Fast Retailing Aims for 200 China Stores in 5 Years
Asia's biggest clothing retailer, the Japanese based Fast Retailing
Co., plans to operate 200 Uniqlo stores in China and Hong Kong within
five years. Senior Vice-President Tiger Pan Ning said that about 80 per
cent of the stores will be located in mainland China. Uniqlo currently
has ten stores in China and five in Hong Kong. The casual clothing
chain is tapping China’s much-vaunted consumer sales growth potential
as sales slow in its home market, which still accounts for about 90
percent of total revenue. According to Pan, Fast Retailing's sales from
China will double every year to about RMB7 bn by 2012.
Huaxia Bank Restructure Aided by Large Tax Breaks
Beijing-based Huaxia Bank has announced that it will receive a tax
break – equal to more than one-fifth of its profits for last year – to
help it restructure its debts and reorganise the company ahead of a
share sale. The government has agreed to forego RMB971m in pre-tax
deductions for staff costs to help the bank, in which Deutsche Bank is
a strategic investor, compete in China’s increasingly cut-throat
banking industry. State media adds that the bank will also receive a
similar exemption this year. Huaxia Bank’s reported net income for the
first nine months of 2007 rose 29 per cent, to RMB1.6 bn.
China To Take Wind Energy Seriously
China is looking at ways to harness the strong winds that blow through
its arid northern plains to help offset the nation's rising
carbon-dioxide emissions, state media reports. "With greater policy
support for wind energy, China could become one of the top three wind
energy markets in the world by 2020," says Li Junfeng, an alternative
energy expert. China currently ranks fifth in the world’s list of
wind-power users, after the United States, Germany, India and Spain,
but there is room for considerable growth given its vast terrain and
varied climates. China Daily reports that USD 23 bn of new wind
generators went online globally last year, lifting total capacity by a
quarter, to more than 74GW. By the end of 2007, China's installed wind
power capacity is projected to be 5GW.
Dairy Queen Ready for China Ice (Cream) Age
US-based International Dairy Queen will increase its China presence by
adding 500 ice cream stores and restaurants before 2012, China Daily
reports. The company, controlled by Warren Buffet's Berkshire Hathaway,
will open the additional restaurants and stands through franchising,
said CEO Chuck Mooty in Shanghai. "We want to be part of the community
and part of the people's daily life here," said Mooty, who was visiting
the city for the opening of Dairy Queen's 100th restaurant in China.
Car Sales Increase Further
China's passenger car sales rose 21.3 per cent year on year last month,
following 22.4 per cent growth in September. Chinese carmakers sold
490,474 passenger cars in October, according to the Union of Passenger
Car Market and Information. FAW Volkswagen maintained its top sales
ranking, selling 38,841 cars, followed by Shanghai General Motors' and
Shanghai Volkswagen.
Canadian Exports Mount New High
In the first seven months of 2007, Canadian exports to China soared 43
per cent year on year, to CAD5.5 bn. Statistics from the Canadian trade
agency also reveal that Canada's exports to China have nearly doubled
in the last four years, from CAD4 bn in 2002 to CAD8 bn. Canada still
imports far more from China than it exports.
China Reiterates Free Medicare for Rural Citizens Promise
The Chinese government has reiterated its "promise to the people" that
it will provide free basic medical care to all rural residents by 2010,
state media reports The Ministry of Health made the promise recently at
a two-day forum on China's rural health care services, organised
jointly by the World Health Organization (WHO) and China's Ministry of
Health. The healthcare vow follows a similar promise made during the
recent 17th NAtional Congress of the Communist Party of China.
Shanghai Firm Completes African Cup Football Stadium
Shanghai Construction Co. has completed the building of the
20,000-capacity Essipong Sports Stadium near Sekondi in Ghana. The
stadium will be one of the venues for the 26th African Cup of Nations,
to be held between 20 January and 10 February 2008. The stadium was
handed over to the Western Regional Coordinating Council within the
stipulated time of 20 months. Osei Bonsu Amoah, Ghana’s Deputy Minister
of Education, Science and Sports said the stadium was completed at a
cost of USD38.5m. Shanghai Construction Co will retain a small on-site
staff to maintain the stadium and offer 12 months maintenance training
to local Ghanaians.
China's Lodging and Catering Retail Sales Hit Record Level
China's accommodation and catering retail sales are expected to reach
RMB1.227 trillion in 2007, up 18.6 per cent on 2006, according the
Ministry of Commerce. The first three quarters of 2007 saw sales rise
18.2 per cent on last year to RMB886 bn, accounting for 13.9 per cent
of total consumer goods retail sales.
Facebook Set for China Acquisition?
Facebook, the number two community web site in the United States, is
considering buying Chinese web site Zhanzuo.com in order to enter the
growing Chinese Internet market. The price is reported to be somewhere
between USD85m and USD100m, although Zhanzuo has, according to China
Daily, refused to enter sales discussions. Statistics show that China
has the world's second largest cyber population with 25-year-old and
younger cyber citizens.
Last update : Sunday, 11 November 2007
|
|
|
News & Interviews 
(0 vote)
