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New company set up to promote Shaolin culture, tourism

A new company was set up Sunday to promote the culture of the world-famous Shaolin Temple in central China's Henan province and the tourism of Songshan Mountain, home to the 1,500-year-old temple. The CTS (Dengfeng) Songshan Shaolin Culture Tourism Co Ltd was established as a ...

Battery plant closed after lead poisoning found

Authorities in south China have closed a battery factory and started health checks of all children living nearby after more than 40 children were found to have excessive lead levels in their blood. Aokelai Power Co Ltd, formerly Zeliang Battery Factory, was just 30 meters from ...

Shoemakers urge appeal against EU's anti-dumping duties

Major Chinese shoe makers have urged the Chinese government to appeal to the World Trade Organization (WTO) against the European Union's (EU) approval of a 15-month extension of anti-dumping duties on Chinese leather shoes. Wang Zhentao, president of the Aokang Group, China's ...

Companies go west for development

"Since mid-September, all the trucks transporting our products have been fully-loaded, queuing in a long line outside our company," said Yang Jinfu, manager of a private food oil company. Yang's company set up a factory at Qinzhou Port Bonded Zone in southwestern Guangxi Zhuang ...

Anhui Xinhua may raise 712m yuan from float

Publishing firm Anhui Xinhua Media Co (AXMC) may kickstart a new round of media public floats after it said it was planning to raise 712 million yuan ($ 104.27 million) through an initial public offering (IPO) to expand its sales network. The State-owned firm based in central ...

Ping An extends deadline

Ping An Insurance (Group) Co, China's second largest insurer, said it would extend the deadline for the planned acquisition of Shenzhen Development Bank Co shares from Newbridge Capital LLC to April 30 from Dec 31. The insurer may further extend the deadline by 180 days beyond ...

Challenging conditions may continue, says Sinopec

China Petrochemical Corp (Sinopec Group), Asia's largest refiner, expects business conditions to stay challenging next year as crude oil prices rise while fuel demand growth lags behind expansion in processing capacity. The domestic oil-product market will be oversupplied next ...

Zijin Mining buying $200m of Glencore convertible bonds

Zijin Mining Group Co, China's largest gold producer, will buy $200 million of convertible bonds issued by Glencore International AG to gain investment opportunities with the world's biggest commodity trader. "As a result of the transaction, the company has an opportunity to make ...

China, Venezuela sign oil development pacts

China National Offshore Oil Corp (CNOOC), the country's largest offshore oil producer, has signed an agreement to develop oil and gas resources in Venezuela, the latest step in its overseas expansion. CNOOC has signed a memorandum of understanding with its Venezuelan counterpart ...

CCTV contemplating online video market entry

China Central Television (CCTV), the national State-run TV broadcaster, is expected to enter the country's lucrative online video market next week, raising concerns that the move may hurt domestic YouTube-like websites that were heavily fund by foreign venture capital. CCTV will ...

Drug major sees better China sales

Drug maker Merck Sharp & Dohme (MSD) expects the pace of sales in China to accelerate due to government initiatives to improve public healthcare, said Michel Vounatsos, president of MSD China. The size of MSD's China business will grow by 20 percent in the near future, the ...

Qingdao's container throughput exceeds 10m

The Port of Qingdao saw container shipping of 10 million twenty-foot equivalent units (TEU) today, marking another milestone since shipping through the port reached 300 million tons on Dec 13 this year, said the company in a statement. The company expects the total container ...

Sovereign wealth fund may get $200b cash injection

Sovereign wealth fund China Investment Corp (CIC) may get a $200 billion capital injection by the first quarter of next year, after approvals from the relevant authorities, according to sources familiar with the fund. It would also be the second time that the fund is getting ...

Investment company to finance coal industry restructuring

China's first energy industrial fund will be managed by Zhaohui Industrial Investment Fund Management, which was set up in Beijing on Sunday with an initial size of ten billion yuan($1.46 billion). The fund will help finance the restructuring of Shanxi's coal industry, as the ...

Shanghai employers go to US to hire returning Chinese

In response to a government mandate to make Shanghai a global financial center by the year 2020, Shanghai officials have teamed up with 17 major financial institutions to recruit in the United States, Canada and Singapore, with a focus on overseas Chinese talent. "Financial ...

Chinese private companies face tough choice on overseas M&A

To buy or not to buy, that is a question. The year 2009 saw Chinese private companies -- mostly "nobody" before the global financial crisis -- being given a chance to merge some overseas industry leaders, who suffered heavy blow or even went bankrupt in the crisis. Growing ...

Rising middle class offers opportunities for Western firms: US expert

The rising Chinese middle class, currently ranging between 100 million and 200 million in number, has offered great opportunities for Western companies to sell their goods and services, said a seasoned US-China business expert in Chicago. In a recent interview with Xinhua, Phil ...

Qingdao Port, China Merchants form JV

Port operator China Merchants Group and Qingdao Port on Friday said they are setting up a 6.22 billion yuan joint venture to build and operate a container terminal in Qingdao, Shandong province. Qingdao New Qianwan Container Terminal, invested by Qingdao Port Group, COSCO Pacific...

Shougang Steel may acquire Tonghua Steel

Beijing Shougang Steel Group is planning an acquisition of Tonghua Iron & Steel Group. Sources had said that Shougang Steel and State-owned Assets Supervision and Administration of Jilin province had reached an initial agreement to pay some 2 billion yuan for a controlling stake ...

BOC likely to raise 50b yuan from equities

Bank of China (BOC), the country's largest foreign exchange lender, is likely to raise a maximum 50 billion yuan from the equity market this year to shore up its capital strength, a source close to the bank said. "A comprehensive fundraising plan may come out together with the ...
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China slams Japan's NHK governor's denial of Nanjing massacre
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China's farm product pricing plan shifts to market orientation
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Minivans rev up sales for GM
Minivans rev up sales for GM
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Court rejects Apple lawsuit over iPad name
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Lucrative golf industry lures stiff competition
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Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
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Fourteen countries expected to compete in Cuba's wrestling tourney
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