Hyundai Opens New Beijing Plant
South Korea's Hyundai this week opened a new USD790m factory in Beijing. The plant has an annual capacity of 200,000 units, which is slated to rise to 300,000 units per year by 2010. At the same time, Hyundai announced it will introduce a new sedan, the Elantra Yuedong, to the Chinese automobile market. The carmaker hopes that the new factory and new model will correct its downward sales trend in China, which saw revenues decrease by 20 per cent in 2007.
China's Banks Ready to Invest on Wall Street
China's commercial banks are entitled to invest in the U.S. stock
market and into public funds licensed by the U.S. Securities Exchange
Commission, according to a statement by the China Banking Regulatory
Commission. Chinese banks are now permitted to also invest on behalf of
their customers. The United States has become the fifth overseas market
for Chinese citizens to invest via domestic banks, following Hong Kong,
Singapore, the UK and Japan. As of 31 October 2007, 23 Chinese and
foreign banks in China have received QDII licenses to make overseas
investments for domestic clients.
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