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Anshan, Gindalbie Form JV To Develop Iron-Ore Projects 2007-09-13 06:59:58 Steelmaker Anshan Iron & Steel Group Corp., known as AnSteel, signed a joint-venture agreement with Australia’s Gindalbie Metals Ltd. to develop iron-ore projects in Australia. The two companies will provide a total of A$1.8 billion (US$1.48 billion) toward project development. One-third of this amount will be spent on infrastructure. Read Original Post Here ...

Chrysler Hires Former GM China Chief 2007-09-13 06:59:57 Chrysler LLC said it hired Phil Murtaugh, who served as chief of General Motors Corp.’s China operations before becoming an executive vice president at a unit of one of China’s largest state-owned auto manufacturers, Shanghai Automotive Industry Corp. Read Original Post Here ...

Traditional-Medicine Supplier Plans Expansion 2007-09-13 06:59:57 Beijing Tong Ren Tang Group-once the medical supplier to China’s royalty-is trying to branch out from over-the-counter sales, in part by opening a hospital in Beijing later this year. It would be the first hospital in China operated by a pharmacy chain and would give the company another pipeline to consumers, because physicians at the hospital would prescribe Tong Ren Tang products exclusively. Read Original Post Here ...

Bank of Beijing Seeks $2 Billion 2007-09-13 06:59:56 Bank of Beijing Co., the largest commercial city lender by assets in China, will raise as much as 15 billion yuan ($2 billion), on the Shanghai Stock Exchange. The bank said that it will offer 1.2 billion Class A shares, or 19.27% of its enlarged share capital, at 11.50 yuan to 12.50 yuan each. Read Original Post Here ...

Zurich Financial Extends Reach With Acquisition 2007-09-13 06:59:55 Zurich Financial Services AG said that it took management control of a Chinese insurance-brokerage firm by buying a minority stake, giving the Swiss insurer a platform to build a national insurance-sales network. The purchase is the latest attempt by a foreign investor to gain greater access to China’s rapidly growing insurance market. Read Original Post Here ...

China Resources Triples Profit 2007-09-13 06:59:54 China Resources Enterprise Ltd. said its first-half net profit almost tripled from a year earlier, helped by an asset-disposal gain and increased earnings in its retail and beverage businesses. Read Original Post Here ...

China Culture Gaps: Ex-pats and their HQ Bosses 2007-09-11 04:30:22 What’s old is what’s new in China management for MNCs. China has moved from enigmatic splotch on the map between Europe and Japan to Center of the Universe so quickly that C-Level bosses and HQ staffers have barely had time to update their misconceptions about operating here. Decision-makers and policy-enforcers in NY […] Read Original Post Here ...

Will Protectionism Fly? 2007-09-10 12:25:44 Two stories caught my eye recently, both relating to protectionism – a risk issue that has been highlighted for some time by “China Shakes the World” author, James Kynge. In the first story Reuters reports of protectionism in China’s energy sector: “A strong bias toward local producers and rigid price controls hinder European investors from making significant inroads into China’s vast energy sector, the head of the EU Chamber of Commerce in China [Joerg Wuttke] said on Wednesday.” Factors are said to include: • Distorted price mechanism as energy price rises fail to match those for fuel • Project bidding restrictions, such as for the Three Gorges dam hydro-electric project • Technology transfer pressures – for technologies that some would rather keep in-house (such as for Areva nuclear plant project) • Antitrust protection (against foreign ownership) for big state power firms • Local content requirements for wind farms (70%) and in petrochemicals Whi ...

Davos & Dalian 2007-09-10 12:25:44 The “Summer Davos” took place in Dalian at the end of last week, bringing together “New Champions” from around the world for some serious networking (the guest list makes for interesting reading) and some big thinking. It should really be no surprise that the World Economic Forum, like so many other organisations and events, is in China. But for some Dalian might not be very familiar (see more here). It is another reminder to the uninitiated that China is so much more than Beijing, Shanghai, and Guangzhou. The more senior executives that can be pulled out of that old threesome the better! I was not at the event myself (maybe next time?!) but two of my clients, and a few other bloggers, were. Some insights to the event, for those of us not on the ultimate guest list follow: Rebecca McKinnon (in Global Voices, h/t China Vortex) points to a serious discussion on China’s “Soft Power” in which the US side got a bashing from the China one. “[Thomas] Friedman accused China of ... Amp

WTO on Tax & IPR 2007-09-10 12:25:42 The WTO is launching another American-led investigation into China – this time the tax regime relating to international trade (according to Reuters): “The United States and Mexico have argued that China’s tax refunds, reductions and exemptions discriminate against imported products, or subsidise Chinese exports…China argues that its tax laws are consistent with WTO rules and says the two complainants misunderstand them.” Misunderstood tax laws? Not a big surprise, but not a great defense! It will be interesting to see the detail on this one. But tax is not the only issue being addressed: “In a separate case on Friday, China blocked an initial U.S. request for a WTO panel to investigate China’s intellectual property rights protection and enforcement.” Blocking tactics will no doubt have to give way to hard action, as this is an economic and political hot potato that will not go away. See news sources: WTO sets up panel to investigate China tax regime Re ... Amp

Chinese-Made Condoms Fail to Stimulate Confidence 2007-09-06 14:43:13 A reference in passing to the origin of these condoms suffices to make this another “Uh-oh, Made in China” story. Check your wallets, boys. [Thanks once again to the wide-eyed Miss Johnson From London for the onpass.] The usual noises are heard, this time in Canada: China’s ambassador to Canada said importers share some responsibility for the recent recalls of Chinese-made toys found to contain excessive levels of lead paint. It is unfair to blame Chinese companies alone for this week’s recall of 700,000 Chinese-made toys by Mattel Inc. (NYSE:MAT), Lu Shumin said Wednesday. The Chinese toy manufacturers, most of them, are doing business with these foreign importers,’ Lu said. ‘They make toys according to the foreign importers’ requests, according to their standard. So I think it is a mutual responsibility.’ In what has been termed an international public relations campaign, Chinese officials have disastrously turned, as is habit, to a ...

Bank of Beijing Plans Shanghai IPO 2007-09-06 09:54:33 City commercial lender Bank of Beijing Co. said the subscription period for its initial public offering of up to 1.2 billion yuan-denominated A shares will be from Sept. 10 to Sept. 11. The bank, 19.9%-owned by ING Groep NV, is set to become the third domestically listed city lender when it starts trading on the Shanghai Stock Exchange around Sept. Read Original Post Here ...

President Hu Urges Market Supervision 2007-09-06 09:54:32 President Hu Jintao said his government must improve supervision of the financial system. In comments carried by state media, Mr. Hu said risk prevention in the financial system is necessary to help safeguard economic stability. Read Original Post Here ... President

New Antitrust Law Raises Worries 2007-09-06 09:54:31 The Standing Committee of the National People’s Congress passed landmark antitrust legislation on Aug. 30 that bans monopolistic agreements and practices such as cartels and price-fixing, but allows for monopolies that promote innovation and technological advance. The law would take effect on Aug. 1, 2008, the Xinhua news agency reported. Read Original Post Here ...

China Eastern Deal Challenges the Competition 2007-09-06 09:54:30 Singapore Airlines Ltd. has finally made a long-awaited strategic investment in China Eastern Airlines Corp., linking the weakest of China’s big carriers with a global aviation superstar. The deal promises to shake up China’s airline industry and should create new opportunities for investors eager to profit from its red-hot growth. Read Original Post Here ...