Despite government efforts to encourage more lending to farmers, the banking system still fails to serve China's rural economies adequately, according to a survey made by the Standing Committee of the National People's Congress (NPC). The six-province survey showed state-owned banks had closed many branches and had withdrawn authorization to issue loans at others. It […]
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Inflation heads up in June
State Development & Reform Commission Vice-Secretary Cao Yushu said China's inflation rate as measured by the Residents Consumer Price Index could increase from 4.4% in May to 5% in June.
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Development bank planned
The Shanghai Co-operation Organization, which groups together China, Russia, Tajikistan, Kazakhstan, Kyrgyzstan and Uzbekistan, plans to establish a bank owned by business corporations but modeled on the Asian Development Bank (ADB). Pan Guang, the group's director of European and Asian Studies, told a China-Europe conference the bank would fund projects much like the ADB. He […]
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Sichuan backs Hong Kong HQs
In another boost for the newly mapped out pan-Pearl delta economy, Sichuan officials urged local companies to establish their headquarters in Hong Kong. Vice-Governor Jiang Jufeng said the SAR had the potential to become a headquarters economy for the new regional framework that groups together Hong Kong, Macao and eight provinces and Guangxi Zhuang Autonomous […]
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GM shifts regional HQ to Shanghai
General Motors Chairman and CEO Rick Wagoner announced GM will shift its Asia-Pacific headquarters from Singapore to Shanghai by January 2005. The move follows GM's recent announcement of an additional US$3 billion investment in its China operations. The company said it will move regional finance, product planning, personnel and purchasing operations to China where it […]