China still Singapore’s most preferred investment destination within Asia in 2011

China represented the top investment destination within Asia for Singapore companies, with Direct Investments Abroad (DIA) of 76.6 billion Singapore dollars (62.4 billion U.S dollars) as of the end of 2011, up 12.3 percent, the city-state’s trade promotion agency, International Enterprise (IE) Singapore, announced on Thursday. Following China, Malaysia and Indonesia enjoyed the second and […]

China’s insurance business loses momentum in 2012

The growth of Chinese insurance companies’ premium income slowed in 2012 after decades of robust increases, according to the country’s insurance business regulator on Thursday. In 2012, total premium income of China’s insurers topped 1.55 trillion yuan (247 billion U.S. dollars), up 8 percent year on year, according to Xiang Junbo, chairman of the China […]

Chinese premier calls for financial reform push

Chinese premier calls for financial reform push

Premier Wen Jiabao on Monday called for the government to push forward financial reforms. During a Monday inspection tour of the People’s Bank of China, the country’s central bank, Wen said efforts should be made to advance the market-based reform of interest rates and improve the yuan exchange rate formation mechanism. To gradually make the […]

China cuts bank card charges for businesses

The government said Monday it will lower bank card charges for businesses ranging from retailers to property developers in order to reduce their burdens and boost consumption. The move will take effect on Feb. 25 as part of government efforts to bring distribution costs down and expand domestic demand, according to a statement issued by […]

China’s economy to recover moderately: economist

China will witness a moderate economic recovery this year while a rapid rebound in inflation is unlikely, according to a chief economist. Despite the uncertainty in external markets, which is considered to be the major challenge for China this year, the country is likely to record 8.6 percent economic growth in 2013, Qu Hongbin, HSBC […]

Bank of China opens branch in Russia’s Vladivostok

The Bank of China (BOC) opened a branch in Vladivostok Friday, its second branch in the Russian Far East and the first Chinese financial institution in the Primorsky Krai district. Russia’s Primorsky Krai borders China’s northeast Heilongjiang and Jilin provinces. BOC’s new branch in the district’s capital is aimed at taking advantage of cross-border exchanges […]

China’s 2012 growth eases to 13-year low

China’s 2012 growth eases to 13-year low

China’s economy rebounded in the fourth quarter of 2012 but also recorded its first annual growth rate of less than 8 percent since 1999. China’s gross domestic product grew 7.8 percent year on year to reach 51.93 trillion yuan (8.28 trillion U.S. dollars) last year due to both external and domestic factors, data from the […]

China recovers 105.6 bln yuan in mishandled funds

China’s top auditors on Wednesday announced that the government has recovered 105.6 billion yuan (16.8 billion U.S. dollars) in mishandled funds that were discovered during a 2011 audit. By the end of Oct. 2012, about 105.6 billion yuan in mismanaged or embezzled public funds had been recovered or returned, resulting in the punishment of 600 […]

China floats 30 bln yuan in T-bonds

The Ministry of Finance will float 30 billion yuan (4.76 billion U.S. dollars) in one year book-entry treasury bonds on Thursday. The bonds, the second of their kind issued this year, carry a fixed annual interest rate of 2.81 percent, the ministry said in a statement on Wednesday. Interest on the bonds will be paid […]