The Agricultural Bank of China reported a 47% year-on-year rise in operating profits during the first quarter, which reached US$952 million. The state owned bank also reported a decrease in non-performing loans, which decreased by 2.4 percentage points from the end of 2003 to US$1.07 billion.
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Shenzhen gas JV unveiled
Shenzhen announced that its primary gas supplier, Shenzhen Gas Corporation, had become a joint venture, formed with Hong Kong and China Gas Company (Towngas) and mainland investment group New Hope Group. The restructured gas provider is 60% owned by the Shenzhen municipal government, with Towngas holding 30% and mainland tycoon Liu Yonghao's New Hope the […]
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IMF: China's growth sustainable
The International Monetary Fund released its biannual world economic report in which it stated that China could maintain 6-9% GDP growth, but that structural reform was of paramount importance to sustainability. The report said that China's continued growth would primarily benefit itself, but that other countries would largely benefit from cheaper labor-intensive imports and increased […]
European Commission president Romano Prodi expressed concern regarding the European Union's US$65.9 billion trade deficit with China, which he said could be addressed via a stronger yuan. Prodi said the trade deficit with China was primarily fuelled by China's strong exports and barriers to entry for European goods in the Chinese market. Prodi said that […]
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Shiseido plans 500 mainland outlets
Japanese cosmetics group Shiseido announced it plans to open 500 independent stores in China by 2008. Company officials said that the first three trial mainland outlets showed favorable results and that it planned to open a total of 300 stores by the end of the Japanese fiscal year 2004. The company has sold its products […]