China Economic ReviewChinese consumers bought 1.36m cars in the first four months of this year, with at least 800,000 of them going to private buyers, Xinhua reported. This confirmed the trend noted last year when 60 per cent of cars sold went to private buyers, the first time that the proportion exceeded 50 per cent. By mid-2003 […]
The China Insurance Regulatory Commission has approved two of the six applications for listing programmes submitted by domestic insurance firms. Announcing the decision, Li Kemu, vice-chairman of the commission, said public offerings would enhance the operating efficiency and transparency of insurers and enlarge their capital base. The two successful applicants New China Life Insurance and […]
Shenzhen-based Hua An has become the first private non-life insurance company in China. A company spokeswoman said that the China Insurance Regulatory Commission had approved the transfer of 59 per cent of shares from state to private enterprises, leaving 83 per cent of the firm in private hands. This is divided among nine private companies, […]
The China Banking Regulatory Commission made its official debut at the end of May, with a press conference taken by its chairman, Liu Mingkang. The objectives of the commission were defined as protecting the interests of depositors and consumers by prudential and effective supervision, and accordingly helping to increase public confidence in the sector. The […]
The US investment bank Goldman Sachs has signed a landmark deal with the Industrial & Commercial Bank of China (ICBC) to form a strategic partnership to dispose of non-performing loans. Hank Paulson, chairman of Goldman Sachs, said that the venture would mark the start of a longterm relationship with the bank. The joint venture intends […]