China to develop starting point of Maritime Silk Road

Chinese Vice Premier Zhang Gaoli urged acceleration of the opening-up of southeast China’s Fujian Province, the starting point of the historic Maritime Silk Road, during his visit there from Thursday to Saturday. Zhang said the local authorities should strengthen economic ties with countries and regions along the maritime trade route and boost two-way investment. More […]

China’s June forex purchase likely to rebound

Foreign exchange purchases in June will rise significantly from May, Lian Ping, chief economist at Bank of Communications, was quoted by Saturday’s China Securities Journal as saying. Lian noted that June’s exports are very likely to move up following improvements from March to May, probably resulting in a bigger trade surplus and more funds available […]

1st official Apple store to open in Chongqing

1st official Apple store to open in Chongqing

With the creation of the new slogan tailored to Chongqing by Apple, “Share in Chongqing’s abundance”, the largest official Apple store in southwest of China is counting down the days till opening. Early in the morning, the external wall curtain hiding the interior of the Apple store, located in Beicheng Paradise Street (北城天街), Chongqing, was […]

BMW, China’s Brilliance extend contract term

BMW, China’s Brilliance extend contract term

German car maker BMW Group and its Chinese partner Brilliance Auto have agreed to extend the term of their joint venture contract to 2028. The contract extension will lay a solid foundation for BMW’s further development in China, Friedrich Eichiner, chief financial officer and group board member, said in Beijing on Wednesday. The group also […]

China UnionPay issues 1st credit card in Africa

China UnionPay issues 1st credit card in Africa

China UnionPay (中国银联), China’s leading bankcard network operator, announced on Thursday that it has issued its first credit card in Africa, further enlarging its global footprint. UnionPay International, China UnionPay’s international arm, jointly issued three types of credit card in partnership with Cim Finance from Mauritius, the Shanghai-based company said in a statement. The credit […]

China’s SOEs more profitable in 1H

Profits of China’s state-owned enterprises (SOEs) grew faster in the first half of this year from a year earlier. Combined profits of SOEs administered by both central and local authorities increased 8.9 percent year on year to 1.22 trillion yuan (198 billion U.S. dollars) in the year half, the Ministry of Finance (MOF) said on […]

China’s LED industry brightens up

China’s growing demand for greener illumination gave the country’s light emitting diode (LED) makers an easy time this year with good profits in the first half of 2014. Of 38 listed LED makers to publish semiannual financial results, 31 reported improved performance. The net profits of 12 companies grew by more than 50 percent. HC […]

China contributes $41 bln to contingent reserve

The BRICS countries are a step closer to having a bigger say in the world’s financial system, after it announced the establishment of the BRICS New Development Bank. The BRICS economies have agreed to create the Contingent Reserve Arrangement, where each country’s central bank puts aside a designated amount of money to combat any potential […]

Chongqing Cross-Border E-Commerce Platform develops well

23 days on from the installation of the Chongqing Cross-Border E-Commerce Service Platform, completed transactions have already numbered 6,359. The financial transaction quantity has amounted to over 2.0525 million yuan according to news from the Chongqing Administration of Customs (CAC) on Tuesday. Xu Xin, Deputy Commissioner of the CAC, stated the integration of a number […]