China will produce about 4m motor vehicles in 2003, displacing France to become the world’s fourth largest vehicle maker by the end of this year, according to official sources.
Motorola said that second quarter sales of mobile phones in China would be around 30 per cent down as a result of Sars.
China’s three largest companies by assets are Sinopec, China Unicom and Baosteel, according to a survey conducted by Listed Companies magazine.
General Motors plans to export its Cadillac CTS model to China within a year and, if sales are favourable, could begin manufacturing the model there, Reuters reported.
Beijing Youth Daily, the country’s second largest newspaper by sales revenue, recorded an 80 per cent year-on-year drop in advertising revenue in May.
Formosa Plastics of Taiwan is studying the feasibility of setting up a motor assembly plant in Ningbo, Zhejiang province, in order to enter the Chinese car market, AFP reported.
Olympus Optical of Japan plans to increase production capacity at its plants in Guangdong
province by half to 300,000 units a year in order to take advantage of the low labour costs there, Bloomberg reported.
The Malaysian retailer Parkson Group will open three new outlets in Beijing, reported
mainland media. They will either be department stores or shopping warehouses.