China quickly distanced itself from a stinging attack on George W Bush by Qian Qichen, the former vice-premier and foreign minister, published Monday in China Daily ahead of this week's US presidential election. Foreign Ministry spokeswoman Zhang Qiyue said the ministry had "clarified" Qian's remarks with US officials, insisting Qian did not write "any article […]
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Marking 20 years on the mainland, Santa Clara-based Applied Materials, the world's largest semiconductor equipment vendor, predicted China would eventually be its biggest customer because it stood to be the world's leading chipmaker. CEO Mike Splinter said China was already the company's fourth largest customer, thanks to local players like Grace Semiconductor and Semiconductor Manufacturing […]
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Locally made Mercedes by next year
DaimlerChrysler said plans to set up mainland Mercedes Benz production lines were approved by Chinese regulators, and that locally-made cars and vans would be selling next year. The company said that in the medium term it aimed to make 25,000 C and E-class cars with joint-venture partner Beijing Automotive Industry Holding.
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SAFE hits black marketeers
The State Administration of Foreign Exchange (SAFE) said it raided 86 money exchangers in the first nine months of 2004 uncovering illicit transactions to the tune of "billions of yuan". SAFE said it seized cash totaling RMB50m and and froze nearly 300 bank accounts said to hold more than RMB30 million.
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Wal-Mart to open 10 stores in 2005
Wal-Mart, the world's biggest retailer and employer of 1% of the entire US workforce, announced plans to open at least 10 news stores in China in 2005. The new openings are expected to help the company gain ground on China's current number one foreign retailer, France's Carrefour. Wal-Mart's move comes as the Chinese retail market […]