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China Construction Bank’s Net Rises 47% 2007-08-29 21:44:06 China Construction Bank Corp., in which Bank of America Corp. holds an 8.52% stake, said net profit for the six months ended June 30 totaled 34.22 billion yuan ($4.53 billion), up 47% from 23.22 billion yuan last year. Like most Chinese lenders, CCB gets the bulk of its earnings making loans to local companies. Read Original Post Here ...

Sinopec Benefits from Drop in Oil Prices 2007-08-29 21:44:05 China Petroleum & Chemical Corp., known as Sinopec, said that net profit for the six months ended June totaled 36.19 billion yuan ($4.79 billion), up from 21.87 billion yuan a year earlier. Revenue rose to 566.83 billion yuan from 491.22 billion yuan. The average cost of processed oil fell 7% to $60.80 a barrel from a year earlier, partly because the company processed more lower-quality crude. Read Original Post Here ...

PetroChina Refineries Pump Up Net Earnings 2007-08-29 21:44:04 PetroChina Co., China’s largest listed oil and gas producer by capacity, reported a surprise 1.4% increase in first-half net profit, as a turnaround in its refineries helped offset a decline in earnings from upstream operations. Read Original Post Here ...

China Mobile Wields Pricing Power Over Web Rivals 2007-08-29 21:44:04 China Mobile Ltd., market leader in the world’s biggest cellphone market, is making an aggressive push into the wireless Internet sector, squeezing out smaller content providers. The struggle pits one of China’s biggest government-owned enterprises against a host of start-up companies. Read Original Post Here ...

Zijin Mining’s Profit Jumps 82% 2007-08-29 21:44:03 Copper and gold miner Zijin Mining Group Co. said its first-half net profit jumped 82% from a year earlier, buoyed by higher metals prices and increased production. The Hong Kong-listed company said it aims to make more mining acquisitions in China and overseas in the second half. The Fujian province-based company’s coming listing in Shanghai will help fund the acquisitions. Read Original Post Here ...

Shanghai Hits a Milestone as Bourse Breaks 5000 2007-08-29 21:44:03 China’s benchmark stock index topped 5000 points for the first time on Aug. 23. The Shanghai Composite Index ended the day at 5032.49, a gain in the session of 1.1%. The record close put the benchmark index about five times higher than it was in July 2005, when the market bottomed out at an eight-year low. Read Original Post Here ...

Maanshan Profit Burdened by Costs 2007-08-29 21:44:02 Maanshan Iron & Steel Co. posted a 2% rise in first-half net profit, as the cost of raw materials offset a rise in revenue. Credit Suisse cut its 2007 earnings estimate for Maanshan by 30% to 2.03 billion yuan ($269 million), citing the cost of resources. Read Original Post Here ...

Yangtze Power Plans Bond Sale Worth $1B 2007-08-29 21:44:02 China Yangtze Power Co., the listing vehicle of the Three Gorges Dam project, has become the second company to disclose a bond-sale plan since the securities regulator issued new corporate-bond-issue rules in August. The power producer plans to sell eight billion yuan ($1.06 billion) of corporate bonds with a maturity of between five and 10 years. Read Original Post Here ...

Angang Steel Says First-Half Net Up 55% On Output and Prices 2007-08-29 21:44:01 Angang Steel Co., China’s second-largest steel producer by output after Baoshan Iron & Steel Co., said its first-half net profit rose 55% on higher output and steel prices. The steelmaker reported that its net profit climbed to 4.8 billion yuan ($635 million) for the half, up from 3.11 billion yuan a year earlier, based on Chinese accounting standards. Read Original Post Here ...

Inside the toy recalls: Mattel’s sins 2007-08-29 08:35:38 It’s been a few weeks since the Mattel toy recalls first started. Since then millions of toys have been taken off the shelves all over the world, a Chinese factory owner hung himself and the “Made in China” name is being dragged through the dirt in the US media. Just about everyone in the US has jumped on the hating. There have been countless examiniations into the saftey of everything China makes and an unseen fervor has developed. Democrats and Republicans alike are attacking China as the now “irresponsible” global production machine. While I can not make any statements regarding food recalls or underware, as a person who has worked in the toy industry (my job was to liason between the factory and the US design staff), I see this situation really clearly: It isnt really the Chinese company’s fault! During the design process, there are a lot of considerations for safety. Only certain materials could be used for certain aged kids and the spacing betw ...

Minxin Pei’s Take on China 2007-08-28 11:32:52 Often times in china, it is hard to see the trees from the forest. One runs around from meeting to meeting, typing reports, and doing quick assessments of what is by far the most dynamic market in the world. At times, trying to take it all in and connect all the dots is just something that requires more time than one may have. That is why I am an avid reader and follower of Minxin Pei and other scholars. Minxin in my opinion is one of the few scholars who I am able to not just read, but I can follow. his logic is clear, and it is obvious to me that he spends a significant amount of time delving into the issues and speaking to those in China who are in the drivers seat.. and who are passengers. His views are not always upbeat, and in fact one of the reasons I like his articles is that his analysis cuts through the “Shanghai = Living in a bubble” feelings that many of us have in China to make me sit down and think about some of the fissures that exist in the foundation of ...

Beijing: Analysis of a Left Turn 2007-08-27 14:32:17 You will appreciate this fine analysis of left turn in Beijing. With thanks to Emperor B for the onpass. Then watch a video of traffic patterns at an intersection in Guangzhou here. No, really, it’s fascinating! Read Original Post Here ...

RMB Wrapup, Can China Sustain, and Will We Be Here to See it? 2007-08-27 14:30:19 Here are a few of the articles and reports that were at the top of my list for this week.  It is a bit deeper than usual, but each of these articles/ reports contain information that I think everyone should take the 20 minutes to read and reflect on. Report - China’s Currency: A Summary of the Economic Issues (PDF) Lost in all the recent product safety reports, has been the RMB… and while I am generally against the idea that China competes unfairly from the “undervalued RMB”, I put this report on my list of things to read this week as it provides a generally fair and balanced look at the RMB issue. for those who are not familiar with the history of the issue, or what effect an undervalued currncy can have, then you will find the article particularly interesting and informative. Is China’sEconomic Growth Sustainable? (PDF) During my nearly 6 years in China, I have gone from being awe struck by the pace at which things move, to more realistic. While limited in ...

Foreign Subjects Needed for Study 2007-08-27 14:30:16 It is not often that I use All Roads to promote a good, service, or company … but friends help friends My good friend at local product design house called Asentio is looking for some assistance in a small research project and was hoping that the readers of All Roads would be interested in participating. It is relatively pain free, there is a reward involved, and you may have a chance to test some new mobile products not on the market. Description of preferred subjects is below: We are doing a research on foreigners in China, may need your help in finding friends to participate in a 1 hour interview or keeping a photo diary about their life for one week. We want to know about the problems foreigners face in their life or visit in china – the research will help design a digital mobile product for foreigners. We will pay an incentive of 700RMB for diary and 200RMB for interview. Respondents should be US or European and working in / visiting china for less than 3 months. If inter ...

Excuse my Absence.. I have been Traveling 2007-08-26 10:27:44 While it may seem impossible, for the first time in 6 months I failed to write a single post for 5 days. Of course, I have had a good reason….. Fly to Beijing (12 hours), drive to Tianjin and visit parks with clients 36 hours, fly to Shangahi then drive to Suzhou (36 hours), a day in Shanghai to meet engineers and laywers (24 hours), back to Beijing for conference (72 hours), and finally back to Shanghai. Before I am back on board fully, I need to ease back into things slowly and have found this Youtube clip to help me out. For those that have not seen for themselves the growth in China, it may sometimes be hard to comprehend what one is reading online or in print. My return to Beijing this week after about 18 months was another reminder of just how quickly things change… and my visit to Tianjin provided a glimpse of just how much change is left to be seen. What I really enjoy about this movie, besides the music (turn up the volume), is that whoever put this clip toget ...