China Business Briefs 7/12//13

The growth rate, however, was at the lowest level this year, the academy said.

The nation’s steel consumption next year is estimated at about 715 million metric tons, which represents a 3.2 percent year-on-year growth rate, Li Xinchuang, head of the China Metallurgical Industry Planning and Research Institute, said on Friday.

The IPO reform plan, which was released on Nov 30, was widely welcomed by the market, and the CSRC is quickening the pace of the launch of a support system.

“For instance, the Measures for the Administration of Securities Issuance and Underwriting, the IPO Pre-announcement System, and guidance on information disclosure will be released soon after going through related legislative processes,” said Deng Ge, a CSRC spokesman.

Like Rongsheng’s shipyards, the area is struggling to survive.

Harper announced a year ago tomorrow that Canada will keep state-owned enterprises from acquiring oil sands businesses — one of the last and biggest steps in an overhaul of foreign-investment review rules that govern takeovers of Canadian companies together worth more than C$1.87 trillion ($1.75 trillion).

Fourteen of 19 economists see policies from a Communist Party summit last month boosting gross domestic product either by a negligible amount or less than 0.5 percent a year compared with their previous outlook, according to the Bloomberg News survey. Ten analysts say China will need at least a small amount of monetary, fiscal and credit stimulus to meet the government’s “bottom line” of 7 percent growth in the next five years.

As a matter of fact, Mr. Hu’s ‘sky dive’ isn’t an isolated case of veteran Chinese venture capitalists leaving their firms to either join one of his/her portfolio companies or to start a new cause. Known as those who always encourage the others to quit on steady income and leisure lifestyle to start a new business, venture capitalists are now rolling up their own sleeves to get some dirty jobs done, from talk the talk to walk the walk.

“China, India and Australia are generating an increasing number of fast-growing, successful technology companies and are challenging Taiwan as a technology hub in the region,” said Ichiro Nakayama of the Fast500 Asia Pacific program.

Beijing stopped short of outlawing Bitcoin altogether and said individuals were free to buy and sell it at their own risk, but it highlighted what it said were dangers associated with it, including money laundering and criminality.

Asset management companies – established this year in the eastern provinces of Zhejiang and Jiangsu to help take bad debt off the books of local banks – will be allowed to sell these loans to buyers outside their respective provinces, according to local media reports.

Fifth Chinese Artwork Sells for at Least 100 Mln Yuan in 2013 – Huang’s Gaiety in the Grassland sold for 129 million yuan, or US $21 million, at an auction run by Beijing Poly International Auction Co. Ltd. The figure was  a record for a work by Huang.

But Internet companies, including Alibaba Group Holding Ltd , Baidu Inc and Tencent Holdings Ltd, have started using their platforms to push financial products developed by finance management firms, looking to fill this gap in the market.

According to the meeting minutes posted on the State Council’s website, VAT reform is considered a critical part of China’s continued fiscal and tax reforms. Over the past two years, the pilot reforms have proven effective in pushing the development of China’s service sector and boosting the country’s job market.

It has applied to the securities regulator for a third-party fund sales and  settlement license, the source said. It is unclear when it will introduce the  investment service.

The two parties will each own 50% in the venture, which is expected to produce 150,000 multi-purpose vehicles and engines a year, the statement said. Dongfeng didn’t say when production will start.

In October, GM’s vehicle sales had risen 12.2 percent year on year.

It’s easy to see why Apple fans are welcoming the news. China Mobile had 759.3 million customers at the end of October. Think about that. We’re talking about more accounts than the entire populations of all nations outside of China and India.

Officials from India, China, South Korea, Japan and Taiwan which import about 70 percent of the world’s LNG discussed the demand outlook, pricing and supply sources, they said after the two-day meeting, but admitted getting results was a challenge.

The Chuandongbei project, the U.S. firm’s largest investment in China, is now not expected to deliver first gas until the second half of 2014, nearly 7 years after the firms clinched a 30-year deal to produce 7.6 billion cubic meters of gas a year.

Posted from Diigo.

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