China National Petroleum Corp (CNPC) won a bid to purchase a nearly 60 percent share in Russian energy company Stimul. The move is China's first step into the Russian energy sector. Privately owned Stimul claims most of its assets in southern Russia's Orenburg region. Russian media said that the firm had proven reserves of more […]
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Auto giants approved for financing
China approved applications by Volkswagen, General Motors and Toyota to establish automobile finance operations on the mainland. The China Banking Regulatory Commission's website said that the three foreign auto makers will likely begin offering car loans around the middle of the year. GM will enter China's auto finance market via its JV with Shanghai Automotive […]
Three small Hong Kong banks will take advantage of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the mainland to establish branches in Shenzhen, Guangdong Province, according to Chinese media. The banks, Wing Lung Bank, Dah Sing Bank and Shanghai Commercial Bank will set up their first mainland branches after CEPA takes effect […]
Construction commenced in Shanghai on what is expected to be the world's largest shipyard. The shipyard will cover eight kilometers (five miles) of the coast of Changxing Island, located within Shanghai Municipality. The shipyard is scheduled to begin operations in 2007 and is expected to be fully operational by 2015, with an annual capacity of […]
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Road cleared for new agency.
Legislators passed an amendment to China's central bank law which allows the State Council, China's cabinet, to establish a government supervisory body, according to Chinese media. The new government agency will oversee bank, insurance and stock market regulators. The aim of the new agency will be to improve risk controls before allowing banks to invest […]