Learn Chinese: 2007

Monday, December 31, 2007

Chinesepod - CCB attracts record funds in Shanghai IPO

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BIZCHINA / Center

CCB attracts record funds in Shanghai IPO

(chinadaily.com.cn)
Updated: 2007-09-18 16:34

China Construction Bank (CCB), the country's second-largest commercial
bank, has attracted a record 2.26 trillion yuan (US$300 billion) of
subscription funds in a Shanghai initial public offering (IPO), the China
Securities Journal reported.

The offering met with strong demand due to a positive outlook for the
bank combined with ample liquidity, said analysts.

Special Coverage:
Markets Watch?
Related readings:
?CCB may raise US$7.73b in upcoming IPO
?CCB to set up leasing company with Bank of America
?Regulator to examine IPO application of CCB

The size of funds frozen for subscription exceeded the previous record
set by Bank of Beijing, which attracted 1.89 trillion yuan in an offering
earlier this month.

CCB, already listed in Hong Kong, plans to offer up to 9 billion
yuan-denominated A shares and set an indicative range of 6.15 yuan to
6.45 yuan for the offering last Thursday. As the shares have been
substantially over-subscribed, it is likely that the share price is set
at the upper band of the range.

This meant it could raise up to 58.05 billion yuan in IPO and become the
largest domestic offering, exceeding the Industrial and Commercial Bank
of China, which raised 46.64 billion yuan last October in the domestic
market in a simultaneous listing in Shanghai and Hong Kong.

The bank's earnings per share in the first half of 2007 was 0.15 yuan,
compared with 0.12 yuan for the Industrial and Commercial Bank of China
and Bank of China.

Its non-performing loans ratio stood at 2.95 percent at the end of June,
lower than the 3.29 percent half a year ago.

The CCB shares would likely debut on the Shanghai Stock Exchange at about
30 percent higher than its H-share prices in Hong Kong, according to
Changjiang Securities.

China has been encouraging more domestic share issues to increase supply
of stocks and mop up excessive liquidity in its booming capital market,
where the key index has surged more than 100 percent this year.

Earlier this week, the China Securities Regulatory Commission approved
China's top coal producer Shenhua Energy's plan to issue up to 1.8
billion A shares, another major offer in the domestic stock market.

(For more biz stories, please visit Industry Updates)

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Chinese Mandarin - Property developers team up with investment firms

? ?

BIZCHINA / Property Developers

Property developers team up with investment firms

By HU YUANYUAN (China Daily)
Updated: 2007-09-17 14:24

While listed real estate firms often raise money from the capital market,
unlisted firms could use stake cooperation with partners as an
alternative option, especially for large-scale projects with limited
starting capital.

A good example of this is China Central Place, a landmark complex in
Beijing's Central Business District (CBD) that will be completed on
September 25. The investment of the project totaled more than 78 billion
yuan, but the registered capital of Guohua Real Estate, developer of the
property, is only 350 million yuan.

Guohua had to complete the project with limited registered capital, and
it had to ensure the necessary cash flow while maintaining a low debt
ratio.

The solutions to these challenges came from its successful stake
cooperation with Surapan Investment Company, Japanese real estate fund
Re-plus and department store Shin Kong Mitsukoshi.

Covering more than 15 hectares, China Central Place contains 1 million
square meters of real estate, including three office buildings, two
luxury hotels, Shin Kong Place and international apartments.

Construction began on May 28, 2003, with the apartment sector finished
first. Guohua soon after got part of the investment back by selling the
apartments.

And in order to bring in the world's top hotels, Guohua teamed up with
the Thailand-based Surapan Investment Company.

"It usually takes 15 years, or even more, to pull back the investment on
hotels. Therefore, having two of the world's leading hotels with us
really is a big challenge to our cash flow and would be an unrealistic
move for some industry insiders," says Fang Chao, chairman of Guohua Real
Estate. "But I firmly believe the presence of Ritz-Carlton and JW
Marriott can largely boost the overall quality of the whole project."

Guohua's cooperation with Surapan resolved the capital bottleneck. They
jointly set up Beijing Huamao Surapan Hotels Development Co Ltd, in which
Surlapan's registered capital of 450 million yuan gives it the
controlling stake.

In addition, the company got enough loans from the bank to ensure the
construction of those two top hotels went smoothly - that is, until
Guohua came across another cash flow problem.

"To ensure the consistent style and quality of the office buildings, we
decided to put them on lease rather than sell them, although the latter
is a quick way to get money back," Fang says. "To ease the tightened cash
flow, we talked with a number of international real estate funds and
finally choose Re-plus."

According to the deal, Guohua sold 124.000 square meters of office
buildings to Re-plus for 2.8 billion yuan, but Re-plus could not sell
them for 20 years. And Guohua still maintains a 60 percent stake of the
whole office building block.

"The cooperation with Re-plus not only addresses our capital problem, but
also helps to spread around market risks," Fang added.

Guohua retained ownership of the shopping mall but offered management
rights to Shin Kong Mitsukoshi.

The turnover of Shin Kong Place has exceeded expectations, maintaining an
average monthly growth of at least 12 percent.

(For more biz stories, please visit Industry Updates)

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Chinese language - Online traders required to get licenses

? ?

BIZCHINA / Center

Online traders required to get licenses

(Xinhua)
Updated: 2007-09-15 09:28

Corporate entities and individuals must obtain a license before starting
online sales operations in Beijing under new rules.

The Regulations Regarding IT Application Promotion of Beijing, adopted by
the Standing Committee of the Municipal People's Congress, make the
capital the first region in the country to introduce such a requirement.

Article 26 of the regulations, which are effective from December 1,
stipulates that an online sales business must hold a trading permit and
publish details of the license on its website.

Meanwhile, e-commerce service providers should monitor ID information,
legal business operation permits, and credit records, and set up
complaint centers to facilitate supervision of online trading.

An executive with Taobao.com, a leading e-commerce service website,
insisted it had operated a complete system for standardizing transactions
and supervision, but promised to cooperate with administrative
departments in the drive to further regulate the e-commerce market.

Under existing regulations, online traders must register their real
identities as requested by e-commerce service providers, but are not
required to obtain business licenses.

(For more biz stories, please visit Industry Updates)

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Learn Chinese - Jan-Aug foreign investments up 12.79%

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BIZCHINA / Center

Jan-Aug foreign investments up 12.79%

By Dai Yan (chinadaily.com.cn)
Updated: 2007-09-13 15:22

Overseas investors set up 24,848 new enterprises in China during the
first eight months of 2007, down 5.26 percent year-on-year, while
investment value rose 12.79 percent from a year earlier to US$41.95
billion.

In the month of August 3,150 foreign ventures nationwide were approved,
down 8.83 percent from a year earlier. Investment value involved totaled
US$5.02 billion, an increase of 11.87 percent compared with the same
period in 2006.

The number of new US-invested enterprises dropped 15.12 percent, while
investment value was up 0.77 percent year-on-year. The European Union
posted a 7.65 percent decrease year-on-year in the number of new
enterprises, and investment value slipped 33.3 percent.

During the first eight months of the year, investment value of the top 10
countries and regions by investment value in China accounted for 86.55
percent of the total nationwide.

Those regions and countries were Hong Kong (US$14.1 billion), the British
Virgin Islands (US$9.91billion), the Republic of Korea (US$2.46 billion),
Japan (US$2.25 billion), Singapore (US$1.64 billion), the United States
(US$1.63 billion), the Cayman Islands (US$1.51 billion), the Samoan
Islands（US$1.12billion), Taiwan Province (US$952 million), and
Mauritius (US$753 million).

(For more biz stories, please visit Industry Updates)

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Sunday, December 30, 2007

Learn Chinese - Nation's rich have poor reputation

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BIZCHINA / Biz Life

Nation's rich have poor reputation

By Wang Zhuoqiong (China Daily)
Updated: 2007-09-12 11:22

Wealthy Chinese do not have a good reputation, a survey by China Youth
Daily and Sina.com has found.

The poll, conducted last week, showed about 70 percent of 3,990
interviewees believe the well-off are immoral and not worthy of respect.
Only 4 percent thought rich people are good, the survey said.

For the rich to become popular they need to do three things, the survey
suggested.

First, they need to have a sense of social responsibility. Second, they
need to be self disciplined, and third, they need to have a caring heart.

"A scarcity of positive images of rich people in society mirrors the many
perceived drawbacks of the character and values of wealthy people."

The number of people who make at least $50,000 a year increases by 15
percent a year and, according to the China Economic Times, the country
now has 1.5 million rich people.

The China Youth Daily and Sina.com survey found interviewees questioned
how the rich became rich in the first place.

"Some rich people are thought to have accumulated their wealth through
illegal means, such as bribery," said Yuan Xiaoying, a post-graduate
student at the Communication University of China.

Even so, the survey found wealthy people who abide by the law, have a
sense of social responsibility and a caring heart, are respected.

The poll showed about 60 percent thought these kinds of wealthy people
were worthy of respect.

The survey suggested many voters were better disposed toward rich people
from Hong Kong, Macao, Taiwan and Western economies - rather than the
mainland.

Hong Kong property tycoon Li Ka-shing was most highly regarded, followed
by Bill Gates, mainland property tycoon Wang Shi and basketball player
Yao Ming.

"Rich people on the mainland invest too little in charity and gain too
much," Beijing Sports University student An Xiaoze said.

Yu Guoming, a professor at Renmin University of China, called on the
heads of Chinese companies to think and invest in a long-term way.
"Corporate social responsibility is not only about charity, it also
connects the company with the government and the public."

(China Daily 09/12/2007 page5)

(For more biz stories, please visit Industry Updates)

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Learn mandarin - Stocks finish up despite multiple pressures

? ?

BIZCHINA / Index & Statistics

Stocks finish up despite multiple pressures

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-10 16:37

Chinese stocks responded to multiple depressing forces, possibly enough
to incur further tightening measures by the government.

With a lower opening,?the Shanghai Composite Index?went down over 100
points and ran through the morning session below Friday's close. In the
latter half however, the major indices not only regained lost ground but
also finished higher than last Friday.

The pressures include an expected record-high consumer price index (CPI)
for August and the rising value of the Chinese currency. Total turnover
of the stocks in the major indices was 235.2 billion yuan, lower than
Friday.

Shanghai Composite Index
Source: sina.com.cn

The benchmark Shanghai index opened lower at 5,208.32, slid to its low of
5,169.91 and went through the morning below Friday's closing level. When
trading resumed after the noon break, however, it began marching up. By
the end of the day, it finished at 5,355.29, 78.11 points or 1.48 percent
higher than the previous closing, just a little lower than today's
highest 5,356.86.

Of the A shares listed in Shanghai, as many as 587 went up, including 36
of them reaching the maximum daily growth cap of 10 percent. Only 188
closed down and 67 ended flat. The Industrial and Commercial Bank of
China, with the largest trading volume, dropped 0.15 percent. Bank of
Communications, with the largest transaction value, rocketed nearly 9
percent to 14.37 yuan.

Shenzhen Component Index
Source: sina.com.cn

The Shenzhen Component Index, tracking the smaller Shenzhen Stock
Exchange, opened at 17,473.23 but closed 244.38 points or 1.38 percent
higher at 17,918.48. Mapping out a similar trend to its Shanghai
counterpart, the index went through the day within a range of between
17,310.96 and 17,953.15.

Of the A shares, 406 climbed up, 157 fell and 76 remained unchanged.
Large traders TCL and China Vanke were both up over 1 percent.

(For more biz stories, please visit Industry Updates)

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Chinese Online Class - Regulator to examine COSL's Shanghai IPO application

? ?

BIZCHINA / Top Biz News

Regulator to examine COSL's Shanghai IPO application

(Xinhua)
Updated: 2007-09-08 16:03

China Oilfield Service Ltd (COSL), a listing arm of the country's largest
offshore oil producer, CNOOC, will have its Shanghai listing application
examined by the China Securities Regulatory Commission (CSRC) next
Monday, the national securities watchdog announced in a statement.

Asia's largest oilfield services provider plans to issue 820 million yuan
(US$108 million)-denominated shares, or 17.03 percent of its total
shares, according to the draft prospectus it has submitted to CSRC for
approval.

The Hong Kong-listed company has a total of 3.995 billion shares,
including 1.5 billion H shares, accounting for 38 percent.

COSL also plans to raise about 13 billion yuan for 14 construction
projects including drilling vessels and multi-functional drilling
platforms.

Based on calculations, its initial public offering?price will be no less
than 15.97 yuan, higher than its record Hong Kong-listed share price of
15.30 yuan last Friday.

COSL, with CNOOC controlling 62 percent of its stake, was listed on the
Hong Kong Stock Exchange in November 2002, issuing 561 million shares and
raising over HK$1.04 billion.

Its shares leapt 9.88 percent to close at HK$14.24 on the Hong Kong stock
market on Thursday.

In the first half of 2007, COSL earned 1.1 billion yuan in net profits,
up 63.4 percent over the same period last year. Its business volume rose
48.6 percent to 4.26 billion yuan.

A leading integrated oilfield services provider in China's offshore oil
market, COSL operates offshore oil and gas prospecting, exploration and
production services.

The other two Hong Kong-listed subsidiaries of CNOOC, CNOOC Limited and
the Offshore Oil Engineering Co Ltd, are also preparing for a listing on
Chinese mainland stock markets, according to CNOOC deputy general manager
Luo Han.

(For more biz stories, please visit Industry Updates)

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� COSL shareholders approve A-share issue plan
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Chinese Mandarin - China to raise reserve requirement ratio

? ?

BIZCHINA / Center

China to raise reserve requirement ratio

(Xinhua)
Updated: 2007-09-06 19:15

China will raise the reserve requirement ratio by 0.5 percentage points
for commercial banks as of September 25, the People's Bank of China
(PBOC) announced on Thursday.

It is the seventh time this year the Chinese government has opted to
raise the reserve requirement ratio to curb excess liquidity.

The central bank said the move was aimed at "strengthening liquidity
management in the banking system and checking excessive money and credit
growth".

PBOC statistics show that China's foreign exchange reserves reached
US$1.33 trillion at the end of June, up 41.6 percent over the same period
last year.

A total of US$266.3 billion was added to the country's foreign exchange
reserves in the first half of 2007, US$144 billion more than a year
earlier.

(For more biz stories, please visit Industry Updates)

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Saturday, December 29, 2007

Chinese language - Big four firms plan boost to China staff

CHINA / Foreign Media on China

Big four firms plan boost to China staff
(FT)
Updated: 2006-06-05 09:30

http://news.ft.com/cms/s/bdc9a522-f3ef-11da-9dab-0000779e2340.html

The big four accountancy firms are planning to boost their staff numbers
in China by more than 20 per cent this year as they grapple with staff
shortages that threaten attempts to boost investor confidence in the
domestic stock market.

Demand for international accounting expertise is soaring in China as
giant state-owned enterprises seek listings overseas, smaller domestic
companies prepare to adopt new accounting standards, and the Chinese
subsidiaries of foreign companies continue to grow.

PwC, the biggest firm, has the most ambitious plans, aiming to add 1,550
graduates and 500-700 experienced people to its combined Hong Kong and
China staff of 6,450.

But because China has a dearth of qualified accountants, the big four are
likely to be competing for many of the same candidates as they seek to
add between 20 per cent and one third to their staffing levels.

The shortage of accountants threatens government efforts to bolster
investor confidence in the domestic stock market by promoting accurate
accounting and independent auditing.

The coveted status of the profession in China contrasts with the years
after the Cultural Revolution when accountants were among hundreds of
thousands of professionals and intellectuals who were denounced, sent to
internal exile, or even killed.

Even after the launch of economic reforms in 1978, accountants continued
to use a Soviet bookkeeping system designed for a centrally planned
economy, quite distinct from western accounting. This has resulted in a
severe shortage of accountants with seniority and knowledge relevant to
its modern economy.

The lack of outside experts able to carry out due diligence also hinders
the access of some companies to overseas capital markets. Stephen Taylor,
a partner at Deloitte in Hong Kong, said: ��We are having to turn work
away because we just don��t have enough people. For IPOs and M&A we��re
not hungry for the work, so we can be a bit more selective.��

Deloitte, which employs 4,960 people in the mainland and Hong Kong, wants
to hire 1,500 new staff by the middle of next year. KPMG aims to
supplement its 4,500 with 1,000 graduates and 300 senior people this year.

Francis Siu, senior partner at KPMG in Beijing, said: ��The fact we
don��t have enough people doesn��t stop us taking a good client but they
have to be very tempting.��

The shortage is being made worse by poaching from outside the sector as
banks and other companies offer high salaries to lure financially
literate employees who speak Chinese and English. Because of a particular
lack of senior accountants, the big four have begun importing partners
who speak Chinese from Hong Kong, Taiwan, Singapore and Malaysia.
Including such imp-orts, Ernst & Young plans to raise its staff of 3,500
in mainland China to 4,300.

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Learn mandarin - Push to foreigners in agri wholesale

? ?

BIZCHINA / Center

Push to foreigners in agri wholesale

By Fu Jing (China Daily)
Updated: 2007-09-04 10:00

However, Huang said the government has attached great importance to
improving supply chain management, information and "green" techniques.

China has 4,370 wholesale markets nationwide, at which 70 percent of
agricultural product trade happens.

"It will take the wholesale markets in big cities such as Beijing and
Shanghai three to five years to meet advanced international standards,"
said Huang. "And those in less developed regions will take a much longer
time."

Sompong Nimchuar, minister-counselor of the Thai Embassy in China, said
China's plan to expand wholesale markets and attract foreign investment
has brought more opportunities to Thai investors and farmers.

(For more biz stories, please visit Industry Updates)

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Chinese language - WTO to rule on US, Mexcican allegations of Chinese subsidies

? ?

BIZCHINA / Top Biz News

WTO to rule on US, Mexcican allegations of Chinese subsidies

(Xinhua)
Updated: 2007-09-01 14:32

The World Trade Organization (WTO) launched an expert panel on Friday to
probe whether China is illegally subsidizing its industrial exports as
alleged by the United States and Mexico.

The United States first filed the case to the WTO in February and later
was joined by Mexico. The two countries complained that China was using
tax breaks and other incentives to "subsidize" its exports, which might
violate WTO regulations.

At Friday's meeting of the WTO's Dispute Settlement Body, China again
defended its position, saying its tax measures mentioned by the United
States and Mexico in the case are consistent with WTO regulations.

Chinesepod - Stocks tumble amid price adjustments

? ?

BIZCHINA / Index & Statistics

Stocks tumble amid price adjustments

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-08-29 16:34

Chinese stocks continued price adjustments today, with both indices
mostly running low through the day.

Some experts believe the special bond issuance today may have resulted in
the sluggish performance, but more saw the performance as an inevitable
correction phase as stocks have been breaking historical highs for more
than a week.

Total turnover of the stocks in the major indices shrank to 249 billion
yuan (US$32.98 billion).

Shanghai Composite Index
Source: sina.com.cn

The Shanghai Composite Index opened lower at 5,063.41 and ran through the
trading session under yesterday's closing level except for once hitting
the 5,204.53 at 10:30. It also fell past the 5,100-point mark to 5,063.41
twice. Losing support by large cap blue chips, the index finished at
5,109.43, down 85.26 points or 1.64 percent.

Of the A shares listed in Shanghai, 282 went up, 496 closed down and 64
remained unchanged. Twenty stocks were sealed at the maximum daily growth
limit of 10 percent, led by Xinjiang Talimu Agriculture Development,
rising to 8.31 yuan on a 10.07 percent surge. The Industrial and
Commercial Bank of China, with the largest trading volume, lost 2.61
percent while Chalco, with the largest transaction value, added up 0.38
yuan to its share price.

Shenzhen Component Index
Source: sina.com.cn

The Shenzhen Component Index, tracking the smaller Shenzhen Stock
Exchange, closed at 17,443.19, down 374.74 points or 2.1 percent from
yesterday's close. Opening lower from 17,688.62, it went through the day
within a range between 17,418.53 and 18,051.72.

Of the A shares listed on the Shenzhen bourse, 192 rose, 371 fell and 76
ended flat. Beijing Shougang was the most heatedly traded share in terms
of trading volume and surged 2.3 percent. Another large trader China
Vanke, however, fell to 34 yuan after a 0.79 yuan cut in price.

Stocks in the commercial trade industry were stronger than the others as
Lanzhou Minbai Shareholding Group led half of the listed retail and
wholesale businesses on a surge. Both B shares and listed closed-end
mutual funds were down today.

(For more biz stories, please visit Industry Updates)

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Friday, December 28, 2007

Chinese Online Class - Sinopec's net profits up 65.3% in first half

? ?

BIZCHINA / Center

Sinopec's net profits up 65.3% in first half

(Xinhua)
Updated: 2007-08-27 11:04

China Petroleum and Chemical Corporation (Sinopec) announced Sunday that
its net profits in the first half of 2007 rose by 65.3 percent from the
same period of last year to 34.9 billion yuan (US$4.6 billion).

According to the Chinese accounting standard, Sinopec's operating income
in the first half of this year was 566.8 billion yuan, representing an
increase of 15.4 percent over the first half of 2006. The company's basic
earnings per share is 0.403 yuan, up 65.3 percent from a year ago.

Sinopec attributed the rise to lower prices of crude oil and higher
prices of chemical products in the domestic market.

The average Brent crude oil price was US$63.26 per barrel in the first
half, down 3.7 percent from a year ago. The average realized crude oil
price of Sinopec during the period was nearly US$52 per barrel.

In the first half of 2007, Sinopec achieved a new record in both oil and
gas production, with 144 million barrels of crude oil and 140 billion
cubic feet of natural gas produced, representing a year-on-year increase
of 2.12 percent and 10.58 percent respectively.

Sinopec processed 76.25 million tons of crude oil in the first six
months, a year-on-year increase of 6.38 percent.

Its output of gasoline rose by 8.28 percent, diesel, up 2.12 percent,
kerosene, up 28.93 percent and light chemical feedstock, up 5.41 percent.

The company's output of ethylene rose by 7.98 percent from a year ago to
3.3 million tons and it's total domestic sales volume of refined oil
products increased by 6.63 percent year on year to 57.92 million tons.

The construction of Sinopec's Sichuan to East China Gas Project
transmitting natural gas from the Puguang gas field in southwestern
Sichuan Province to energy-thirsty Shanghai in the east will be launched
at the end of this month.

Including the exploration, development and gas processing of the gas
field and the long-distance pipeline, the project is estimated to claim a
total investment of 63.2 billion yuan. Gas supply is expected to commence
by the end of 2008, announced the company.

The company plans to produce 147 million barrels of crude oil and 143
billion cubic feet of natural gas, refine 78.25 million tons of crude oil
and raise the output of ethylene to 3.27 million tons in the second half
of the year. Its planned domestic sales volume of refined oil products is
59 million tons.

Listed in Hong Kong, New York, London and Shanghai, Sinopec is the
largest oil refiner of China.

(For more biz stories, please visit Industry Updates)

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Chinese Mandarin - Can homosexual adopt children in China?

CHINA / Do You Know

Can homosexual adopt children in China?
(Gov.cn)
Updated: 2006-05-30 16:15

The CCAA shall not identify prospective adoptive referrals for
homosexuals. Legally, the Marriage Law of the People's Republic of China
recognizes only families formed by marriage of opposite sex and does not
recognize the legality of homosexual families, and the homosexual
families are, therefore, not protected by laws.

From the Chinese medical point of view, the China Mental Disorder
Classification and Diagnosis Standard classifies homosexuality as sexual
obstruction, belonging to psychiatric disease of the kind of sexual
psychological barrier.

In terms of the Chinese traditional ethics and customs and habits,
homosexuality is an act violating public morality and therefore not
recognized by the society. In accordance with the principle that adoption
shall not violate social ethics as set forth in the Adoption Law, foreign
homosexuals are not allowed to adopt children in China.

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Learn Mandarin online - PetroChina net profit up 1.4% in first half

? ?

BIZCHINA / Center

PetroChina net profit up 1.4% in first half

(Xinhua)
Updated: 2007-08-24 09:06

PetroChina Co Ltd reported Thursday that its net profit for the first
half of 2007 was 81.83 billion yuan (US$10.78 billion), up 1.4 percent
from the first half of 2006.

Total output of crude oil and natural gas in the six months of 2007 was
552.7 million barrels of oil equivalent, representing an increase of 3.7
percent from the same period of last year.

PetroChina is the Hong Kong-listed subsidiary of China National Petroleum
Corporation, China's largest oil producer.

(For more biz stories, please visit Industry Updates)

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Chinesepod - SK Telecom buys stake in China Unicom

? ?

BIZCHINA / Photo

SK Telecom buys stake in China Unicom

By Wang Xu (China Daily)
Updated: 2007-08-22 09:19

A man charges his cellphone at a self-service booth of China Unicom Ltd
in Shanghai.[newsphoto]?

South Korean company SK Telecom Co will acquire 6.61 percent of China
Unicom Ltd by converting $1 billion of China Unicom's bonds into shares,
its latest effort to expand in the world's largest mobile service market.

SK Telecom will hold 899.7 million of China Unicom's shares after the
conversion, making it the second-largest shareholder in the Chinese
mobile operator, China Unicom said in a statement yesterday.

SK Telecom will get the shares at HK$8.63 each, a 29 percent discount on
China Unicom's closing price in Hong Kong on Monday.

"SK Telecom has good experience in 3G and value-added services, and the
investment may boost the two companies' cooperation," said Liu Zhe, an
analyst at Analysys International, a Beijing-based IT and telecom
consultancy.

SK Telecom bought the convertible bonds last June and also established a
joint venture with the Beijing-based company as part of the deal. The
venture, which provides value-added services such as ring tones and
mobile games, is seen as a test for SK Telecom in the Chinese market.

SK Telecom plans to nominate a director to China Unicom's board, it said
yesterday. It was the world's first company to start 3G mobile phone
services in 2000. It started tests on China's homegrown 3G standard
TD-SCDMA early this year.

A Financial Times report said last week that China Unicom may be merged
with fixed-line phone operator China Telecom Corp in the lead-up to 3G
high-speed wireless services.

"The tie-up is important for SK Telecom's bid to become a multinational
mobile operator," said Liu.

SK Telecom now has more than 50 percent of the South Korean market and is
gearing up for overseas expansion in China and the United States as
further growth at home has proved difficult. The company is reportedly
planning to buy into Sprint Nextel, a mobile company in the US.

(For more biz stories, please visit Industry Updates)

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

Learn Chinese, Chinesepod

Thursday, December 27, 2007

Chinesepod - Family fabric

? ?

BIZCHINA / Biz Who

Family fabric

By Liu?Weiling and Diao Ying (China Daily)
Updated: 2007-08-20 06:51

The recent removal of tax rebates on textiles - still the company's core
product - has brought new challenges.

So Zhou is investing in Cambodia. Hongdou recently acquired a 70 percent
share of an economic zone in Cambodia, and plans to open factories there
for further expansion to cut costs and avoid trade barriers.

Well aware that textiles always have a narrow profit margin, Zhou has
been diversifying his business. In 1995, he acquired a motorcycle company
in Shanghai and has gradually developed holdings in real estate and the
medical industry. Textiles now contribute about half of overall sales by
the company.

His plan is to build Hongdou into an enterprise with sales of 100 billion
yuan in 10 years and become one of the top-500 corporations in the world.

Zhou Haijiang answers

What kinds of employees do you like the most?

I like people who are willing to learn and who are ambitious to reach
their goals in life and work.

What is the entrepreneurship that you value the most?

A good entrepreneur should have a broad mind to understand the market and
control the overall situation. He also needs to have good insight into
his own industry.

What books do you read?

I spend at least an hour reading every day. I mainly read the biographies
of successful entrepreneurs.

If you have time, what do you want to learn further?

I want to learn more about law, especially laws related to economics and
international trade. It is my interest and is related to my business, but
it is a shame that I haven't found enough time to learn that yet.

What is your motivation for building your business?

At first it is very simple. I only wanted to help my father and find a
job for myself. But now it is to build my company into a more successful
enterprise.

(For more biz stories, please visit Industry Updates)

?? ?? 1?? 2?? 3?? 4?? ??

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Learn Chinese - Urban fixed asset investment up 26.6% in first 7 months

? ?

BIZCHINA / Center

Urban fixed asset investment up 26.6% in first 7 months

(Xinhua)
Updated: 2007-08-16 14:01

Chinese School - FDI up 13% in 7 months

? ?

BIZCHINA / Photo

FDI up 13% in 7 months

By Jiang Wei (China Daily)
Updated: 2007-08-14 09:14

Related readings:
?June FDI rises 21.91% to $6.63b
?Central bank vows to prevent overheating
?China tightens rules on foreign property investors
?More foreign capital flows in property sector

"The total FDI to China is likely to hit $80 billion, a new record, this
year but the figure may decline slightly next year when the corporate tax
unification takes effect," he said.

The Ministry of Commerce noted investments from the United States
increased over 5 percent in the first seven months while that from the
European Union decreased by over 34 percent.

In July alone, the government approved 2,993 foreign enterprises; actual
FDI stood at $5.04 billion, an increase of 17.84 percent from a year ago.

Past months have seen robust growth in foreign investment in several
sectors.

(For more biz stories, please visit Industry Updates)

?? ?? 1?? 2?? ??

Learn Chinese, Chinese Online Class

Learn Mandarin online - China urges FTA with South Korea

CHINA / National

China urges FTA with South Korea
(AFP/The Australian)
Updated: 2006-05-29 08:47

SEOUL - China has urged a free trade agreement (FTA) with South Korea in
order to help boost burgeoning trade and investment between the two
countries, officials said.

The suggestion came as Chinese Commerce Minister Bo Xilai met with his
South Korean counterpart Chung Sye-Kyun, officials of the Ministry of
Commerce, Industry and Energy said.

Chinese Commerce Minister Bo Xilai, seen here in March 2006. China has
urged a free trade agreement (FTA) with South Korea in order to help
boost burgeoning trade and investment between the two countries,
officials said. [AFP]

Bo stressed the need to push forward free trade agreement talks. Beijing
seeks an FTA with Seoul to help ease its chronic trade deficit with South
Korea.

Bo raised the same issue when he met with South Korean Trade Minister Kim
Hyun-Chong here Friday, according to the Ministry of Trade and Foreign
Affairs.

South Korea is reluctant to rush into an FTA with China amid fears that
low-priced Chinese agricultural products could flood the domestic market,
causing trouble for the country's already impoverished farmers.

South Korea and China have agreed to make efforts to double bilateral
trade to US$200 billion per year by the year 2012.

Bo also expressed concern over what he called a militant union at
Ssangyong Motor, which was acquired by Shanghai Automotive Industry Corp.
in October 2004.

Shanghai Motor bought a controlling stake of 48.9 percent in Ssangyong
for US$500 million, becoming the first Chinese firm to own a major
concern in the world's fifth-largest auto market.

China targets agriculture in trade deal

China has vowed to include agriculture and other tough sectors in a free
trade agreement with Australia.

Chief negotiator Zhang Xiangchen said agriculture, services, government
procurement and investment would all be covered in a free trade agreement
(FTA) under negotiation.

Page: 1 2

Most Commented/Read Stories in 48 Hours

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� China urges FTA with South Korea

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� Quake toll tops 5,000, aid pours in

� Stable long-term oil supply predicted

Top China News

� China promises a 'non-smoking' Olympics

� 242 Chinese leave Dili to escape riots

� Japan to help China in energy, environment fields

� China, India pledge to deepen military exchanges

� China, Italy jointly invent robot for moon exploration

Learn Chinese, Learn Mandarin online

Wednesday, December 26, 2007

Chinese language - President Hu meets with SCO summiteers

? ?

CHINA / Photo

President Hu meets with SCO summiteers

(Reuters)
Updated: 2006-06-16 15:42

Iran's President Mahmoud Ahmadinejad (L) meets China's President Hu
Jintao before their bilateral meeting at the Xijiao State Guest House in
Shanghai June 16, 2006. [Reuter]

?? ?? 1?? 2?? 3?? 4?? ??

Top China News ?

* Ex-chief lawmaker given death sentence
* Call to abandon use of wooden chopsticks
* Surprise as 'male' giant panda gives birth to twins
* CCB hires Citic, CICC for $6.5b IPO
* Stock market value tops last year's GDP

Today's Top News ?

* Vehicles ordered off road for Olympics drill
* Call to abandon wooden chopsticks
* Ex-chief lawmaker sentenced to death
* Japan minister 'says no to shrine visit'
* China invites the world to 2008 Olympic gala party

Most Commented/Read Stories in 48 Hours

Learn Chinese, Chinese Mandarin

Learn Chinese - CICC may be first brokerage with QDII license

? ?

BIZCHINA / News

CICC may be first brokerage with QDII license

(China Daily)
Updated: 2007-08-09 14:29

China International Capital Corp (CICC), partly owned by Morgan Stanley,
has become the first brokerage to receive a license under China's
qualified domestic institutional investor (QDII) scheme, Reuters
reported, citing market sources.

The sources did not know whether CICC had yet received an investment
quota from the currency regulator, the State Administration of Foreign
Exchange - the last step in the approval process.

The China Securities Regulatory Commission announced in June that fund
managers and brokerages would be permitted to invest client money
overseas under the QDII program. Since then, China Asset Management Co
Ltd, China's largest mutual fund company, and three other funds have
received licenses from the regulator.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinese language - Long-term RMB reform benefits China and US

? ?

BIZCHINA / Weekly Roundup

Long-term RMB reform benefits China and US

By He Fan (China Daily)
Updated: 2007-08-07 17:40

China made such a choice because the former arrangement of pegging to the
US dollar might weaken China's flexibility in monetary policies. And it
has also realized that an undervalued yuan will slow the industrial
restructuring and cause vicious competition among Chinese exporters.

However, this reform is only part of a much bigger effort to upgrade the
country's industrial structure. The exchange regime is not going to
finish the task single-handedly.

First of all, the exchange regime reform is not a solution to tackle
China's trade surplus. China's exports are mainly propelled by the
processing trade, which is not sensible to the exchange rate. Even if the
renminbi does rise dramatically, the processing trade is not going to
drop instantly and the trade surplus may not diminish. Figures from Japan
and China's Taiwan Province, where the processing trade used to dominate,
have also indicated a lasting surplus in the case of an appreciation of
local currency.

The exchange regime's reform will not put the lopsided industrial
structure into balance by itself. Theoretically, a changing rate would
help promote the development of industries that are not trade-orientated,
in China's case, the tertiary sector.

However, China's tertiary sector was fledgling for multiple reasons,
including inadequate supply of qualified talent and underdeveloped
infrastructure. Such factors are not easily improved by the exchange
regime reform.

Special coverage:
RMB Revaluation
Related readings:
?China'won't bow' to yuan pressure
?Yuan steady despite pressure
?Survey: RMB revaluation manageable for exporters
?Economists warn of risks of continued yuan appreciation

Therefore, an objective view about exchange regime reform is
indispensable when people discuss the renminbi exchange rate.

The exchange rate equals a price between currencies in economic theories.
Price is the key to allocating resources, which would bear remarkable
significance for all resources in the market.

The Chinese government is determined to further this reform, but only
according to its own blueprint. The greater target might be tarnished if
the exchange regime reform is boiled down to the appreciation of
renminbi. How much should the yuan be appreciated? How long will it rise?
Similar questions should find their answers from the progress in related
fields. No one can give definite answers before the progress is achieved.

It would be totally against the rule of the market economy when a
country, through a political course, asks the Chinese government to
change a key price in the economy. It is both unwise politically and
unrealistic to ask China to realize the targets for its long-term reform
in a short time.

The Strategic Economic Dialogue is a constructive innovation to eliminate
bilateral misunderstanding, pinpoint the strategic issues of common
concern and maximize the benefits of Sino-US cooperation. It may cost the
chance of cooperation if the US insists on politicizing China's exchange
regime reform and the political shortsighted doggedness will also lead to
the neglect of more important issues.

(For more biz stories, please visit Industry Updates)

?? ?? 1?? 2?? ??

Learn Chinese, Chinese language

Learn Chinese online - Recycling: Largest plastics reclycling plant operates in Beijing

? ?

BIZCHINA / Biz Media Digest

Recycling: Largest plastics reclycling plant operates in Beijing

(Xinhua)
Updated: 2007-08-06 15:42

The world's largest plastics recycling processing plant, capable of
recycling 60,000 tons of waste plastics annually, has begun operating in
Beijing.

Operated by Beijing Incom Resources Recovery Co Ltd, the plant has an
investment of 300 million yuan (US$37.5 million), said an official with
the Beijing municipal industry promotion bureau on Monday.

Li Ping, director of the bureau, said the plant's annual capacity equaled
one third of the city's total annual waste plastics amount, and would
result in 30,000 tons of clean polyester pieces and 20,000 tons of
bottled polyester chips -- equivalent to a saving of 300,000 tons of
petroleum annually.

"The line will contribute greatly to Beijing's energy saving endeavor,"
said Li Ping.

Figures from the Beijing Municipal Packing Technology Association show
that waste plastic bottles amounted to 150,000 tons in 2007 in Beijing,
and are expected to surge to 300,000 tons in 2010.

Tens of thousands of migrant workers formed the previous so-called waste
plastics recycling system. They collected and purchased discarded
bottles, and transported the bottles to urban-rural fringe zones for
cleaning and crushing, which resulted in a low-level and high-polluting
recycling market.

According to the packing technology association, Beijing has more than
150 low-level workshops, with daily capacities of one to three tons.
About 15 to 20 tons of water are needed for handling each ton of waste
plastics.

Li Ping said Beijing had encouraged more enterprises to participate in
building logistics and sorting centers for waste plastics. Beijing Incom
would set up four such centers this year to help build a recycling system
for waste plastic bottles.

(For more biz stories, please visit Industry Updates)

Learn Chinese online

Chinese Online Class - Guangdong seeks help in cutting energy use

? ?

BIZCHINA / Center

Guangdong seeks help in cutting energy use

By Zheng Caixiong (China Daily)
Updated: 2007-08-03 09:56

South China's Guangdong Province, one of the country's biggest energy
consumers, is seeking help from foreign governments and organizations to
curb its appetite for resources, an official said yesterday.

Xie Shichao, director of the Guangdong provincial economic and trade
commission's department of environment and resource conservation, told a
press conference yesterday that representatives of the governments of the
US, UK and Switzerland and the Hong Kong Special Administrative Region,
as well as the Asian Development Bank and some private companies were
interested in cooperating with Guangdong to develop energy-saving
projects.

Guangdong signed an agreement with the Swiss engineering firm ABB to help
local companies become more efficient. ABB will also help analyze and
audit local companies' energy-use.

Meanwhile, Guangdong and the British Consulate General in Guangzhou
jointly organized a Sino-British Clean Development Mechanism (CDM)
seminar in the first half of the year.

Both sides said they wanted to promote more projects under the CDM.

"Guangdong's energy-saving industry has strong potential to grow in the
coming years," Xie said.

Guangdong lacks sources of energy and other natural resources and so must
invest more in energy-saving technology if it is to continue its rapid
economic growth, Xie said.

He said making the province more efficient is a long-term goal, adding
that Guangdong would shut some large companies that use a lot of
resources but generate few economic benefits later this year.

Guangdong used 154 billion kWh in the first six months this year, up 13.4
percent from the same period last year, according to statistics from
Xie's commission,

Of that, industry used 111 billion kWh, a year-on-year increase of 15
percent.

The province also used more than 10 million tons of oil from January to
June, up 11.2 percent year-on-year.

Guangdong purchased more than 50.7 million tons of coal from around the
world in the first five months, up 9.9 percent from the same period of
last year.

(For more biz stories, please visit Industry Updates)

Learn Chinese, Free Chinese Lesson

Tuesday, December 25, 2007

Learn Chinese online - Economy could be stabilizing

? ?

BIZCHINA / News

Economy could be stabilizing

By Xin Zhiming (China Daily)
Updated: 2007-08-02 08:46

The National Bureau of Statistics index of purchasing managers in July
shows the economy may stabilize in the coming months after blistering
growth in the first six months, analysts said.

The index, which was compiled by the China Federation of Logistics and
Purchasing on behalf of the bureau and released yesterday, fell to 53.3
last month from 54.5 in June. A reading of over 50 indicates an expansion
in business activity.

It has fallen for the fourth consecutive month and the July figure was a
five-month low.

"It shows decreased orders for the coming months," said Zhu Baoliang, an
economist from the State Information Center. "This is not surprising as
the country has taken measures to cool the economy, which will lead to
decreased exports in July and August," he told China Daily.

China's gross domestic product grew by 11.5 percent and CPI growth hit a
33-month high of 4.4 percent in June, with fixed-assets investment and
lending also hovering at high levels, triggering widespread concerns
about an overheating economy.

The country has started to reduce or remove the export rebate of more
than 2,800 products from July 1 in its efforts to dampen exports and
narrow trade surplus.

The new export orders index by the statistics bureau fell to 53.5 in July
from 55 in June.

"Exporters have rushed to beat the tax rebate adjustment before July 1
and therefore the orders would drop in the coming months," Zhu said.

The index would continue to drop but in a gradual manner this year, he
said.

A similar purchasing managers' index for China's manufacturing sector,
which was released by the Hong Kong-based CLSA, a brokerage and
investment banking arm of French bank Credit Agricole, also dropped to
53.2 in July from a 27-month high of 55 in June. The fall is due to
decreased new orders, particularly for exports, according to the survey's
compiler.

Zhu said more than half of China's industrial products are for exports
and reduced exports have led to the falling index.

Given the red-hot economic growth in the first half of this year, Zhu
forecast that the interest rates may be raised again within this year.

As a result of the tightening measures, China's exports would slow down
and imports pick up in the second half of this year, according to
research by Zhu's team. "Export growth may slow down to about 25 percent
and imports rise to around 20 percent," Zhu said.

(For more biz stories, please visit Industry Updates)

Related Stories ?

� China's economy on verge of overheating - report
===========================================================================
� China tightens bank credit to cool economy
===========================================================================
� Nation's economy remains in 'good shape'
===========================================================================

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Chinese language - Macroeconomy: Strategic Economic Dialogue agreements till now

? ?

BIZCHINA / Biz Media Digest

Macroeconomy: Strategic Economic Dialogue agreements till now

(China Daily)
Updated: 2007-07-31 10:43

The second China-US Strategic Economic Dialogue (SED) was held in
Washington on May 22 and 23 when the two sides agreed to the following:

China will resume licensing securities companies in the second half of
2007, and before SED III, it will announce to gradually expand the
business scope of qualified joint-venture securities companies to allow
them to be engaged in securities brokerages, propriety trading and asset
management; increase the total quota for Qualified Foreign Institutional
Investors (QFIIs) to $30 billion under the prerequisite of promoting its
international balance of payment;

China will allow foreign incorporated banks qualified for yuan retail
businesses to issue yuan bank cards that meet the operational and
technical standards of its banking cards, and enjoy the same treatment as
Chinese banks;

China will allow foreign property insurance companies to apply for
conversions into subsidiaries. China Insurance Regulatory Commission
(CIRC) will complete decisions on pending applications by August 1, 2007.

In energy and the environment, the US and China will strengthen
cooperation in the following areas: advancing clean coal technology,
aiming to develop up to 15 large-scale coal-mine methane capture projects
in China, finalizing participation of China in the Government Steering
Committee of the FutureGen project, providing policy incentives to
abolish cost barriers to full commercialization of advanced coal
technologies, advancing the research and development of carbon capture
and storage technologies, and formulating a national low sulfur fuel
policy for China.

An agreement to expand the existing bilateral aviation agreement that
greatly increases the number of flights between the two countries,
provides for full liberalization for cargo services as of 2011, and both
sides agreed to commence negotiations in 2010 on an agreement and
timetable for full liberalization of passenger travel.

(For more biz stories, please visit Industry Updates)

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Learn Chinese - China to build more rural roads

? ?

BIZCHINA / Center

China to build more rural roads

(Xinhua)
Updated: 2007-07-28 21:33

China will build and renovate 1.2 million kilometers of highways in rural
area during the 11th five year plan period (2006-2010), said Weng
Mengyong, vice minister of communications on Saturday.

The vice minister said roads paved with tar or cement shall be built to
link up 7,530 townships and 89,970 administrative villages in the said
period.

By the end of 2010, all the townships in the country shall be accessed by
paved roads, he said.

Weng said the communications authorities at all levels should act
according to their capability and strive to realize good and fast
construction to make due contributions in building new socialist
countryside.

In February, the ministry vowed to invest 24.8 billion yuan (3.1 billion
U.S. dollars) collected through motor vehicle purchase tax in rural road
construction this year, nearly 10 percent up from last year, to boost
development of the countryside.

Last year, a total investment of 151.3 billion yuan was put into the
building and reconstruction of 325,000 kilometers of rural roads, both
hitting record highs.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Learn Chinese - Trade: China begins import of Japan rice

? ?

BIZCHINA / Biz Media Digest

Trade: China begins import of Japan rice

(Xinhua)
Updated: 2007-07-26 16:44

China has started import of Japan's rice and meanwhile Japan resumed its
import of China's straws, sources with the General Administration of
Quality Supervision, Inspection and Quarantine (AQSIQ) said Wednesday.

The quality watchdog said two famous brands of Japanese rice will be
available in the supermarkets of some big cities in China in the next few
days, primarily targeting high-income consumers.

Meanwhile China's straws for feeding which was banned in 2005, will be
permitted to export to Japan again.

Li Changjiang, director of the AQSIQ, met with Japan's farm minister
Norihiko Akagi on Wednesday and talked about the issues in details.

Li said that China has always attached importance to the issue of food
safety, adding that the nation has worked out an effective mechanism to
guaranteed the safety of food exports.

Statistics recently released by the Japanese government showed that the
99.42 percent of the Chinese food products examined by Japanese quality
authorities conform to standards.

This is against 98.69 percent for food imports from US, and 99.38 percent
for those from EU.

Li said that these figures prove that China's food products are safe and
trustworthy.

Japanese farm minister Norihiko Akagi said China's import of Japanese
rice is an important achievement in building a mutually beneficial
relation between the two countries and help promote the development of a
healthy relationship.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinese Mandarin - Blackstone benefits from CDB-Barclays' deal

? ?

BIZCHINA / Top Biz News

Blackstone benefits from CDB-Barclays' deal

(Reuters)
Updated: 2007-07-25 11:18

US-based private equity firm Blackstone Group appears to have killed
three birds with one stone by selling a nearly 10 percent stake to China
for $3 billion in May.

Not only did it find a wealthy new investor and position itself for deals
in the world's most populous nation, but also the deal raised the profile
of its M&A advisory business by leading to a highly visible role of
advising the Chinese government on the acquisition of a stake in Barclays.

In doing so, Blackstone links its name to what is likely to be the year's
biggest deal -- the sale of Dutch bank ABN AMRO. Barclays has used the
investment from China to help increase its bid to 67.5 billion euros
($93.26 billion) in a battle with a rival group led by the Royal Bank of
Scotland.

Blackstone's presence in China and its links with the government look set
to give it a slice of M&A advisory business in a country flush with $1.33
trillion in foreign exchange reserves, and which has made no secret of
its plans to diversify its portfolio of foreign holdings.

"Blackstone now, in a short period of time, can present itself as having
a credible global network," said John Studzinski, head of its corporate
and mergers and acquisitions advisory group. "We think we add value (as
an adviser) on any international transaction."

The Barclays deal has helped propel Blackstone to number five in the M&A
advisory league tables for China so far this year, according to data
consultancy Dealogic. Studzinski's former bank, HSBC, is ninth.

The mandate also comes as private equity firms try to branch out of
leveraged buyouts amid fears the lending environment that fuelled the
boom in the past few years may be about to cool. Blackstone's shares, for
example, have fallen by about a quarter since its listing last month.

The private equity firm also opened an office for its buyout unit in Hong
Kong in January and hired a new senior managing director and chairman for
greater China.

Barclays too is hoping to get a boost from the deal on Monday for China
Development Bank to invest in the British bank.

CDB says it will not team up with any other major overseas bank, and
Barclays says the deal will give it unprecedented access to Chinese
clients.

"The most interesting thing is that the China Development Bank made the
decision to do this in a very short time," said Studzinski. "Which tells
you that when presented with strategic opportunities, the Chinese can be
very disciplined, yet nimble and quick at decision-making."

(For more biz stories, please visit Industry Updates)

Chinese Mandarin

Monday, December 24, 2007

Learn Chinese - Guangxi looks to ASEAN platform

? ?

BIZCHINA / Center

Guangxi looks to ASEAN platform

By Xie Chuanjiao (China Daily)
Updated: 2007-07-24 09:20

Southern China's Guangxi Zhuang Autonomous Region has set its sights on
becoming a regional logistics and trading base with the Association of
Southeast Asian Nations (ASEAN).

It also wants to set up an information exchange center with ASEAN.

"The future development of China-ASEAN regional cooperation should
include Pan-Beibu Bay economic cooperation, the continuing cooperation
with the Mekong River Sub-regional Economic Zone and the construction of
the economic belt from the capital city Nanning to Singapore," Guangxi
Party Secretary Liu Qibao said during a high-level consultative
conference held in Beijing yesterday.

In China's coastal regions, most economic activities are centered in
three economic regions: the Pearl River Delta in the south, the Yangtze
River Delta, and the Bohai Economic Rim in the north.

Compared with these regions, economic activity in Beibu Bay is relatively
backward.

China's 11th Five-Year Plan for Western Development has designated the
Beibu Bay (Guangxi) economic zone as one of three in the west where the
economy will be developed first.

Comprising Nanning, Beihai, Qinzhou and Fangchenggang, the zone has 166
shipping berths with an annual handling capacity of 65 million tons. It
also has the country's first expressway linked to Vietnam, an ASEAN
member.

"If there is another 200 km of railway, Nanning and Singapore could be
linked," Liu said, adding that airports in Nanning and Beihai have
flights to more than 40 Chinese cities and all major Southeast Asian
cities.

"One of the top issues on the agenda is to cooperatively build the
Nanning-Singapore railway and expressways," Liu said.

He also called for the establishment of a bonded port area within the
zone and a comprehensive bonded zone in Guangxi's southwestern Pingxiang
city, China's "South Gate", to the China-ASEAN Free Trade Area.

Liu's proposals were echoed by a number of senior officials at the
conference.

Du Ying, vice-minister of the National Development and Reform Commission,
said the development of the Pan-Beibu Bay region is also significant to
the import security of key energies.

Chen Qingtai, the former Party secretary of the Development and Research
Center of the State Council, said the zone's development should follow
the experiences and lessons of other developed coastal areas to ensure
its success.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Learn mandarin - US urged to treat Chinese imports fairly

? ?

BIZCHINA / Center

US urged to treat Chinese imports fairly

By Qin Jize (China Daily)
Updated: 2007-07-21 09:02

The Chinese Embassy in Washington has urged the US to treat China's food
and drug exports in a scientific and fair manner, saying exaggeration and
complication of the issue is not conducive to the healthy development of
bilateral trade.

The embassy issued a statement on Thursday after a series of disputes
over the quality of products between the two.

The embassy said it hoped the US would not exaggerate or play up
individual food safety cases and create a "China food and drug threat",
giving the American public the wrong impression.

"Blowing up, complicating or politicizing the issue is irresponsible," it
said.

It added that it is even more unacceptable for some to launch groundless
attacks against China using the food and drug safety issue as an excuse.

It said problematic US imports from China such as toxic ingredients mixed
into pet food were isolated cases and more than 99 percent of Chinese
food that is exported to more than 200 countries and regions met the
safety standard.

The statement said China should not be singled out for particular concern
over food safety, a common challenge facing every country including the
United States.

Noting recent US cases of contaminated spinach, peanut butter and
poultry, the statement said China is not on the top of the list of
countries whose food exports were refused in the past year.

It said the Chinese government has taken this matter very seriously,
acted responsibly and immediately adopted forceful measures.

Agencies contributed to this story

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Chinese Online Class - Rethinking the 'Made in China' label

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BIZCHINA / Weekly Roundup

Rethinking the 'Made in China' label

By Li Xing (China Daily)
Updated: 2007-07-19 14:48

I haven't been able to get my hands on a copy of Sara Bongiorni's A Year
Without "Made in China", though I have been anxious to write something
about the book since it was released in June.

The book's title initially made me a little wary of the author's
intentions. But I also knew I shouldn't make hasty judgments without
reading it first.

Her commentaries, which are now readily available on the Internet, show
that she is as objective as she can be.

"There's no way you can live anywhere near a normal life without buying
things from China," Bongiorni keeps saying.

However, she only scratches the surface, looking at the "Made in China"
labels from an American family's perspective.

As a Chinese, I've also experienced changes in my attitude toward the
"Made in China" label. About 25 years ago, "Made in China" excited me and
my pals, when we were still the first batch of Chinese mainland
journalism students studying in the US.

Later, when I traveled overseas, I tried to avoid things that were "Made
in China" when I shopped for gifts. There was no sense in me going all
the way across the oceans or the Eurasian continent just to bring back
keepsakes that I might spot at home.

However, this became so troublesome that I gave up looking a few years
ago.

In fact, we are crystal clear in our understanding that "Made in China"
means only Chinese hard labor.

"The patent, the designs, the business people are all from overseas," one
netizen writes when commenting on an article about Bongiorni's book.

Except for the Chinese workers who made and attached "Made in China"
labels to the products (for which they were paid pitifully little), very
few Chinese actually see these products in China, other netizens pointed
out.

What Chinese manufacturers and consumers should work on and advocate are
truly Chinese brands and truly quality products patented, designed and
created by Chinese.

Simon Anholt of the United Kingdom, compiles a national brands index to
evaluate "the power and appeal of a nation's brand image" and shows "how
the people around the world see the character of that brand".

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Chinese Online Class

Chinesepod - Domestic M&As up sharply in 1st half

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BIZCHINA / Center

Domestic M&As up sharply in 1st half

By Hu Yuanyuan (China Daily)
Updated: 2007-07-18 09:55

"But the range of Chinese companies engaged in outbound investment is now
growing, expanding from oil, mining and metals companies to telecoms and
other industries," Wong added.

Related readings:
?M&As face security scrutiny
?Economy fuels M&As in China
?More M&A deals set to occur in China

Looking forward to the remainder of 2007, domestic M&A activity is likely
to continue to grow and in the process create larger national companies
that will become more effective competitors at home and abroad, Wong said.

He noted that overseas investment will gradually increase, with a broader
range of large State-owned groups taking the lead. Incoming M&A activity
is likely to grow more slowly until valuation expectations subside, and
financial investors are likely to remain focused on minority positions in
larger transactions until they sense a change in the regulatory approval
landscape, he said.

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� M&As face security scrutiny
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===========================================================================
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===========================================================================

Chinesepod

Sunday, December 23, 2007

Chinese Online Class - Central bank steps up anti-graft drive

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BIZCHINA / Center

Central bank steps up anti-graft drive

By Xin Zhiming (China Daily)
Updated: 2007-07-17 09:11

The central bank has said it will strengthen anti-money laundering
measures in its bid to fight corruption.

"(We) will use all the central bank's powers to help with society's drive
against corruption," Zhou Xiaochuan, governor of the People's Bank of
China, said at a televised national conference on Friday.

He also called for the monitoring of large-scale and dubious capital
deals to be enhanced to stem money laundering and corruption, a statement
published on the bank's website said yesterday.

China has consistently stepped up its efforts to fight money laundering.

Related readings:
?China uncovers largest money laundering case
?Central bank set to flush out money laundering
?Law widens definition of money laundering

Last year, it passed its anti-money laundering law, which took effect
from the start of this year.

Last month, the central bank released rules on the control of terrorism
financing, which require banks to report suspicious transactions to the
financial authorities.

And late last month, the country was admitted into the Financial Action
Task Force, the 33-member intergovernmental body that coordinates global
efforts to fight money laundering.

Zhou called for the credit information database to be expanded to include
more corporate and individual credit information.

The banking "real name" account system, which requires people to register
their real names when depositing money in banks, should be strictly
implemented to prevent people from using fake identities to launder money
they obtained by corrupt or illegal means.

He also said the bank should carefully investigate information provided
by the public, especially that concerning infrastructure construction and
equipment procurement.

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Chinese Online Class

Learn Mandarin online - Forex reserves top US$1.33 trillion, up 41.6%

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BIZCHINA / Index & Statistics

Forex reserves top US$1.33 trillion, up 41.6%

By Xin Zhiming (China Daily)
Updated: 2007-07-12 09:25

China's foreign exchange reserves increased by $40 billion in June,
pushing the total figure to $1.33 trillion, the central bank said
yesterday.

It was a 41.6 percent increase year-on-year, the People's Bank of China
said in a statement on its website.

The rise could mainly be a result of capital influx in anticipation of a
rising yuan and the strong growth in foreign trade surplus, said Zhao
Xijun, a finance professor at Renmin University of China.

The central parity rate of the yuan hit a new high yesterday, standing at
7.5712 against the greenback.

The central bank also said household deposits in banks reversed a
declining trend, rising by 167.8 billion yuan ($22.2 billion) after a big
fall in May.

Analysts said it indicates that people have stopped shifting their bank
savings to the stock market, which has seen drastic fluctuations recently.

"The growth in deposits, coupled with the decline in the openings of new
stock accounts, points to the changing mood," Zhao said.

In May, household bank deposits decreased by 278.4 billion yuan ($36.8
billion), triggering worries that people may continue to pull their money
out of banks to invest in the capital market.

Yuan-denominated lending rose by 16.48 percent at the end of June from a
year earlier, slightly lower than in May, the statement said.

Banks extended 2.54 trillion yuan ($335.5 billion) in new loans in the
first half of this year. New loans in June totaled 451.5 billion yuan
($59.6 billion), up 14 percent from the same period last year.

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Chinese language - Trade surplus up 84% in 1st half, growth set to slow

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BIZCHINA / Center

Trade surplus up 84% in 1st half, growth set to slow

By Jiang Wei (China Daily)
Updated: 2007-07-12 08:40

Growth in China's trade surplus will ease in the second half of this year
as the central government's measures to curb exports begin to have an
impact, a senior trade official said yesterday.

The surplus soared to $112.5 billion in the first half of this year, up
84 percent from a year earlier. The June surplus hit a record $26.9
billion.

The remarkable increase resulted partly from enterprises rushing to
export as much as they could ahead of July 1, when the value-added tax
rebate was either scrapped or reduced as part of efforts to trim the
surplus, Ministry of Commerce spokesman Wang Xinpei said.

Related readings: Trade surplus keeps mounting June trade surplus hits
new high China's monthly trade surplus hits new high in June Income
distribution is in need of reform "This factor (the export rush) will
fade out in the second half of this year," Wang said.

In addition, other measures to curb exports will help slow the growth in
surplus, he added.

The government has adopted various methods to narrow the surplus, such as
levying export taxes and encouraging imports of high-tech products.

However, many economists predict it will take time before a significant
change can be seen.

"We have to wait at least three months to see any effect, and possibly
longer, since many firms will continue to manufacture and export given
their capacity is already in place," said Stephen Green, an economist
with Standard Chartered Bank in Shanghai. He expects the full-year
surplus to set a record this year.

"We do not expect to see any major change in the overall picture in the
near future as the dampening effect of the tax rebate adjustment is
likely to be offset by stronger global industrial production momentum,"
said Liang Hong, an economist with Goldman Sachs' Asia Economics Research
Group.

In another development, technical barriers erected by trade partners cost
China as much as $75.8 billion last year and over 15 percent of exporters
were affected, according to research by the Ministry of Commerce.

The barriers refer to regulations, standards or procedures for assessing
imports. Compared to traditional trade barriers such as tariff and import
quotas, they have been adopted more frequently in recent years.

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===========================================================================
� 1st-half surplus forecast over $100b
===========================================================================
� Imports to hit $1trillion by 2010
===========================================================================
� Trade surplus rises 73% in May
===========================================================================

Chinese language

Learn Chinese online - Central banker: Monetary policies won't target stocks and properties

? ?

BIZCHINA / News

Central banker: Monetary policies won't target stocks and properties

By (chinadaily.com.cn)
Updated: 2007-07-09 16:54

The People's Bank of China recently vowed to continue applying consistent
and moderate tightening monetary policies for the rest of the year. But
these policies are not directly aimed at cooling the stock or property
market, according to Wu Xiaoling, deputy governor of the central bank.

Wu said the central bank is concerned about the price hike of assets and
will probe into the source of inflation. In order to keep prices stable,
the central bank will regulate currency supply by imposing certain
liquidity control on the capital market. But monetary policies will not
directly target the price of assets.

Statistics show that in May the price of property in China's 70 major
cities rose by 6.4 percent year-on-year and was the highest since last
December. In the mean time, the benchmark Shanghai Composite Index surged
42.8 percent higher than last December.

The nation's overall CPI in May rose by 3.4 percent, the highest level in
the past 27 months, reaching or even going above regulator's "red line"
of three percent for three months in a row, according to the statistics.

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

Learn Chinese online

Saturday, December 22, 2007

Chinese Online Class - China has more than 2.6 mln websites

CHINA / National

China has more than 2.6 mln websites
(Xinhua)
Updated: 2006-05-17 10:51

The number of websites registered in China reached 2.6 million at the end
of last year and 1.1 million of the websites are with ".CN" domain name.

The websites increased by 40 percent in terms of number last year, said a
report released by the Informationization Office under the State Council.
The websites with the domain name of ".CN" increased by 154 percent in
2005, becoming the largest national domain name in Asia and the sixth in
the world.

The websites launched by companies constitute 60 percent, that launched
by individuals account for 21.9 percent, followed by websites on
education and on government, the report said.

The 2.6 million websites are mainly in Beijing, Shanghai, east China's
Zhejiang and Fujian Provinces and south China's Guangdong Province.

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Chinese Online Class

Chinese Online Class - Chinese, Kenyan presidents agree to enhance cooperation

CHINA / Kenya

Chinese, Kenyan presidents agree to enhance cooperation
(Xinhua)
Updated: 2006-04-29 12:38

NAIROBI -- Chinese President Hu Jintao and Kenyan President Mwai Kibaki
agreed here Friday to make joint efforts to further promote bilateral
long-term, stable and reciprocal cooperation in various fields.

During their talks, Hu expressed his satisfaction with the continuous
development of bilateral relations and said China attaches great
importance to bilateral relations and takes Kenya as an important
cooperative partner in Africa.

To enhance bilateral cooperation in various fields, Hu made a four-point
proposal.

The first is to keep high-level contacts, strengthen personnel exchanges,
maintain exchanges of views on issues of common concern such as
governance, economic development, improvement of peoples' lives, and
international and regional issues. They should also strengthen
coordination and cooperation in the multi-lateral arena such as the
United Nations.

The second is to actively implement bilateral cooperative agreements on
expanding trade and investment, and promote cooperation in processing
trade, agriculture and development of human resources.

The third is to expand cooperation in such fields as culture, education,
health, tourism, media, environmental protection and sports.

The fourth is to strengthen cooperation within the framework of the
China-Africa Cooperation Forum and make joint efforts to ensure a success
of the forum's meeting scheduled for November this year in Beijing.

Kibaki agreed with Hu, saying that the Kenyan side will keep the
traditional friendship with China and deepen bilateral pragmatic
cooperation.

Hu spoke highly of Kenya's positive role in east African affairs.

Kibaki said he hoped that China will continue to support the realization
of peace, stability and development in east Africa.

He said Kenya supports the China-Africa Cooperation Forum and will
strengthen cooperation with China to push forward the development of the
forum.

After the talks, the two presidents attended a signing ceremony for
bilateral cooperative documents covering economy, trade, culture and
education.

Hu arrived here Thursday on a three-day state visit to Kenya as Kibaki's
guest.

Kenya is the last leg of Hu's five-nation tour which has already taken
him to the United States, Saudi Arabia, Morocco and Nigeria.

China and Kenya set up diplomatic relations in 1963 and bilateral trade
volume last year amounted to 475 million U.S. dollars, up 29.7 percent
year on year.

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Chinese Online Class

Chinesepod - Google feels the wrath of Chinese surfers

CHINA / Face to Face

Google feels the wrath of Chinese surfers
(Shanghai Daily)
Updated: 2006-04-21 09:03

Does the Chinese name for Google "Guge" befit the world's No. 1 search
engine?
Some Google fans don't think it does. They have created an online
petition called www.noguge.com to get the search engine to change its
Chinese name.

Reasons cited for the petition are the name is "weird," "unsophisticated"
and could damage the "cool" image of Google in China.

"Google, we love you, but we don't love Guge," said the Website, which
received more than 2,600 signatures yesterday. "The name Guge is not
satisfactory and we are disappointed. Do you hear us, Google?"

Eric Schmidt, CEO of Google (2nd L), Kaifu Lee, Vice President of Google
China (L), and Johnny Chou, President of Google China (R), unveil the new
Chinese-language Google brand name at a press conference in Beijing
Wednersday April 12, 2006. The new brand name 'Gu Ge' or 'Valley Song,'
draws on Chinese rural traditions to describe a fruitful and rewarding
experience, according to Google. [AP Photo]

Google, second to its Chinese rival Baidu.com, has been receiving flak
for its new Chinese name since its elaborate christening ceremony in
Beijing last week, graced by Google's global chief Eric Schmidt and a
cohort of the company's senior management.

Domestic media were quick to pounce on the "harvesting song," saying the
Chinese name reflects the US-based company's lack of understanding of the
local psyche.

Guge in Chinese also means a valley song or a grain song. The name Google
came from the word "Googol," which denotes the number 1 followed by 100
zeros.

"Google gives us an individualistic feel, yet Guge sounds traditional and
rural ... in other words, it's outdated," said a blogger on another
Website.

Industry analysts also told Shanghai Daily that Google could have picked
a better name.

"A valley song has got nothing to do with Google's original meaning," Tom
Doctoroff, Greater China CEO of ad agency JWT, said yesterday. "You make
mistakes like this when you don't know your consumers. It's a huge
mistake."

Kaifu Lee, Vice President of Google China
But Google China is unfazed by the commotion.

"Guge is not a substitute for Google, rather, it will complement Google,"
the company said in a statement in response to queries from Shanghai
Daily.

"Names such as Gougou (dog dog) are unable to fulfill the
responsibilities of a corporate, brand or product name, nor do they
reflect fully our goals and mission," it said in reference to the more
literal suggestions from net users.

Google has been put under the microscope for its efforts to woo Internet
users in China, which included introducing a censored version of its
service in compliance with Chinese laws.

A survey conducted last year by the China Internet Network Information
Company revealed that more than half of respondents could not correctly
spell "Google," a glitch which the company hopes to remedy with the new
Chinese name.

The statement also said the name aims to cater to users unfamiliar with
English usage of the search engine. "It would be unfair to ignore their
needs," it said.

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