Dai Xianglong, the chairman of the National Social Security Fund (NSSF), said that China has no choice but to keep buying US Treasuries. “It’s a necessary choice for China to buy US Treasuries when you weigh up the pros and cons,” Dai, a former central bank governor, told a forum in Tianjin. However, Dai also [...]
Shenhua Group plans to invest more than US$58.53 billion over the next 10 years in facilities to convert coal to oil, methanol and gas. China’s biggest coal producer, Shenhua hopes to have the capacity to convert nearly 100 million tons of coal into roughly 30 million tons of oil and chemical products by 2020. One [...]
Guangdong Foreign Trade Group announced to the Australian stock exchange that it will take a 15% stake in copper and zinc miner Kagara for US$50.7 million. Guangdong Trade’s purchase would be part of a larger sale of Kagara shares worth up to US$212.5 million. The shares are expected to be sold at 60 Australian cents [...]
China Construction Bank (CCB) is planning to buy up to 30% China Cinda Asset Management in order to expand into the brokerage business. China’s second-largest bank has been in talks with the Ministry of Finance, which owns Cinda, to acquire 20-30% of the firm, CCB Chairman Guo Shuqing announced. The deal is expected to see [...]
The US and the European Union will file a World Trade Organization suit against China this month over concerns the country is hoarding minerals. China is alleged to have been using tariffs on exports to keep important industrial ingredients such as zinc, tin and silicon for use at home while aggressively buying up large quantities [...]
Urban fixed-asset investment rose sharply in May thanks to Beijing’s stimulus and a recovery in the property sector. New data from the National Bureau of Statistics (NBS) showed urban area investment in fixed assets such as apartment buildings and roads grew 32.9% in the first five months from a year earlier, compared with a 30.5% [...]
China’s imports and exports both fell in May, but some analysts said the worst is likely over as investment rose sharply. May exports decreased by a record 26.4% from the same month last year, while imports were down 25.2%, according to China’s customs agency. Despite a year-on-year import decline, however, analysts said demand for foreign [...]
