China Economic ReviewChina produced a record 15m air-conditioners in 2002,18 per cent more than in the previous year, according to a report by the Hong Kong Trade Development Council. In the same period sales dropped by 40 per cent to Yn50bn, with profits slipping by 22 per cent and inventories increasing by 53 per cent to leave […]
Guangdong Kelon Electrical Holdings, China's third largest refrigerator maker, reported a net income of Yn184m in 2002 according to international accounting standards, after making losses in the previous two years. Under domestic accounting standards, Kelon reported that it had made a profit of Yn201m. However the company's auditor, Deloitte Huayong, had questioned the company's figures […]
Japanese printing and photocopying firm Fuji Xerox is moving its Asia-Pacific headquarters from Singapore to Shanghai, Nikkei said. It hopes that a US$300m investment in China and a new hub in Shanghai will help to double its copier sales in China to US$500m by 2005. The Asia-Pacific HQ deals with business in the region outside […]
Consumption taxes on certain luxury goods are likely to be reduced to make mainlandproduced items more competitive in dutyfree shops, said the State Administration of Taxation. Officials did not say by how much they planned to cut the tax, which manufacturers pay at the wholesale level but pass on to customers at the retail level. […]
French-owned supermarket chain Carrefour has formed a joint venture with a unit of Shanghai Lianhua Supermarket Co, China's biggest grocery chain, to run discount stores in Shanghai, according to a report in Shanghai Daily said. Shanghai Dia Lianhua Retailing would be 45 per cent owned by Lianhua and 55 per cent owned by Promodes, a […]