Nanjing Aims to Rival Pudong & Binhai Economic Zones
The Nanjing government has said it plans to build a new economic zone that will rival Shanghai's Pudong and Tianjin's Binhai. Zhu Shanlu, the local Communist Party Chief, said Nanjing will unveil its detailed plans at the end of this year. The capital city of eastern province Jiangsu province - and the national capital during the Republican era - Nanjing's strategic inland location has already drawn considerable foreign investment, particulary to its new pharmaceutical and petrochemical parks. No investment details for the new zone have yet been disclosed.
HSBC Starts Private Banking in China
HSBC launches its private banking services in China this week. The company is targeting individuals with a minimum net worth of USD10m in Shanghai, Beijing and Guangzhou. CitiBank and Standard Chartered already offer private banking services, while Bank of East Asia has also plans to start similar services later this year.
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