CHINA BANKING AND FINANCE NEWSLETTER
Vol. 4, No. 7 - May 29, 2003
TOPICS THIS ISSUE:
- Steady Growth of Overseas Investment In China
- Commercial Bank Reports Sharp Rise In Profits
- New Regulations on State Assets Management
- China Launch's Antidumping Investigation
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Steady Growth of Overseas Investment In China
Mainland China reported a steady growth of direct overseas investment in the first four months this year.
The Ministry of Commerce stated that direct overseas investment from January to April 2003 in China's mainland amounted to US$30.528 billion in contractual volume, an increase of 50.13 % over the same period of the last year. Materialized overseas investment during this period was US$17.823 billion.
2,198 new overseas-invested firms obtained approval during the four-month period noted, marking an increase of 34.19 percent over the same time period last year.
The top ten sources of overseas investment were Hong Kong, the Virgin Islands, the United States, Japan, the Republic of Korea, China's Taiwan Province, Singapore, Germany, Cayman Islands and West Samoa, which accounted for 86.94 percent of all foreign investment during such period.
According to the Ministry of Commerce, the majority of the overseas investment for the period came in the manufacturing sector, followed by the service sector.
Source: Xinhua News Agency
Commercial Bank Reports Sharp Rise In Profits
The Industrial and Commercial Bank of China ("ICBC") announced that, in the first four months of this year, it made operational profits of 15.089 billion yuan (about 1.82 billion US$), an increase of 64.2 billion yuan or 74.07 percent over the same period last year.
The bank's rate of non-performing loans had dropped to 21.21 percent, 1.33 percentage points down from the beginning of 2003.
Statistics released by the ICBC show that in the first quarter, the bank granted new loans totaling 186.7 billion yuan, 129.2 billion yuan more than the same period last year.
Deposits increased by 255.5 billion yuan, doubling the figure for the same period last year.
A spokesman for the bank said the ICBC had taken steps to reinforce services that do not require personal contact, including phone banking and on-line banking, to help control the spread of SARS.
Source: Xinhuanet
New Regulations on State Assets Management
The State Council, China's cabinet, passed in principle a draft set of interim regulations on the supervision and management of state enterprise assets.
The regulations set out the duties of investors and that the independent management rights of the enterprises must be guaranteed.
The regulations will be promulgated and put into force by the State Council after further necessary revisions.
The State Council also passed a draft set of regulations on the implementation of China's cultural relic protection law.
Source: People's Daily
China Launch's Antidumping Investigation
China has begun an investigation in the dumping of monoethanolamine and diethanolamine products from the following countries and regions: Japan, the United States, Germany, Iran, Malaysia, Mexico as well as the Taiwan region.
The move was announced May 14, 2003 by the Ministry of Commerce and became effective immediately.
The investigation relates to imported monoethanolamine and diethanolamine, basic chemical materials, respectively listed under "2922.1100" and "2922.1200" in the tariffs of the General Administration of Chinese Customs.
The Ministry of Commerce will decide whether dumping has taken place and if so, to what extent it falls within China's regulations on antidumping.
In the meantime, the ministry will investigate any damage done to China's industries by the alleged dumping. The investigation, which would normally last a year, could be extended to 18 months due to special conditions.
Source: Xinhua News Agency
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The China Finance News is intended to be used for news purposes only. It should not be taken as comprehensive legal advice, and Lehman, Lee & Xu will not be held responsible for any such reliance on its contents.
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