China Southern Airlines may receive a $220 million cash injection from the government.
Trading of the company’s stock was halted in Hong Kong and Shanghai from today for no more than ten days while airline determined how to use the funds.
According to a statement to the Shanghai Stock Exchange, the funds would be allocated by the [...]
China’s Ministry of Finance is planning to increase its holding in Bank of Communications (BoCom) when the bank issues new shares in order to replenish its capital base.
A source close to the ministry said that following regulatory approval for the new share issue, the Ministry of Finance would buy a stake [...]
Premier Wen Jiabao will head a newly established “super ministry,” the National Energy Commission (NEC), with vice-Premier Li Keqiang as deputy.
The new government agency has been set up to “take charge of the country’s energy policy for better coordination in formulating strategy and planning development” and will include members representing [...]
China state-owned enterprises have suffered a 20% drop in profits since last year.
China’s Ministry of Finance published statistics that showed that the combined profit earned SOEs between January and August has dropped to RMB813.51 billion (US$119.16 billion), 20% down from the first eight months of 2008.
The MoF did not reveal how much SOEs had lost month [...]
China will market renminbi-denominated sovereign bonds to foreign investors for the first time this month.
The Ministry of Finance said it would introduce RMB6 billion (US$879 million) worth of bonds in Hong Kong on September 28 in order to boost the international status of the renminbi and help Chinese companies raise funds in the offshore bond [...]
China launched a plan to offer significant subsidies to independent solar power projects.
The move is aimed at boosting the country’s solar energy sector and could draw more than US$10 billion in private funding, putting China on track to become a leading market for solar equipment in the next couple of years. The Ministry of Finance [...]
China’s fiscal revenue rose by 19.6% year-on-year to US$100.5 billion in June due to ‘positive changes’ in China’s economy.
The Ministry of Finance said on Monday that spending rose by 21.5% year-on-year to US$93.7 billion, resulting in a surplus of US$6.6 billion. The ministry said the main reasons for the growth in revenue were an improving [...]
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 CCB [...]
China posted a fiscal surplus of US$38.83 billion between January and April, but expects deficits later in the year.
Beijing expects a fiscal deficit this year of US$139.2 billion due to stimulus spending and falling fiscal revenues. Fiscal revenue fell 13.6% year-on-year in April to US$86.41 billion, a steeper fall than the 0.3% decline in March. [...]
Profits at China’s state-owned enterprises declined by 43.7% year-on-year in the first two months of 2009 to a combined US$17.8 billion, according to Ministry of Finance figures.
This compares to a 25.2% decline for the whole of 2008. The deepening financial crisis brought revenues at state-owned companies for January and February down by 8.1% year-on-year to [...]
