China Pacific Insurance (Group), parent of the nation's third-largest life insurer, may invite foreign strategic investors to take a 25% stake in the company for as much as US$600 million, the South China Morning Post reported. The development comes as its life insurance unit, China Pacific Life Insurance, has been ordered by regulators to submit […]
Category: Economics & Trade
A team of European Union trade negotiators will fly to China on Wednesday in a bid to resolve the crisis over blocked imports of Chinese textiles, the Financial Times reported. Shipments of shirts, bras and flax yarn have piled up at customs points across the EU at the start of the week, after import limits […]
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Korean Air to buy Okay stake
Okay Airways, China's first private airline, has signed a preliminary agreement to sell a 25 % stake to Korean Air Co for around US$8.6 million, The Standard of Hong Kong reported. The group, which started flights from Tianjin's Binhai International Airport earlier this year, first entered into talks with Korean Air in June on a […]
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PBOC increases deposit rates
The People's Bank of China announced Monday it was lifting domestic US and Hong Kong dollar deposit rates by 0.375 percentage point, the second increase since the revaluation of the yuan on July 21. The benchmark one-year deposit rate for US dollars goes up to 2%, while the rate for Hong Kong dollars rises to […]
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Caterpillar to expand in China
US-based heavy machinery maker Caterpillar Inc said its Chinese subsidiaries have signed three MOUs with the Shanghai Lingang Economic Development Co, an industrial park developer affiliated with Shanghai's municipal government. Caterpillar and Lingang will work to create a "regulatory system" that facilitates trade and investment in the region, a remanufacturing site and a service center. […]