China Economic ReviewAn official investigation of China Everbright Bank has found widespread irregularities, South China Morning Post said. In the first such investigation since China adopted its Accounting Law, the Ministry of Finance sent more than 400 inspectors to 30 branches of the bank in August last year. The investigation was completed in November but the findings […]
British American Tobacco has signed an agreement with the provincial government of Sichuan to build a cigarette factory at Mianyang, Sichuan province, Bloomberg reported. The company did not say how much money was involved in the project. The news appeared a few days after China National Tobacco, which regulates the country's 146 cigarette makers, reiterated […]
The US-based retailing giant Wal-Mart bought US$10.3bn-worth of Chinese-made goods last year, according to Shenzhen Commercial Daily, up from US$2bn in 1998. This year's purchases are expected to be US$15bn. Last year, four million Hongtu DVD players were sold in Wal-Mart stores worldwide. In mainland China, the group has 20 stores in nine cities; it […]
The plastics unit of US industrial giant General Electric announced that it would spend at least US$200m over the next three years to buy Chinese rivals and build new facilities, in a bid to double sales in the Chinese market. GE Plastics currently has sales of US$550m in China, selling plastic pellets produced in its […]