Beijing, Feb. 8 -- China's banks will outpace their peers in India and Indonesia, the best performers in Asia's banking industry over the past decade, to deliver the highest returns over the next five to 10 years, analysis firm CLSA Ltd said.The top eight performers among Asian banks over the past decade were all from India, with gains of 400 percent to 3,000 percent, CLSA said in a research report released today.Indonesian banks ranked second over a three-to-five-year period, as no data was available for 10 years, the report said.Shenzhen Development Bank Co, China's first commercial bank to launch an IPO and get listed on Shenzhen Stock Exchange (in 1987), is expected to show a more than eight-fold increase in net profit for 2009, boosted by lower provisions for bad loans and higher net interest and fee income, the Wall Street Journal saidThe two countries recorded the highest credit growth, as India's loans increased 622 percent over the past 10 years, followed by 508 percent growth in Indonesia, Daniel Tabbush and Suangsuda Sinsadok, analysts at CLSA, said in the report.That shows "positive" implications for China's banks given the nation's 326 percent increase in loan growth over that period, they wrote in their analysis."Where China stock price data is only recent, we can at least assume that the fact that those banks are returning the third-highest loan growth over the past five and 10 years can in fact mean strong total returns over the long term," the analysts wrote.China's loan growth of 79 percent was the highest over the past three years, according to the report by CLSA, which is "overweight" on the nation's bank stocks as well as those in India and Indonesia.
BEIJING, Feb. 25 (Xinhua) -- China's labor unions had played an irreplaceable and unique role in boosting stable economic development and employment stability, Chinese Vice President Xi Jinping said here Thursday.The Chinese government attached great importance to the role of labor unions in China's economic and political arenas and supported labor unions to better safeguard workers' legitimate rights and interests, Xi said.Xi made the remarks in his speech at the opening ceremony of an international forum on economic globalization and trade unions in Beijing.Chinese Vice President Xi Jinping addresses the opening ceremony of an international forum on economic globalization and trade unions in Beijing, China, Feb. 25, 2010As a developing country with 1.3 billion people, China should take both its industrialization and creating enough jobs for people into consideration and make comprehensive and balanced plans, Xi said.
BEIJING, March 7 (Xinhua) -- Han Zheng, Mayor of Shanghai, confirmed here Sunday he would lead a delegation to visit Taiwan in April to promote the upcoming World Expo.The confirmation by Han himself came on the sidelines of the annual session of the National People's Congress (NPC), China's supreme legislature."I have been expecting for long to visit the Treasure Island of Taiwan," Han said. "Though the exact date has yet to be decided, I hope to make it early April."The mayor said he would take his Taiwan visit as a chance not only to promote the World Expo, which is slated to open on May 1, but to further boost Shanghai's economic and cultural exchanges with Taiwan.Taipei mayor Hau Lung-bin led a delegation to visit Shanghai in June 2008, drawing attention from the media for the improvement of cross-Strait relations between Taiwan and the mainland.
UNITED NATIONS, Jan. 27 (Xinhua) -- China's UN Ambassador Zhang Yesui on Wednesday called on concerned parties to create " favorable conditions" for an early resumption of Palestinian- Israeli peace talks.Addressing the Security Council in an open debate, Zhang, the council president for January, said that China remains "deeply concerned over the stalemate in the Middle East peace process and the bleak prospects for resumption of the peace talks.""We hope the parties concerned will strengthen their belief in the peace talks,overcome the difficulties and interruptions, create favorable conditions for an early resumption of the peace talks, and avoid acts that may erode the mutual trust or prejudge the outcome of the negotiations," he said.Zhang urged Israel to freeze all settlements activity and cease the building of separation walls."We urge Israel to open all the border crossings to Gaza, and ensure that the region achieves reconstruction as soon as possible and its people return to normal life," he said.Zhang also emphasized the importance of Palestine's internal reconciliation, voicing hope that all factions "bear in mind the long-term interests of the nation and work together to strive for the Middle East peace process."He also urged the international community to "redouble its efforts to push for all parties to build the momentum for negotiations and inject new impetus into the peace process."
BEIJING, Feb. 25 (Xinhua) -- China's Ministry of Supervision said Thursday it would enhance supervision to key sectors and leading officials this year to ensure clean and efficient work in promoting the country's sound economic and social development.The supervision and examination would target corruption in project construction, real estate development and land management, as well as corruption behind major accidents, the ministry said in a circular outlining major works in 2010.The ministry would investigate officials who meddled in construction projects against relevant regulations to seek personal gains, staff of supervisory organs who were negligent of duty or took bribes, and those who involved in serious commercial bribery cases, the circular said.The ministry vowed "zero tolerance" for these cases, it said.The ministry promised to step up its efforts this year to ensure the implementation of the central government's major arrangements for accelerating the adjustment of economic growth mode and promoting steady and fast economic development.It would also strengthen supervision and examination to make sure local governments will take measures to check the rocketing real estate price in some cities to ensure the sector's healthy development, it said."Lazy and incapable" officials would also be targeted in the supervision to ensure efficiency of government work, according to the circular.China has intensified its fight against corruption recently.In its latest effort, the Communist Party of China (CPC) Central Committee Tuesday listed 52 unacceptable practices in an ethics code for CPC cadres to follow.The code forbids conducts including accepting cash or financial instruments as gifts, and using their influence to benefit their spouses or children with regards to their employment, stock trading or business.
BEIJING, Feb. 24 (Xinhua) -- Chinese military and international relations experts on Wednesday said that a recent Pentagon report playing down Taiwan's aerial combat capability was a front for more advanced arms sales to the island, which would seriously violate a Sino-U.S. agreement that Washington endorsed 28 years ago. "Any further arms sales, especially if the U.S. sells F-16 fighters to Taiwan, would increase already strained tensions with China," Prof. Tan Kaijia with the National Defense University of the People's Liberation Army told Xinhua. The report delivered by the Defense Intelligence Agency of the U.S. Department of Defense to the Congress has stressed that many of Taiwan's 400 active combat aircraft were not operationally capable due their age and maintenance problems. It also specified that Taiwan's 60 U.S.-made F-5 fighters have reached the end of their operating life and some of the island's F-16 A/B jet fighters needed improvement to increase combat effectiveness. The Pentagon's report came as Taiwan continued to voice its need for advanced U.S. weaponry such as 66 F-16 C/Ds, a substantial improvement model on Taiwan's current F-16 A/Bs. But the U.S. side excluded the fighters from the latest arms sale package. According to media reports, Taiwan currently operates 60 U.S.-made F-5 fighters, 148 F-16 A/Bs, 56 French-made Mirage 2000-5 fighter jets and 126 locally produced Indigenous Defense Fighter (IDF) aircraft. "If the U.S. equips Taiwan with new F-16s, replacing the second-generation F-5s, it would significantly increase the island's aerial combat effectiveness for F-16's compatibility to other U.S.-made weapon systems such as airborne early warning and control aircraft through Link-16 Multifunctional Information Distribution System," said Prof. Tan. According to the Communique jointly issued by the Chinese and U.S. governments on Aug. 17, 1982, the U.S. side states that "its arms sales to Taiwan will not exceed, either in qualitative or in quantitative terms, the level of those supplied in recent years since the establishment of diplomatic relations between the U.S. and China." "Comprehensive performance of the F-16s is far beyond that of the F-5s and the qualitative parameters of the F-16 C/Ds also exceed those of the F-16 A/Bs," said Tan. Selling such arms would "be an overt offense" against the Aug. 17 Communique, and promoting such a move by an elaborate report would not give any justification for the U.S. since the F-16 C/Ds would not be considered as a defensive weapon in any case, he said. Guo Zhenyuan, a researcher with the prominent thinktank China Institute of International Studies, told Xinhua that previous U.S. arms sales to Taiwan were covered by the front of "providing Taiwan with arms of a defensive character" to ease the backlash to the bilateral relationship from the Chinese side. "The U.S. side should know that the sooner it stops selling arms to Taiwan, the more willing China would be to work with it on global and regional issues," Prof. Jin Canrong with Renmin University of China said. Enditem Xinhua writer Li Hanfang contributed to the story.
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BEIJING, Jan. 15 (Xinhua) -- China will soon clarify the rules and regulations on qualified foreign institutional investors (QFIIs) trading stock index futures in China, the China Daily reported Friday. "The regulator will work on the policies and regulations on securities companies, mutual funds and QFIIs ... in order to guarantee the smooth launch of index futures," the newspaper quoted Shang Fulin, chairman of China Securities Regulatory Commission (CSRC) as saying at a national conference on securities and futures supervision that ended Thursday. CSRC will also enhance supervision on securities firms that provide brokerage services for index futures trading and improve the country's cross-market supervision regime, the newspaper quoted Shang as saying. Foreign institutions may be allowed to trade index futures using a portion of their QFII quota, but details on trading requirements are still unknown, said the newspaper. At the conference Shang also said that the regulator would introduce margin trading and short selling pilot programs at the appropriate time, according to the newspaper.
BEIJING, Feb. 18 (Xinhua) -- The Ministry of Industry and Information Technology (MIIT) has pledged fresh measures to fight offensive content transmitted by mobile phones and websites.China Mobile, China Telecom and China Unicom, the country's three mobile carriers, have been required to examine the quality of their business partners, Thursday's China Daily reported Thursday.The MIIT also asked the Internet service providers to supervise the content of websites and close irregular websites.Operators of pornographic websites had been evading supervision from authorities through technical tactics including frequently switching domain names and IP addresses, the paper quoted a report on PC World's online edition as saying.The authorities will introduce a blacklist and the design of content-filtering technology to help network operators stem obscene content from reappearing.The measures aimed to protect the healthy growth of the next generation and clean the social environment, the MIIT said in statement.
BEIJING, Feb. 1 (Xinhua) -- The Industrial and Commercial Bank of China (ICBC), the world's largest lender by market value, said Monday it extended 110 billion yuan (16.1 billion U.S. dollars) of new loans in January, less than the amount in the same period of 2009."The lending growth in January was stable and moderate, which has well satisfied the real economic demand," the bank said.The ICBC statistics showed lendings of the bank totaled 117.1 billion yuan in January 2009.The bank said it would focus on financing ongoing government projects and continue to extend more loans to small businesses, while strictly controlling loans to new projects and high energy-consuming and polluting industries.ICBC last Wednesday said its loan growth in early and mid-January was "a little fast" as many ongoing projects needed funds, but the lending pace had stabilized since, as a concentrated volume of existing loans had come due and some credit card debts had been repaid.It also announced it would maintain a "reasonable and balanced" lending rate in a move to ease mounting public concerns about possible credit cuts.To prevent economic overheating, the government last month announced it would restrict its overall credit growth to 7.5 trillion yuan in 2010, compared with last year's 9.59 trillion yuan.However, a report from Monday's Economic Information Daily said that as of Jan. 29, Chinese banks had already extended nearly 1.6 trillion yuan new loans this year.
BEIJING, Feb. 24 (Xinhua) -- China should further step up efforts to implement the plan to adjust and reinvigorate some of the country's key industries, according to an executive meeting of the State Council held on Wednesday.The meeting was chaired by Premier Wen Jiabao.Progress has been made in 2009 for adjusting and promoting key industries, however the situation remained grave as weak global demand was still affecting China's economy and more efforts were needed to curb overcapacity in some industries, according to a statement released after the meeting.To combat the global economic downturn, China in 2009 adopted a massive plan to adjust and reinvigorate the country's ten key industries covering cars, steel, information technology, logistics, textile, nonferrous metal, equipment manufacturing, petrochemicals, shipbuilding as well as light industry.The implementation of the plan was a long-term task which should focus on the structure adjustment and development mode transformation of the ten industries, said the statement.Vigorous efforts should be made to expand domestic demand, optimize industrial layout, curb overcapacity, eliminate retrograde productivity, push company merger and restructuring, promote technology innovation and deepen reform to facilitate development mode change, it said.