Cummins, Foton launch diesel engine JV
mars 31, 2008
US-based diesel engine maker Cummins and China's Foton Motor officially launched a 50-50 joint venture on Wednesday, creating China's largest engine producer, AFP reported, citing state media. Cummins's total investment in the deal is US$385 million. Production of 2.8-liter and 3.8-liter engines, expected to begin early next year in a facility being built in Beijing, will mark the first time the engine models have been made outiside of the US. Light diesel engine capacity is expected to reach 400,000 per year, which will be sold both in and outside of China. Read more
Report: Textile industry faces slim profits
mars 31, 2008
Profit margins in China's textile industry averaged 3.9% in 2007, and two-thirds of companies claimed an average profit margin of 0.62% last year, according to a governement report of the sector, state media reported. The China National Textile and Apparel Council conducted the survey across six provinces and said that yuan appreciation and rising costs of materials and labor were the major reasons for reduced profit margins. Profit margin numbers for 2006 were not available. China's textile and garment exports in February dropped 32.9% from the previous month on weakened US and European demand. Read more
Test flight for China’s first passenger jet delayed
mars 31, 2008
China is expected to delay the test flight of the nation's first passenger jet, originally scheduled for the end of this month, to at least the middle of this year due to supplier delays, according to people familiar with the situation, Bloomberg reported. The 70- to 90-seat ARJ21, or Advanced Regional Jet for the 21st Century, is seen as the first step in China's ambition to compete with global aircraft makers like Boeing and Airbus. Contractors for the project include Rockwell Collins, Honeywells and General Electric, though the source of the delays was not disclosed. When released, the ARJ21 will be priced at a similar level to the US$30 million Embraer 175 jet, officials say. Read more
Mainland markets hit eight-month low
mars 31, 2008
The index tracking mainland shares on both the Shenzhen and Shanghai stock markets dropped to an eight-month low yesterday, led by Baoshan Iron & Steel and China Petroleum & Chemical, which fell 9% and 8.5%, respectively, Bloomberg reported. The CSI 300 Index fell 4.2%, to 3,748.92 on reduced US export demand and likely higher interest rates. China's oil refiners posted a loss of US$2.9 billion in the first two months of 2008. Read more
Yuan-dollar rate poised to break through 7.0 barrier
mars 31, 2008
The yuan - currently trading at 7.0105 to the US dollar - is expected to fall below RMB7.0 ahead of US Treasury Secretary Henry Paulson's three-day visit to China on April 1, the Wall Street Journal reported. The yuan has risen 1.1% against the dollar over the last two weeks, following a period little change during the National People's Congress. The yuan's value typically remains stable during high-level gatherings of China's leadership. So far this year the yuan has gained 4.3% against the dollar - an annualized rate of 17.4%. In 2007, the yuan rose by 6.9%. Paulson, who is scheduled to meet with Vice Premier Wang Qishan and other leaders, has repeatedly called for the yuan to appreciate at a faster rate. Read more
Mainland insurers given green light to invest abroad
mars 31, 2008
Regulators signed an agreement Thursday to allow mainland insurance companies to set up asset management firms in Hong Kong to invest in foreign stocks and bonds, the South China Morning Post reported. China Life Insurance and Ping An Insurance have been allowed to invest in Hong Kong through the qualified domestic institutional investor (QDII) scheme since last July, on an experimental basis. The agreement, signed by the China Insurance Regulatory Commission and the Hong Kong Securities and Futures Commission, will allow other mainland insurers to join them in investing overseas. The scheme could free up to US$54 billion in mainland insurance funds for investment in overseas stock markets. Read more
Greece Hands China Olympic Torch
mars 31, 2008
HK Democracy Activist to Quit Politics
mars 31, 2008
Schooling the Artists’ Republic of China
mars 31, 2008
Olympic Beijing Tries to Kick Smoking
mars 31, 2008
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