Three-quarters of US firms in China reported being profitable, with 10 per cent ‘very
profitable’, according to an American Chamber of Commerce survey of 254 companies.
Nearly half said their profit margins had risen since last year. Wholly owned businesses had
been set up in 57 per cent of those questioned, compared with 20 per cent in 1999.
Air courier FedEx will add 100 cities to its current network serving 220 Chinese cities
over the next five years, reported Reuters.
China’s top television maker TCL said it hoped to extend its relationship with Philips
and other international electronics manufacturers as part of its global expansion plans.
Chinese carmakers sold 183,800 vehicles in September, an increase of 52 per cent on
same month last year. The China Association of Auto Manufacturers attributed the increase
to price cuts and rising incomes.
US-film giant Eastman Kodak has agreed to pay US$100m for a 20 per cent stake
China Lucky Film. The 20-year agreement, still subject to government approval, is in return
for cash and technology. Kodak will help Lucky develop and market its brands.