China Economic ReviewFrom iron groups to oil producers, a growing number of Chinese companies are now rushing into the financial services sector in search of a higher profile and big returns. Haier is one of China's best known brand names for a range of goods such as microwaves, refrigerators and televisions. Its quest for greater diversification has […]
US financial services group JP Morgan has confirmed that talks between its unit JF Funds and Chinese fund manager Huaan to establish a joint venture fund management company have broken down, the Financial Times said. Insiders said that the two sides had agreed on the new management structure and the price that JF would pay […]
Zhou Xiaochuan, head of the China Securities Regulatory Commission, has been appointed governor of the People's Bank of China. The 55-year-old was a protege of Premier Zhu Rongji and he tackled a range of problems affecting the stock markets while he was at the CSRC, including poor accounting practices and widespread speculation.
The central government has decided to set up a China Banking Regulatory Commission that will be headed by Liu Mingkang, currently president of the Bank of China, reported Xinhua Financial Network. Xiao Gang, deputy governor of the People's Bank of China, was expected to replace Liu as Bank of China president and Li Wei, secre-tary […]
A number of Chongqing-based businessmen are planning to set up their own bank, to be called the Employment Bank, South China Morning Post said. The head of the group is Yin Mingshan, chairman of motorcycle maker Lifan Industrial Group, one of 16 large private firms proposing to set up the bank by pledging a total […]