Labor-related lawsuits nearly doubled in China last year mainly due to mass factory shutdowns, a senior official with the Supreme People’s Court commented. The number of labor-related lawsuits rose 95% in 2008 and most were filed in the export hub of Guangdong. Approximately 62,400 businesses — mostly small- and medium-size factories — were shut down [...]
Chinese PC maker Lenovo will sell low-cost computers in rural areas as part of its efforts to refocus on the domestic market in response to weakening demand in the West. The move will involve the launch of 700 new retail stores and 7,800 affiliated sales outlets in villages. Lenovo hopes to take advantage of a [...]
China and Brazil on Thursday signed an agreement that will see the South American country supply China with oil in exchange for loans. The deal was announced after Vice President Xi Jinping met with Brazilian President Luiz Inacio Lula da Silva in Brasilia. Brazil’s state-owned oil firm Petrobras will supply China between 100,000 and 16,000 [...]
General Motors unveiled three new models made for the China auto market Tuesday, bringing its total number of GM models in China to 24. The company displayed its new Buick Enclave SUV, Chevrolet Cruze sedan and Cadillac CTS-V in Guangzhou. GM, which is in danger of going bankrupt, is looking to China and other emerging [...]
The world’s third-largest aircraft manufacturer, Embraer, said the mainland will need a further 883 regional aircraft over the next 20 years. “China has an undeveloped market for regional and corporate jets given that they account for just a fraction of the total number of aircraft in the country,” Embraer vice president Guan Dongyuan told reporters [...]
Industrial & Commercial Bank of China (ICBC) plans to double its assets outside China within three years. ICBC Vice President Wang Lili said the bank wants to increase its business abroad, which is currently 5% of total asset volume, to 10%. She said: “We have to be more international … and the opportunities are there.” [...]
