China’s H1 industrial profits up 11.4 pct

Chinese industrial businesses saw their profits rise by 11.4 percent year on year in the first half of this year, official data showed on Sunday. Total profits of industrial companies with annual business revenue of more than 20 million yuan (3.2 million U.S. dollars) reached 2.86 trillion yuan, the National Bureau of Statistics (NBS) said […]

China to shut down 1700 small collieries

China’s work safety watchdog on Thursday vowed to close over 1,700 accident-prone small coal mines in a bid to enhance safety and reduce casualties. Yang Dongliang, head of the State Administration of Work Safety, said collieries with an annual capacity under 90,000 tonnes will be shut down in 50 coal-rich counties in 12 provincial-level regions. […]

China’s VAT reform eases taxes by 267.9 bln yuan

China’s value-added tax (VAT) reform has so far resulted in a tax reduction of 267.9 billion yuan (43.56 billion U.S. dollars) for businesses, the State Administration of Taxation (SAT) said Thursday. China’s VAT reform, which was implemented as part of China’s structural tax cuts, has included replacing turnover tax with a VAT in the transportation […]

China considers traditional Chinese medicine legislation

China’s cabinet, the State Council, issued a draft on traditional Chinese medicine (TCM) legislation for public review on Thursday. China will establish a comprehensive TCM medical service system covering both urban and rural areas, the draft said. Local governments above the county level should set up TCM departments in public hospitals and promote TCM service […]

British volume of retail sales increases in June

Britain’s retail sales volume in June increased by 3.6 percent compared with June 2013 and by 0.1 percent compared with May 2014, said Office for National Statistics (ONS) on Thursday. In June 2014, all retail sectors recorded sales volume increase year-on-year. The last time this was seen was in March 2012, said ONS. In the […]

China Development Bank opens office in Venezuela

The China Development Bank (CDB) opened an office here on Saturday, a move that indicates the two countries will further strengthen their economic relations. Addressing the opening ceremony, CDB President Hu Huaibang stressed the importance of the office in boosting Chinese investment in Venezuela and promoting two-way trade. “Our office in Caracas is the second […]

Huawei opens flagship store in Kuala Lumpur Twin Towers oil

Huawei opens flagship store in Kuala Lumpur Twin Towers oil

Chinese Huawei Technologies Co. Ltd opened a flagship store in Kuala Lumpur Twin Towers oil in the city center (KLCC) Wednesday. It is a symbol of improvement of Huawei products in the Malaysian market. This is Huawei’s third flagship store in Malaysia and also the first Chinese store in KLCC, landmark of the city. China […]

BMW, China’s Brilliance extend contract term

BMW, China’s Brilliance extend contract term

German car maker BMW Group and its Chinese partner Brilliance Auto have agreed to extend the term of their joint venture contract to 2028. The contract extension will lay a solid foundation for BMW’s further development in China, Friedrich Eichiner, chief financial officer and group board member, said in Beijing on Wednesday. The group also […]

China’s SOEs more profitable in 1H

Profits of China’s state-owned enterprises (SOEs) grew faster in the first half of this year from a year earlier. Combined profits of SOEs administered by both central and local authorities increased 8.9 percent year on year to 1.22 trillion yuan (198 billion U.S. dollars) in the year half, the Ministry of Finance (MOF) said on […]

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