znnw

Wuliangye comes under regulators glare

The regulator said it began to probe the company on July 28 after receiving complaints. [Nan Shan/China Daily] The China Securities Regulatory Commission (CSRC) yesterday said it was conducting a full investigation of liquor maker Wuliangye Yibin Co for incomplete and inaccurate information disclosure. According to the CSRC, Wuliangye made the revenue of one subsidiary 1 billion yuan higher than actual figures in 2007 and did not correct the material mistake in its financial...

China plans zero-tariff policy for least developed countries

China plans to progressively carry out next year a zero-tariff policy on 95 percent of imports from least developed countries, the Ministry of Commerce said Wednesday. The ministry said this move aimed to increase exports to China from these countries. But it did not elaborate which imports would enjoy the favorable policy. The ministry also presented an outline summary of the efforts China has made or is making to assist developing countries in fields such as agriculture, food donations,...

Coordination crucial to international financial reform

As the worst financial crisis since the 1930s continues, a call for international financial reform has been dominating headlines for more than a year. More obstacles, including the coordination of reforms, have begun to emerge despite the resumption of economic growth. Charles Dallara, managing director of the Institute of International Finance (IIF), says coordination was crucial to successful international financial reforms, one of the key issues to be discussed by the Group of 20 (G20)...

PICC becomes state-control share-holding company

People's Insuance Company of China (PICC), the nation's largest insurance conglomerate, has transformed from a solely state-owned company to a state-controlled shareholding insurer, the company said Thursday. The new company is set up with a registration capital of 30.6 billion yuan (4.5 billion U.S. dollars). (Xinhua News Agency September 24,...

Wuliangye suspended from trading for rule violation

Wuliangye Yibin Co., one of China's top liquor makers, was temporarily suspended from trading Thursday because it had violated disclosure rules, says a statement on the web site of the Shenzhen Stock Exchange Thursday. The liquor maker did not properly disclose securities investment losses and was found to have discrepancies in its reported core business revenue, the China Securities Regulatory Commission (CSRC) said Wednesday. The company lost 55 million yuan (8.05 million U.S. dollars) in...

Biz hub set to break ground in 2010

Shanghai will start construction of its Hongqiao Business Park next year in an effort to create a major new engine for economic growth. "Building the business park is a strategic move for Shanghai to become a global trade center by 2020 and a gateway to the Yangtze River Delta region for traders and investors," Xue Quanrong, deputy director of the Shanghai Hongqiao Business Park Administrative Commission, told a news conference yesterday. "The park has strengths in its location, convenient...

Big surge in air traffic forecast in next two decades

Despite the global downturn, the H1N1 flu epidemic and a fast-developing high-speed rail network, China's domestic airline traffic is expected to expand fast, with an annual growth rate of 8.2 percent in the next 20 years, the Aviation Industry Corporation of China (AVIC) said. The latest annual forecast released yesterday showed that China would need 3,796 new airplanes over the next two decades, including 2,922 jumbo jets and 874 regional jets. The country's passenger fleet will nearly...

Export from Kunshan export processing zone up 9.3 pct

Kunshan export processing zone (EPZ) in east China's Jiangsu Province saw export volume up 9.3 percent during the first eight months this year, according to the General Administration of Customs (GAC) Wednesday. The export volume of Kunshan EPZ, which covers 1.86 sq. km, stood at 16.53 billion U.S. dollars by September this year, GAC said. The Zone is expected to produce 60 million laptops, 50 percent of the world's total, and 15 million digital cameras, one eighth of the total this year, GAC...

AVIC in partnership with Safran, GE

Visitors at the AVIC booth during the Aviation Expo/China 2009 in Beijing. [Zhang Wei/China Daily] Aviation Industry Corporation of China (AVIC), China's top aircraft manufacturer, announced cooperation plans with Safran and GE yesterday, aimed chiefly at boosting the country's homemade jumbo jet program. The C919, China's largest domestically manufactured jetliner that is expected to take off in 2016, will source parts and components globally, but foreign suppliers are encouraged to...

Shanghai copper prices fall

Copper drifted lower yesterday as investors looked past a weaker US dollar, worried that scant demand outside China would stall a run-up that has more than doubled the metal's price this year. The greenback's slump to one-year lows against the euro, which makes commodities cheaper for holders of other currencies, helped copper post modest gains earlier in the session, before demand concerns weighed on sentiment. "We are seeing early signs of demand picking up in the world outside China, but I...