Air China plans to boost capital spending by 50% so it has sufficient capacity to meet growing demand for air travel as the global economy recovers. The company has earmarked $2.2 billion for capital expenditure in 2010 with a view to increasing net capacity by 10-12%. Much of the money will go on new aircraft, [...]
China’s central bank governor Zhou Xiaochuan said Tuesday that a lack of consensus on how to solve the global economic crisis will lengthen the process of resolving it. He reiterated China’s position that the country is willing to “support” the International Monetary Fund in raising funds to ameliorate economic stress. Earlier this month the central [...]
China President Hu Jintao urged world governments to take appropriate steps to boost their economies as leaders of the G20 rich and emerging powers gather in London for a summit to tackle the global economic crisis. “World countries should adopt economic stimulus steps suited to their conditions, reinforce coordination of their macroeconomic policies and achieve [...]
Bank of China (BoC) said its fourth quarter net profit dropped 59% year-on-year to US$646.8 million as the global economic crisis hit the lender’s overseas investments. The bank’s full-year income rose by 14% to US$9.4 billion. The fourth quarter decline – following a 32% gain in the first nine months of the year – indicates [...]
AFP – US President Barack Obama told China’s foreign minister that the US and China must avoid more standoffs at sea. Obama told Yang Jiechi in a meeting in the oval office that China and the US should increase military dialogue in order to “avoid future incidents,” the White House said. Meanwhile, unnamed US defense [...]
China Construction Bank (CCB) will avoid foreign acquisitions during the market uncertainty, according to comments from the bank’s chairman. In an interview published Wednesday by magazine The Asian Banker, Guo Shuqing said there were still too many questions about the asset quality of overseas banks for CCB to consider investing abroad. “Quite a lot of [...]
Computer maker Lenovo Group announced yesterday that it is replacing its American chief executive and refocusing on its home market. Chairman Yang Yuanqing will replace American Bill Amelio, who resigned at the end of his three-year contract. Liu Chuanzhi, who helped found Lenovo’s predecessor company and was Lenovo chairman until 2005, will replace Yang as [...]
Chinese premiere Wen Jiabao, in a rare interview, said China is considering additional stimulus measures on top of the US$585 billion fiscal package launched late last year. Speaking in London on the fifth leg of a European tour of China’s trade partners, Wen said, “We may take further new, timely and decisive measures. All measures [...]
Newly revised Chinese government figures show that China surpassed Germany to become the world’s third largest economy in 2007. The National Bureau of Statistics said that the economy had expanded by 13%, up from the 11.9% growth rate the government had previously stated. Analysts said the new figure would help to enforce the case that [...]
Preliminary figures from the China Association of Automobile Manufacturers showed that new car sales in the country rose just 7.3% in 2008 – the worst year on record for the last decade. The drop was attributed to a lack of consumer confidence caused by the recent global economic crisis. Beijing has set a goal of [...]
