China Economic ReviewRejecting an iron ore surcharge proposed by BHP Billiton, China's steelmakers and traders are looking for alternative suppliers as negotiations with BHP have stalled, the South China Morning Post reported. China National Minerals' Strategic Planning and Development Department said China would look to source more from India and Brazil while opening up markets in Iran […]
Surging textile exports contributed to China's trade surplus in March, which registered US$5.73bn, versus a deficit of US$8.43bn in the year-earlier period, state media reported, citing official statistics. China's trade volume reached US$295.2bn in the first quarter, increasing more than 23% from a year ago; exports increased 33%, to US$155.9bn, while imports grew 12.2% to […]
China approved plans by PICC Holding Co, owner of China's biggest general insurer, to set up a majority-owned joint venture with Japan's Sumitomo Life Insurance Co, which will have a 29% stake and Asia Financial Holdings Ltd, which will have 10%, Bloomberg reported.
Czech car manufacturer Skoda Auto said it would start production in China, following its April 11 deal with Shanghai Volkswagen on Monday. Plans call for producing 40,000 vehicles for domestic and overseas markets in 2007, and 80,000 in the following years. Skoda Auto, owned by German manufacturer Volkswagen AG, sells about 2,000 cars in China […]
Two executives of the Guangzhou Tianyang Food Co have were detained on suspicion of supplying the carcinogenic additive Sudan I to more than 30 food manufacturers, including Heinz Food's China subsidiary, state media reported, citing the Guangzhou Municipal Bureau of Quality Supervision and Inspection. Since February, more than 85 products in China have been found […]