Once again Shenzhen is taking a lead in the country’s economic development, pushing ahead with a pilot package of WTO-inspired reforms that could serve as a blueprint for the rest of China.
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Category: Banking & Finance
A consortium led by international investment bank Morgan Stanley has resubmitted its application to set up a joint venture to dispose of distressed state-owned enterprise assets, after making changes to its initial plan, the Financial Times said. The consortium agreed last November to buy non-performing loans with a face value of US$1.3bn in a venture […]
China Life Insurance, the country's largest insurance firm, has applied to change itself from a wholly state-owned enterprise into a shareholding company, with the aim of seeking a listing, South China Morning Post said. The company has appointed international auditing firm PricewaterhouseCoopers to assess assets and undertake other work. Company president Wang Xiangzhang also said […]
Foreign insurance firms have closed a total of 11 offices in China so far this year, Reuters reported. The closures included Lincoln National offices in Beijing, Shanghai and Guangzhou, the Shanghai office of Japan First Life and the Beijing and Guangzhou offices of Swiss Life. Insurance officials blamed the closures on the small size of […]
Shenzhen is to sell shares in its municipallyowned enterprises to overseas investors, Xinhua reported. The city's mayor, Yu Youjun, said that the State Council strongly supported the initiative, which had not been tried before in China. Foreign investors will be invited to take stakes in the energy, water, gas, and public transport sectors. However, because […]