 |
| Four enterprises get State
Council approval to engage in international marine oil supply. |
End of Finished Oil Monopoly in China
Following last year's break-up of China Aviation Oil Holding Company,
the nation's only aviation oil supplier at the time, yet another
monopoly has been dissolved. China's State Council has given four
new enterprises, including one private company, the go-ahead to
engage in the supply of international marine oil, bringing an
end to the stranglehold on the industry that China Marine Bunker
(PetroChina) Co., Ltd has enjoyed for almost 30 years. The move
means the days of state-owned enterprises' monopoly over finished
oil products in China are over.
China Opens its Financial Market
China plans to fully open its financial markets by the end of
2006, when foreign banks operating in China will be permitted
to engage in RMB business. The China Banking Regulatory Commission
(CBRC) recently issued its amended Rules Governing the Consolidated
Supervision of Foreign Banking Organizations (draft), making significant
improvements to the old rule. When the rule takes effect, foreign
banks that are registered as independent legal entities will be
permitted to handle deposits worth RMB 1 million or more. However,
foreign lenders without that legal status will not be permitted
to handle individual Chinese accounts. The CBRC says it supports
and encourages foreign banks to develop in the northeast, west,
and central regions of China.
 |
| French firm SEB buys up Chinese cookware manufacturer Supor. |
France's SEB Takes Majority Share in Chinese Cookware Producer
Supor
The world's leading small appliance producer SEB has bought a
majority stake of between 51 and 59 percent in Zhejiang Supor
Cookware Co., Ltd. The 150-year-old French group has seen sales
flounder domestically and within the European Union, and it plans
to close three plants in France over the next two years. Now it
has turned its eyes towards Asia. By buying into Supor, China's
largest cookware manufacturer, it hopes to explore new markets
in Asia for products such as pressure cookers, ovens, frying pans
and toasters. Currently, two-thirds of Supor's products are sold
in the domestic market, with the rest exported to the West.
 |
| United Airlines applies to open the first direct flight between Beijing and Washington. |
United Airlines Applies to Open Direct Flights Between Beijing
and Washington
United Airlines has applied for the right to run direct flights
between Washington and Beijing. If successful, the Chicago-based
airline says it will begin operating flight between the respective
capitals in March next year. United Airlines plans to operate
combined passenger and cargo service between the cities using
its Boeing-747 aircraft, says Mark Schwab, vice president of the
group's Pacific region operations. "As one of United's five
major aviation hubs, Washington will be an important channel for
Americans traveling to the 2008 Beijing Olympics." The new
round of talks between China and America on aviation rights concentrates
on how to open respective markets to satisfy growing demand for
aviation transportation, as well as aviation rights after 2009.
Germans in on Railway Billboards
The Beijing Railway Bureau recently announced it would cooperate
with German advertising company BMC in the creation of large outdoor
billboards for four major train stations in northern China. Under
the agreement, the German company will entirely oversee the design,
construction, installation and operation of the billboards, which
are destined for Beijing Railway Station, Beijing West Railway
Station, Tianjin Railway Station and Shijiazhuang Railway Station.
The move naturally follows foreign advertisers' entry into Chinese
airports, undergrounds and buses. It is expected to stimulate
railway infrastructure construction, save costs, promote the cities'
image, and bolster each city's railway and tourism sectors.
 |
| VOLVO set to launch new S40 in the Chinese market. |
Volvo to Launch S40 in China
The Volvo S40, manufactured in China, will be launched to the
Chinese market this year. Initial production volume is planned
at 10,000 units. According to Volvo's China manager, the company
guarantees the quality and safety of the S40 will equal that of
imported Volvos, and its price will be stable. The world-famous
company decided to move production of its latest model to China,
based on soaring demand in the Chinese auto market and rapid improvement
within the Chinese auto industry. Volvo thus saves transportation
costs, enjoys tax reductions and increases its competitiveness
in the Chinese auto market.
American Company AEG Interested in Chinese Sports Industry
American sports and entertainment company AEG recently announced
its intentions to explore the Asian market. It hopes to establish
its Asian headquarters in Beijing. A company official says, "We
are looking into many business projects in China, and considering
purchasing some high standard gyms, performance companies, as
well as some promising film and TV projects." The group has
also shown a keen interest in the dozen stadiums to be used for
the 2008 Beijing Olympics. Statistics from the State Sports General
Administration put the value of China's sports industry at RMB
300 billion (US $37.5 billion).
|
