China Resources Power Holdings (CRP) reported a net profit of US$589.5 million for 2003, a jump from its US$28.1 million net profits in 2002. CRP officials said the profit increase was a result of a 14% rise in power generation output, which was raised to 25.25 million megawatt-hours. CRP also recorded an installed capacity of […]
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EU warns China over coke
The EU issued a warning to China regarding mainland restrictions on exports of coking coal, saying that failure to rescind the restrictions could lead to legal action, according to a Financial Times report. According to the report, EU officials complained to China's government about the export restriction, which they said is aimed at protecting China's […]
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China to subsidize grain farmers
China annouced that it will pay direct subsidies to grain farmers in 13 provinces in 2004. Officials said that at least RMB 10 billion (US$1.2 billion) of subsidies will be granted by the end of 2004. Analysts said the subsidies are unlikely to boost grain output. China recently announced plans to cut agriculture taxes by […]
China announced it changed visa application procedures for US citizens in reaction to US fingerprinting of Chinese citizens visiting the country. The new visa procedures stipulate that some US citizens will be interviewed before receiving a Chinese visa. US citizens holding diplomatic passports will be required to use common passports when traveling on private visits.
American Express announced that it reached an agreement to offer RMB and US dollar dual currency credit cards in China through a partnership with Industrial and Commercial Bank of China (ICBC). Chinese card holders will be able to use their dual currency cards throughout China and abroad. The deal will make it possible for non-Chinese […]