The chairman of Bank of China said the lender wants to grow aggressively overseas but doesn’t plan on making any acquisitions. Xiao Gang told reporters Thursday that BoC’s “overseas expansion plans will rely on [its] own strengths,” noting that international business has already increased after foreign banks were crippled by the global financial crisis. He [...]
China’s exports rose 45.7% year-on-year in February, up from the 21% growth reported in January. The significant increase is largely seen as a result of base effects, as February 2009 marked the point of sharpest decline for China’s exports during the global financial crisis. Imports were up 44.7% in February, down from 85.5% growth in [...]
China became the world’s largest exporter in 2009 after long-time leader Germany saw its exports contract by nearly a fifth, the biggest decline in 60 years. The release of trade data by the German government on Tuesday confirmed what was already widely expected. While the global financial crisis sent Germany into a severe recession, China’s [...]
The World Economic Forum (WEF), which meets in Davos this month, has flagged China as an area of concern, partly because of Beijing’s response to the global financial crisis. The WEF’s global risk report puts the chances of a serious economic slowdown in China at above 20%. It estimates such an occurrence would lead to [...]
The China Securities Regulatory Commission (CSRC) approved a plan by China Pacific Insurance for an initial public offering (IPO) in Hong Kong that will raise at least US$3.4 billion. The CSRC has permitted the company to issue up to 990 million shares overseas, China Pacific said in a statement. The company, China’s third-largest life insurer, [...]
Foreign direct investment (FDI) in July fell 35.7% year-on-year to US$5.4 billion, according to data from the Ministry of Commerce. Foreign investment in China for the first seven months of the year stood at US$48.3 billion, down 20.4% from the same period one year earlier. While FDI has declined for 10 consecutive months due to [...]
Foreign direct investment (FDI) in China fell by 17.8% year-on-year to US$6.38 billion in May, a sign that the global financial crisis is continuing to slow investment in China, according to data from the Ministry of Commerce. However, May’s decline was smaller than April’s 22.51% drop in FDI. Foreign investment from January to May was [...]
Shenzhen Airlines may seek a full or partial listing in Hong Kong or Shanghai to provide more capital for expansion. “We have plans to list the company wholly or partially and will get it done quickly if it is needed,” Chief Executive Li Kun said. Li said he expected the airline to be profitable this [...]
Fortis China fund venture has become the country’s first asset manager to pay dividends to investors of an overseas investment fund, as a rebound in global stock markets eliminated the fund’s losses. The China Overseas Best Selection Fund, launched in June 2008 under the Qualified Domestic Institutional Investor (QDII) scheme, will pay a RMB0.2 (US$0.03) [...]
Bank of China (BoC) has abandoned efforts to purchase a 20% stake in French private bank Financière Edmond de Rothschild after the deal failed to win regulatory approval before a deadline expired. The March 31 deadline already represented a three-month extension on the original cutoff point, but there was still no word from the China [...]
