China's exports increased by 30 per cent year-on-year in December 2002 to stand at US$31.89bn, while imports rose by 28 per cent to reach US$28.73bn, International Business Daily said. Exports totalled US$325.57bn over the whole of 2002, 22 per cent higher than in the previous year, while imports rose by 21 per cent to reach […]
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Japan's Mizuho Corporate Bank has formed a comprehensive tie-up with China's Bank of Communications. Under the arrangement, Mizuho's client companies entering the Chinese market will be able to receive yuan loans from Bank of Communications more easily. Mizuho will also buy accounts receivable held by Japanese firms against Chinese companies and sell them to Bank […]
Fujian Industrial Bank has confirmed that it is in negotiations with potential foreign investors, the Financial Times said. Local media reports named Singapore's United Overseas Bank as one suitor for a stake. Fujian Industrial, which plans to raise capital through a share offering, has 250 branches and lends in and around its home province of […]
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Citigroup to buy stake in Pudong
US banking giant Citigroup is buying a 5 per cent stake in Shanghai Pudong Development Bank, Bloomberg reported. Citibank Overseas Investment Corp will pay Yn600m for the stake, or Yn3.32 a share, and buy another 1.7 per cent from Shanghai Jinqiao Export Processing Zone Development Co, as part of its parent's plan to take a […]
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New credit rating system set up
A new credit rating system covering all personal bank accounts in Shanghai went into operation at the end of 2002, South China Morning Post said. The system uses records provided by local banks, home and car finance companies and the city's two major mobile phone service providers. These were analysed with assistance from Trans Union […]