ICBC ranked first on the list of global banks last year with a profit of $21.3 billion, stated new industry rankings the other day.
China and Spain have enjoyed the five banks with the best performance. China Construction Bank just followed ICBC earning $17.5 billion. The third, fourth and fifth was Santander ($15.8 billion), Bank of China ($12.6 billion) and BBVA ($9.6 billion) successively, listed The Banker magazine. Read more…
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bank, China, economy, ICBC, industry, profit
Yang Chao, Chairman of China Life Insurance Co Ltd, said yesterday that the company plans to have a try at the property market to diversify its investment lay out. He said China Life would seek to invest in infrastructure, equity, fixed-income securities and the property market.
According to Yang, China Insurance Regulatory Commission is expected to permit insurers to invest in infrastructure and real estate soon and is drawing up guidelines concerning it. China Life is waiting for the inaction of these regulations and making preparations for their Read more…
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China, economy, industry, insurer, investment, market, risk
Recently, many multinational firms are cutting their jobs and reducing the costs as a result of global financial crisis, however, many industry giants like General Motors China, McDonald’s, Johnson&Johnson Medical China and Wal-Mart have confirmed that they will not stop their recruitment in China.
During the 2009 Hewitt Best Employers in China session on March 26th, 10 companies said that they have plans for recruitment this year. Read more…
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China, company, crisis, development, economy, employment, industry
It has been confirmed that BeijingWest Industries of China will purchase the remaining global suspension of Delphi Corp; this acquisition is regarded as part of its rebuilding plan.
In the e-mail replying to China Daily on April 1st, this US auto parts supplier said its portfolio transformation, asset sale and purchase agreement have already been made.
BeijingWest Industries is owned by a state-owned company Shougang Group, Bao’an Investment and Development Co Ltd and Beijing municipal government, all of Read more…
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Beijing, China, Delphi, economy, industry, plan, suspension
Though SIPI may sell its crown jewel, its share price still rises. The upward trend of SIPI’s shares is due to its sales with Brilliance Group on Feb 6.
After hitting the peak point of 14.15 yuan last Friday, SIPI shares ended with 13.21 yuan a share.
Approved by the shareholders of SIPI, the 1.06 billion yuan’s sale between its subsidiary and Brillance will be helpful for its core pharmaceutical business. It is said that SIPI’s subsidiary has owned 21.17% stake in Hong Kong-listed Lianhua. Read more…
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China, economy, income, industry, sale, share, SIPI
Owing to a series of industry and market support measures that the government applied, it unprecedentedly breaks the record last month and China outstrips the US in automobile sales.
In February 10, China Association of Automobile Manufacturers (CAAM) said that China sold totally 735,500 units of vehicles in January, 14.5 percent less year-on-year because of the falling demand, and, compared with December, it drops slightly 0.83 percent. However, it is Read more…
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automobile, China, economy, industry, market, sales, U.S.
According to China’s Ministry of Industry and Information Technology (MIIT) last week, it is considering cutting tax for lead-acid battery exporters in order to stop them from laying off workers.
An MIIT official said they are discussing the report but no conclusion has appeared. His team is waiting for industry figures from last year and will decide whether to Read more…
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China, economy, export, industry, policy, recession, report, tax
According to an industry association, after continuing to fall in the first half of this year, the economy will pick up in the third quarter.
The first two quarters will be the most difficult time for the industry. And from the end of the second quarter, the power demand, a barometer of the country’s economy Read more…
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barometer, China, demand, economy, GDP, industry, power
According to analysts and forecasts, China may become the world’s largest auto market since its monthly sales in January has surpassed the United States’, which reached about 790,000 vehicles.
Even car sales in China have slowed recently, but they seem to have better situation than the US, where January sales decreased 37%—a 26-year low.
It is the first time that China monthly sales have surpassed USA, said Mike DiGiovanni, General Motors’ executive director of global markets and industry Read more…
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auto, car, China, economy, industry, market, vehicles
According to the actual state of Guangdong, the province will need about 400,000 mu of land for industrial development fro each of the next 15 years, far above the annual quota of 290,000 mu imposed by the central government.
Currently Guangdong province only owns 0.45 mu of arable land per capita, less than Read more…
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China, coastline, economy, Guangdong, industry, land, manufacture
ICBC ranked first on the list of global banks last year with a profit of $21.3 billion, stated new industry rankings the other day. 
