Beijing will give Hong Kong a package of social and economic liberalization reforms in a show of support for new chief executive Donald Tsang, the South China Morning Post reported. The package includes increasing the scope of yuan business for local banks, giving national residency rights to local students and allowing more Hong Kong service […]
Category:
Andes Petroleum Corp, a joint venture that includes China National Petroleum Corp, will pay US$1.42 billion for Ecuadorian oil and pipeline assets belonging to Canada-based EnCana Corp, the Wall Street Journal reported. Andes Petroleum will acquire daily oil production of 75,000 barrels and proven reserves of 143 million barrels. The price values each barrel at […]
China's exports outpaced imports in August for the tenth month in a row, reaching US$10 billion, the third-highest rate on record with exports for the month up 32.1% to a new high of US$67.8 billion, while imports increased 23.4%. The Commerce Ministry said the surplus may reach US$80 billion this year, a 125% increase on […]
IMF directors said China needs to loosen the leash on the yuan in order to insulate the economy from the volatility of foreign exchanges. It also said China had a responsibility to help smooth out current global imbalances, in part caused by its yuan exchange rate. The IMF also advised China to allow its central […]
COSCO Pacific, a Hong Kong-listed unit of China's largest shipping company, China Ocean Shipping, aims to buy a 14% stake in Tianjin's new port this year, Hong Kong's Standard reported. Four other shipping firms, among them Maersk, will also channel investments into Tianjin Five Continent Port. COSCO will invest US$700 million this year to buy […]