China Economic ReviewThe Minister of Railways, Fu Zhihuan, said that China would allow foreign companies to set up joint ventures to engage in internal railway freight transport from 2002 as the first step to the complete opening of the business to foreign investors, China Daily said. Chinese firms would hold a majority stake in the ventures in […]
US-based General Electric has entered into talks with Beiya Industrial Group on the establishment of a joint venture that will provide a rail freight distribution service, said Homeway Financial News. Total investment in the venture is expected to be Yn500m. Railway transport accounts for 90 per cent of Beiya’s total business. The group also expects […]
The State Administration of Taxation changed the rules for calculating purchase tax on new motor vehicles at the beginning of November 2001, Xinhua reported. The rules reduce the taxation price on which the 10 per cent purchase tax is calculated for a wide range of vehicles that includes farm vehicles as well as cars. In […]
China produced 1.9m autos in the first nine months of 2001, 13 per cent more than in the same period of 2000, according to a survey by the People’s Bank of China. The report predicted further growth in future and by 2005 China would be able to produce 3.2m autos, including 1.2m sedans. The survey […]
Nokia, the Finland-based telecoms equipment maker, has sold a 30 per cent stake in its subsidiary, Nokia (Suzhou) Telecommunications, to Shanghai Alliance Investment Co, an arm of the Shanghai city government. The sale converted the wholly-owned subsidiary, which manufactures cellular network equipment, into a joint venture. Shanghai Alliance, which is backed by Jiang Mianheng, son […]