Information

Information

1 China eases market access fr foreign banks

Dec. 21, 2014 (Xinhua) -- The Chinese cabinet announced new rules on Saturday that will ease market access for foreign banks in a move to further open up the domestic banking sector. The amended rules will no longer require a spec ifi c amount of operating funds to be transferred from the parent foreign bank to its newly-established Chinese branch. The new rules will also scrap the previous requirement that foreign banks or Sino-foreign joint venture banks should fi rst establish a China representative office before they could set up branches. Under the new rules, if a foreign bank has one branch already carrying out RMB business, its other branches will no longer face restrictions in launching the same business.

2 China stresses finance for companies "going global"

Dec. 24, 2014 (Xinhua) -- The Chinese government will boost fi nancing support for Chinese companies investing and operating overseas, or "going global", an of fi cial statement showed Wednesday. Better fi nance for those companies can make full use of China's excess production capacity and promote the cooperation with foreign companies, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang. "The move will raise the international competitiveness of Chinese products, especially equipment products, boost structural upgrading of foreign trade and push manufacturing and fi nancial sectors to a medium-high level," the document showed.

3 China to raise fuelconsumption tax, cut retail prices

Dec. 12, 2014 (Xinhua) -- China will raise taxes on oil products from Saturday, the second increase in a month. Tax on gasoline, naphtha, solvent oil and lubricating oil will rise to 1.4 yuan (about 23 U.S. cents) per liter from 1.12 yuan. The levy on diesel, jet fuel and fuel oil will be increased from 0.94 yuan per liter to 1.1 yuan, according to the Ministry of Finance and the State Administration of Taxation. Retail prices of gasoline and diesel will be reduced by 170 yuan and 400 yuan per tonne after adding the higher tax, the National Development and Reform Commission announced in a separate statement.

4 Cambodia, China ink deal to set up agricultural promotion center

Dec. 23, 2014 (Xinhua) -- Cambodia and China on Tuesday signed an agreement to establish a Cambodia-China Agricultural Promotion Center, aiming at helping Cambodia develop agriculture. The deal was inked between Ty Sokhun, Cambodian agriculture secretary of state, and Wenwen Luo, chairwoman of Guangxi Forword Agricultural Technology International Cooperation. Sokhun said the center will provide not only agricultural theories, but also practical techniques to Cambodian experts and farmers. Sokhun extended his sincere thanks to the government and people of China for constantly supporting Cambodia for socio-economic development and poverty reduction.

5 China crude oil stockpile down 1.83pct

Dec. 24, 2014 (Xinhua) -- China's commercial crude oil stocks went down 1.83 percent by the end of November from a month earlier, while stocks of re fi ned oil products dropped 2.4 percent, according to data monitored by Xinhua News Agency. In November, China imported 25.41 million tonnes of crude oil, while producing 17.63 million tonnes in the month. Gasoline diesel stocks edged down 0.45 percent as the falling output was offset by dwindling demand in the winter. The diesel stocks slipped 4.33 percent due to strong demand from construction projects and re fi ners' rush to reduce inventories and falling oil prices, the report explained.

6 Chinese-invested airlines completed Combodia demo flights

Dec. 22, 2014 (Xinhua) -- Cambodia Bayon Airlines, a wholly-owned subsidiary of the Aviation Industry Corporation of China, announced that it had successfully completed demonstration flights of a MA60 aircraft between capital Phnom Penh and cultural province Siem Reap. Passengers of this demo flights included Cambodian civil aviation officials and inspectors,Bayon Airlines leaders, as well as Chinese business people and members of the press.The MA60 aircraft of Bayon Airlines is the first China-made aircraft imported by Cambodia.Bayon Airlines's CEO Chen Hanwei said within fi ve years, the airlines would use the 20 MA60 aircraft and 10 A320 trunk liners to cover domestic routes in Cambodia and to connect Cambodia to Southeast Asian countries and other Asian countries.

7 China, Thailand renew currency swap deal

Dec. 22, 2014 (Xinhua) -- The central banks of China and Thailand on Monday decided to renew their three-year currency swap deal, worth 70 billion yuan (11.4 billion U.S. dollars), said a statement on the website of the People's Bank of China. The two sides also signed a memorandum of understanding on Renminbi clearing settlement in Bangkok. The deal is a new step in financial cooperation between the two and will facilitate bilateral trade and investment, the statement said. The deal was announced after Chinese Premier Li Keqiang's visit to Thailand for the fifth summit of the Greater Mekong Subregion Economic Cooperation.

8 Chinese SOEs see slower profit growth

Dec. 21, 2014 (Xinhua) -- Chinese stateowned enterprises (SOEs) saw their pro fi ts grow at a slower pace in the fi rst 11 months of 2014, latest data showed. Combined profits of SOEs rose 4.5 percent year on year to 2.24 trillion yuan (about 366 billion U.S. dollars) in the first 11 months, the Ministry of Finance said Sunday in a statement. The slowdown in profit growth came amid signs of a slowing Chinese economy. According to the National Bureau of Statistics, the purchasing managers' index for the manufacturing sector slipped to an eight-month low of 50.3 in November. From January to November, total revenues rose 3.9 percent year on year to 43.41 trillion yuan and total costs increased 4.3 percent to 41.99 trillion yuan.