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New rules governing the operations of foreign banks in China took effect at the beginning of February. They replace all previous rules and are intended to give effect to China’s commitment to opening its financial services to foreign institutions after joining the World Trade Organisation. The rules divide foreign banks in China into Chinese registered […]

Xinhua Financial Network and Shanghai Far East Credit Rating have formed an alliance to assign credit ratings to China’s publicly listed companies, South China Morning Post said. They announced their first batch of credit ratings on 35 B-share companies early in February and said that the second batch, of A-share companies, would be announced after […]

China Construction Bank, one of the four major state-owned commercial banks, has cut its pre-tax profit for 2001 from Yn9.2bn to Yn5.2bn after increasing its provision for bad debts. The figure of Yn9.2bn was widely reported n the Chinese media in January and a bank spokesman said that the cut was due to increasing provision […]

China’s four asset management firms resolved Yn124.5bn in bad debts in 2001, Financial News said. The four firms were set up in 1999 to reduce the burden of bad debts from the books of China’s four large stateowned commercial banks and have taken non-performing loans worth more than Yn1,400bn from their books. In a separate […]

Sanyo Electric plans to start making digital cameras at a precision equipment plant in Guangdong province in April, reported Nihon Keizai Shimbun. The Japanese company’s joint venture in Dongguan, which was set up in 1995, will make the cameras using existing lines currently used to manufacture mounting equipment. The company, which hopes to produce 1m […]