Business in Brief

SAFE Sets up Anti-money-laundering OfficeThe State Administration of Foreign Exchange (SAFE) says that it has basically set up an anti-money laundering mechanism that monitors the flow of transnational foreign exchange, and can therefore track down transnational     

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China to Revise Tax Law to Help CharitiesThe recently promulgated Guidelines on the Development of China's Charities (2006- 2010) call for revision of the country's tax laws to aid the development of charity. Wang Zhenyao, director of the Ministry of Civil Affairs' Department of Disaster and Social Relief indicates that further tax reductions and exemptions for private and corporate charity do- nators are likely in the future. China is currently faced with three charity-related challeng…     

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The new Chinese leadership plans to review 61 draft laws in theThird Plenary Session of the Sixteenth CPC central committee inOctober 2003. Included will be 30 business and economic laws, includ-ing the State Assets, Bankruptcy, Anti-Monopoly, People's Bank, andCompany and Securities Laws. Discussions will also be held on consti-     

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Global DIY Giants Compete in Chinese MarketFollowing the opening of Britain's B&Q, Germany's OBI and Sweden's IKEA retail outlets in China, giant US home improvement chain Home Depot is also setting up a business development unit in China. Its aim is to realize new overseas growth. According to Home Depot Asia president Bill E. Patterson, "About 70 percent of home improve-     

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United Airlines Applies to Open Direct Flights Between Beijing and Washington United Airlines has applied for the right to run direct ights between Washington and Beijing. If successful, the Chicago-based airline says it will begin operating ight between the respective capitals in March next year. United Airlines plans to oper- ate combined passenger and cargo service between the cities using its Boeing-747 air- craft, says Mark Schwab, vice president of the group’s Paci c region opera…     

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Most Influential Transnational Companies in 20052005 was an eventful year for fast-food giant KFC, but the company earned an en- hanced reputation among Chinese consumers for its successful handling of the Sudan Red 1 crisis. Appearing for the first time ever on the recently released list of "Most Influential Transnational Companies in China, 2005," KFC came in at number five. US companies continued to show a dominant influence in China, accounting for more than half of the top 20 busin…     

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Private Enterprise Bosses Join High-Level Visits The number of private enterprise bosses participating in high-level visiting delegations led by state leaders has grown in recent years, especially those from Wenzhou. Among the 80 businessmen accompanying Chinese President Hu Jintao on his visit to Canada in 2005 were 14 private entrepreneurs from Wenzhou, The same year, 13 private enterprise bosses joined Premier Wen jiabao's visiting delegation to Portugal. "In the past, most participants in such high level delegations were leaders of SOEs. In recent years, however, more medium-sized and small private enterprise leaders have tried their luck," said one economic researcher, concluding, "The intention behind such visits needs further clarification. American trade delegations to China go to great lengths to build cooperative bridges between China and the US enterprises that have good market potential here. We should draw from their experience."     

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China and ASEAN Launch Free Trade Zone An agreement between China and the Association of Southeast Asian Nations (ASEAN) to lower tariffs on 7,000 industrial commodities traded between the two sides came into effect on July 20, 2005. In November last year, the two sides signed the Trade in Goods Agreement in Vien- tiane, Laos, as part of the establishment of a China-ASEAN Free Trade Zone, which is due to come into full force in 2015. The agreement is the first of its kind that Ch…     

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Citibank to step up business in China.CnsphotoCitibank to Open First Outlet in West ChinaCitibank will open its first westem China branch in Chengdu,capital of Sichuan Province,bythe end of November.Chairman William Rhodes says that China has long been a key part ofCitibank's global strategy,and that Chengdu occupies a significant position in West China Ci-tibank Chengdu will provide both Chinese and foreign customers with a wide range of financialservices and products,including the g…     

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Chinese Merchants Eager to Enter Iraqi MarketThe 2005 Transnational Procurement Fair, recently held in Shanghai, attracted 110 firms, including world-renowned retailers and businesses. It was the largest of its kind in China. The procurement group for the reconstruction of Iraq was one of the fair's bright stars. It placed orders worth US $1 billion for building materials, power products highway and bridge equipment, petroleum and natural gas equipment, foodstuffs, drinks and related equ…     

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Airbus to Build Plant in ChinaTo commemorate its 20th year in the Chinese market, Airbus is to establish its firstaircraft manufacturing plant in China. The company says that industrial and technologicalcooperation between the two sides hit a new high in 2005. More than half of the 3,700Airbus planes in operation have parts made in Chinese factories. It is expected that by2007, China will become a major producer of single-engine aircraft. China is an importantAirbus market. From January …     

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China Ranks Second in Electronics SaiesFigures from the Chinese Ministry of Information lndustry (CMII) show that saies in China's electronicsector reached 1.88 trillion yuan (US $226.5 billion) in 2003, surging 34 per-cent from the previous year. China cur-rently ranks second in electronics saies, after the United States. Rapid growth in this sector has promoted China's GDP. The proportion of IT industry added     

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Five Traits of China's Aging Society 1: China's graying population is the largest in the world, accounting for one-fifth of the world total. It is estimated that by 2050, China's senior citizens will exceed 400 million. 2: Increases in life expectancy brought about by improved living conditions maintain momentum in the growth of the graying population.     

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Trends of Ten Major Industries Forecast by StateDevelopment Planning Commission The State Development Planning Commission Analytical Report onChina’s Industries(2002-2003)has forecast the following trends withinChina’s ten major industries in 2003:     

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Updated petroleum prospecting technology used in the DaqingOil Field in recent years has allayed fears stemming from gloomypredictions in the 1990s that its reserves would dwindle and its futurewas uncertain.In the past 3 years,184.52 million tons of petroleumand 8.381 billion cubic meters of natural gas have been prospectedin Daqing.According to the president of PetroChina CompanyLimited,with rational exploration Daqing Oil Field reserves will lastanother 100 years.     

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More Efficient FuelThe Chinese government plans to adopt new regulations prescribing higher standards for gasoline usage in order to control consumption and upgrade auto technology. According to China Auto Technology Research Center, now drafting the standards, the new regulations are expected to take effect in July 2005 and the second-phase in 2008. This means that automakers from around the world     

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Foreign Firms in Beijing Enjoy "Full-on Nanny Service"All the headaches experienced by foreign firms in Beijing have been borne in mind in the "Full-on Nanny service" which includes opening a green channel, practicing Internet examination and approval, reducing the burdens of foreign-funded enterprises, and establishing a complaints center. Beijing has now set up service networks throughout the city. Even in out-of-the-way Yanqing and Miyun counties, foreign firms can receive "one-station" service. The "Full-on Nanny Service" also includes issuing invitations on behalf of foreign investors, finding schools for their children, and providing housekeeping, insurance and medical care.     

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Seven Sectors HoistIndustrial Growth In 2002 China’s industrialsectors reported a fast growthrate and the best overall perfor-mance in recent years.According to the latest report bythe State Statistical Bureau,seven fields constitute the majorengine of industrial growth.     

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Hundred-Million-Ton Thickened Oil Deposit Discovered in Shengli Oil FieldA large-scale 100-million-ton oil deposit was recently discovered in the Shengli Oil Field, China's second largest. Prospectors have explored and now control over 84.35 million tons of oil within a 40-sq.-km area in northern Dongying City, Shandong Province. The