At the end of August, outstanding loans by China's state-owned commercial banks were Yn539.9bn higher than at the start of the year, according to the People's Bank of China. Of the total, Yn510.7bn was in the form of yuan loans. Since the start of this year, the central bank has been encouraging banks to lend […]
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More foreign investors welcome
China's central bank welcomes more strategic foreign investment in small and mediumsized banks, Reuters quoted assistant bank governor Li Ruogu as saying. Such banks would serve the development of local economies and non-state companies. The central bank also supported commercial banks performing other banking operations besides fee-based ones. The International Finance Corp and Canada's Bank […]
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Software group buys brokerage
Peking University Founder Group has received approval from the China Securities Regulatory Commission to take control of Zhejiang Securities, Shanghai Securities News said. Founder, one of China's biggest software designers, will pay Yn230m for the stake in the firm, which had assets valued at Yn538m at the end of last year. The brokerage operates 15 […]
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 […]
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 […]