ICBC Most Competitive Chinese Lender
An industry survey released by the Chinese Banker magazine rated the
Industrial and Commercial Bank of China (ICBC) is the most competitive
domestic commercial lender. China Merchants Bank ranked second and
China Construction Bank third. The survey included factors such as
corporate governance, business process, information technology, risk
control, products and service and human resources. The report also
revealed that the key challenges facing Chinese banks are credit risk
management, liquidity risk management and profitability.
UBS Cuts China GDP Forecast
UBS said it has reduced its GDP forecast for the Chinese economy in
2009 to 8.8 per cent, down from 9.5 per cent. The reasons for the
slowdown are a weaker global outlook and slower export-related
investments. For 2008, the Swiss bank's China Economist Tao Wang predicts a 10 per cent growth rate in China.
Alibaba Enters Taiwan
Taiwan is the location for Alibaba.com's fourth office outside mainland
China. Alibaba.com says it aims to bring global trade opportunities to
Taiwan SMEs by helping them reach millions of buyers and sellers around
the world. "The launch of our Taipei office signifies our strong
commitment to invest more resources to develop the Taiwan market and
help local SMEs with global trade," said David Wei, CEO of Alibaba.com.
Chinese Satellite TV Broadcaster Sues Video Websites
Chinese broadcaster Ifeng.com says Ku6.com, Youku.com and other video
websites are infringing its copyright by allowing netizens to watch its
Phoenix Satellite TV programs on their site. Ku6.com, as other
websites, claim that users upload videos and it cannot be held
responsible for their actions.
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