Learn Chinese: 2007

Monday, December 31, 2007

Learn Chinese - Mergers and Acquisitions

BIZCHINA / Backgrounder

Mergers and Acquisitions

(chinadaily.com.cn)
Updated: 2006-10-19 11:22

A general term used to refer to the consolidation of companies. A merger
is a combination of two companies to form a new company while an
acquisition is the purchasing of one company by another with no new
company being formed.

Merger

When one company purchases another company of an approximately similar
size, the two companies come together to become one.

Two companies usually agree to merge when they feel that they can do
something together that they can't do on their own.

For example, AOL and Time Warner merged a few years back in hopes that
they could both gain something. AOL wanted access to Time Warner's cable
network. Time Warner wanted access to AOL's users (to promote movies and
other Time Warner products) as well as AOL's extensive internet content.

Acquisition

An acquisition is when one larger company purchases a smaller company.
Usually, the company that is being acquired typically sees its stock
price appreciate right after the news is announced. The company doing the
buying usually sees its stock price fall.

Sometimes mergers and acquisitions can turn ugly. Watch out for your
companies if this happens, because sometimes the stock prices can drop
significantly on the news.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinesepod - Oil price to stay high in 2007

BIZCHINA / Center

Oil price to stay high in 2007

(Xinhua)
Updated: 2007-01-18 15:06

Crude oil prices will continue to fluctuate at a high level this year,
according to a Chinese government report.

Related readings:
Domestic jet fuel surcharge to be cut
Oil companies at the dawn of competition
Gasoline and jet fuel drop boosts stock mood
Oil price cut, but not taxi fares

The crude oil market, dominated by a fragile balance of demand and
supply, will be sensitive to various influences, says the report by the
National Development and Reform Commission (NDRC), the domestic price
regulator in China.

Climate change, geopolitics and policies of the OPEC oil cartel will
result in short-term price fluctuations, the report says.

Slow growth in demand and high stocks of crude oil globally will have a
downward impact on prices, while a large-scale increase in non-OPEC
supplies will improve the balance between global demand and supply.

It says that if no unexpected incidents occur, global oil prices will
remain high in 2007, with the average price of Brent crude futures
expected to stay at 60 to 65 US dollars a barrel, only slightly lower
than the general level in 2006.

The report also projected that prices of production materials in the
domestic market will continue to rise, mainly because China's economy
will maintain its growth momentum, the supply of raw materials and fuel
will remain tight, and tax reforms on resources products will push up the
cost of production materials.

The NDRC estimates that prices of production materials will increase by
two to three percent in 2007, slightly lower than the growth rate in 2006.

(For more biz stories, please visit Industry Updates)

Chinesepod

Learn Chinese - China hires a foreign legion for golds

Chinadaily Homepage

2008Olympics > Sports

China hires a foreign legion for golds

(AP)
Updated: 2007-01-16 08:29

Michael Bastian, right, head coach of the Chinese national women's
softball team, stands beside his players during a practice session in
Guangzhou, capital south China's Guangdong Province, in this February 22,
2006 file photo. [AP]

An American coaches China's women's softball team. A Serbian oversees
Olympic men's soccer. The men's national basketball team turned to a
Lithuanian. In field hockey, the men and women are managed by South
Koreans. Need a synchronized swimming coach? The Chinese hired a Japanese.

Welcome to China's push to overturn the United States as the premier
gold-medal power at the 2008 Beijing Olympics, a quest led by dozens of
foreign coaches.

"We're seeing the emergence of a sporting superstate," British Olympic
Association chief executive Simon Clegg said. "And it's quite frightening
for all the other nations in terms of their preparations and expectations
for the 2008 Games."

He added: "In sporting terms, actually, we're all at war against China."

Amid a booming economy and frantic Olympic building, China is reported to
be training about 20,000 athletes. Even Peter Ueberroth, chairman of the
US Olympic Committee, has said China is likely to be No. 1 in Beijing.

Four years ago in Athens, China won 32 gold medals -- just behind the 36
of the US The Americans won 20 gold medals in just two sports -- swimming
and track and field. Only in two other sports did they win more than one
gold, with the rest coming across a smattering of sports from fencing to
taekwondo.

China won 21 gold in five sports: diving, weightlifting, shooting,
badminton and table tennis. Of the 28 Olympic disciplines, both countries
managed gold medals in about half in Greece.

Women's softball is a medal possibility, and China hired American Michael
Bastian a year ago to improve its standing as the world's fourth-ranked
team. The Americans are No. 1 followed by Japan and Australia.

"My dream would be to see China play the United States in the gold-medal
game in 2008," Bastian said, speaking from the team's training camp in
the southern city of Guangzhou. "I would have mixed emotions, for sure,
but I'd like to experience this."

China won silver in softball in the 1996 Olympics. Bastian, who grew up
near Sacramento, Calif., said China has a pool of 600-900 top women's
softball players" in a country of 1.3 billion.

"They have great athletes, but so much of what they learn to do is
memorized -- mind-mapped," Bastian said. "They work hard, but they have a
hard time improvising. If a coach or team leader hasn't given a specific
instruction, they have a hard time analyzing. Thinking out of the box --
they don't know what that is."

Bastian, who coached the Akron Racers in the defunct Women's Professional
Softball League, says he is well compensated in China.

"They take good care of me, about like a top level American college
coach," he said.

An Olympic soccer medal might be China's toughest task. The Chinese were
the worst team in the 2002 World Cup, failed to qualify in 2006 and lag
far behind Asian rivals South Korea and Japan.

In hiring Serbian Ratomir Dujkovic three months ago to coach its Olympic
team, China passed over at least three men who once led high-profile
national teams: Sven-Goran Eriksson (England), Berti Vogts (Germany) and
Jacques Santini (France).

"I worked in Asia before, but this is a very challenging -- the Olympic
Games," said Dujkovic, who coached Ghana to the final 16 of last summer's
World Cup, beating the United States and the Czech Republic. He's also
coached national teams in Rwanda, Myanmar and Venezuela.

"Chinese football is at a young stage compared to world football, but we
wish to advance as much as possible," Chinese Football Association
general secretary Xie Yalong said. "The Olympics in China are providing
us with the inspiration to learn from the outside world."

In basketball, China has the luxury of 7-foot-6 Houston Rockets star Yao
Ming and 7-0 Yi Jianlian, who is rated highly by NBA scouts. All of which
puts pressure on Lithuanian coach Jonas Kazlauskas. He was an assistant
on China's 2004 Olympic team, which reached the last eight.

Since then, China reached only the final 16 of last year's world
championships. Kazlauskas has accused his players of being soft, though
they did win the Asian Games last month.

"Jonas Kazlauskas is a clever coach," said Li Yuanwei, head of the
nation's Basketball Administration Center, the national governing body.
"Sometimes he's quick to get angry, but it's his way of stimulating the
players."

South Korean Kim Chang-back was appointed the women's field hockey coach
in 1999. Fourth in Athens three years ago, the team won gold in the
recent Asian Games. Compatriot Kim Sang-ryul hopes to turn the same trick
with the men's team, and is off to a good start. The squad upset India
and Pakistan in the Asian Games before losing the final to South Korea.

China's most surprising coup came a few weeks ago, signing Japanese coach
Masayo Imura to lead synchronized swimming. Imura is called the
"godmother" of Japanese synchronized swimming. She hopes her move will
improve China-Japan relations, though some see her as a traitor.

"There have been few examples in the past of a top Japanese female
instructor being hired by a foreign country as the coach of its national
team," the Japanese newspaper Asahi Shimbun wrote in an editorial. "This
is a challenge that will also break new ground for Japan's female sports
community."

And for China.

Learn Chinese

Chinese School - Chinese dreams for 2007

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BIZCHINA / Biz Life

Chinese dreams for 2007

(Xinhua)
Updated: 2007-01-02 13:55

Four years working as a white-collar worker in China's largest city of
Shanghai, Liu Xiaoqiang feels he's far from being able to afford his own
apartment there.

He makes 5,000 yuan (640 U.S. dollars) a month as an IT engineer, but
that's only half the average price for a square meter of housing in
downtown Shanghai.

When Liu finished college study in 2002, he had vowed to buy an apartment
in three years at most so that his parents would leave their countryside
home in central Hubei Province and live with him.

"They spent up their savings to finance my education through college
while other villagers had moved into bigger houses," said Liu. "I just
hope houses in Shanghai would be more affordable for home buyers like me."

A recent survey made by the Shanghai government shows 33 percent of the
new settlers in the city think they'd need at least10 years of hard work
to buy an apartment, 32 percent said they would need six to 10 years and
20 percent said five years.

"If the Chinese government's macro control policy could drive down the
house prices in big cities, I might make enough for the down payment of a
two-bedroom apartment in a year or two," said Liuas he moonlighted as a
gaming software programmer on the New Year's Day.

Sun Lijuan's family in north China's Shanxi Province has been in debt
since her daughter came down with pancreatitis last summer. The operation
cost nearly 200,000 yuan (25,640 U.S. dollars).

"If I had been sick like that I doubt if I would have readily paid the
bills," said Sun, a laid-off worker from a state-owned firm in the
provincial capital of Taiyuan.

Sun received a government-sponsored vocational training program toward
the end of the year and is having her fingers crossed that she might find
a new job this year.

She might not know the gloomy job market is set to disappoint tens of
thousands of new graduates in 2007, let alone laid-off workers.

(For more biz stories, please visit Industry Updates)

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Chinese School

Sunday, December 30, 2007

Chinese language - Delphi to build new half-shaft plant

BIZCHINA / Top Biz News

Delphi to build new half-shaft plant

By Yu Qiao (China Daily)
Updated: 2006-12-22 14:02

Struggling US auto parts maker Delphi Corp, whose non-core businesses
have become merger targets for some Chinese firms, said it will build a
new half-shaft plant in China with a local partner.

Delphi will control a 60 per cent stake in the US$40 million factory in
Wuhu, East China's Anhui Province, it said in a statement. Lingyun
Industrial Group, from Hebei Province, will hold the remaining 40 per
cent.

The plant, the second half-shaft partnership between Delphi and Lingyun,
will begin full operation in 2008, doubling the half-shaft production
capacity of the US group's steering unit in China, Delphi said.

Delphi, which provides more than 40 kinds of auto parts in China, now has
11 manufacturing sites in the world's second-biggest vehicle market. The
firm, which also has a technical centre in Shanghai, has invested more
than US$500 million in China.

A former subsidiary of US carmaker General Motors, Delphi announced
earlier this year that it aimed to sell or close non-core product lines
by the end of next year to slash costs. These product lines could include
brake and chassis systems, steering and wheel bearings, door modules and
latches, and cockpits and instrument panels.

A slew of Chinese companies, such as the nation's top diesel engine maker
Weichai Power Co and biggest auto parts producer Wanxiang Group, recently
said they intend to buy some Delphi assets in the United States.

However, none of them have revealed what kind of Delphi assets they are
interested in.

Jay Jiang, deputy general-manager of Delphi China Holding Co, yesterday
declined to provide any details of talks between Delphi and these Chinese
firms, saying: "Lots of companies in other parts of the world, such as
India, are also interested."

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(For more biz stories, please visit Industry Updates)

Chinesepod - Citigroup wins bid for stake in Guangdong bank

BIZCHINA / Overseas Investment

Citigroup wins bid for stake in Guangdong bank

(China Daily)
Updated: 2006-11-17 22:49

Citigroup has won an 18-month bidding war among overseas suitors for a
stake in Guangdong Development Bank (GDB), an official with the US
banking giant said yesterday.
The Chinese bank has plumped for Citigroup as the preferred bidder to buy
a stake and operate the mid-sized lender, said Robert Morse, chief
executive of Citigroup Corporate Investment Banking for Asia.

People walk past a Citibank branch in Shanghai yesterday.[Reuters]

A consortium led by Citigroup will pay US$3.06 billion for an 85.6 per
cent stake in GDB, according to a statement issued at a signing ceremony
in Guangzhou, the capital of South China's Guangdong Province.

Citigroup will have a 20 per cent share of the bank, which is owned by
the provincial government, the statement said. This complies with a 25
per cent cap on foreign ownership in the banking sector after taking into
account computer-services behemoth and bid partner IBM's 4.74 per cent
stake.

Citigroup had been competing with a consortium led by Societe Generale SA
of France for control of the 500-branch bank. Citigroup has 13 outlets in
China.

The Guangdong bank now has to apply to the China Banking Regulatory
Commission for permission to have a new shareholder.

Citigroup will appoint a CEO for the Guangdong bank by the time the
transaction is completed, expected by the end of this year, Richard
Stanley, the US bank's head of China, said after the signing ceremony in
Guangzhou.

As part of the bidding group, China Life and State Grid Corp of China
will each own 20 per cent, the statement said. China CITIC Trust &
Investment Co will hold 12.85 per cent and China Puhua Investment will
take 8 per cent.

The Guangdong bank was established in 1988.

(For more biz stories, please visit Industry Updates)

Chinesepod

Chinese School - Bank names underwriters

BIZCHINA / Center

Bank names underwriters

By Zhang Lu (China Daily)
Updated: 2006-12-08 09:15

Bank of Beijing, one of China's largest city commercial banks, has chosen
underwriters for its US$750 million to US$1 billion initial public
offering (IPO) next year.

Reuters and Bloomberg said yesterday Bank of Beijing chose Goldman Sachs,
Merrill Lynch and CITIC Securities to underwrite the IPO, quoting an
unnamed source.

The lender plans a Hong Kong listing and is also considering a domestic A
share offering, the report said.

The bank declined to comment on the situation.

The bank is one of many city commercial banks seeking to list on the Hong
Kong and Shanghai stock markets following the listing of State-owned and
joint stock commercial banks to boost capital.

Other banks include Bank of Shanghai, Ningbo City Commercial Bank and
Nanjing City Commercial Bank.

The city commercial banks are considered ready for the stock market, as
they have gone through restructuring, introduced foreign strategic
investment and achieved a good level of capital adequacy ratio.

"More IPOs, especially from city commercial banks, will follow next
year," said Dirk Chanmueller, finance services industry head of Capgemini
China.

He said he believes a stable share price for those banks that recently
launched IPOs will encourage followers in 2007.

Shares of Bank of China have traded around 3.6 yuan (46 US cents) in the
past few weeks on the Shanghai Stock Exchange.

Shares of the Industrial and Commercial Bank of China closed at 3.85 yuan
(49 US cents) in Shanghai yesterday, nearly 24 per cent higher than its
IPO price.

China has been encouraging its banks to introduce foreign strategic
investors and go public to boost corporate governance and efficiency as
competition intensifies with overseas financial companies.

Bank of Beijing was founded in 1996 as Beijing City Commercial Bank.

The bank was renamed last January, when it first revealed its plan to
introduce foreign strategic investment and seek a public listing to
support its expansion.

Dutch financial giant ING and International Finance Corp, the private
equity arm of the World Bank, paid roughly US$225 million for nearly a
quarter of Bank of China in early 2005.

According to the bank, its non-performing loan ratio dropped to below 4
per cent in September from 4.08 per cent in June.

The bank's capital adequacy ratio improved to 13 per cent in September
from 12.85 per cent in June and 10.83 per cent at the end of last year.

As of September, the bank's total assets stood at 257.8 billion yuan
(US$32.63 billion) compared with 238.5 billion (US$30.2 billion) in June.

(For more biz stories, please visit Industry Updates)

Chinese School

Learn mandarin - Beijing offer cheaper tickets

Chinadaily Homepage

2008Olympics > Beijing Organizing Committee

Beijing offer cheaper tickets

By Cruz Fang (Chinadaily.com.cn)
Updated: 2006-11-29 11:41

Related reading: Beijing to put 7 million Olympic tickets on sale

The long-awaited ticket prices for the 2008 Beijing Olympics were
published Wednesday on the official Games site and the prices for seats
at the opening ceremony are as low as 200 yuan (US$26).

International Olympic Committee president Jacques Rogge (L2) and 2008
Beijing Olympics organizing committee president Liu Qi(L1) visit the
construction site of the National Swimming Center on October 24, 2006.
[Xinhua]
While opening ceremony prices are capped at 5,000 yuan (US$641) per head,
the lowest price to view a sports competition will cost 30 yuan (US$4).
Tickets sales will start as early as the first half of 2007.

The Beijing Organizing Committee for the Games of the XXIX Olympiad
(BOCOG) released the general pricing plan on its official site, but left
specific information to be reviewed for the altogether seven million
tickets that Beijing Olympics will generate.

Considering China's average purchasing power, the BOCOG had long promised
to adopt a low-price ticket policy.

According to the website, tickets for closing ceremony range from
150-3,000 yuan (US$19-385), athletic competition preliminary tickets
range from 30-300 yuan(US$4-39) and tickets to the finals from 60-1,000
yuan(US$8-128).

The BOCOG will also offer student tickets which, comprise about 14 per
cent of all domestically-available tickets and cost merely five yuan
(US$0.6) and ten yuan (US$1.2) for preliminaries and finals respectively.

"China is a developing country with an average income level below that of
Sydney or Athens. Therefore the ticket prices are much lower compared to
those of recent Olympics," the website said.

The highest price for opening ceremony tickets is about 50 per cent of
that of recent Games. The lowest equals roughly 20 percent, according to
the site. The price of competition tickets average about 30 per cent of
that of the previous Games.

The site said no less than 50 per cent of all Olympic tickets would be
sold to the domestic public, as tickets should also, according Olympic
tradition, be available to international audiences.

So far the BOCOG has worked out 240 prices for the Beijing Olympics' 28
sports and 38 disciplines while pricing for a few items is still being
decided. Tickets aren't needed to watch events like road cycling, race
walking and marathons.

The BOCOG promised not to offer gifts or ticket discounts based on
nepotism,but will reserve a certain amount for the IOC, national Olympic
committees and commercial partners.

The BOCOG said about 14 percent of the available tickets would be
reserved for Chinese students, and that the domestic general public will
have access to least 50 percent of all available tickets. The rest will
go to sponsors, the IOC, national Olympic bodies and international sports
federations.

"The IOC is very pleased that BOCOG has found an affordable ticketing
program which will maximize the opportunity for the Chinese public to
enjoy the Games, whilst balancing with interest from the international
community," the IOC said in the statement.

Learn mandarin

Saturday, December 29, 2007

Chinese School - Caterpillar to move regional base to Beijing

BIZCHINA / Overseas Investment

Caterpillar to move regional base to Beijing

(China Daily)
Updated: 2006-11-22 08:39

US machinery giant Caterpillar yesterday announced it is moving its
Asia-Pacific operations headquarters from Tokyo to Beijing.

"The movement of our Asia-Pacific operation headquarter, a key element of
our business model, to Beijing will provide a sharper focus for
operational excellence for the company," said Vice-President Rich Lavin,
who has administrative responsibility for manufacturing operations in
Caterpillar's Asia-Pacific division. He will also relocate from Japan to
China.

Operational and sales success in China is a critical success factor for
the company's long-term growth and profitability, he said.

Caterpillar's Asia-Pacific marketing division headquarters will remain in
Singapore.

"The movement of our Asia-Pacific operation headquarters to China is a
clear indication of China's strategic importance to Caterpillar," said
Stu Levenick, Caterpillar group president with responsibility for Asia.

"It reflects our strong desire to expand our manufacturing base and
rapidly deploy our global business model to provide enhanced support for
customers in this critical market."

Now the company has 13 operation facilities in China, both joint venture
and wholly owned businesses.

This year the company's sales revenue in China is expected to achieve
US$1 billion yuan, with a global sales figure of US$40 billion.

Earlier in September, China's National Development and Reform Commission
(NDRC) signed a letter of intent with Caterpillar, under which both sides
will join hands to promote the development of China's emerging
remanufacturing industry.

In the letter of intent, Caterpillar said it will provide expertise to
assist the NDRC and Chinese research institutions in supporting the
development of the remanufacturing industry in China.

The two parties also agreed to form a Joint Working Group on
Remanufacturing Programmes to discuss the co-operation programme in
detail and to co-ordinate and promote further co-operation in sustainable
manufacturing and other areas.

The company is also in talks with Shanghai Diesel Engine Co to buy its
stake.

(China Daily 11/22/2006 page10)

(For more biz stories, please visit Industry Updates)

Chinese School

Chinese Online Class - Tourism:China to have 68.8m inbound tourists

BIZCHINA / Biz Media Digest

Tourism:China to have 68.8m inbound tourists

(chinanews.net)
Updated: 2006-11-17 13:45

The China National Tourism Administration (CNTA) recently outlined a goal
for the tourism sector in China, saying that by 2010, it plans to raise
the number of tourists staying overnight in China by 68.8 million and the
number of domestic travelers by 1.78 billion. By then, total revenue
generated from tourism will touch 156.5 billion US dollars.

CNTA proposed the goal at the 2006 China International Tourism
Transaction Conference press briefing held on Wednesday.

In order to promote the sound development of tourism sector, Chinese
government has formulated the Eleventh Five-Year Program for Tourism
Industry (2006-2010). The program aims to make China a strong tourist
nation in the world. In 1997, the World Tourism Organization made a
forecast that China would become the most visited destination and the
fourth largest source of outbound travel in the world by 2020.

Liu Kezhi, head of the Tourism Promotion and International Contact
Department at CNTA, says that the upcoming 2008 Olympic Games in Beijing
and the 2010 World Exposition in Shanghai will provide unprecedented
opportunities for the development of Chinese tourism industry. In the two
years to come, CNTA will develop more tourist products by focusing on the
theme of the Olympic tours and display, from a wider range of fields and
perspectives, the rich tourist resources and the colorful histories and
cultures of China, through its sightseeing tours to the natural and
cultural scenic spots, ethnic cultures tours, leisure activity tours, and
special tours. CNTA tries to promote the Olympic Games through tourism
and likewise, promote the country's tourism industry through Olympic
Games. Meanwhile, CNTA will organize some large tourist events for the
2010 Shanghai Exposition. It is hoped that the country's tourism industry
will reach a new high with the 2008 Beijing Olympic Games and the 2010
Shanghai Expo.

The latest statistics publicized by CNTA show that during the first nine
months of this year, the number of outbound travelers hit a new high to
reach 25.61 million, growing by 11 percent as compared with last year.
The rate of growth for China's outbound travel far exceeds the word's
average level.

(For more biz stories, please visit Industry Updates)

Chinese language - China Securities Regulatory Commission

BIZCHINA / Organizations

China Securities Regulatory Commission

(chinadaily.com.cn)
Updated: 2006-11-14 13:41

The China Securities Regulatory Commission (CSRC) is an institution of
the State Council of the People's Republic of China (PRC). It is the main
regulator for the mainland of the PRC.

Its functions are similar to that of the US Securities and Exchange
Commission in the United States.

Basic Functions

1. To establish a centralised supervisory system for securities and
futures markets and to assume direct leadership over securities and
futures market supervisory bodies.

2. To strengthen the supervision over securities and futures business,
stock and futures exchange markets, the listed companies, fund management
companies investing in the securities, securities and futures investment
consulting firms, and other intermediaries involved in the securities and
futures business. To raise the standard of information disclosure.

3. To increase the abilities to prevent and handle financial crisis.

4. To organise the drafting of laws and regulations for securities
markets. To study and formulate the principles, policies and rules
related to securities markets. To formulate development plans and annual
plans for securities markets. To direct, co-ordinate, supervise and
examine matters related to securities in various regions and relevant
departments. To direct, plan and co-ordinate test operations of futures
market.

5. To exercise centralised supervision of securities business.

Major Responsibilities

1. Studying and formulating policies and development plans regarding
securities and futures markets; drafting relevant laws and regulations on
securities and futures markets; and working out relevant rules on
securities and futures markets;

2. Supervising securities and futures markets and exercising vertical
power of authority over regional and provincial supervisory institutions
of the market;

3. Overseeing the issuance, trading, custody and settlement of equity
shares, convertible bonds, and securities investment funds; approving the
listing of corporate bonds; and supervising the trading activities of
listed government and corporate bonds;

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Chinese language

Chinese Online Class - Accounting firm set for further expansion

BIZCHINA / Overseas Investment

Accounting firm set for further expansion

By Wang Zhenghua (China Daily)
Updated: 2006-11-07 08:57

SHANGHAI: PricewaterhouseCoopers (PwC), the world's largest accounting
firm, will continue to invest US$50 to US$100 million in China and take
on 2,000 new employees a year over the next few years, its global Chief
Executive Officer Samuel A. DiPiazza said yesterday.

DiPiazza, who arrived in the city for the 18th International Business
Leaders Advisory Council for the Mayor of Shanghai, said the investment
will be mainly in human resources and also in the fast-growing advisory
and tax businesses.

"The company is deeply committed to the Chinese market, which it views as
its most important market over the next 20 years," he added.

The remarks were made after PwC reported gross worldwide revenue of US$22
billion for its network of firms for the fiscal year ended on June 30,
2006 up 11 per cent.

For the second consecutive year, most large PwC firms achieved
double-digit revenue growth, the firm said. Revenue growth was strongest
in China, Russia and other developing markets. Continued strong economic
conditions around the world helped boost its client numbers in non-audit
and transaction-related services during fiscal year 2006.

"Our commitment to China as an international company is very strong, and
we see this market as being central to the future of PwC and in fact to
the capital markets all over the world," DiPiazza said.

"We invest here from a position of strength," he said. "But we intend to
invest even more in the Chinese market."

To date the auditing giant has poured US$200 million into China,
employing 8,000 people in 12 offices across the country. It audited 40
per cent of major clients in China with H-share listings.

In Shanghai alone, it employs a team of 2,000 and expects to add 500 more
in 2007. To show the importance of the Chinese market, the firm moved a
number of its most experienced partners, including a top technical
partner, from the United States to China.

"Our investment will take the form of moving best international practices
and skills into China," the CEO said. "But even more important is to give
our people in China the opportunity of experiencing a global company.

"Our investment will focus on our people's learning, education,
development of their global practices. It will include many of our best
learning experiences by bringing them into China for the benefit of our
people in China."

DiPiazza also said yesterday that he didn't feel the need to do
acquisitions as he felt PwC could grow organically.

Asked to comment on the dissatisfaction some Chinese employees revealed
online about unpaid overtime and lack of opportunities to receive
training overseas, the CEO said the company tries to build a culture of
innovation, and develop opportunities for growth, teamwork, excellence
and leadership.

"We understand and will continue to create an environment for employees
to feel rewarded and have the chance to learn," DiPiazza said.

PwC also plans to send more than 1,000 Chinese employees to its overseas
network of firms to learn over the next three years.

(For more biz stories, please visit Industry Updates)

Chinese Online Class

Friday, December 28, 2007

Learn mandarin - Unique tourism resources, delicacies lure visitors

BIZCHINA / Investment Alerts

Unique tourism resources, delicacies lure visitors

By Sheng Bian (China Daily)
Updated: 2006-10-30 10:48

As a supplement to the Nanning International Folk Song Arts Festival, the
Nanning-Southeast Asia International Tourism and Delicacy Festival has
become an annual event since 2000.

The event has been playing its role in the promotion of Nanning's tourism
resources and delicacies.

The following is a brief introduction to Nanning, China's "Green City."

Capital of the Guangxi Zhuang Autonomous Region in SouthChina, Nanning is
an important pivotal city and frontier city for bilateral communications
between China and ASEAN.
Nanning enjoys unique geographical advantages, being at the juncture of
three economic circles of South China, Southwest China and ASEAN.

Nanning has under its jurisdiction six counties, six districts as well as
six State-level and provincial level development zones.

With a population of 6.50 million, Nanning covers a total area of 22,112
square kilometres.

Located to the south of the tropic of cancer, Nanning belongs to the
subtropical monsoon zone, with rich sunshine and rainfall, as well as a
mild climate.

The beautiful living environment, advantageous natural conditions, and
high forest coverage rate has earned Nanning a nickname of "China's Green
City."

Nanning boasts abundant resources of water, minerals, agricultural
products and by-products, animals and plants, forestry, Chinese herbal
medicines and tourism.

Forty-one minerals including manganese, zinc, lead, gold, silver, coal
and granite have been detected in Nanning.

A wide range of agricultural products and by-products including rice,
sugar cane, corn, peanuts, tea, jasmine and Chinese chestnuts, as well as
40-odd subtropical fruits including bananas, pineapples, oranges and
tangerines, mangos, lichees, longan and watermelon are also grown in
Nanning.

Top scenic attractions in Nanning include Qingxiu Mountain, one of
China's "AAAA" tourism zones; Daming Mountain, with an average height of
1,200 metres above sea level and an average temperature of 16 degrees
Celsius; the ancient town of Yangmei, 30 kilometres away from downtown
Nanning by water; Liangfengjiang National Forest Park; Yiling Rock in
Wuming, which boasts typical karst water-eroded caves nicknamed
"underground palace;" Longhushan (mountain of dragons and tigers) Nature
Protected Zone, which is one of the nation's four monkey mountains and
has about 3,000 monkeys of eight breeds; and the Jiulong (nine dragons)
Waterfall Group Forest Park in Hengxian County, which has over 20
waterfalls.

Bailong Park, Guangxi Museum and Nanhu Park are also worth visiting.

And the Yiling Caves, which are about 25 kilometres northwest of the city
has some of the largest and finest caves in Guangxi; the Village of
Wuming, 45 kilometres from the city.

(For more biz stories, please visit Industry Updates)

Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.

Learn mandarin

Learn Chinese - Sino-Australian FTA talks set to enter 'substantive' stage

BIZCHINA / Center

Sino-Australian FTA talks set to enter 'substantive' stage

By Ding Qingfen (China Daily)
Updated: 2006-10-24 08:36

Cargo and service trade negotiations between China and Australia will be
launched officially by the end of the year.

Chinese Assistant Minister of Commerce Wang Chao told the Second Biannual
Australia-China Business Forum that this will see talks on a free-trade
agreement (FTA) between the two countries enter a substantive stage.

"This year, high-level government officials from the two nations have met
twice for FTA negotiations, and the seventh round of negotiation will
start this December. China has a positive attitude towards this," said
Wang.

But the two sides have yet to agree on issues related to the service and
manufacturing sectors, which Ric Wells, head of Australia's China FTA
Task Force, said would be the major challenge faced at this round of
talks.

"We will have a long way to go," said Wells.

A Sino-Australian FTA first came onto the agenda during President Hu
Jintao's trip down under in October 2003, when the two nations signed the
China-Australia Trade and Economy Framework.

Since then, China and Australia have conducted a feasibility study on the
establishment of an FTA between the two nations.

"The economy and trade of the two nations naturally fit each other. A
Sino-Australian FTA could bring benefits to bilateral trade and maintain
economic stability in the Asia-Pacific region," said Wang.

China and Australia already co-operate in sectors including energy,
manufacturing, agriculture, services and education.

1 2

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Learn Chinese

Learn Mandarin online - Shenzhen Stock Exchange

BIZCHINA / Finance/Investment

Shenzhen Stock Exchange

(Wikipedia)
Updated: 2006-10-17 14:58

Shenzhen Stock Exchange is one of China's three stock exchanges. It is
based in Shenzhen, China.

Exchanges
The Shanghai and Shenzhen stock exchanges list more than 1,200 companies
with a combined market capitalization of US$500 billion (2005) (30% of
GDP), rivalling the Hong Kong Stock Exchange as Asia's second-largest
stock market behind the Tokyo Stock Exchange.

Privatization
Market capitalization is a problematic concept in the market. Most of the
companies within this market belong to state owned enterprises (SOEs) in
which the Chinese government maintains controlling interest. With regards
to the SOE's, the government has viewed the stock markets has means of
raising capital, but there is no current interest to privatization or
selling off the state controlling interest in the SOE's. One difficulty
is that were the Chinese government willing to privatize the SOE's, the
flood of shares on the markets would likely lead to a sharp drop in
prices.

Indices
The Shenzhen Exchange launched the blue-chip composite index in January
1995. It also directed a subsidiary, the Shenzhen Securities Information
Co., to launch the Shenzhen Stock Exchange 100 Index on the first trading
session of 2003, using 2002's final day of business as a benchmark.

The new index is composed of major firms such as Shenzhen Development
Bank, property developer China Vanke Co Ltd and Guangdong Electric Power
Co. Index components account for about 40 percent of the Shenzhen
bourse's capitalization, 61 percent of the combined after-tax profits of
Shenzhen-listed companies, and 43 percent of turnover.

The Shenzhen exchange will adjust the index's components every six months.

IPO
The initial public offering (IPO) activity in Shenzhen stock exchange was
suspended from September 2000 as the Chinese government pondered merging
its bourses into a single exchange in Shanghai and launch a Nasdaq-style
second board in Shenzhen aimed at private and technology companies.

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Learn Mandarin online

Learn mandarin - Memory chip plant fires up

BIZCHINA / Overseas Investment

Memory chip plant fires up

(China Daily)
Updated: 2006-10-11 09:51

Europe-based STMicroelectronics and South Korea's Hynix Semiconductor
held a commemoration ceremony yesterday at a joint memory chip
manufacturing facility in Wuxi, Jiangsu Province.

The plant, built with a combined investment of US$2 billion, is the
third-biggest facility of its kind on the Chinese mainland.

The new plant will manufacture both Flash and DRAM memories, which are
widely used in computers, mobile phones and music players such as the
iPod NANO, the partners said in a joint statement.

The companies laid the first stone at the 550,000 square meters Wuxi site
in April 2005. An 8-inch wafer plant started volume production in July
with a monthly capacity of 50,000 units. The 12-inch plant is scheduled
to start mass production this month with a capacity of 18,000 wafers
every month.

The JV, two-thirds controlled by STMicroelectronics, employs about 2,000
workers.

"A JV of this magnitude is likely to be the largest (in semiconductor
industry) between a Korean and European company," Carlo Bozotti,
president and chief executive, said in the statement. "It will bring both
partners significant benefits of scale."

The joint facility ranks No. 3 on the Chinese mainland in memory chip
shipments behind Shanghai-based Semiconductor Manufacturing International
Corp and Suzhou-based Hejian Technology Co, according to Li Ke, an
analyst at Beijing-based CCID Consulting, a research firm under the
Ministry of Information Industry.

The facility produces DRAM - dynamic random access memory - chips for
computers and will start to make NAND-type flash memory for consumer
products by the middle of next year. The split among products and memory
densities will depend on market conditions, the statement said.

"Memory is always the spotlight of the industry as all equipment needs
it," Li said.

In 2005, the NAND Flash market grew faster than any segment in the
history of the semiconductor market, driven by a spiraling demand for
storage capacity in mobile phones, digital cameras and portable audio
players.

(For more biz stories, please visit Industry Updates)

Learn mandarin

Thursday, December 27, 2007

Chinesepod - Finance: Tax incentives in central regions

BIZCHINA / Biz Media Digest

Finance: Tax incentives in central regions

(Shanghai Daily)
Updated: 2006-09-29 14:55

Foreign investors in China's central regions can now enjoy favorable tax
policies, said a senior official with the State Administration of
Taxation.

SAT Deputy Director Wang Li told the First Central China Investment and
Trade Expo in Changsha, Hunan Province, that if foreign investors
reinvested the profits generated from their businesses in China in other
enterprises in the country or raised their registered assets for at least
five years, the government would give a 40 percent rebate on taxes paid
on the reinvested capital.

(For more biz stories, please visit Industry Updates)

Chinesepod

Learn Chinese - Tourism: Travel agents resume trips to Thailand

BIZCHINA / Biz Media Digest

Tourism: Travel agents resume trips to Thailand

(CCTV)
Updated: 2006-09-26 14:20

China's travel agencies are resuming tours to Thailand as the political
tension eases in the southeast Asian country.

Travel agencies in south China's Guangdong province had originally
suspended travel to Thailand following the military coup Tuesday. But now
that the situation appears to have calmed down, they are set to resume
the trips.

Wen Qian, Manager of A Travel Agency in Guangdong Province said: "If
there's no new changes, we will resume Thailand trips beginning September
25th."

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinese Mandarin - Tibet rush

BIZCHINA / Weekly Roundup

Tibet rush
By Miao Qing (China Daily)
Updated: 2006-09-22 13:35

A direct train service from Shanghai to Lhasa beginning on October 1 is
expected to renew enthusiasm for Tibetan tours.

There has already been a lot of interest in the region since the
Qinghai-Tibet section of railway began operating in July.

According to the Shanghai Railway Administration, the Shanghai-Lhasa line
extends for 4,373 kilometres and the trip will take about 52 hours. The
service will run every other day. Ticket prices range from 406 yuan
(US$51) to 1,314 yuan (US$164) and can be bought from today.

Some travel agencies were already accepting bookings.

The Shanghai Railway Tourism Group said more than 500 people have signed
up for its Tibetan tour package. About 200 are planning to set off on
October 1.

It is believed seats for groups of tourists on the first train from
Shanghai to Tibet are full and the next two trains will also soon be sold
out.

Shen Jie, public relations manager of a local resaurant, said she was
excited about the opening of the new service.

1 2

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Chinese Mandarin

Chinese language - China halts foreign investment in brokers

BIZCHINA / Most Popular Stories

China halts foreign investment in brokers
By Geoff Dyer (Financial Times)
Updated: 2006-09-15 11:19

China's stock market regulator announced on Thursday that it had placed a
temporary ban on investment by foreign brokerages in the domestic
securities industry.

Although it has been widely known that such a ban has been in place since
the end of last year, the statement published Thursday on the website of
the China Securities Regulatory Commission (CSRC) was the first formal
acknowledgement by the regulator.

The statement comes a week before Hank Paulson makes his first visit to
China as the new US Treasury Secretary, where the former Goldman Sachs
executive is expected to push Beijing to allow more foreign investment in
the financial sector.

Speaking at a conference on Thursday, Shang Fulin, head of the CSRC, said
the ban was likely to remain in place until around October next year when
the government hoped to have completed a reform of the shareholder
structure of listed companies.

"By the end of next October, everything can be completed and then we can
run the pilot project for joint venture securities institutions," he said.

He added: "We will allow foreign investors to do some strategic mergers
and acquisitions once the share reform is completed."

UBS agreed last September to buy a 20 per cent stake in Beijing
Securities for $200m in a deal that foreign banks hoped would become a
model for other investments in the Chinese brokerage sector. However the
deal was held up by regulatory delays as opposition to foreign investment
in the sector grew. UBS said in July that it been granted "preparatory
approval" by regulators to pursue its investment in Beijing Securities.

A number of foreign brokers have been pursuing joint ventures with other
Chinese brokers, but their efforts have been held up by the informal ban
on further joint ventures.

"Any ban can only be temporary because China needs the expertise of
foreign brokers to build up its capital market," said Fraser Howie,
author of a book on China's stockmarkets. "But this could be some sort of
warning shot that the Chinese do not want to be pushed into opening up
quickly."

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Chinese language

Wednesday, December 26, 2007

Chinese language - Light Industry: Olympics' new supplier

BIZCHINA / Biz Media Digest

Light Industry: Olympics' new supplier
(China Daily)
Updated: 2006-09-08 14:24

The Beijing Organizing Committee for the Games of the XXIX Olympiad
(BOCOG) announced that Zhengzhou Synear Food Joint-Stock Co Ltd will be
the Frozen Dumplings Exclusive Supplier of the Beijing 2008 Olympic Games
on Monday.

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Chinese language

Learn Mandarin online - Suzhou 'most attractive' to foreign investors

BIZCHINA / Investment Alerts

Suzhou 'most attractive' to foreign investors
(China Daily)
Updated: 2006-09-01 13:58

Suzhou, long dubbed a paradise on earth for its famed ancient gardens,
has turned out to be just as alluring to foreign investors.

The Jiangsu city tops the ranking of "China's 20 Most Attractive Cities
for Foreign Investors," which was released yesterday. It is followed by
Shanghai and Qingdao; and Beijing ranks seventh.

The Chinese Academy of Social Sciences (CASS) and China Business News
evaluated about 290 Chinese cities in four months to arrive at the
ranking.

Major criteria included the amount of foreign investment the city
absorbed since 2003; the proportion of foreign investment in the city's
total investment; and its average annual growth of foreign investment in
the past three years.

Of the top 20, eight are from East China's coastal provinces and seven
from South China, which shows that "eastern and southern regions are
still the hot areas for foreign investors," said Jin Pei, deputy director
of CASS' Institute of Industrial Economics.

However, cities in central and western China are becoming increasingly
popular, as most cities that boast rapid growth in foreign investment are
from the two areas, according to Jin.

"Our research shows that it's inevitable that multinational companies
invest more in central and western areas where they can have even lower
manufacturing costs," he said.

Nantong, Nanchang, Yangzhou, Chengdu and Changsha are the top five in
terms of growth rate.

As for special economic zones, Suzhou Industrial Park, Shanghai Jinqiao
Export Processing Zone and Xiamen Industrial Development Zone are the
three most sought after.

Li Peiju, editor-in-chief of China Business News, said the ranking could
serve as valuable reference for international investors who have already
entered, or plan to enter, China.

A previous CASS survey shows what multinational companies are concerned
most about is not favourable taxation polices but administrative
efficiency of the local government.

Jin said if China wants to maintain its position as a favoured
destination for foreign investment, governments should make efforts to
improve their efficiency.

Figures from the National Development and Reform Commission show that
from 2001 to 2005, China absorbed US$286 billion in foreign direct
investment, of which Suzhou took in US$20 billion.

Last year, more than 25 million people were working at overseas-funded
companies in China.

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Learn Mandarin online

Learn Mandarin online - Air passengers face fuel surcharge rises

BIZCHINA / Weekly Roundup

Air passengers face fuel surcharge rises
(Xinhua)
Updated: 2006-08-29 15:23

Domestic air passengers in China will have to pay an extra 30 to 40 yuan
(3.75 to 5 U.S. dollars) in surcharges to cover the rising costs of fuel
from September 1.

In the second price hike approved by the State Council this year,domestic
carriers are to raise the short-haul fuel surcharge 60 yuan, a rise of 30
yuan, while the long-haul surcharge goes up to 100 yuan, a rise of 40
yuan.

Travelers who have already booked tickets for next month will be
exempted, as are infants, while children, disabled service personnel and
police can enjoy a discount of 50 percent, said a circular jointly issued
by the National Development and Reform Commission and the General
Administration of Civil Aviation.

Chinese airlines were allowed to raise the surcharge by 50 percent, or 10
yuan for short-haul flights and 15 yuan for long-haul when the price for
jet fuel surged by 60 percent in May.

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Learn Mandarin online

Chinese School - Energy: National oil reserve center

BIZCHINA / Biz Media Digest

Energy: National oil reserve center
(People's Daily Online)
Updated: 2006-08-23 15:43

After nearly six months of test operations, the National Oil Reserve
Centre has finished its appraisal and recruitment program for employees,
and is expected to begin official operations soon.

An official with the Bureau of Energy, National Development and Reform
Commission (NDRC), said that plans to establish an oil reserve centre
were made at the end of last year. However the center has been run in
test mode for nearly for nearly six months.

Qian Jianqiang, Managing Director of www.oilgas.com.cn, noted that the
centre did not have large reserves of oil because of rocketing oil
prices; such a move in this climate could have a negative impact on
China's international image. Reports from foreign news agencies say that
it is not clear whether the employees who are running the center,
currently on loan, will become registered members when it officially
begins operation. It thought that high-ranking posts at the centre will
be filled by officials from the Bureau of Energy, NDRC.

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Chinese School

Tuesday, December 25, 2007

Chinese language - Auto: Centers to curb vehicle exports

BIZCHINA / Biz Media Digest

Auto: Centers to curb vehicle exports
(Shanghai Daily)
Updated: 2006-08-18 18:29

China announced the formation of its automobile and auto components
center yesterday as part of government's efforts to rein in fast
expanding auto exports and boost the sector's development.

The Ministry of Commerce said eight state-level centers would be set up
in cities including Shanghai, Tianjin, Xiamen and Chongqing.

Chery Automobile Co Ltd and First Automobile Works Group were also among
the first batch of 160 carmakers that have the export license, which is
now required to export cars and spare parts from January 1 next year.

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Chinese language

Chinese language - Truth kills rumours

BIZCHINA / Biz Life

Truth kills rumours
(China Daily)
Updated: 2006-08-14 05:33

The society will pay less price if the government can refute rumours in
time, says an article in Chengdu Economic Daily. An excerpt follows:

Construction workers walk at a construction site in Beijing. [newsphoto]

There is a widely spread rumour that economical housing will be cancelled
and the cost to apply for the job of a civil servant is 26,000 yuan
(US$3,210). The ministries of construction and personnel refuted rumours
respectively last week. Economical housing will not be cancelled and the
average cost to apply for the job of civil servant is only 200 yuan
(US$25).

The rumour about cancellation of economical housing first appeared last
year and more related reports came out in influential media just recently.

A college girl gives a phone call to her parents at a job fair in
Nanjing, East China's Jiangsu Province, in this December 2005 file photo.
[newsphoto]

The sky-rocketing cost of applying for the job of a civil servant was
calculated on some extreme cases and included expenses for accommodation,
clothing, etc, that should not be added in here.

Such untrue reports have aroused much public indignation. Some take
actions such as giving up the idea of applying for government jobs or
stop the decision-making procedures on economical housing construction.
Why did it take so long for the authorities to refute such rumours? What
negative results have been produced before they were cleared up?

The rights to know, to participate and to enjoy the benefits of free flow
of information are greatly influencing the public. In the modern society
when mass communication is fairly developed, the spreading speed of
untruthful information can be quite fast and the impact may be huge. The
authorities should take the shortest time to refute rumours to minimize
the possible negative impact. The slower the government responds, the
more harm the rumours will bring about.

Lessons should be learned from the past cases such as the SARS crisis.
The price is just too high if the government were late to refute rumours.

(China Daily 08/14/2006 page4)

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Chinese language

Chinese Mandarin - Caterpillar to build wheel-loader plant in China

BIZCHINA / Overseas Investment

Caterpillar to build wheel-loader plant in China
(Xinhua)
Updated: 2006-07-26 14:32

Construction equipment maker Caterpillar is to build a wheel-loader
manufacturing plant in China's Jiangsu province.

The facility, wholly owned and operated by Caterpillar, would produce
medium-size wheel-loaders, said Rich Lavin, vice president of operations
for Caterpillar's Asia Pacific Division.

"This facility provide the primary manufacturing source for Caterpillar
wheel-loaders in the Asia theater," said Lavin.

Construction on the plant covering 57 acres in the Suzhou Industrial Park
will start in early 2007 pending government approvals.

A spokesman for the company declined to reveal the value of the
investment or the number of jobs to be created at the plant.

China's surging investment in rural infrastructure construction and
railways has brought a strong domestic demand for mechanical equipment.

"This wheel-loader manufacturing facility in Suzhou further demonstrates
Caterpillar's commitment to the continued expansion of our business in
China," said Stu Levenick, Caterpillar group president with
responsibility for Asia.

In the 1980s, the U.S.-based firm signed technology transfer agreements
with Chinese manufacturers to build Caterpillar licensed products. Its
expansion in China accelerated in the early 1990s with the establishment
of a more significant local production strategy.

Caterpillar operates 13 joint venture and wholly-owned businesses in
China.

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Chinese Mandarin

Learn Chinese online - Turn to "contacts" for jobs

BIZCHINA / Biz Life

Turn to "contacts" for jobs
(Xinhua)
Updated: 2006-07-18 14:23

More than 40 percent of China's college graduates believe the most
effective way to get a job is through social contacts, according to a
survey jointly released here on Sunday by the Communist Youth League of
China and Beijing University.

The survey, covering 6,000 college graduates in 100 schools of higher
learning, reveals that in large cities the proportion who say they needed
good contacts to get a job was more than 50 percent.

Deputy professor Wang Liping with the Research Institute on Public
Policies of the Beijing University said that while using contacts is
contrary to a meritocracy, they are inevitably quite important when
competition intensifies.

The survey said that about 27.25 percent of the grads have not found a
job by the end of May. More then 15 percent of the graduates said they
would continue their education or have postponed job hunting.

Nationally just under 50 percent of the grads have received job offers.
In Beijing the number of grads with jobs jumps to justover 60 percent.

Graduates who majored in agriculture were "unexpectedly popular"in the
job market as more than 78 percent of them have secured jobs, said the
survey.

Business management was the second most popular major among employers
with an employment rate of 58.02 percent. Graduates from engineering,
law, education and medicine were the next most successful job seekers.

With fierce competition and a tight supply of jobs, salary expectations
of this year's graduating classes was low. More than 4.13 million
students graduated with bachelors degrees this year, an increase of 22
percent, said the survey.

More than 66 percent of the respondents expect their monthly salaries to
be between 1,000 and 2,000 yuan (125 to 250 U.S. dollars). While some 67
percent of the respondents said "opportunities for personal development"
were more important than salary. Only 1.58 percent said they would work
for "no payment during probation".

According to the survey, more than 52 percent of the student respondents
viewed "the lack of social experience" as the biggest obstacle in their
job hunting. Almost a quarter of the grads said they lacked good
job-hunting skills.

Of the 44 employers polled, 77.3 percent said graduates expect too much
from their jobs in terms of salaries and personal development
opportunities.

Nearly 60 percent of them said the current college curriculum was
"irrational", which some employers say has hurt graduates chances of
becoming useful employees.

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� Nation's GDP grows 10.9% in first half

� New rules for foreign house sales agreed

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� China to widen investment channels

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Monday, December 24, 2007

Learn Chinese online - 22 mln "leftover children"

BIZCHINA / Biz Life

22 mln "leftover children"
(Chinanews.cn)
Updated: 2006-07-06 11:25

"How about your study now?" "Fine." "Is your Mom OK?" "Yes." "How is
everybody in the family?" "They are fine." "Ok, then I'll hang up."

The phone call was made by a migrant worker from his hometown of Yanqing
on the far outskirts of Beijing, and called back to his child recently.
The total call lasted only 30 seconds. However, even this short
conservation was a luxury to the family.

In China, with one or both parents going out to earn money, many children
are left in their hometowns in the countryside. These children are called
"leftover children". Some people say that the leftover children
phenomenon is largely caused by poverty. Since 1978 when China began to
introduce the reform and opening-up, more and more farmers flocked to big
cities and as a result, a large number of leftover children have emerge.d
Statistics showed that in 2004, China had a total of 22 million leftover
children in the countryside.

Usually, the children's grandparents or their parent's friends or
relatives look after these children. Sometimes these children are brought
up by one of their parents at home. In most cases, their guardians are
not quite educated. To them, making sure that the children are healthy
and fed well is the most important task. If the children are safe and
sound, they are considered to have done a good job. Guardians seldom care
about children's study, their psychological needs, or mental demands.
Neither do they spend some time to teach kids how to develop good habits.

Deputy director of the China Youth Research Center Sun Xiaoyun said that
children need emotional support. The younger they are, the more emotional
support they need. Most of the emotional support comes from their
parents. For most of the time, problems of the leftover children largely
arise from a lack of emotional care from their parents. If kids can go
out with their parents together, many problems will disappear.

(For more biz stories, please visit Industry Updates)

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Learn mandarin - Quick review: June 19-25

BIZCHINA / Weekly Roundup

Quick review: June 19-25
(China Daily)
Updated: 2006-06-26 07:02

African partnerships

China's energy partnerships with Africa are based on equality and mutual
benefit, and will not influence any other party, Premier Wen Jiabao said
last Tuesday.

During talks with Angolan President Jose Eduardo dos Santos, Wen said
China is ready to work with Angola and other African countries in the
energy sector.

"This is only one part of co-operation between China and Africa in a wide
range of fields," Wen said.

Administrative revisions

China's banking regulator is likely to soon complete revisions on an
administrative rule that would allow foreign banks to deal with the
renminbi retail business across the country.

The draft rule will require further approval from the State Council, a
source said last week, on condition of anonymity.

Foreign banks will be encouraged to register corporations in China,
instead of setting up branches to deal with the renminbi business. This
will protect the interests of domestic depositors, according to the
revised rule. The minimum registered capital of a foreign banking
corporation is said to be around US$125 million.

Page: 1 2 3 4 5

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Chinese language - Large natural gasfield discovered

BIZCHINA / Top Biz News

Large natural gasfield discovered
(AFP)
Updated: 2006-06-16 16:06

Canada's Husky Energy Inc has discovered a significant deepwater gas
reserve with its Chinese partner, China National Offshore Oil Corp
(CNOOC), in the South China Sea near Hong Kong.

Based on preliminary analysis of drilling results, the discovery could
contain a potential recoverable resource of four to six trillion cubic
feet (120 billion to 180 billion cubic meters) of natural gas, the energy
company said in a statement seen Friday.

"We are very pleased with our exploration results and this discovery
confirms our confidence in the significant undiscovered hydrocarbon
potential in the South China Sea," John Lau, Husky CEO and president said.

"We look forward to evaluating this discovery and continuing our
exploration efforts in China."

State-owned CNOOC has the right to participate in the development of any
discovery for up to 51 percent working interest, Husky said.

The Hong Kong-listed unit of CNOOC, CNOOC Ltd, confirmed the discovery,
with an official saying that if the estimated recoverable reserves were
confirmed, the block could be the "largest gas find in offshore China."

The discovery was made in the mouth of the Pearl River about 250
kilometers south of Hong Kong, it added.

The well will be sidetracked for further evaluation of the pay zone,
Husky said, adding there were plans for a three-dimensional seismic
survey to assess a number of similar structures which have been
identified from other seismic data.

Earlier this month, CNOOC signed two production sharing contracts with
Britain's BG Group PLC covering two deep water blocks in the South China
Sea.

To date, CNOOC has signed four deep water production contracts with
foreign partners.

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Chinese language

Sunday, December 23, 2007

Chinese School - Tyre makers compete for Chinese market

BIZCHINA / Overseas Investment

Tyre makers compete for Chinese market
By Wang Xin (China Daily)
Updated: 2006-06-09 11:46

The biggest project to be invested in by a business from the Republic of
Korea in Northeast China's Jilin Province has begun construction in the
Changchun High-tech Industrial Development Zone, according to the
province's department of commerce.

With a total investment of US$155.87 million, the project, Kumho Tyres
(Changchun) Co Ltd, is designed with an annual output capacity of 3.15
million car radial tyres, filling the gap for high quality car tyres in
Jilin Province.

Its targeted output capacity is expected to be realized in 2008 when the
company becomes the biggest tyre maker in Northeast China.

Kumho Tyres from the Republic of Korea (ROK) is the investor of the tyre
project currently under construction.

Kumho Tyres, affiliated with Kumho Asiana Group, has assets worth 250
billion yuan (US$31.25 billion), and 5,092 staff.

It notched up US$800 million in sales revenue in 2003, making it the
ninth largest tyre maker in the world.

With global demand for tyres growing and domestic production costs
rising, Kumho Tyres has sped up its overseas expansion.

The company has already established two tyre plants in Nanjing and
Tianjin, which currently produce 12 million and 5.25 million tyres per
year respectively.

The combined output of tyres from the two plants is expected to reach
18.5 million in 2009, while still leaving open the supply of 10.7 million
tyres.

Based on a market research, the demand for Kumho tyres in the Chinese
market is estimated to soon hit 29.2 million.

The research also found that the supply for high-quality radial tyres is
short, while there exists a huge market for that product.

So, establishing a new plant to satisfy market demand became a pressing
issue for Kumho Tyres.

Though the ROK-based company has chalked up impressive market shares in
South China, it did not enter into its venture in Northeast China until
the new tyre project was settled there.

Northeast China is seen as a traditional industrial base and therefore
has won the popularity of investors involved in manufacturing industries
from home and abroad.

A number of cities in the region including Changchun, Harbin, Shenyang
and Jilin City are all comparatively strong in auto making.

Page: 1 2 3

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Chinese School

Learn mandarin - Hang Seng Bank plans mainland expansion

BIZCHINA / Overseas Investment

Hang Seng Bank plans mainland expansion
(Shenzhen Daily)
Updated: 2006-06-06 10:05

Hang Seng Bank, a Hong Kong unit of HSBC Holdings Plc., said it plans to
invest over HK$1 billion (US$129 million) over the next three years to
expand on the mainland.

The investment will be used to set up new outlets and for training,
bringing the number of branches to more than 30, Johnson Fu, head of the
bank's mainland division, said at the opening of a sub-branch in Shanghai.

Currently the bank has 13 outlets on the mainland, including the newly
opened sub-branch, according to Fu. Hang Seng has also received
regulatory approval to open a new sub-branch in Shanghai and will upgrade
a representative office in Dongguan, Guangdong Province, to a branch.

The bank plans to increase its payroll on the mainland from 400 staff to
more than 600 by the end of this year, Fu said.

He added the bank has no intention to take a stake in another mainland
lender or to set up a credit card joint venture with its mainland partner
for now.

"We are quite satisfied with the status quo of our cooperation with
Industrial Bank," he said.

Hang Seng Bank and International Finance Corp., the investment arm of the
World Bank, bought stakes of 15.98 percent and 4 percent in the mainland
bank in late 2003.

Hang Seng and Industrial Bank have since been cooperating in areas such
as consumer banking and internal auditing.

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Learn Mandarin online - Carrefour keeps pace with expansion

BIZCHINA / Top Biz News

Carrefour keeps pace with expansion
By Dai Yan (China Daily)
Updated: 2006-05-31 09:02

Customers of China's Carrefour hypermarkets spend an average 110 yuan
(US$13.8) each visit; a significant figure when multiplied by the
country's consumer base. And the world's second-largest retailer said it
plans to keep pace with the rapidly expanding domestic market.

Jose Luis Duran, CEO of Carrefour Group, said the company will open 20
hypermarkets this year compared with 14 in 2005.

The new stores represent one-fifth of Carrefour's expansion worldwide for
2006, Duran said. In total, the company plans to open 45 hypermarkets in
Asia, 30 in Europe and 25 in Latin America.

"That pace will continue through 2008 at least," says the CEO.

Carrefour currently operates 76 supermarkets in China. In 2006, Carrefour
has already opened seven new stores in the country and will introduce
another 13 this year, he said.

Carrefour has also opened 230 Dia outlets, its discount store, in China,
and plans to open 70 more this year.

With the national economy growing at more than 9 per cent a year, China's
retail market is expected to expand by 8 to 10 per cent a year, to US$2.4
trillion by 2020.

To grab a bigger part of the huge domestic retail market, foreign
retailers are opening more stores as China relaxes its policies on the
industry. Wal-Mart, Carrefour's global rival, intends to open 18 to 20
new stores throughout the country in 2006.

The quick expansion is also part of the French retailer's global
strategy; its rate of new store openings will increase sharply during the
2006-08 period in its key market, Duran said.

The company intends to open about 100 new hypermarkets in 2006 its
largest number of openings in a single year and double the average for
each year between 2001 and 2004.
In total, taking into account other formats, supermarkets, and discount
and convenience stores, Carrefour plans to open 1,000 new outlets in
2006. These figures are equivalent to 1.5 million square metres of retail
space.

"In short, we will be opening more square metres in fewer countries in
order to increase the impact of each euro invested," Duran said.

Carrefour has withdrawn from countries such as South Korea that were not
sufficiently profitable and decided to focus its efforts and investments
on key markets in which it can lead.

"It will still take some time for China to become truly significant, but
we have opened more stores in China in 10 years than we opened in Spain
and Brazil in 30 years," Duran said.

Carrefour had revenue of 2 billion euros last year in China, only about 2
per cent of the group's total worldwide revenue.

Besides the expansion, Carrefour will have more debuts in the market,
said Luc Vandevelde, chairman of Carrefour's supervisory board.

The retailer will open its first environmentally friendly supermarket in
the world here.

The "green" supermarket will be built in Beijing and will use 30 per cent
less water and electricity than other Carrefour stores, said Vandevelde.

Plans for the store, which will open before 2008, include recyclable bags
and special electric trams.

This is also the first time that Carrefour has bought real estate to open
a store rather than renting an existing space.

Duran said Carrefour believed it would not have any difficulty finding
the right locations and people for its expansion.

"We will stick to co-operation with local partners who are good at
finding the good sites," Duran said.

The company itself also has a group of 40 development managers to seek
locations for hypermarkets.

The retailer recently signed an agreement with China Europe International
Business School (CEIBS) to support the school over a 3-year period. In
return, Carrefour will have priority to recruit elite masters from CEIBS.

More local people will take senior positions in the company, said
Vandevelde. Eighty per cent of the hypermarkets' general managers are
Chinese and the share will continue to increase in the near future.

(For more biz stories, please visit Industry Updates)

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