China's Stock Markets End Week Down
China's benchmark Shanghai Composite Share Index dropped 2.31 per cent
on Friday, following news that a State Council official had said that
Chinese share prices were soaring far higher than major indices abroad.
The Shenzhen Component Index dropped by 3.03 per cent. Heavy weight
companies saw sluggish growth, while coal producers and airline stocks
all fell, with China Southern, China Eastern and Hainan airlines down
between four and six per cent on the day.
Premier Encourages Russia Investments
China’s Premier Wen Jiabao has urged Chinese businesses to expand their
investments in Russia. Before leaving for an official visit to Moscow,
Wen told the Russian Itar-Tass News Agency that China has set a target
investment total of USD12 bn in Russia by 2020.Chinese companies have
invested in several sectors in Russia, including mining, energy,
electricity, manufacturing, infrastructure, agriculture, fishery and
forestry. Wen added that the two countries should strengthen
cooperation in the fields of machinery and electronics. Part of this
effort will be the China-Russia Machinery and Electronics Product
Council, to be officially unveiled this month. Trade volume between
China and Russia is expected to exceed USD40 bn this year, and state
media says it should double to USD80 bn by 2020.
ICCS Completes Cargo 2000 Audit
The International Cargo Centre Shenzhen has become the first Chinese
business to successfully complete a Cargo 2000 audit for its
ground-handling operations. ICCS, a joint venture between Shenzhen
Airport Co. and Lufthansa Cargo, joined Cargo 2000 last year and has
since invested in staff training and upgrading its operational and
customer service processes, and its quality-management system to cope
with all C2K requirements, including compiling a Cargo 2000 quality
manual. ICCS provides GHA services for 18 airlines, and is the prime
air cargo ground-handling company in the Pearl River Delta.
Car Sales and Domestic Producer Market Share Both Rise
Chinese cars producers attained a 27 per cent domestic market share in
the first nine months of 2007, according to state media. The China
Association of Automobile Manufacturers said that 73 per cent of the
sale were made by the top ten Chinese companies. A total of 4.58
million passenger cars were sold from January to September, up 23 per
cent year on year. At the same time, First Automotive Works, one of
China’s largest automobile producers, reported a net profit of RMB358
million for the Q3 of 2007, up 56.7 per cent year on year.
GM Seeks to Fight Back Against Domestic Car Producers
General Motor's will attempt to halt the market share gains – and aim
to take a lead in the production of energy-efficient cars – being made
by China’s ambitious domestic car manufacturers by building a USD250
million research hub and energy centre, Chairman and CEO Rick Wagoner
announced in Shanghai this week. The so-called Centre for Advanced
Science and Research will be built "to accelerate research in the areas
of energy-efficient and environmentally friendly automotive
technologies, as well as alternative fuel pathways that are socially
responsible, economically viable, environmentally sustainable, and
technologically feasible," said Wagoner.
Two Chinese Companies to Join Hang Seng Index
PetroChina and China Shenhua Energy are both expected to be added to
the Hong Kong Hang Seng Index next week, after the two mainland Chinese
companies completed their A-share reform programmes. PteroCHina’s
expected weighting would make it one of the top four stocks on eh
Index, alongside HSBS, China Mobile and China Life Insurance. On
Monday, the Hang Seng hit a record high amid speculation that the US
Federal Reserve will cut interest rates by Wednesday.
China Introduces Public Office Energy Monitoring
The Beijing government is launching a pilot project to monitor energy
consumption in government offices and large publicly owned buildings.
The project has already begun in China’s four city municipalities,
Beijing, Shanghai, Tianjin and Chongqing, as well as major cities in 15
provinces. The project will be rolled out nationwide later this year,
according to Xinhua.
China Merchants Plans New Shenzhen Cargo Berths
China Merchants Holdings will invest around RMB3.5 bn to build a
five-berth multi-purpose shipping terminal at Shenzhen port. The move
is a bid to boost cargo traffic and fend off strong competition from
rapidly enlarging ports throughout the Pearl River Delta. The five
berths will be built at Qianhaiwan port, and would add a quay length of
around 2,100 metres to handle raw materials, agricultural products and
manufacturing goods.
Coal-power Closures as Shanghai Covets Cleaner Air
Shanghai’s determination to clean up its air quality ahead of the 2010
World Expo, took a further step this weekend. The city has announced
that it will close down seven coal-fired power plants, with a total
capacity of 2.1 million kilowatts. State media reports that the
closures will reduce annual sulphur dioxide emissions by about 80,000
tonnes.
Natural Disasters Take Toll
Natural disasters, including typhoons, flooding and drought, have
affected more than two million people in China so far this year, and
caused damage totalling more than RMB4.4 bn.
Last update : Monday, 05 November 2007
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