, told Xinhua Tuesday.

A staff handles boxes of highland barley beer at the Lhasa Railway Station, May 18, 2009. The highland barley beer produced in Tibet has been becoming increasingly popular among Americans since the first batch of 11,340 boxes of such beer were shipped to the United States in May. (Xinhua/ Hu Xing)Photo Gallery>>>

    The company sold its first batch of beer, totaling 272,160 bottles, ...]]> Business Tue, 27 Oct 2009 07:12:30 +0800 /articles/09/1024/195112/MTk1MTEy6zaBHUnD.html NANNING, Oct.24 (Xinhua) -- Companies from China's Taiwan, Hong Kong and Macao tried to seek new chances at China-ASEAN Expo as the operation of China-ASEAN free trade area (CAFTA) approaches.

More than 500 entrepreneurs from the three regions swarmed to the epxo held from Oct. 20 to 24 in Nanning, capital of Guangxi Zhuang Autonomous Region, with the hope of catching the chance of the operation of CAFTA on Jan. 1 in 2010, under a series of agreements between China and ASEAN.

CAFTA will provide zero tariff on 90 percent of products traded between China and ASEAN and other favorable policies on trade and investment, said an official with the municipal government.

"We hope Chinese mainland and Taiwan will sign the economic cooperation agreements as soon as possible to let Taiwan companies be part of the FTA directly," said Liu Tung Yuen, secretary general of ASEAN-Taiwan trade and Investment Association.

Currently Taiwan co...]]> Business Sat, 24 Oct 2009 12:59:04 +0800 NANNING, Oct. 20 (Xinhua) -- Following is the translated version of the full text of Chinese Vice Premier Li Keqiang's speech delivered Tuesday at the opening ceremony of the sixth China-ASEAN Business and Investment Summit in the south China city of Nanning.     Address by Vice Premier Li Keqiang At the Opening Ceremony of the Sixth China-ASEAN Business and Investment Summit     Nanning, Guangxi, 20 October 2009

Honorable Prime Minister Bouasone Bouphavanh,

Distinguished guests,

Ladies and Gentlemen,

Friends,

The sixth China-ASEAN Expo has just opened together with the grand China-ASEAN Business and Investment Summit. The summit took "China-ASEAN Free Trade Area and ASEAN Integration: Co-together" as its theme, showing the willingness and determination of both China and ASEAN to jointly promote economic integration, cope with the financial crisis, and boost economic developme...]]> Business Wed, 21 Oct 2009 07:20:28 +0800     BEIJING, Oct. 19 -- The Iraqi government has approved a contract with a British-Chinese consortium to develop a prized oil field in southern Iraq, a significant achievement for a country that has struggled to attract foreign investors despite its vast natural resource wealth.

    The deal was the only one to emerge from a disappointing bidding round in June offering development rights for six oil and two gas fields.

    It was Iraq's first such bidding process in more than three decades, but foreign firms felt the prices set by the government were too low given continued violence in the country and disputes over natural resource control.

    But things have been looking up in recent days for Iraq's hope to use increased oil revenue to recover from years of war and sanctions. Earlier in the week, three international consortiums agreed to meet the Iraq...]]> Business Wed, 21 Oct 2009 02:09:55 +0800 BEIJING, Oct. 19 (Xinhua) -- China from Tuesday will require a security deposit on imported nylon 6 or polycaprolactam from the United States, the European Union, Russia and the Taiwan region, the Ministry of Commerce (MOC) said in a statement Monday.

The decision followed a preliminary ruling of the MOC, which said the above-mentioned areas had dumped nylon 6 on the Chinese market and the imports had caused substantial damage to the domestic sector.

The MOC said ultimate ruling would be issued based on further investigation.

Nylon 6 is widely used in the manufacture of hosiery, knitted garments, threads, ropes, filaments, nets and tire cords. Special Report:  Global Financial Crisis

The Bay Realty Group, Inc. rented three standard booths for the exhibition. "We are the first U.S. real estate company to the fair, but we will not be the last one," said Johny Wang, vice President of the company. "The huge potential of the Chinese market encouraged us to make the crucial step."

More than 380 enterprises from 35 countries and regions gathered at the 15,000-square-meter import zone of the fair which opened Thursday, looking for a share in the Chinese market to offset their loss in the European and U.S. markets amid the financial crisis.

Their products ranged from electronics, food and bags to home appliances and real estate. Some just began to have plans to explore the Chinese market this year.

The TS Meditech Co. Ltd, one of the 110 en...]]> Business Sun, 18 Oct 2009 07:25:52 +0800 /articles/09/1016/194271/MTk0MjcxzxIHNeg4.html BEIJING, Oct. 16 (Xinhua) -- Vestas, the world's leading wind power equipment manufacturer, would increase its investment in China to more than 3 billion yuan (439 million U.S. dollars) by the end of this year, China Daily reported Friday.

The Danish company officially inaugurated manufacturing facilities for wind turbine control systems and machined parts on Thursday in the Tianjin Economic Development Area.

Manufacturing control systems - the brains of the wind turbine - in China means Vestas has further localized its production and will source control system components from within the country, the newspaper said, citing Vestas' China President Lars Andersen.

The facilities, together with the nearby production lines for nacelles, blades, generators, control systems and machined parts, are the company's largest and most comprehensive wind energy manufacturing complexes globally with a total investment of 2.5 billion yuan. <...]]> Business Fri, 16 Oct 2009 07:20:41 +0800 /articles/09/1015/194184/MTk0MTg0l4ikH98z.html SINGAPORE, Oct. 15 (Xinhua) -- Oversea-Chinese Banking Corporation Limited (OCBC Bank) announced Thursday its acquisition of ING Asia Private Bank Limited (IAPB) and its affiliated entities for 1.463 billion U.S. dollars.

OCBC said in a statement that it reached agreement with ING Bank N.V. to acquire its Asian private banking business. The acquisition will be funded by the bank's existing resources.

The acquisition of IAPB marks a transformational step in OCBC Bank's private banking business and will more than triple the bank's private client assets under management to 23 billion U.S. dollars.

OCBC Bank said it will be well placed to capture the opportunities provided by the rapid growth of Asia's wealth management industry and Singapore's unique position as a major private banking hub, attracting wealth from both within and outside Asia.

The acquisition is also said to be in line with bank's strategic goal of becoming a lea...]]> Business Thu, 15 Oct 2009 12:27:22 +0800 /articles/09/1014/193971/MTkzOTcx3wFBIiUL.html     BEIJING, Oct. 14 (Xinhua) -- China's foreign trade continued to fall in September with imports and exports dropping 10.1 percent from a year earlier, the General Administration of Customs announced Wednesday.Special Report:  Global Financial Crisis

Speaking at the opening ceremony of a China-Russia economic forum, which he attended with Russian counterpart Alexander Zhukov, Zhang reviewed economic and trade cooperation over the past 60 years.

He said it was in line with the fundamental interests of the two peoples to strengthen economic and trade cooperation.

It would not only help to cope with the economic crisis, but also help promote the economic development of both countries and the recovery of the world economy, he said.

Zhang suggested the two sides to enhance cooperation in four aspects.

First, he suggested they strengthen industrial cooperation. The two sides should take full advantage of the mechanism of regular meetings between the Chinese premier and Russian Prime Minister, and turn the i...]]> Business Tue, 13 Oct 2009 12:28:37 +0800 /articles/09/1013/193865/MTkzODY1owmQtxHg.html

BEIJING, Oct. 13 -- Central Huijin Investment Co, a unit of China Investment Corp, would continue to increase its holdings in the nation's three largest banks over the next 12 months - a move which, analysts said, was a clear signal to stabilize the market and bolster investor confidence.

The $300-billion sovereign wealth fund would also continue to increase its holdings in the banks by buying shares from the open market over the next 12 months, according to a Huijin statement yesterday.

Central Huijin Investment Co, a unit of China Investment Corp, would continue to increase its holdings in the nation's three largest banks over the next 12 months - a move which, analysts said, was a clear signal to stabilize the market and bolster investor confidence.(Photo Source: China Daily)Photo Gallery>>>

Yesterday, the city unveiled seven proposals from the world's leading design firms, whose task was to renovate the densely populated central business district in the city.

(Photo Source: China Daily)
Photo Gallery>>>

The latest figures show Beijing will soon boast a car population of four million by the end of this year, and it will require only two years for Beijing's car communit...]]> Business Tue, 13 Oct 2009 07:16:42 +0800 /articles/09/1013/193863/MTkzODYzYaYMojMA.html BEIJING, Oct. 13 -- Beijing's Central Business District will double in size over the next eight years in a bold new plan that may involve the relocation of 10,000 households in one of city's most densely populated residential areas.

According to the proposed government plan released Saturday, a 3-sq km expansion, from the East Third Ring Road near Guomao to the Fourth Ring Road near Sihui Bridge, will be completed in the next six to eight years.    

It will attract more major multinational corporations and create as many as 100,000 new jobs.

Although the cost for the project is unknown, the Chaoyang district government, which is overseeing the expansion, is keen to turn more residential areas into commercially successful headquarters for some of the world's largest multinational corporations.

"About 85 percent of the current CBD area has been taken by companies," said Wu Guiying, ex...]]> Business Tue, 13 Oct 2009 07:16:32 +0800 /articles/09/1013/193862/MTkzODYyv3MJPm4z.html   JINAN, Oct. 12 (Xinhua) -- China's food and agricultural product exports reached 22.86 billion U.S. dollars in the first half of 2009, up 5 percent compared with the same period of last year, according to the General Administration of Quality Supervision, Inspection and Quarantine (GAQSIQ).

Wang Yong, director of the GAQSIQ, said at a meeting on the quality of these products Sunday that over 99 percent of the country's food exports had passed quality examinations in the past five years.

However, he noted developed countries are tightening standards on food imports.

He said at the meeting in Weifang of east China's Shandong Province that last year, more than half of China's food-exporting companies had been affected by those technical barriers, resulting in direct economic loss of 15.46 billion dollars.

The meeting was aimed at promoting advanced production management models to improve quality supervision for food and ...]]> Business Tue, 13 Oct 2009 07:16:23 +0800 /articles/09/1007/193262/MTkzMjYyMfdm9u3M.html PHNOM PENH, Oct. 7 (Xinhua) -- Bilateral trade between Cambodia and China's Hong Kong dropped 24.39 percent in the first seven months year-on-year, local media reported Wednesday.

Citing the data released by the Hong Kong Trade Development Council, the reports said trade between the two sides fell to 288 million U.S. dollars from 380.94 million dollars last year.

Hong Kong's total exports to Cambodia fell to 279 million dollars from 375.5 million dollars, while Cambodia's shipments in return increased to 9 million dollars from 5.44 million dollars during the year up to the end of July.

The figures were released Tuesday at a press conference to attract Cambodian companies to hold trade exhibitions in Hong Kong.

"The drop was because of the global financial crisis. However, now trade between Cambodia and Hong Kong is becoming stable because the economy is not so bad; it may not drop further," Johnny Wan, senior exhibitions mana...]]> Business Wed, 07 Oct 2009 07:19:47 +0800 /articles/09/1007/193261/MTkzMjYxMhbNGkil.html BEIJING, Oct. 7 (Xinhua) -- Asian Development Bank (ADB) predicted that China's export was likely to switch from negative to positive growth in the fourth quarter this year.

The welcome change was led by the stimulus policies taken by the Chinese government to boost its export in the wake of economic downturn, such as raising export tax rebates and expanding export credit insurance, the bank said.

The report said China's export began to suffer sharp declines since last November. Its export value in the first seven months this year dropped 22 percent year on year.

China's export fell 23.4 percent in August compared to the same month last year, and the rate of decline was 0.4 percentage point bigger than that of July, according to the General Administration of Customs (GAC).

The bank forecast China would see its export down 17.5 percent in 2009 year on year, and the export in 2010 could rise 8 percent from 2009.

From Thursday on, Pier 2 and Pier 3 of Piraeus Container Terminals will be under COSCO management for 35 years, according to the agreement.

Li Keqiang, chief representative of COSCO in Greece, said the two sides would work together to build modern container terminals and provide reliable, flexible and high efficient services for shipping companies.

Piraeus is the biggest port in Greece and one of the most important ports in the Eastern Mediterranean region. Its handling capacity reached 1.37 million TEUs in 2007.

Greek Foreign Minister Dora Bakoyannis told Xinhua that COSCO's participation in the operation of Piraeus Port was important for both economies.

Piraeus Port could become an important hub for Chinese goods on the way to the EU m...]]> Business Thu, 01 Oct 2009 07:28:37 +0800 /articles/09/0926/192298/MTkyMjk4an69Moxt.html CHONGQING, Sept. 25 (Xinhua) -- U.S-based Ford Motor Co. began building a new plant in China's southwest Chongqing city Friday, mainly to produce the next generation Focus car.

Covering about 100 hectares with a total investment of 3.34 billion yuan (490 million U.S. dollars), the plant is being jointly built by the Changan Ford Mazda Automobile Co. Ltd., a joint venture of Ford; Chongqing-based Chana Auto Co. Ltd. and Japan's Mazda Motor Corp..

The plant, the second in Chongqing and third in China, will have an annual output of 150,000 cars after completion in 2012.

"China is one of Ford's most important markets in the world and also the fastest growing market," said Ford's CEO Allan Mulally at the foundation stone laying ceremony of the new Ford plant.

"The new plant in Chongqing is an important step for Ford to expand its business in China," he said.

Ford will introduce four new models to China in the next three year...]]> Business Sat, 26 Sep 2009 07:24:55 +0800 /articles/09/0926/192266/MTkyMjY2uLIRgz1C.html A mechanic changes a tire at a garage in Rizhao, East China's Shandong province, on Saturday. (Photo: China Daily)Photo Gallery>>>

    CHICAGO,Sept. 23 (Xinhua) -- The U.S. government decision to impose tariff on Chinese imported tires will definitely affect American consumers, Richard Wottrich, a Chicago-based international business expert told Xinhua in an interview on Wednesday.

    Wottrich, managing director, International at Dresner Partners, said "If you are a young mom working two jobs and driving a paid-for old clunker to make ends meet, you probably couldn't afford the new car required to get into the 'Cash for Clunkers' program. Well now your tires will get more expensive."

Photo taken in New York on Sept. 13, 2009 shows a tyre made in the United States. ...]]> Business Sat, 26 Sep 2009 02:10:37 +0800

BEIJING, Sept. 24 (Xinhua) -- China's foreign trade and export enterprises have encountered unprecedented pressure during the global financial crisis -- but analysts say they believe innovation is the way out for the "Made in China" brand.

The Quanzhou Baofeng Shoes Company, one of China's leading producer of slippers, is precisely the type of exporter that should be on its knees. Headquartered in Quanzhou, a coastal city in southeastern Fujian Province, Baofeng used to export 90 percent of its annual output to the United States.

The company's exports fell about 20 percent from a year earlier in 2008 but the situation improved after the company put efforts into developing its domestic market, moving up the value chain and building its own brand, the company's general manager, Zheng Guozhang, said.

"Innovation is the key to a company's success," Zheng said. In this company of 1,000 employees, more than 1...]]> Business Thu, 24 Sep 2009 07:16:33 +0800 /articles/09/0921/191702/MTkxNzAy8U03O65r.html CANBERRA, Sept. 21 (Xinhua) -- Australia's Minister for Trade Simon Crean said on Monday that the U.S. decision to impose a 35 percent punitive tariff on imports of Chinese tyres sends a wrong signal.

"The timing of the U.S. decision to impose a 35 percent tariff on imports of Chinese tyres is unfortunate, coming in the lead-up to the G20 meeting in Pittsburgh," Crean said in an interview with Xinhua.

"Whether or not the U.S. is legally justified in doing so, it sends the wrong signal," he said.

The U.S. order raised tariffs for three years on the imports of Chinese tyres -- by 35 percent in the first year, 30 percent in the second and 25 percent in the third. The first tariff will come into effect on Sept. 26.

The decision was opposed by the U.S. tyre industry. The Tyre Industry Association (TIA) said that it was "deeply disappointed" with the decision.

Crean said "governments need to step back from m...]]> Business Mon, 21 Sep 2009 12:29:29 +0800 /articles/09/0917/191337/MTkxMzM3xQPd3Phs.html KUALA LUMPUR, Sept. 16 (Xinhua) -- Malaysia's second largest banker CIMB Group has launched a new structured product targeting commodities and greater China markets over the decade, New Straits Times reported Wednesday.

The product requires a minimum investment of 250,000 ringgit for an individual. It is not only guaranteed capital protected, but also a minimum profit rate of four percent a year on average.

This is the first of its kind in Malaysia to guarantee a minimum profit for investors, which is higher than the current fixed deposit rate, said Peter England, head of the group's retail banking segment.

In addition, investors could potentially earn another average 4.5 percent a year so long as the underlying indices of MSCI Taiwan Index, Hang Seng China Enterprise Index and S&P GSCI Excess Return Index could stay above the current level over the decade.

The variable profit is simple and relatively benign of risk on C...]]> Business Thu, 17 Sep 2009 07:23:22 +0800 /articles/09/0916/191236/MTkxMjM2vtTOlsfc.html BEIJING, Sept. 16 (Xinhua) -- The Chinese mainland's purchasing groups to Taiwan have notched up deals worth more than 10 billion U.S. dollars since the mainland pledged in mid-May it would encourage companies to buy more of the island's products, a mainland official said Wednesday.

Three major mainland buying delegations to Taiwan have signed deals worth 5.476 billion U.S. dollars since the end of May, StateCouncil Taiwan Affairs Office spokesman Yang Yi said at a press conference.

The delegations, organized by the Mainland Association for Cross-Strait Economic and Trade Exchanges, included more than 300 representatives of over 160 companies, including IT and home appliance giants Lenovo and TCL, and SinoSteel Corporation, according to Yang.

The deals involve products ranging from agricultural and chemical products to computer and mobile phone equipment.

The mainland announced in mid-May it would encourage companies to buy ...]]> Business Wed, 16 Sep 2009 12:20:54 +0800 /articles/09/0915/191124/MTkxMTI0jv3W6yM8.html WASHINGTON, Sept. 14 (Xinhua) -- Protectionism would cause more trade disputes and drag the U.S. economy into peril, a U.S. industry association warned Monday following President Barack Obama' s Friday decision to impose punitive tariffs on tires imported from China.

"With the U.S. economy on the verge of recovery, we strongly urge our leadership to follow through on G8 commitments to not erect protectionist barriers that would open the door for larger trade frictions and, more importantly, put our economic recovery in peril," American Apparel & Footwear Association (AAFA) President and CEO Kevin M. Burke said in a statement released Monday.

The AAFA is the U.S. national trade association representing apparel, footwear and other sewn products companies and their suppliers, which compete in the global market.

Burke said: "Although we expected the Obama administration to pursue tough enforcement of current trade laws, placing t...]]> Business Tue, 15 Sep 2009 07:31:17 +0800 /articles/09/0915/191123/MTkxMTIzEfgreC0S.html WASHINGTON Sept. 14 (Xinhua) -- The new U.S. tariffs on Chinese tire imports could escalate trade disputes between the two countries but a full-blown trade war is unlikely, experts say.

The issue is especially thorny in light of the ongoing global economic downturn in which China is sensitive to trade barriers for its exports and U.S. labor unions are wary of foreign imports amid mounting unemployment, which currently stands at close to one in 10.

U.S. President Barack Obama signed an order on Friday last week to enact a three-year tariff that takes effect in two weeks. The move would slap a 35-percent duty on Chinese tire imports the first year, dropping to 30 percent and 25 percent in the second and third years, the White House announced.

The decision, which came in the run-up to this month's Group of 20 summit in Pittsburgh, where Obama wants to show his support for free trade, is the president's first major provision aimed at...]]> Business Tue, 15 Sep 2009 07:31:07 +0800 /articles/09/0914/191026/MTkxMDI2ZBCUm6DM.html BEIJING, Sept. 14 (Xinhua) -- China is requiring to hold talks with the United States on the tire tariff issue under the World Trade Organization dispute settlement mechanism, the Ministry of Commerce said Monday. Special Report:  Global Financial Crisis

The chairman of the China Rubber Industry Association was especially incensed as he feels the decision was made based on "bunch of lies".

"The new tariff will be highly damaging to China's tire industry and may cause 100,000 Chinese tire workers to lose their jobs," said an emotional Fan.

A mechanic changes a tire at a garage in Rizhao, East China's Shandong province, on Saturday. (Photo: China Daily)Photo Gallery>>>

He urged the Chinese government to adopt mandatory retaliatory measures against US manufacturers of agricultural products and automobiles.

Fan's association, the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, and other affec...]]> Business Mon, 14 Sep 2009 07:29:46 +0800 /articles/09/0913/190924/MTkwOTI0zvgMd359.html

By Xinhua writers Cao Xiaofan, Hu Su

XIAMEN, Sept. 13 (Xinhua) -- A recent orders increase in many Chinese export-oriented companies combining a slower downward rate in the country's foreign trade figures added to signs that the dwindling export has scraped bottom amid the shrinking global economy, but analysts were not so optimistic about full recovery in the short term.

They attributed orders increase to temporary seasonal factors, such as Christmas consumption, saying a full-fledged export revival would hinge on a real growth of the world's economy.

Manufacturers attending the 13th China International Trade and Investment Fair that closed on Sept. 10 in China's east coastal city Xiamen, Fujian Province, said they had undergone the worst time and were on track for a gradual recovery as overseas orders leaped in recent months.

"Sales in the first half of this year had rebounded to the level a year e...]]> Business Sun, 13 Sep 2009 12:15:50 +0800 /articles/09/0910/190617/MTkwNjE3T9D0F9B5.html SEOUL, Sept. 10 (Xinhua) -- South Korea should expand regional trade with China and Japan to shield the countries from an external economic shock, a government report said Thursday.

According to a report by the Ministry of Strategy and Finance, three East Asian countries need to beef up cooperation in their macroeconomic measures to tackle a global downturn with downside risks still lingering.

"In the wake of the financial crisis, we realized the need to expand the domestic market by increasing demand in the (Asian) region in order to strengthen economic fundamentals," the Ministry of Strategy and Finance said in a report.

The countries should work on to relieve trade barriers and enhance cross-the-border investment, it added.

Although there has been a slight increase in trade among the neighboring countries, the trade volume still remains far lower than shipments within major economic blocks, such t...]]> Business Thu, 10 Sep 2009 07:40:58 +0800 /articles/09/0909/190479/MTkwNDc579K7isfN.html BEIJING, Sept. 9 (Xinhua) -- China's Legend Holdings plans to invest 10 billion yuan (about 1.4 billion U.S. dollars) over the next five year in industries such as clean energy and environmental protection, as part of its effort to transform itself into a corporate investment-holding company, China Daily reported Wednesday.

Legend Holdings, parent of the Chinese computer maker Lenovo Group, said it plans to build its core assets in five sectors - clean energy and environmental protection, new materials, hi-tech, financial services and consumer goods, the newspaper said.

The company also intends to become a well-respected international corporate investment-holding company, the newspaper said, citing Liu Chuanzhi, chairman of Legend Holdings.

The investment plan comes close on the heels of private investment firm China Oceanwide's decision to buy a 29 percent stake in Legend Holdings for 2.76 billion yuan...]]> Business Wed, 09 Sep 2009 07:15:45 +0800 /articles/09/0906/190208/MTkwMjA4Gn3pUjlX.html YINCHUAN, Sept. 6 (Xinhua) -- China has spent nearly 1 trillion yuan (146 billion U.S. dollars) on ecological conservation and environmental protection over the past decade, a senior official told an international seminar on ecological compensation held Sunday in northwest China.

Of the total investment, more than 700 billion yuan went to projects to reforest cultivated land, return grazing land to protected grassland, protect natural forests and conserve river sources on the Qinghai-Tibet plateau and for the south-to-north water diversion program, according to Du Ying, vice minister of the National Development and Reform Commission.

Another 200 billion yuan was used for pollution control in major river valleys and urban sewage treatment projects, Du said at the seminar that was held in Shizuishan city of northwest China's Ningxia Hui Autonomous Region.

The seminar was jointly sponsored by the National Development and Reform Commi...]]> Business Sun, 06 Sep 2009 12:18:53 +0800 /articles/09/0828/189275/MTg5Mjc1oGevHEze.html

WUHAN, Aug. 27 (Xinhua) -- East Star Airlines, the debt-laden private airline based in central China's Wuhan City, officially went bankrupt after its restructuring application was rejected Thursday.

The Intermediate People's Court in Wuhan City said the plan submitted by the East Star Group and ChinaEquity was ...]]> Business Fri, 28 Aug 2009 07:24:50 +0800 /articles/09/0827/189155/MTg5MTU1XbkFZB2R.html BEIJING, Aug. 27 -- Australia gave final approval yesterday for development of a natural gas field that will export an estimated 41 billion U.S. dollars in energy to China over 20 years.

Environment Minister Peter Garrett said Gorgon gas field operator Chevron Corp had agreed to meet the 28 environmental conditions he had set for the development of the gas field off northwestern Australia.

One or more offshore drilling rigs will pipe gas to a processing plant on Barrow Island, a nature reserve, where Garrett said developers must safeguard rare flat-back turtles that nest on the island.

"My expectation is that the company will be more than willing to meet these conditions," Garrett told reporters. "There is agreement on the basis of the conditions that I put forward and I welcome that."

The environmental approval was the final hurdle for the gas field's development.

PetroChina Co, Asia's largest oil and gas company, ag...]]> Business Thu, 27 Aug 2009 12:20:55 +0800 /articles/09/0827/189154/MTg5MTU0xuMqlCL6.html BEIJING, Aug. 27 (Xinhua) -- China Telecom Corp, Ltd., China's largest fixed line service provider, said Thursday that net profits fell 27.5 percent from a year earlier in the first half of this year on losses of fixed-line subscribers and increased costs on mobile services.

Net profits stood at 8.41 billion yuan (1.23 billion U.S. dollars) in the first half, excluding gains from fees collected from installation of fixed lines. Earning per share was 0.1 yuan, the company said in its statement to the Hong Kong Stock Exchange.

Revenue rose 14.8 percent year on year to 102.55 billion yuan from January to June. The company said it didn't plan to pay an interim dividend, but would consider the matter at the end of the year.

The number of fixed telephone users decreased 4.3 percent from a year ago to 199 million in the first half. The revenue from fixed-line voice services fell 18.7 percent from a year earlier to 4...]]> Business Thu, 27 Aug 2009 12:20:44 +0800 /articles/09/0827/189133/MTg5MTMzabFR3GpS.html SANTIAGO, Aug. 26 (Xinhua) -- China has become a "privileged partner of Latin America," and the region needs to define a joint strategy to develop its ties with China, an official of the Economic Commission for Latin America and the Caribbean (ECLAC) said Wednesday.

The "post- (economic) crisis will find a bigger and more important China than the one it has been in the world economy," said Osvaldo Rosales, ECLAC's director for international trade and integration.

Citing the World Trade Organization's report on Tuesday that China had displaced Germany in the first half of 2009 as a leading exporter, Rosales observed that "this has been reflected in its (China's) growing relative presence in the world's trade, mainly in Latin America."

"The numbers of destinations and exporters show that China has become a privileged partner of Latin America," Rosales told Xinhua in an interview.

This was because the C...]]> Business Thu, 27 Aug 2009 07:24:15 +0800 /articles/09/0822/188631/MTg4NjMxJXLZmPBX.html BEIJING, Aug. 22 (Xinhua) -- Chinese battery and electric automaker BYD Co. has set up a plant to mass produce lithium batteries for its electric cars in Huizhou, south China's Guangdong Province, according to the China Securities Journal.

BYD, partly owned by Warren Buffet, has injected around five billion yuan (about 731.5 million U.S. dollars) into the operation of the Huizhou plant, which produces rechargeable batteries, automobile parts and handset components, the newspaper said Thursday.

Facilities for the production of batteries for the company's electric cars are almost ready now, since construction began in September last year, the newspaper said.

The Shenzhen-based company's F3DM, China's first plug-in hybrid, made its debut last December.

Huizhou plant, the first eligible for mass production of lithium-ion batteries that are core technologies of BYD's electric cars, is seen as a key step in ...]]> Business Sat, 22 Aug 2009 07:17:36 +0800