Authorities in Guangdong have moved to alter the province’s temporary residential permit system, which it is claimed discriminates against migrant workers. According to draft management regulations for migrants submitted to the standing committee of the Guangdong People’s Congress, references to the “temporary residential license” will be replaced by a “residential license.” With this would come [...]
Datang International Power Generation posted a 79% year-on-year decline in net profit in 2008 to US$111 million in 2008. Earnings came in at US$111 million while sales increased 12% to US$5.4 billion. The company put the poor performance down to higher fuel costs in the first half of the year and reduced power demand in [...]
China and Argentina have agreed to a currency swap that will allow Chinese exporters to receive renminbi instead of US dollars for goods shipped to the Latin American country. The US$10.24 billion swap agreement was signed in Columbia on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martin Redrado, president of [...]
China was one of several nations to praise US pledges to do more to combat global warming. Washington delegates started an 11-day series of climate talks in Bonn on Sunday by announcing plans to cut US emissions of greenhouse gases by 16-17% – or back to 1990 levels – by 2020. Yu Qingtai, China’s climate [...]
Internet giant Google on Monday launched an online music service in China. The service, now officially operational following a seven-month test period, is free to use in China. Revenue will be generated through ad sales on the website. Users can download or stream music from more than 140 labels, including Warner Music Group, Universal Music, [...]
Chinese automaker BYD, which stole a march on the world with the launch of a plug-in car in December, may supply batteries to car companies in Europe and the US. BYD Chairman Wang Chuanfu confirmed that negotiations are underway with one US and two European auto companies about supplying lithium-ion batteries. He did not identify [...]
China Minmetals has made a revised takeover bid for Australia’s OZ Minerals. The initial US$1.83 billion deal was blocked by the Australian government, as one of the assets – OZ Minerals’ Prominent Hill mine – is located in a military zone. According to a statement released Tuesday by the Melbourne-based firm, the Chinese side has [...]
An electronic espionage operation primarily based in China obtained sensitive information from computers across the globe. A report issued this weekend by researchers at the University of Toronto found 1,295 infected computers in over 100 countries. Of those computers, 397 of the infected machines were “either significant to the relation between China and Tibet, Taiwan [...]
China risks misallocating investment in its US$70 billion plan to expand airport capacity by 2013 by overspending on airport projects in western provinces while neglecting some fast-growing coastal provinces, according to a study by McKinsey. A recent study by the consultancy found that of the 97 greenfield airport projects planned until 2020, only 20-30 are [...]
A government researcher has said that China’s US$585 billion stimulus package and other measures will boost the economy by 2 percentage points this year. Zhang Liqun, a researcher with the Development Research Center of the State Council, China’s cabinet, said that China’s economy would grow by 6% without government assistance, but that the stimulus package, [...]
