Officials of China’s national pension fund said that a decision on investing in the stock market would be delayed for up to a year, South China Morning Post said. The results of a planned study into how to allow fund managers to handle the money would first have to be completed, and that would take […]
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Ping An to form conglomerate
China’s largest shareholding insurance company, Ping An Insurance, is planning to set up a financial conglomerate in the second half of this year, China Daily said. The expanded group would encompass securities and trust businesses in addition to life and non-life insurance businesses. Company chairman Ma Mingzhe said that the China Insurance Regulatory Commission and […]
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Aegon to set up joint venture
Dutch insurer Aegon will set up a life insurance joint venture in China with the China National Offshore Oil Corporation, Xinhua reported. Each partner will have a 50 per cent stake in the venture, which will have an initial capital of US$24m. Based in Shanghai, the joint venture is expected to start operation in September […]
A study by Shenzhen Stock Exchange has found that punishment of market fraud is insufficient to deter offenders, South China Morning Post said. The study found that between 1993 and October 2001, the China Securities Regulatory Commission handed down 218 disciplinary actions for disclosure violations involving 171 firms and one-fifth of all cases were repeat […]
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Banks told to disclose earnings
All banks and other lenders in China, both domestic and foreign-owned, must from now on issue annual financial statements, according to a directive issued by the People’s Bank of China. It did not specify whether the reports should be based on domestic or more stringent international accountancy standards. Bloomberg said the move was prompted […]