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Yuan gains vs greenback after US interest rate cut 2007-11-01 09:41:53 By Dong Zhixin (chinadaily.com.cn) Updated: 2007-11-01 13:05 China’s currency rose to a new record against the greenback on Thursday after the US Federal Reserve cut the key interest rate the previous day. Before Thursday’s trading started, the People’s Bank of China (PBOC) set the yuan central parity rate at 7.4552 relative to the US dollar. The new midpoint marked an appreciation of 0.6 percent in the past seven trading days and a 4.6 percent rise since the beginning of the year. The hefty rise of 140 basis points over the previous session came after the Fed slashed the federal funds rate, an overnight lending rate between banks, by 25 basis points on Wednesday to prevent a slowdown in the economy. “The rate cut further reduces the appeal of dollars and will facilitate the capital flow to emerging markets, including China,” Professor Guo Tianyong of the Central University of Finance and Economics (CUFE) told chinadaily.com.cn Thursday morning. The weake ...

BOC posts 40% leap in profits in 1st nine months 2007-11-01 09:41:51 (Xinhua) Updated: 2007-11-01 14:33 The Bank of China (BOC), one of the country’s four largest State-owned commercial banks, said its after-tax profits rose by 40 percent to 45.5 billion yuan (US$6.1 billion) in the first nine months of the year based on the international accounting rules. The bank contributed the leap in profits to the rapid increase in net interest income and earnings from intermediary services. Its net income from interest rose 26.7 percent year on year to 110.6 billion yuan. The commission charges from distribution and entrusting of mutual funds and corporate intermediary businesses expanded by 88.9 percent to 18.9 billion yuan in the January-September period. The bank said its income from other than interest rose 32.7 percent to 26.7 billion yuan to account for nearly 20 percent of its total turnover. It said the non-performing loan ratio continued to drop, without revealing the exact figure. The lender said its business turnover per capita reached 319,400 y ...

Motherbridge of Love - A Book For The Children 2007-11-01 04:47:09 We are delighted to help promote the new book “Motherbridge of Love” that has been published to support the children’s charity Mothers’ Bridge of Love: “This book shares its name with a London-based organization dedicated to promoting greater understanding of Chinese life and culture among adoptive families in the West. The text, credited to an anonymous adoptive mother, takes the form of a series of heartfelt, parallel musings about two women “who never knew each other” but who are central to a sprightly Chinese girl. “The first one gave you life; the second taught you to live it…. One found a home for you that she could not provide, the other prayed for a child; her hope was not denied.” Masse (Goodnight, Sweet Pig) echoes this dreamy lyricism with gently surreal illustrations rendered in a texture like shot silk. Her treatment of the birth mother merits particular interest: on some spreads, she portrays the woman relatively realistically, c ... Children

CCPIT London: “Made in China 2007: The Truth” 2007-11-01 04:47:07 The London office of the China Council for the Promotion of International Trade (CCPIT) is holding a seminar this Saturday entitled “Made in China 2007: The Truth” to provide “a greater understanding of the Chinese manufacturing industry” in the context of recent recalls of made-in-China toys, and other issues. Keynote speakers Prof. Lin Yifu • Economic advisor to the Chinese Government • Vice Chairman, Committee for Economic Affairs of Chinese People’s Political Consultation • Vice Chairman, the All China Federation of Industry and Commerce • Founding Director, the China Centre for Economic Research (CCER) at Peking University Dr. Shi Zhengrong • Founder and CEO of Suntech Power Co., Ltd • Listed as China’s Richest Entrepreneur in 2006 Chairman?Prof. Yao Shujie • Professor, the University of Manchester Date: Saturday, November 3rd, 2007. Time: 1:00pm- Registration. 3:30pm finish. With coffee/tea/other soft drinks throughout Keynote speec ...

AsiaInspection receives 'E-Business of the Year' Award from Alibaba ! 2007-11-01 02:25:45 Early September, AsiaInspection was extremely pleased to be rewarded for its successful online platform with the "E-Business of the Year" award from Alibaba.com, the leading online trade platform for global importers.Out of 1,200 initial candidates, AsiaInspection was eventually selected as one of the 10 winners for the Hong Kong region, and attended the Alifest event in Hangzhou on September,15th.AsiaInspection’s online platform now serves more than 1,200 Importers in 58 different countries. Jack Ma, Alibaba founder, with AsiaInspection’s CEO Sebastien Breteau. Read Original Post Here ...

Don't mess up with Quality in China… 2007-11-01 02:25:44 These past weeks have seen a number of stories unveiled about quality issues on China productions, mainly on the food & drugs industries - and recently in the Toys industry. There are stories about this bun maker using cardboards found on the streets in his products, the counterfeit drinking water sold in Beijing, or the infamous use of antifreeze chemicals inside toothpaste…Finally, these last days, Dora the Explorer returned home, with Mattel announcing a recall for 1.5 million toys made in China (containing excessive lead levels). The matter is getting very concerning for the Chinese government. The execution of the the ex-Food & Drugs Administration chief Zheng Xiaoyu, after being convicted for bribery charges (he took about 6,5 million RMB to let defective drugs get SFDA approval, ultimately causing the death of at least a dozen patients) will certainly not be enough to restore the reputation of the "made in China". Figures given by the Herald Tribune sou ...

10 years of magic 2007-11-01 02:25:43 Today, is exactly the 10th year anniversary of the incorporation of my first business in Hong Kong, SEBO : it was indeed launched on the first working day of the China ruling. At that time I was confident the business environment wouldn’t be affected by the China ruling, and I think time has proved me right. Indeed Hong Kong has gone through hard times (98 crisis, SARS,…) pretty well and has shown an amazing ability to stay ahead of other financial centers in Asia. 10 years ago, lots of people predicted that Singapore or Shanghai would soon take over Hong Kong as a leading financial center but they have been proven wrong big time! The competition with Singapore is no more and the financial core and immaterial economy ( holdings, funds, lawyers,…) is strongly based in Hong Kong and is progressing each year. The main downside I have seen in the past 10 years is the pollution which reaches some days unbearable levels. I believe it is the duty of the Hong Kong people ...

From China to Europe… by car ! 2007-11-01 02:25:43 Another step in the cultural exchanges between the West and China : one of AsiaInspection’s employees in Shenzhen just told me about how her brother has started with his wife on last July, 12th a 60,000 kms road trip from China to Europe !They will cross nearly 20 countries, for about 6 months, and keep a diary online to record their story. This trip is actually a big thing, since they will be allegedly the first Chinese couple to drive across Europe; they got sponsored by Volkswagen Shanghai (they drive an Octavia model, which was just released on Chinese market early June), HP, Michelin, … and will donate a part of the income generated by their story to Greenpeace. I wish a good trip to these modern heirs of the legendary Zheng He ! Read Original Post Here ...

A great appointment 2007-11-01 02:25:42 As you probably know, there has been quite a few changes in France’s political life these last weeks. Since last Monday, a new team is in command, under the leadership of president Sarkozy. AsiaInspection is particularly happy about the appointment of Mme Christine Lagarde, as French new Finance Minister, making her the first woman to hold such a position within the G8 countries ! When she awarded us the Prize of the Best French SME in China last October, I had the opportunity to discuss with her and was very impressed by her presence both charming and highly intense. After making her way to the top of the famous law firm Baker & McKenzie, she was ranked the 30th most powerful woman by Forbes in 2006 and i believe she will be a great asset to the government as France has too long been governed by people who had absolutely no idea about what a Company or a business is really about. I believe the clarity of her views as well as her 20 years of professional experience abroad wil ...

Attention all buyers ! 2007-11-01 02:25:41 I heard rumors these last days saying China was going to cut tax rebates granted to local exporters on a wide range of goods… Today for the first time I read something official here on the matter. This is big (bad?) news ! From 1st of July (that is, in about 10 days), we are very likely to see Chinese suppliers react drastically and raise their selling prices to maintain profits - apparently we are talking about 5 to 10% increases on some products (clothes, shoes…), which will have a clear impact for AsiaInspection’s clients ! So the Chief’s tip of the day to all importers would be to hurry and push for shipments before the end of June ! Read Original Post Here ...

Child Labor : still a long way to go … 2007-11-01 02:25:40 Given the business I am in with AsiaInspection, I can only react to the news of Beijing Olympic Games merchandises being manufactured by Chinese rogue factories employing children…There is a highly symbolic value to this news, which brings together 2 of the most popular topics, one positive and one negative, when it comes to China. Moreover, the story comes to light, quite ironically, when yesterday was the official World Day against Child Labor. This is obviously a highly-debated subject, but I still find it interesting that Olympics officials can tell reporters about the factories involved: "They have told us they did not employ child labor at all"… Told us ?? In my opinion, the least they should have done,  when they knew the whole world was watching every of their steps, and when they are supposed to convey positive ethical values through the Olympic spirit, was to order / impose a proper Social Audit program on all suppliers & factories involved ...

Direct from the Hong Kong fair ! 2007-11-01 02:25:39 Completing my previous posts on Canton fair, here is a word from the Hong Kong Electronic & Components fair, where AsiaInspection is exhibiting this year for the first time (after having exhibited at other HK fairs the previous years). The fair is organized by Globalsources, the leading online platform "connecting global buyers and suppliers", who by the way happens to have the same graphical chart than AI (red, black & grey)! It takes place at AsiaWorld Expo, a new exhibition center opened in 2006 in Hong Kong, built conveniently near the International Airport and offering an additional 70,000 sqm space for exhibitions to relieve the "old" HK Convention Center located on the Hong Kong island. After more than 10 years visiting these Asian fairs I am still dazzled by the atmosphere you feel there, and how these events make you sense, in a very tangible way, the 10% economic growth of China ! Read Original Post Here ...

Chinese cars land in Europe ! 2007-11-01 02:25:38 … and they are not cheap ! Brilliance, the main Chinese car manufacturer (who also produces BMW cars for local market) has made a discrete but noticeable entry at the Geneva 77th Motor Show this week, with 3 car models on display. The 500 first cars from the production line in Shenyang, will arrive this month in Germany to be distributed through European retailers. The story is interesting, with the involvement of many European automotive suppliers in the project, and the design done by an Italian firm : according to Brilliance themselves, the cars they will sell in Europe are already "quite European"; for this line of products, where quality is everything, coming from China does not, for once, necessarily give you a competitive advantage. It took about 15 years to Japanese cars to settle definitely in Europe : will China do better ? Read Original Post Here ...

All bets are on with China gambling craze ! 2007-11-01 02:25:36 I read earlier this week about how Macau’s gaming revenue surged 22% in 2006, surpassing for the first time the Las Vegas (where AsiaInspection will exhibit next week - by the way…) as the world’s biggest casino market. Seven new casinos opened in Macau last year, bringing the total to 24. The number of gaming tables doubled in the period to 2,762, according to Macau’s Gaming Inspection and Coordination Bureau.And this trends seems here to stay : in total, 2.2 billion people live within five hours’ flying time of Macau, compared with 410 million in the same radius of Las Vegas. I have always been intruiged and fascinated to see how Chinese people can be both disciplined, hard working, and at the same time crazy about gambling, to an extent we seldom see in Western countries… Read Original Post Here ...

FDI and Investment Zones: Part VI - Nanjing 2007-10-31 20:24:07 For the last several years Nanjing followed Shanghai more closely than any of the other surrounding cities. While not experiencing the same level of growth and capital appreciation, Nanjing has definitely benefited by its proximity to Shanghai. International and Chinese developers alike have properties in Nanjing (see the first map in the Appendix). It is not only foreign companies that are moving to the city. With the lower prices of land and labor, many local companies and developers are moving to Nanjing Nanjing High- and New- Technology Industrial Development Zone Founded by Jiangsu Provincial People’s Government and Nanjing Municipal People’s Government, this zone was ratified as a national new- and high-tech industry development zone by the State Council on March 6, 1991. Here organizations specialize in electronics & information, bioengineering & pharmaceuticals, and aeronautics & astronautics. To date the zone has attracted over 1000 compa ...