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Diversification and financial assistance from the government helped Suzhou Industrial Park make a profit of US$7.6m in 2001, Reuters reported a park spokesman as saying. The profit was the first made by the park, which had accumulated losses of US$70m since being set up in 1994 as a joint venture between the Suzhou city government […]

China’s plan to improve the prospects of its unprofitable rare earth industry includes consolidating more than 100 scattered firms into two giant companies, Annie To, executive director of Hong Kong-listed China Rare Earth, told South China Morning Post. She commented that two new firms would be created, one in the north led by Inner Mongolia […]

The number of listed firms reporting losses for 2001 is likely to far greater than in 2000, Shanghai Securities News said. Under stock exchange rules, companies have until April 30 to report their results for the previous year, but those expecting to report a loss or a sharp decline in profit must issue a profit […]

Liaoning governor Bo Xilai said that his province’s pilot scheme for a new social security network is struggling to raise the cash to pay pensions to the 2.7m pensioners in the province. The social security system is made up of pension funds, medical and unemployment insurance and public provident funds for housing. Workers at stateowned […]

The disciplinary commissions of the Communist Party and Youth League have launched an investigation into alleged financial irregularities by the China Youth Development Foundation, South China Morning Post said. Accusations were made by Liu Yang, formerly the foundation’s accountant. The foundation oversees the charity Project Hope, which promotes education in povertystricken areas. According to the […]