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China Trade with Canada China Trade with Canada(0)

Hu made his remarks during a meeting with Canadian Prime Minister Stephen Harper, whose Conservative government is trying hard to boost ties with Beijing.

The Canadian government said later that China had opened its market to Canadian beef in a staged process. Canada is the first country affected by BSE, commonly known as mad cow disease, to regain access to the Chinese market for beef.

Under the deal announced on Thursday, Canada said China would initially open its markets to Canadian boneless beef, derived from animals under 30 months old, as well as beef tallow for industrial use.

Canada, which sends 75 percent of all exports to the United States, is eager to diversify into other markets to offset weak demand from its main customer.

As China’s energy consumption booms, it is looking to Canada as a stable supplier of resources, and Chinese companies over the past year have begun increasing their investment in Canada’s oil sands.

In a separate deal announced on Thursday, Encana Corp, Canada’s largest natural gas producer, and state-owned China National Petroleum Corp agreed to negotiate a joint venture to develop the Canadian company’s shale-gas properties in northern British Columbia.

Canadian miner Cameco Corp said it had struck a framework agreement that could lead to supplying uranium to plants under construction by China Guangdong Nuclear Power Holding Co.

Source : Konaxis

China Yuan Reform China Yuan Reform(0)

China’s trading partners are anxious for Beijing to spell out how quickly it will let the yuan rise after it said on Saturday that it was ending the currency’s 23-month-old peg to the dollar.

Some leaders at this weekend’s Group of 20 summit in Toronto might even want China to produce a schedule of sorts, Canadian Finance Minister Jim Flaherty said on Monday.

But Foreign Ministry spokesman Qin Gang said Beijing would act as it saw fit and would not be rushed.

Qin did not give a direct answer when asked whether President Hu Jintao would discuss the yuan in Toronto, but he noted that previous G20 summits had not singled out individual currencies.

Source : Konaxis

China, Taiwan Tariff Reductions China, Taiwan Tariff Reductions(0)

“We are still working on details, but the basic agreement has been reached,” Tang Wei, head of Taiwan, Hong Kong and Macau affairs at China?s Ministry of Commerce, said late Sunday after talks in Beijing with Huang Chih-peng, director-general of Taiwan?s Bureau of Foreign Trade.

An agreement would lower tariffs on more than 200 items exported from Mainland China to Taiwan including car parts, petrochemicals and machinery, the officials said. The exact items have yet to be decided, and Tang said he hoped that Taiwan would export textiles and car parts to Mainland China. An accord would allow service providers to compete in the two markets, he said.
Taiwan President Ma Ying-jeou has been pushing for an accord to bolster export-dependent Taiwan?s economy after a Chinese trade agreement with the Association of Southeast Asian Nations began this year. Ma is also seeking better relations with the island?s biggest trading partner and No. 1 investment destination.

Taiwan and China agreed in December to boost cooperation in fishing, agriculture and industrial goods at the fourth cross-strait talks as relations reached their warmest in 60 years. In November, they signed three memoranda of understanding to ease access to each other?s banking, securities and insurance industries.
Trade between the mainland and Taiwan increased 68 percent in the first four months of 2010 compared with same period last year, and Taiwan investment rose 45 percent, China?s Tang said Sunday.

Source : Konaxis

China May Foreign Investment Rises China May Foreign Investment Rises(0)

Investment rose 27.5 percent to $8.13 billion, the Ministry of Commerce said in a statement Saturday. Foreign investment in the first five months of the year rose 14.3 percent to $38.9 billion, the ministry said.

China?s economy will expand by 9.5 percent this year, three times the pace of the U.S, the World Bank forecast this week.

Retail sales rose by more than 18 percent for the third straight month in May, government data showed this week. Passenger-car sales last month rose 26 percent from a year earlier to 1.04 million units, the China Association of Automobile Manufacturers said on June 8.

Foreign direct investment started to climb in August last year after falling for 10 straight months because of the global financial crisis. Asia?s ?bright growth prospects,? coupled with low interest rates in major economies, may attract capital to the region and increase overheating risks, the International Monetary Fund said June 9.

Investment may top $100 billion this year, Wang Zhile, director of the commerce ministry?s research center on transnational corporations, told the China Daily Saturday. That would exceed the previous record of $92.4 billion achieved in 2008.

Source : Konaxis

ICBC Brazil ICBC Brazil(0)

“We have plans to operate in Brazil, however, so far we did not decide how to operate it,” said ICBC Chairman Jiang Jianqing, quoted by the newspaper.

In March, the Brazilian central bank authorized the state run Bank of China Ltd. to operate in Latin America’s largest nation.

Source : Konaxis

China Property Prices Rise China Property Prices Rise(0)

The 12.4 percent gain compared with a record 12.8 percent increase in April from a year earlier, the National Bureau of Statistics said in a statement on its website. The data series, covering 70 cities, began in 2005. The value of sales slid 25 percent.

Officials may introduce a trial property tax after already tightening sales rules for developers, raising some down payment requirements and restricting loans for multiple-home buyers, according to state media.

Last month marked the first slowing in the annual rate of property price gains. On a monthly basis, values advanced 0.2 percent.

Sales in Beijing, Shanghai and Shenzhen, the nation?s wealthiest cities, fell as much as 70 percent in May from the previous month and land sales for residential development projects in 70 Chinese cities fell 14 percent, the official Shanghai Securities News reported earlier this month.

Besides industry-specific measures such as requirements for larger down-payments for some homes, the government on May 2 raised banks? reserve requirements for the third time this year to contain overheating risks after first-quarter economy expanded at the fastest pace in almost 3 years.

Source : Konaxis

Raise Minimum Wage Shenzhen Raise Minimum Wage Shenzhen(0)

The minimum monthly wage will rise to 1,100 yuan ($161) for full-time workers, while hourly pay for part-time employees will climb to 9.8 yuan ($1.44), the government said in a transcript of a press conference posted on its website.

More than 20 Chinese provinces and cities raised minimum wages this year, the city government said. Higher pay will help companies to recruit workers and also to boost consumption, it said.

Source : Konaxis

China Software Piracy China Software Piracy(0)

“We were seeing progress over a number of years … but that has essentially stalled and the (piracy) rate has been roughly flat for the last three years,” said President Robert Holleyman of the Business Software Alliance.

Microsoft’s Steve Ballmer, Shantanu Narayen of Adobe, Carl Bass of Autodesk and Enrique Salem of Symantec are among the chief executives meeting with Treasury Secretary Tim Geithner, Attorney General Eric Holder, Office of Management and Budget Director Peter Orszag.

Microsoft, which has continued doing business with China despite the piracy, recently won a lawsuit in Shanghai against a local insurance company that was running 450 copies of pirated Microsoft software.

The BSA is asking the Chinese government to ensure that government offices and businesses use only licensed software and to pledge to refrain from compelling intellectual property transfers as the cost of doing business, in addition to other steps.

Source : Konaxis

BYD European Headquarters in Germany BYD European Headquarters in Germany(0)

Germany is the preferred location,? Henry Li, general manager of BYD?s auto export trade division, said in a telephone interview. The decision depends on BYD ?finding the right property and place? and will likely be made before the end of the year, Li said.

Shenzhen-based BYD plans to start selling electric and hybrid cars in western Europe next year and become the first Chinese company to market alternative energy-powered vehicles in the region. The E6 electric car is among the models BYD plans to introduce, Paul Lin, a company spokesman, said in March. The carmaker may eventually design and build cars in Europe, he said.

BYD signed an agreement with Stuttgart, Germany-based Daimler AG, to develop electric vehicles in China last month. Daimler, the world?s second-biggest maker of luxury cars, and BYD will invest 600 million yuan ($88 million) in the equal partnership.

Source : Konaxis

Honda Strike China Subsidiary Honda Strike China Subsidiary(0)

The three auto-assembly ventures–Dongfeng Honda Automobile Co., Honda Automobile (China) Co. and Guangqi Honda Automobile Co.–will restart operations once they can procure transmissions and other engine related parts from Honda Auto Parts Manufacturing Co., whose workers walked off on May 17. Production of those parts had been fully or partially suspended since.

The workers accepted a pay hike proposed by the parts production company late Friday, a Honda spokeswoman said.

The stoppage of production was a big headache for Honda as it finds it hard to keep up with growing demand for its vehicles with its scarce production capacity in China. The Japanese car maker plans to increase its overall capacity in China to 830,000 vehicles a year from the current 650,000 by 2012.

The pay raise could also squeeze profitability in Honda’s operations in China.

Honda is targeting China sales of more than 630,000 vehicles this year, or up about 10% from 2009.

Source : Konaxis

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