China's foreign trade was predicted to reach US$1 trillion in 2004 in a report issued by the Ministry of Commerce. The report projected China's exports to total US$505 billion and imports were predicted to reach US$495 billion, which would year-on-year growth of 15% and 20%, respectively. The report cited foreign currency uncertainties, oil prices and […]
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China's rich growing richer
The combined wealth of China's 500 richest men and women reached US$60.4 billion in by the end of 2003, according to a report in the Shenzhen-based magazine New Fortune. The report said the group's average personal wealth grew 31.5% in 2003 to reach one billion renminbi (US$121 million). The fastest growth was enjoyed by Li […]
A decommissioned World War II-era US warship was blocked from leaving a California shipyard for China by the US Environmental Protection Agency (EPA), which said the ship was contaminated with toxic chemicals known as PCBs. The ship was to be scrapped in China before its owner Sanship Inc was blocked by the EPA, acting on […]
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Major SOEs to be audited
China's National Audit Office announced that it will audit nine of China's largest state-owned enterprises (SOEs) and the State Tobacco Monopoly Administration. Beginning from June, the office will audit China National Petrochemical Corp, China National Offshore Oil Corp, China Netcom Corp and six other SOEs. The audit will focus on the companies? 2003 activities and […]
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Siemens, Ningbo Bird sign deal
Siemens and Chinese handset maker Ningbo Bird Co signed a distribution agreement that will provide the German company with access to areas in China with high growth rates for mobile phone ownership. The deal will allow Siemens? IC Mobile subsidiary to utilize Bird's distribution network, which includes 30,000 mobile phone outlets. Siemens said the agreement […]