BIZ

SOEs seen inflating revenue


China’s top auditor said that 18 of 20 recently audited central State-owned enterprises (SOEs) have inflated their revenue by a total of 200.16 billion yuan ($29.3 billion) and profits by 20.3 billion yuan during recent years.


Fuyao chief criticizes US ‘fake news’

The head of China’s leading auto glass manufacturer Fuyao Glass Industry Group on Tuesday dismissed reports that the company’s business in the US is in trouble, saying that US media “exaggerated” the situation and domestic news outlets should not do likewise.
Source: Global Times | 2017/6/20 22:28:39

Finance needs open environment

China should further open the financial services industry and embrace outside competition to bolster the sector, People’s Bank of China (PBC) Governor Zhou Xiaochuan said Tuesday.
Source: Global Times | 2017/6/20 21:43:39

Summer Davos in Dalian

The 2017 Summer Davos to be held in Dalian, Northeast China’s Liaoning Province, from Tuesday to Thursday will host more than 2,000 participants from more than 80 countries and regions, the World Economic Forum said on Tuesday.
Source: Global Times | 2017/6/20 21:38:40

China-US biz dialogue

Business leaders said that they are encouraged by the signs from a meeting in April between US President Donald Trump and Chinese President Xi Jinping, as the 9th US-China CEO and Former Senior Officials’ Dialogue kicked off in Beijing on Tuesday.
Source: Global Times | 2017/6/20 21:38:40

China allows beef imports from US as part of bilateral 100-day action plan

Beef imports from the US were permitted as of Tuesday, the General Administration of Quality Supervision, Inspection and Quarantine said the same day. The boneless and bone-in beef of cattle aged under 30 months may be imported, the food quality regulator said in an online statement.
Source: Global Times | 2017/6/20 21:38:39

Tin firm approved for processing trade

Yunnan Tin Co (YTC), the world’s biggest tin producer, said that it had received Chinese government approval for “processing trade,” which involves producing refined metal for export using imported concentrate, Reuters reported Tuesday.
Source: Reuters | 2017/6/20 21:38:39

JGBs slip on rallying Tokyo stocks as US Treasuries weaken through the night

Japanese government bond prices (JGBs) slipped on Tuesday as the market was pressured by rallying Tokyo shares and an overnight retreat in US Treasuries, although firm demand at a liquidity-enhancing debt auction helped limit losses.
Source: Reuters-Global Times | 2017/6/20 17:43:39

Hedge funds sour on crude oil

Hedge fund managers have become very bearish about the outlook for oil prices as production from countries outside the OPEC grows and threatens to undermine the effectiveness of OPEC’s output controls.
Source: Reuters-Global Times | 2017/6/20 17:38:39

Mainland stocks slip ahead of MSCI decision

Stocks in the Chinese mainland slipped on Tuesday amid lingering concerns over liquidity conditions, even as investors awaited a decision by US index provider MSCI on whether to add mainland shares to its Emerging Markets Index .
Source: Reuters-Global Times | 2017/6/20 17:38:39

European resort brands Sunparks and Pierre & Vacances debut in China

HNA PV Tourism Company Ltd (HNA PV) unveiled two new tourism holiday brands, Sunparks and Pierre & Vacances and held a brand launching conference and signing ceremony in Beijing on June 15.
Source: Global Times | 2017/6/20 17:28:39

US official hopes to conclude NAFTA renegotiation by year-end

US Secretary of Commerce Department Wilbur Ross said on Monday that he hoped renegotiation on the North American Free Trade Agreement (NAFTA) could be done by the end of this year.
Source: Xinhua | 2017/6/20 17:16:35

Lianyungang Port: No longer landlocked

The Lianyungang Port in East China’s Jiangsu Province is an important link along the transcontinental New Eurasian Land Bridge that runs from the Pacific to Rotterdam, the Netherlands. As the China-proposed Belt and Road initiative has gained momentum in recent years, the port now faces new challenges from domestic and foreign rivals. Nevertheless, it has been developing new strategies to reassure its leading position as a vital connecting dot of trade alongside the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.
Source: Global Times | 2017/6/20 17:13:39

"Extraordinarily foolish" for US to nix NAFTA, says Nobel laureate

Nobel Prize winner and renowned economist Joseph Stiglitz said Monday it would be "extraordinarily foolish" for the United States to walk away from or weaken the North American Free Trade Agreement (NAFTA).
Source: Xinhua | 2017/6/20 17:00:08