Hong Kong's Trade Development Council advised Hong Kong's apparel and textile producers to establish operations outside China to escape likely retaliatory actions by the US against Chinese textiles and garments. The EU has already imposed emergency safeguard measures, while the US is also expected to take action, as businesses petition for quotas. Hong Kong businesses […]
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Coal prices face pressure
Despite having already increased 40% from last year, coal prices remain under strong pressure, thanks to strong demand and Beijing's curbs on overproduction and closure of illegal and dangerous mines, state media reported, citing market experts. With coal supplying 70% of China's energy needs, electricity rate hikes are expected, thus raising the cost of downstream […]
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Three banks to launch fund ops
Following its approval to allow banks to form fund management companies in February, the People's Bank of China has selected the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and the Bank of Communications (BOC) as the first state banks to launch fund operations. China Securities Journal said the new ventures would […]
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Chinese textiles face EU limits
The EU said it would impose emergency quotas on Chinese textile imports if their volume increased between 10% and 100% from 2004 levels, depending on the product, the Wall Street Journal reported. But before taking action, the EU said it would study import data for the first quarter of this year.
Hong Kong's Acting Chief Executive Donald Tsang announced he would seek guidance from Beijing to resolve a dispute over the tenure of Hong Kong's next leader — to be elected July 10 — in a move pro-democracy lawmakers say would undermine the territory's constitution. At issue is whether the successor to Tung Chee-hwa, who resigned […]