Hong Kong's GDP Grows 11.7 Per Cent
Hong Kong's gross domestic product for 2007 is estimated at HKD447.2
bn, the Census and Statistics Department of the Hong Kong Special
Administrative Region said in a statement. This is an increase of 11.7
per cent compared to 2006. In the fourth quarter of 2007, Hong Kong's
GDP increased 14.6 per cent, to HKD465.3 bn.
China Increases Reserve Ratio Again
China's Central Bank will
require commercial banks to deposit 15.5 per cent of RMB deposits from
25 March. This is a rise of 0.5 per cent, and the second increase so
this year - with more expected. The stated goal is to control liquidity
and investments, although this failed during several reserve ratio rate
rises during 2007.
WFOE Registrations Drop in January
Foreign companies have invested USD2.11 trillion in China since 1978,
according to new government statistics. The State Administration for
Industry and Commerce said that 286,200 foreign-owned companies have
invested in China during the last 29 years. While the number of
investments has steadily risen, a surprisingly steep downturn was
recorded in January this year, when the number of newly registered
foreign companies dropped by 13 per cent year-on-year. Some analysts
believe this could be related to the increased tax burden for foreign
companies, who now have to pay 25 per cent instead of the previous 15
per cent on their income. Others suggest this is a natural slowdown
after several years of sustained FDI growth.
Shanghai Film Group Plans IPO
Shanghai Film Group has become China's second state-owned film company
to announce a planned IPO, Screendaily.com reports. China Film Group
Corp. has already announced plans to go public and SFG expects to raise
around RMB1 bn. SFG is the owner of Shanghai film studios, TV channel
Eastern Movie Channel and United Cinema chain.
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