Insurance companies in China spent Yn119m on television advertisements in the first four months of this year, 92 per cent more than in the same period of 2001, said CVSC-TNS Research. The top spenders were Ping An Insurance, People's Insurance Co of China, China Life, China Pacific Insurance and Germany's Allianz Group. In 2001, the […]
Category: Banking & Finance
Bank of China Hong Kong launched its initial public offering in Hong Kong in July, becoming the first big four bank to sell shares to foreign investors. Bankers said the public sale was oversubscribed by 25 times. The bank priced the issue at HK$8.50 a share for institutional investors with a 5 per cent discount […]
The Shanghai branch of the People's Bank of China reported that foreign banks invested US$240m in Shanghai during the first six months of this year, according to Reuters. "Foreign banks in Shanghai have an almost universally optimistic view of their China operations and of China's prospects for maintaining quick economic growth," said the bank. China […]
The Industrial and Commercial Bank of China has said that it will give greater lending priority to small and medium-sized enterprises. The approval process will be simplified and lending requirements for small enterprises lowered. Secondary branches of the bank would also have the power to make lending decisions of up to Yn50m. About 90 per […]
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Reserves climb to US$243bn
China's foreign exchange reserves at the end of June totalled US$242.76bn, reflecting a year-on-year growth rate of 34 per cent, said central bank governor Dai Xianglong. The average monthly growth rate of US$5.1bn over the first six months of the year was just over twice as large as the US$2.54bn achieved in the same period […]