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How to Do Business with China, through Hong Kong & Setting up Business in China? - last update Feb 8, 2003 Do you know our dues paying members attend events sponsored by our collaboration partners worldwide at their membership rates - go to our event page to find out more! After attended a China/Hong Kong Business/Trade Seminar in Hawaii...still unsure what to do next, contact us, our Officers, Directors and Founding Members are actively engaged in China/Hong Kong/Asia trade - we can help! China Projects Bidding Information - update daily FDA Bio-terrorism Rules About to Take Effect on December 12, 2003 - Go to our "Trade Issues" Page for Detail December 31, 2003 - January 1, 2004
With the Cepa trade pact coming into effect tomorrow, many businesses in Hong Kong have not applied for certification under the arrangement. They are still drawing up their plans, the Trade and Industry Department said yesterday. Hong Kong lags behind Shanghai, Shenzhen and Beijing in growth potential, although it is still the nation's most competitive city, a study has found. The 2003 China cities competitiveness rankings placed Hong Kong fifth in growth potential. Shanghai clinched the top slot, followed by Suzhou, Shenzhen and Beijing. Chief Executive Tung Chee-hwa has been rated the most amiable city leader in the country, a survey has found. In the study, carried out by the China Institute of City Competitiveness, Mr Tung made the list of the nation's best-known leaders along with Shanghai Mayor Chen Liangyu and Taipei Mayor Ma Ying-jeou. Up to 100 firms are expected to float their shares on the Hong Kong stock market next year, tapping HK$100 billion as large mainland plays continue to seek funds from international investors, estimates by PricewaterhouseCoopers show. Continued appetite for recently listed mainland stocks, especially China Life Insurance, yesterday helped push the Hang Seng Index above the 12,600-point level for only the third time this year.
The Office of the Telecommunications
Authority (Ofta) has proposed a new rule that could potentially make mergers and
acquisitions in the sector more difficult. Vegetable and fruit processor China Green Holdings will debut on Hong Kong's main board next month to raise HK$175 million to expand its production facilities.
Construction began Tuesday on the central section of China's ambitious south-to-north water diversion project to ease the severe water shortage around the capital city. Japan and the European Union have increased the pressure on Taiwanese President Chen Shui-bian not to hold a controversial referendum. Victims of Japanese chemical weapons abandoned in Qiqihar, Heilongjiang, yesterday accepted a compensation package from the Japanese government. A joint venture between AOL and Legend Group faces an uncertain future after the domain name for its co-managed website was sold to a Xiamen-based portal. China Petroleum and Chemical Corp (Sinopec) has agreed to buy two refinery plants from its parent for 356 million yuan (HK$334.14 million), giving it a presence in the northwestern region for the first time. December 30, 2003
HSBC is to pay up to US$20 million for a 50 per cent stake in a small Sino-foreign joint venture, Fujian Asia Bank, as the global giant seeks to expand its foothold in China's high-growth but under-developed financial sector. Hong Kong exports maintained healthy growth last month, despite a slight slowdown, as strong demand for mainland goods continued to buoy shipments. Total exports increased by 9 per cent from a year earlier to HK$153.8 billion, following a sharp rise of 9.4 per cent in October, according to the Census and Statistics Department. The telecom regulator has launched an anti-competition probe of Li Ka-shing's telecommunications firms after residents at apartments developed by his Cheung Kong group complained they had to pay for phone services it offered even if they declined to use them.
The mainland and Hong Kong have agreed on a single customs examination at the border - a move that will slash paperwork in half and reduce the time it takes for trucks to deliver goods. China Construction Bank (CCB) plans to cut 28,000 staff in the next 12 months in preparation for a share sale, a mainland newspaper said. The move has sparked fears of staff cuts at other mainland banks which have been preparing to sell shares. Medical experts from the World Health Organization arrived on the mainland yesterday to join the investigation of the suspected Sars case in Guangzhou. A laboratory expert from the WHO, Dr Tuckweng Kok, arrived in Beijing Monday to review the test results of a suspected case of SARS. A controversial rule taking effect in February seeks to improve the quality of mainland-listed companies and enhance corporate governance by holding listing sponsors more accountable for the companies they take public. December 29, 2003
Multinationals are gearing up to enter the mainland market through Hong Kong's free trade agreement despite the limited interest from local firms - the intended beneficiaries of the agreement. Hong Kong and mainland negotiators are set to meet in early February to agree on a new air services pact that may see Cathay Pacific being given expanded slots to Beijing and rights to Shanghai and Xiamen. The free-trade pact signed between Hong Kong and the mainland has received a lukewarm response, with fewer than 50 services companies applying for early access to the mainland market. Hutchison Whampoa has awarded managers bonuses of up to six months salary, reflecting the group's strong operating performance despite its cash-sapping foray into third-generation telephone services. A spin-off of Li Ka-shing-controlled tom.com may have finally been blessed by Hong Kong's stock exchange but the tycoon still has a long way to go in catching up to other Nasdaq-listed mainland peers. Hong Kong Dragon Airlines (Dragonair) is set to expand its freighter fleet early in the New Year with the addition of a fourth Boeing freighter it has bought in Taiwan. The value of property transactions next year is expected to surge more than 50 per cent to HK$290 billion driven by improved sales in the secondary home market, Midland Realty chairman Freddie Wong has predicted.
The mainland's foreign trade is expected to top US$840 billion this year - up 35 per cent from last year - making the nation the world's fourth-biggest trader. Kowloon Motor Bus Holdings (KMB) is set to seal a 497.6 million yuan purchase of a major interest in near monopoly Shenzhen Public Transportation, accelerating the trend of growth-challenged local utility operators expanding across the border. Shanghai has set the date for the 2010 World Expo from May to October of that year, the city's Vice-Mayor Jiang Sixian revealed yesterday, adding that Hong Kong companies could benefit from the event. The mainland was home to 1.294 billion people this year, a 10 million net rise on last year, a State Population and Family Planning Commission report said. Regional support for globalization remains the strongest in China. According to a TNS survey commissioned by the World Economic Forum, out of 11 Asian countries, China was most in favour of borderless trade and the free flow of labour at 44 per cent compared with the regional average of 28 per cent. TCL Corp, a television and mobile handset manufacturer based in Huizhou, has been named Guangdong's most competitive enterprise this year. December 25 - 28, 2003 Hong Kong: Although Hong Kong is striving to become a regional information technology and communications services hub, a critical component - enterprise software which helps businesses manage supply chains, resources planning and customer relationships - might not be gaining the critical mass needed to foster local innovation and home-grown developers.
Starting next year, new reforms for entering and leaving China will help citizens travel abroad and allow foreigners to more easily invest and travel in China, public security officials said Wednesday. December 24, 2003 Hong Kong: Most foreigners traveling to the United States will have their fingerprints scanned and their photographs taken under a new program designed to enhance border security. Hong Kong police seized their largest haul of weapons and ammunition in 20 years after smashing a crime syndicate blamed for a spate of armed robberies, a spokesman said on Wednesday. The solo travel scheme from the mainland to Hong Kong will be extended to the whole of Guangdong in the next six months, giving a further boost to the city's tourism sector and the economy. The Dutch division of Hutchison Whampoa's international port investment arm has provisionally acquired its second facility in Rotterdam, boosting the terminal operator's presence in the key north Europe marketplace. Three small Hong Kong banks - Wing Lung, Dah Sing and Shanghai Commercial Bank - will open branches in Shenzhen next year. The International Monetary Fund (IMF) forecasts Hong Kong's economy to grow by up to 5 per cent next year, helped by the tourism boom and implementation of the free trade pact with mainland China. Japanese firms have turned slightly more positive on Hong Kong's business environment, but only a few plan to invest here over the next several years as they prefer low-cost mainland cities. The stock exchange wants the Securities and Futures Commission (SFC) to be the sole regulator of listing sponsors to resolve investment bank concerns about double regulation, according to exchange sources. China: General Secretary Hu Jintao presided over a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee Tuesday, to discuss the top issues of building the Party's style and fighting corruption. Regional support for globalization remains the strongest in China. According to a TNS survey commissioned by the World Economic Forum, out of 11 Asian countries, China was most in favour of borderless trade and the free flow of labour at 44 per cent compared with the regional average of 28 per cent. Government auditors in Shenzhen have sharply criticised city officials for embezzling and mishandling public funds. China does not intend to take the lead or seek undue attention in international affairs despite its rising economic power and its successful manned space launch, Foreign Minister Li Zhaoxing said yesterday. China has announced a campaign to crackdown on the booming illegal internet gaming industry, which is crippling many online games providers and developers. Soon scientists in the United States, China and Russia would be able to collaborate in cyberspace over a new high-speed computer network that included the first direct computer link across the Russia-China border, developers said. December 23, 2003 Hong Kong: The new policy of issuing Hong Kong drivers with mainland licences directly met both support and opposition yesterday. Hong Kong drivers will be able to apply for permanent mainland licenses without sitting a test from January 1. Hong Kong entered its sixth year of deflation in November, one of the world's longest periods of falling prices since the second world war. Competition in Hong Kong's small online auction market is going to intensify after United States giant eBay announced yesterday the official launch of its localized platform. A sharp rise in regional stock markets has seen net sales of equity funds in Hong Kong leap by 26 per cent in the first 10 months of the year, with most of the sales in the second half of the year, according to the Investment Funds Association. China: The National People's Congress yesterday began the formal procedure for changing the constitution to protect private property rights and human rights. Beijing is considering linking the yuan to a basket of 10 currencies of its major trade partners - a move that analysts say may lead to a fall rather than appreciation in the currency. Galanz Enterprise Group - the world's largest microwave oven producer - plans to spend two billion yuan (HK$1.88 billion) to expand air-conditioner output to 12 million units a year despite serious over-production in the sector. In a first for a mainland city, candidates were allowed to nominate themselves to serve as mayor of the eastern city of Jintan, a move officials claimed was a small step towards democratic elections. The State Council has unveiled a six-point strategy to resolve the mainland's chronic power shortages, highlighting the importance of the issue in the central government's policy agenda. Shanxi province's Datong Coal Mining Group has announced a merger which will raise its asset value by a third, as officials reinforce moves to consolidate China's fragmented coal industry. Shares in Winsan (China) Investment Group rose 469.23 per cent yesterday after the central government-controlled China Electronics Corp (CEC) took a controlling stake in the property investment firm. December 22, 2003
State-owned China Electronics Corporation will become the largest shareholder of Hong Kong-listed Winsan (China) Investment Group by injecting its entire stake of 65 per cent worth HK$260 million in mobile-phone maker, Shenzhen Sang Fei Consumer Communications. Asia Airfreight Terminal (AAT), the second cargo operator at Chek Lap Kok airport, has kicked off a scheme, estimated to cost HK$1.5 billion, to double the size of its cargo handling facility. Hong Kong Society of Accountants' new president Roger Best said his top agenda in 2004 is to press ahead with accounting reform by rolling out some 15-18 new standards to show the true picture behind companies' numbers. Personal bankruptcies and petitions fell last month to their lowest level in two years, providing further evidence that Hong Kong's economy is recovering more strongly than expected. The latest survey on consumers' spending habits has confirmed Hong Kong people are increasingly prepared to spend again, thanks to the continuing economic recovery. Shops and restaurants must meet new standards in order to gain the Hong Kong Tourism Board's seal of approval. Hang Seng Bank's board has decided to freeze salaries next year, taking its cue from controlling shareholder HSBC Holdings despite signs of an improving economy and employment prospects. Fifty people have been arrested after the ICAC smashed a fraud syndicate suspected of cheating mortgages out of the Housing Authority and banks. The market for Chinese medicines in Hong Kong is expected to undergo a major shake-up after the launch yesterday of a new product-registration system. Hefty commission fees pocketed by investment banks for large offerings in the past few months have translated into some plump bonuses, with fat cheques of up to two years' salary landing on desks this Christmas. Outsourcing to Asia by United States and European companies and internet gaming is pushing up regional demand for bandwidth, helping to soak up excess capacity in the undersea cable industry that has long depressed prices. China: President Hu Jintao and US president Bush conversed over telephone Saturday in an exchange of views on further developing Sino-US relations and they gave a favorable appraisal of Premier Wen's recent successful visit to the United States. Chinese President Hu Jintao has called for greater efforts for speeding up the development and training of qualified personnel for the country's modernization drive. The hottest place for trendy people to hang out in Guangzhou these days is The Mansion, a wine bar/café located in a red brick house in the secluded Dongshan military district. Gold miner Fujian Zijin Mining Industry has become the most popular new listing since the red chip bubble burst in 1997, with the public portion of its $1.14 billion offering 743.3 times oversubscribed. China Huarong Asset Management will brief the media in Beijing today on the progress of a high-profile auction of US$3 billion of non-performing loans (NPL) amid reports of a limp response from international and domestic investors. Trade between the mainland and Taiwan is expected to exceed US$50 billion this year, up 25 per cent from last year. Chinese chipmaker Shanghai Belling plans to buy a stake in a local chip firm, which is partly owned by Japan's NEC Corp, to help it build an eight-inch wafer fab. December 15 - 21, 2003
Orient Overseas (International), the Tung family controlled shipping company, is splashing out US$161 million (HK$1.26 billion) on another two containerships that are the biggest afloat. The ships, which can carry 8,063 20-foot containers, will be built by Samsung Heavy Industries. Heavy buffet bookings are putting the icing on Christmas celebrations for premium hotels and restaurants this year. With bookings for festive buffets already 90 per cent full, Hong Kong Federation of Restaurants and Related Trades chairman Simon Wong predicted a 20-30 per cent increase in the industry's turnover this Christmas. Philippine President Gloria Macapagal-Arroyo promised a crowd of 5,000 flag-waving Filipinos in Hong Kong yesterday that her government has not given up on its fight to overturn the $400 pay cut imposed on foreign domestic helpers in April. The Israeli president arrived in Hong Kong yesterday for a three-day official visit amid tight security that reflected the tension in the Middle East. Hong Kong cop drama "Infernal Affairs" swept the top prizes at the Chinese-language version of the Oscars in Taiwan on Saturday. Directed by Hong Kong director Andrew Lau and Alan Mak, "Infernal Affairs" won the best picture award at the Golden Horse ceremony, which showcases films from Taiwan, Hong Kong and China. Tony Leung, a past winner of the Cannes Film Festival best actor prize, won the award for best actor for his role in the critically acclaimed film as a undercover cop who infiltrates an underworld gang. He won the same title at the Hong Kong Film Awards in April. The film, which had earned 12 nominations, also bagged the trophies for best director, best supporting actor and best sound effects. The blockbuster had a huge following across Asia, and was Hong Kong's top-grossing movie last year, chalking up more than HK$55 million ($7 million) at the box office. The best actress title went to Hong Kong's Sandra Ng for her role in "Golden Chicken" and Taiwan actress Lin Mei-siu won the Golden Horse award for best supporting actress. Taiwan has hosted the Golden Horse ceremony for 40 years, but its once-thriving movie industry has shown no signs of a revival. In Infernal Affairs III, actor Andy Lau roars off to work in a Saab 9-5 2.3 Aero Station Wagon, uses a Sharp GX22 mobile phone and gets billed by SmarTone. In the same film chief inspector Yeung Kam-wing, played by Leon Lai, checks the time on his Chronoswiss wristwatch. Canto-pop star Eason Chan Yick-shun whispered "I love you" to his father in an emotional courtroom farewell yesterday after the public servant was convicted of accepting $3 million in bribes. Hong Kong films are expected to grab the limelight in Taiwan tonight at the 40th annual Golden Horse Awards, Asia's equivalent of the Academy Awards. Listed companies will not be required to report results on a quarterly basis or disclose their directors' salaries by name under the stock exchange's new code of corporate governance practices. Industrial Bank, 34 per cent owned by the Fujian provincial government, will sell a stake to Hang Seng Bank, banking sources have said.
China Green (Holdings), a vegetable and fruit grower and processor based in Fujian province, will seek an initial public offering on both Hong Kong's main board and the A-share market in the mainland. E28, a Chinese designer of wireless solutions for smart phones, is beating global telecommunications giants in bringing Linux software technology to market. Tianjin Development Holdings, the overseas-listed arm of the Tianjin municipal government, has applied to the stock exchange to have its toll roads business spun off and listed separately on the main board. The Guangdong Higher People's Court has barred six local court reporters from attending trials for six months after they filed reports that were not approved by the authorities. Chinese Premier Wen Jiabao said Mexico City on Friday that China and Mexico are partners instead of competitors and that more cooperation is in the interests of both sides. December 13 is a day that opens old wounds for the Chinese people. The day 66 years ago marked the start of one of the most brutal atrocities in human history, when about 300,000 civilians were killed by Japanese invaders in about six weeks Federal Reserve chairman Alan Greenspan says a rise in the value of the yuan against the US dollar will probably have little impact on America's soaring trade deficit or the loss of US manufacturing jobs. Prices on the mainland rose 3 per cent in November, the biggest year-on-year rise since 1997 - raising fears the economy is starting to overheat. As the trial of 14 Chinese accused of organizing an orgy involving hundreds of Japanese tourists continued yesterday, it was clear that Zhuhai is anxious to put the scandal behind it as quickly and as quietly as possible. The privatization of China's banks is likely to begin in earnest next year with the planned US$5 billion equity raising by China Construction Bank, according to sources. Speculative demand for mainland stock offerings was reinforced yesterday, with Chia Hsin Cement Greater China Holdings soaring almost 50 per cent on its first day of trading, setting the tone for next week's debut of heavyweight counters.
China's Assets Supervision and
Administration Commission is hoping to reduce rampant corruption in state-owned
firms and motivate their bosses by introducing a performance-linked compensation
plan. December 12 - 14, 2003
The volume of manufactured goods moving through Kwai Chung last month declined for the sixth consecutive month as south China exporters continued to opt for cheaper ports across the border.
China Thursday announced a new import policy to replace existing import quotas for State-traded oil products next year as part of its commitment to the World Trade Organization. Insurer China Life's share offer was about 150 times oversubscribed by Hong Kong's investing public - who put up nearly $175 billion for a slice of the world's biggest IPO this year - sources said last night, citing preliminary figures. Would-be investors in China Life Insurance's new share offer raced to meet yesterday's deadline for the submission of applications - with some winning and others missing out. The launch of gold explorer Fujian Zijin Mining Industry's HK$1.15 billion initial public offering hit a glitch yesterday, with angry investors claiming there were not enough prospectuses to meet an overwhelming demand. Shenzhen Press Group would generate 2.5 billion yuan (HK$2.36 billion) in advertising income this year, making it the mainland's top advertising earner in the print media, general manager Chen Juncong said. Premier Wen Jiabao left the US for Canada, leaving his last American stop, Boston, with a big smile and repeating to reporters what he had told audiences earlier: the visit was a resounding diplomatic success. China wants democracy but conditions are not ripe for high-level direct elections, Premier Wen Jiabao told scholars and students in a speech at Harvard University. The China Securities Regulatory Commission (CSRC) yesterday unveiled reforms to dramatically streamline its four-year-old listing committee and introduce transparency in the previously secretive process to approve public share offerings.
Australia & New Zealand Banking
Group, the third-largest lender in Australia, plans to take an equity stake in
Shanghai Rural Credit Co-operatives Union, which has applied for a commercial
banking licence. Ningbo Bird, the mainland's largest domestic manufacturer of mobile phones, hopes to ship 20 million handsets next year as overseas sales account for a greater portion of its revenue. December 11, 2003 Hong Kong: The central government appears to be slowing the expansion of port facilities in Shenzhen as they are increasingly challenging Hong Kong's status as the region's key maritime hub. Container volumes at Shenzhen port will fully overtake those at Kwai Chung port in 2005, according to a research report by US investment bank Merrill Lynch. The new leader of the DAB, Hong Kong's largest pro-government party, says he is concerned about the negative impact of withdrawing its representative from the Executive Council. Former DAB chairman Tsang Yok-sing meant it when he said last week a "shock-therapy" approach would be adopted to rebuild the party after the district council elections debacle. Hutchison Whampoa is expected to announce details for the Hong Kong launch of its third-generation (3G) mobile-phone services at a joint press conference on Monday with Japanese handset manufacturer NEC Corp. The board of directors of Hong Kong Exchanges and Clearing (HKEx) has chosen the option of expanding the dual-filing system as its preferred way forward for the government's market reform plan, according to exchange sources. A significant easing of deflationary pressure is expected to help Hong Kong's economy grow by 3.8 per cent next year, the Hong Kong General Chamber of Commerce has projected. Sourcing giant Li & Fung has completed almost all of its current orders on hand for spring 2004 and does not expect business to be materially impacted by a worsening trade spat between the United States and China, managing director William Fung said.
Wang Xuebing, a flamboyant protege of former premier Zhu Rongji and former head of the Bank of China, has been sentenced to 12 years in jail for bribery. Polling stations opened in Beijing yesterday for district and county congressional elections, but many voters remained unmoved by a propaganda campaign aimed at portraying the ballot as a landmark political event. The mainland's factory production grew at a record annual pace of 18 per cent last month as carmakers, steel plants and mobile phone manufacturers expanded to meet rising demand.
China will give banks and urban credit co-operatives greater freedom to fix lending rates from January 1 in a key move to shore up its financial sector. A major property project in Beijing that Hutchison Whampoa pulled out of this year has received a 16 billion yuan commitment from a joint venture between China's Cosco Group and Indonesia's Salim Group, Beijing officials say. December 10, 2003 Hong Kong: The Democratic Alliance for Betterment of Hong Kong will reconsider its relationship with the govern-ment and strive to get a better grasp of public feeling, its new party chairman said last night. The new DAB chairman is an open-minded politician who is viewed by colleagues as a leader who can inject fresh thinking into the pro-government party. Jennifer Murray - the 63-year-old wife of former Hong Kong taipan Simon Murray – who is hoping to become the first helicopter pilot to circumnavigate the globe over both poles landed in Antarctica on Tuesday, Argentine officials said on Wednesday.
HSBC Holdings has seen an improvement in Hong Kong's commercial sector amid an influx of mainland tourists, but lending growth is lagging behind the rest of the region, the bank said in a briefing to analysts and investors. Shares of Hong Kong-listed mainland vehicle makers have surged after listing candidate Great Wall Automobile's initial public offer (IPO) was said to have been oversubscribed more than 680 times. Hong Kong's small and medium-sized enterprises (SMEs) are calling on their bankers for more credit to fund their growing business on the mainland - providing one of the few growth spots in an otherwise lacklustre local lending market, according to HSBC.
Chinese officials will put forward several proposals this week aimed at reducing trade friction with the US and promoting exports to the mainland. Premier Wen Jiabao told a blue-chip gathering of businessmen in New York that he had not come to the United States to "fight a trade war" and asked Washington not to politicise economic and trade issues. The central government will allow mainland banks to issue subordinated debt for the first time, giving them another option to raise capital and shore up sagging capital adequacy ratios. Wholly owned United States shipping firms will be able to sell services direct to the inland China market under a landmark bilateral deal signed yesterday. Foreign investors will be allowed to hold up to 75 per cent of joint-venture cinema projects in seven mainland cities, including Beijing, Shanghai and Guangzhou, under a relaxation of state regulations. China Southern Air Holding has taken a further step towards integrating its airline interests with the creation of five umbrella companies. December 9, 2003
That great Hong Kong institution, the queue, returned to the streets yesterday when long lines formed outside banks for application forms for the initial public offering of China Life Insurance shares. Hong Kong-traded mainland stocks hit a six-year high yesterday as investor enthusiasm for new share offerings reached levels not seen since the internet boom almost four years ago. Minsheng Bank is poised to file an application for a listing on the Hong Kong stock exchange with the aim of raising up to US$1 billion in the first half of next year, according to sources close to the deal. HSBC Holdings said it continued to dominate Hong Kong's credit card market in the first three quarters this year, as credit card spending surged 23 per cent year on year. HC International, the leading cross-media business information services provider on the mainland, is set to raise as much as HK$123 million through an initial public offering (IPO) to fund expansion. Financial Secretary Henry Tang faces a daunting task of halting runaway spending and balancing the Hong Kong government's books. What this will mean in dollars and cents for individual portfolios will be spelled out in his budget speech on March 10. But with an aggregate 11 per cent cut in recurrent spending already slated over the next five years in order to achieve fiscal balance in 2009, it is clear no department will escape the knife. The new investment migration scheme has attracted more than 100 applications over the past six weeks and the first batch of successful investors are already here. When it comes to stress, affluent people in Hong Kong are among the most laid back in the world. Together with Brazilians, Hongkongers cope with life's demands far better than Americans, Japanese and Australians. City Telecom (CTI) has thrown down the gauntlet in the pay-television war by hiring the chief operating officer of rival Galaxy Satellite Broadcasting, the pay-television arm of Television Broadcasts (TVB).
The State Intellectual Property Office has discovered a clause in the patent law that can be used to protect the official designs and logos for the 2008 Olympic Games from mainland companies that have been trying to win rights to them. China is well on its way to sending an unmanned space probe to fly to the moon, with the first orbiter spacecraft expected to take off within three years, lunar exploration scientists confirmed Monday. December 8, 2003
The HK government will roll out its digital terrestrial TV service in 2006 and free up four single-frequency network multiplexes to lure four new players to apply for the licences. The government announced on Monday Patricia Chu Yeung Pak-yu - a former welfare official - as the new chairwoman of the Equal Opportunities Commission. A senior police officer has been sentenced to three years jail for accepting free sex from prostitutes, a court official said on Monday. Hong Kong's retail sales rebounded in October due to rising consumer confidence and an increasing numbers of mainland tourists, latest government statistics released on Monday showed.
China has made significant changes in its policies after its entry into the World Trade Organisation in December 2001 and should not be blamed for job losses in the United States, Boao Forum for Asia secretary-general Long Yongtu said. The central government will regulate the sale of state assets by guiding the development of a "healthy market", a senior official has said. Asia Television (ATV) will be entitled to 20 per cent to 25 per cent of advertising revenues generated in nine Pearl River Delta cities and 50 per cent from a provincial network under a recently negotiated agreement with the Guangdong Administration of Radio, Film and Television, according to industry sources. One of Guangdong's biggest broadcasters has proposed increasing advertising rates on pirated Hong Kong programming by as much as 80 per cent to mitigate possible financial losses arising from greater restrictions on prime-time advertising. China is studying plans to introduce reverse mortgages to help elderly citizens increase their incomes as the country grapples with a growing deficit in its pension fund that has resulted in a failure to pay retired workers properly. Chinese Premier's upcoming visit to the U.S. will contribute to further deepening mutual understanding and trust, expanding bilateral exchanges, and further promoting the constructive cooperation. A research made by Peking University proved that over the 15 years, Chinese women have become more and more practical in choosing their partners. December 5 - 7, 2003
The Hong Kong government will go ahead with its long-delayed digital terrestrial television plan despite not knowing which standard the mainland will adopt. Outgoing Police Commissioner Tsang Yam-pui had a dream when he took over the top job. His dream was that Hong Kong's police officers would be judged more on the content of their character than the color of their hair. Companies in Hong Kong expect better business and economic conditions in the next two years, a survey by the Hong Kong General Chamber of Commerce found. Local businesspeople are bullish about business conditions and economic growth next year, but they are unhappy with the government's performance and support early talks on political reform, a survey by Hong Kong General Chamber of Commerce has found. Mainland financial institutions are expected to take stakes in smaller banks in Hong Kong as they prepare to list here, a financial services expert said. The number of unemployed young people in Hong Kong dropped by 3,700 but social workers warn there is no room for complacency, with the group's unemployment rate still 32.5 per cent. More than half of Hong Kong people understand Putonghua but only about 40 per cent can speak it, according to a study. The lure of fast money is gripping Hong Kong as a raft of new stock issues attracts strong retail interest, apparently forcing issuing banks to print additional application forms in the first significant investing mania since the internet stock boom three years ago. The Hong Kong Monetary Authority (HKMA) may be pressed by legislators to ask Chinese regulators for an interview with former BOC Hong Kong (Holdings) chief executive Liu Jinbao over a $1.77 billion loan to Shanghai property businessman Chau Ching-ngai. Hong Kong's interest rates are scraping the bottom with an offer announced yesterday by Liu Chong Hing Bank: zero interest for its tax loans.
Hong Kong's biggest tycoons have thrown their weight behind China Life Insurance's H-share offering, agreeing to buy US$500 million of the $3 billion in shares on offer. Corrupt officials will no longer be able to hang on to their ill-gotten gains if proposals being considered by the central government's discipline inspection commission become law. The inclusion of a small number of independent candidates on the official ballot for election to Beijing's district congress has been dismissed by observers and candidates themselves as little more than window dressing. Aluminum Corp of China (Chalco) will make its first foray abroad after teaming up with two other mainland firms to tap alumina reserves in central Vietnam as part of an effort to plug a growing deficit in the metal's local supply. On sections of Beijing Road you can barely see the sky. In Tibet Road, they dangle in garden-hose rolls and knots intricate enough to confound a boy scout. Over on Hefei Street, one enterprising apartment dweller even uses them to hang-dry selected cuts of meat.
Motorola has invested in a mainland venture capital fund to strengthen its foothold in China's fast-growing wireless communications market and boost the start-up community. Worsening unemployment tops the list of thorny problems Shanghai's government must deal with in order to ensure the metropolis' sustained development, mayor Han Zheng said. Media conglomerate Global China Group Holdings wants to acquire print media distribution firms in the mainland to strengthen its existing network across the country. China Motion Telecom said savings from cost-cutting measures and the introduction of more bundled telecom services should narrow losses in the second half. Macau will steal Las Vegas' title of casino capital of the world, American gaming mogul Sheldon Adelson has predicted. Mr Adelson, who heads one of the three companies allowed to run casinos in Macau, based his forecast on southern China's booming economy. December 4, 2003
Hong Kong's youth unemployment rate has dropped from its record high level in the third quarter, Permanent Secretary for Economic Development and Labor Matthew Cheung Kin-chung said on Thursday. Hong Kong’s manufacturers’ orders-on-hand slipped 6.7 per cent year-on-year in October, latest government statistics released on Thursday found. The head of China's foreign exchange administration has announced that the mainland will gradually loosen a host of capital-account controls and, for the first time, allow foreign financial institutions to issue yuan-denominated debt paper. The securities regulator was on the brink of shutting down CA Pacific's business six months before the brokerage's 1998 collapse, which left thousands of investors claiming billions of dollars, it emerged yesterday. Legislators passed a motion yesterday urging the government to press shipping lines into lowering their terminal handling charges (THC) - the highest in the world.
Hong Kong conglomerate Hutchison Whampoa might need to spend an extra €2 billion (US$2.4 billion) on its third-generation (3G) mobile phone business due to a delay in the delivery of new handsets to Europe, a report said on Thursday. Cosmetics retailer Sa Sa International Holdings is applying for a retail licence to open stores on the mainland after posting a better-than-expected interim profit. Hutchison Whampoa, the world's largest port operator, has been engaged in the initial development of ports in Chongqing, an industrial city in southwestern China, according to a Beijing-backed newspaper. China: China Southern Airlines will launch direct non-stop flights between Guangzhou and Paris from June 28 next year as part of the final stage of its codeshare pact agreed on Tuesday with French flag carrier Air France. China must free up the internet if it wants to achieve its goal of becoming the world's biggest web market in four years' time, German Chancellor Gerhard Schroeder said yesterday. Chia Hsin Cement Greater China Holding Corporation's HK$283.2 million initial public offering (IPO) has drawn strong market interest with the institutional tranche 6.6 times subscribed, the offer's sponsor says. German media giant Bertelsmann has bought 40 per cent of one of China's three national book retailers, marking the first time a foreigner has ventured into the mainland's book distribution business. Tech-happy Shanghai, the most wired city in China, has a problem - wires. Telephone wires. Fibre-optic wires. Electrical wires. Wires no one can seem to identify. They're everywhere, and they're gumming up the works. China has flagged imminent policy changes aimed at easing capital controls and taking the heat off the country's currency, just days before Premier Wen Jiabao is due to leave on his first official visit to the United States. December 3, 2003
After 11 years at the helm of the party he helped create, Tsang Yok-sing last night formally stood down as chairman of the Democratic Alliance for Betterment of Hong Kong. Chief Executive Tung Chee-hwa is to brief state leaders today about Hong Kong's political and social situation, particularly the impact of the district council elections on his rule. Hong Kong Property sales leapt 66 per cent year-on-year last month, with the value of sales doubling to HK$21.3 billion, official figures show. Investors, emboldened by a 50 per cent surge in the stock market over the past six months, are increasingly bullish about 2004. Cathay Pacific Airways has resumed services to the mainland after a 13-year hiatus with its Airbus A330-300 jet touching down in Beijing with about 280 passengers about 9pm yesterday. Tree smuggling by mainland poachers - who earn between $8,000 and $15,000 a tree - operating out of illegal logging camps hidden in remote coastal scrubland has devastated parts of Sai Kung Country Park, police say. The wife of Shanghai tycoon Chau Ching-ngai yesterday appeared in a Hong Kong court along with four associates on charges of conspiring to defraud and pervert the course of justice in relation to alleged market manipulation. Under the 2004 Digital 21 Strategy draft proposal on information technology (IT), the Hong Kong Government is arguing for a more integrated institutional structure and is considering creating the position of a chief information officer (CIO) to spearhead its many IT development initiatives.
The US has told Taiwan it opposes any referendum designed to change the island's status or move it towards independence. The global boom in demand for raw materials more than tripled orders for the mainland's No 1 shipbuilding group this year and is spurring a multibillion-dollar spending spree on infrastructure to support the fast-developing industry. Swiss bank UBS, already the largest of the mainland's 10 qualified foreign institutional investors, is preparing for a bigger plunge into China's US$460 billion A-share market. It has urged the China Securities Regulatory Commission to clarify the tax policy for Qualified Foreign Institutional Investors (QFII) as soon as possible. Power shortages in the mainland are seen worsening next year, with no improvement expected until 2005, as residents turn up the thermostat for the winter and industrial demand pushes daily usage levels to a peak not seen since the summer. December 2, 2003 Hong Kong: With funding cuts to education in the pipeline, educators yesterday called on the government to save money by cutting an English-language program and dropping plans to build new schools. Encouraged by strong third-quarter growth in the domestic economy, investors pushed Hong Kong's largest shares to their highest close in 28 months yesterday, setting the trend for a year-end rally. The Henderson Land Group plans to invest more than $1 billion developing four hotels in Hong Kong and Beijing in the coming years as part of efforts to cash in on an expected boom in tourism. The government, borrowing an idea from big business, is considering creating the position of a chief information officer (CIO) to spearhead its many information technology development initiatives. The government believes a deal that gives Hong Kong controlled access to the code behind Microsoft's Windows platform will help buttress the city's information security infrastructure and online government services. A Hong Kong company has announced a world first in high-quality video compression that could lead to better video transmission over the internet.
The Beijing Olympics organizing committee has failed to patent its designs and logos for the Games - an oversight that may mean it will have to pay to use them. Cathay Pacific will mark its return to the mainland tonight after a 13-year absence when flight CX 318 lands at Beijing's Capital Airport. The central government will allow enterprises to make their own investment decisions if they do not require state funding, a key economic minister said yesterday. Recent trade frictions and "mixed signals" from Washington towards Taiwan would top the agenda of Premier Wen Jiabao's first official visit to America, according to an influential expert on Sino-US relations. China's top bank regulator yesterday announced measures to widen foreign access to the domestic banking sector and said he planned to designate at least one state bank as a "pilot" for further reform of the financial system. The Agricultural Bank of China's Guangzhou branch has denied being ordered to stop lending because of concerns over mounting bad loans, but it has admitted to a slowdown in lending. December 1, 2003
The government will announce a major reshuffle within the police force as early as today with Deputy Commissioner (Operations) Dick Lee, earmarked as the new police chief. Sun Hung Kai Properties is to spend 100 million yuan (HK$938.7 million) renovating its first shopping mall in Beijing to take advantage of increased consumer spending and in preparation for the 2008 Olympic Games. Expectations of strong growth in the economy in the third quarter helped propel Hong Kong shares to their highest close in more than three weeks. Fujian Zijin Mining Industry is set to become the first gold-mining company to list in Hong Kong next month after a planned sale of about 27 per cent of its share capital to institutional and retail investors. A senior Hong Kong policeman has been found guilty of accepting free sexual services from prostitutes arranged by a nightclub operator, in what a judge described as "the clearest case of `keeping sweet' corruption". Legislators from across the political spectrum have urged Chief Executive Tung Chee-hwa to replace the newly appointed director of audit, Benjamin Tang Kwok-bun.
Yantai North Andre Juice, the mainland's largest apple juice concentrate producer and exporter, is seeking to consolidate its market position by increasing production and manufacturing a high-end product called pectin. Top officials, grappling with a rich-poor gap and growing unemployment, have begun a key annual meeting to map out economic policy for the year ahead. A Shenzhen court has sentenced two people to death for the systematic robbery and murder of 12 young women. Chinese regulators have been meeting their banking peers in Hong Kong to test market reaction to a bailout plan for the Big Four state lenders, with an announcement on the rescue package expected shortly. Sony Corp has announced that it will launch the PlayStation 2 (PS2) games console in China next month, despite widespread concerns within the company about the potential for piracy of games. Nov 28 - 30, 2003 Hong Kong: Travelers may soon be able to fly from Hong Kong to Sydney on Virgin Atlantic if a deal signed yesterday between the Hong Kong and British governments passes European Commission scrutiny. That the Hong Kong-UK air services agreement signed yesterday requires European Commission approval shows the uncertain business climate created by Brussels' wish to be the sole negotiator of such pacts for European Union countries. A joint long-range search-and-rescue drill will be staged today by the PLA Hong Kong garrison, the US coastguard and air force and the Government Flying Service. Hong Kong's economy probably crawled out of its first-half recession and resumed growth in the third quarter of the year thanks to strong exports, a revival in consumer confidence and returning tourists. Shares in Television Broadcasts have risen 8.93 per cent this week as the broadcaster closes in on a landing-rights deal with Guangdong - the first step towards a potentially lucrative revenue-sharing agreement with the province's cable operators. Ernst & Young has been ordered by a judge to hand over audit, restructuring and "internal review" documents relating to Akai Holdings, the collapsed flagship of businessman James Ting. The busy season for high-value south China exports peaked this week, with the airport's cargo handlers putting in overtime to meet holiday demand from overseas consumers.
Taiwanese opposition lawmakers scored a political victory last night by pushing through legislation that restricts the government's ability to hold referendums on sovereignty issues. Guangdong Brewery Holdings is in talks to sell a 21 per cent stake to one of the world's top five breweries, marking the latest attempt by an international brewer to break into the mainland's highly competitive beer market. The mainland will adopt a third-generation (3G) mobile-phone licensing policy that will favour fixed-line players China Telecom and China Netcom - posing a threat to the nation's two mobile carriers. Nov 27, 2003 - Happy Thanksgiving (USA) Hong Kong: Cathay Pacific Airways on Thursday won the right to operate the high-profile London to New York route after three days of talks between the Hong Kong and British governments. Asia's largest computing industry conference formally opened on Thursday in Hanoi, bringing together technology experts and government officials from Asia-Pacific, Europe and the United States. James Thompson, the embattled organizer of the controversial Harbour Fest, will retire from the American Chamber of Commerce's board of governors after he finishes his two-year stint as chairman next month. The Audit Commission has hit out at wastage in the education sector, citing thousands of unfilled school places, empty classrooms and aborted research projects - all at a time when educators are bracing for further budget cuts. The possibility of a further civil service pay cut in Hong Kong has not been ruled out, the government said yesterday. Thirty-nine company directors were removed from their posts in the first 10 months for offences such as insider trading and market manipulation - exceeding the 35 who lost their corporate positions last year. The anti-spam bill passed by the US Senate may also serve as a legislative model for Hong Kong telecommunication authorities, according to David Ketchum, the head of the Asia Digital Marketing Association and member of a Hong Kong anti-spam coalition that includes Time Warner, Microsoft and the Hong Kong Internet Service Providers Association. China: Beijing on Thursday blamed US visa procedures for the delay of a trip by a group to the United States that was expected to buy a wide range of products in an effort to put a dent in China's huge trade surplus. China's trade surplus should fall into a deficit in coming years, meaning that expectations its currency would rise in value were unrealistic, a Chinese central bank official said on Thursday. The central government was yesterday hastily dismantling its mid-Pacific satellite tracking base following the decision by the tiny Pacific atoll nation of Kiribati to switch its diplomatic recognition to Taiwan, a witness said. About 1,000 villagers protesting in Zhejiang province over what they said was the illegal seizure of their farmland clashed with police, resulting in several injuries, local residents said. Shenzhen police say the city's crime rate has dropped by more than 30 per cent in just four weeks - a development they attribute to new tactics adopted to tackle a crime wave that has been surging since July. China Resources (Holdings) (CRH) plans to form China's first publicly traded real-estate investment trust (reit) by pooling 20 billion yuan (HK$18.58 billion) of property in Hong Kong, China and Thailand. Ratings agency Standard & Poor's has sharply improved its outlook for the mainland banking system, saying it will reach international benchmarks for non-performing loans within five years. China has set up a cabinet-level group to push reform of the top state banks, including plans to inject capital to help them float shares and prepare for greater competition from foreign lenders, government sources said yesterday. Mainland internet portal Sohu.com has finalized its acquisitions of an online gaming website and a real-estate portal for US$36.5 million. Sohu said the acquisitions would strengthen its position as a leading internet property. Nov 26, 2003 Hong Kong: Slowing population growth has given Hong Kong the chance to create a better, more spacious living environment, according to the government's development blueprint for 2030.
A 3rd runway may be needed - Hong Kong needs to make significant investments in its transport infrastructure to deal with a growing economy and competition from rival cities in the region, the HK2030 Study says. The number of visitors arriving in Hong Kong could increase almost sevenfold, to 70 million a year, by 2030, with two-thirds coming from the mainland, the Hong Kong government's planning study shows. A 99-hectare plot at the Shenzhen border will become a permanent "trade expo", with visa-free access for mainland and overseas visitors and Hongkongers by 2030, if a new planning study recommendation becomes reality. The Securities and Futures Commission (SFC) may tighten the regulation of stock-market analysts after two separate surveys found investors and securities firms were dissatisfied with the way research writers disclosed their conflicts of interest.
Politburo members have been getting to grips with how the Communist Party should manage the mainland's educated elite and its skilled workers - a task made more difficult by the mushrooming private sector. The comparatively low number of HIV/Aids cases in China obscures the fact the virus has reached epidemic proportions in several provinces and is spreading rapidly elsewhere. The United States has accused Chinese companies of dumping televisions and slapped duties of 28 to 46 per cent on their products in the latest flare-up in trade tension between the two countries. A state-owned hotel in Shanghai has come up with a novel way of raising money: sell off its rooms separately to individual investors and then lease them back, offering guaranteed annual returns as high as 7 per cent. Mainland internet portal Sohu.com has finalised its acquisitions of an online gaming website and a real-estate portal for US$36.5 million. Nov 25, 2003 Hong Kong: Tsang Yok-sing has resigned as Democratic Alliance for Betterment of Hong Kong chairman after the party suffered its worst ever election result on Sunday. Yesterday's resignation by Tsang Yok-sing is the second time the DAB chairman has offered to quit - the first time was shortly after the July 1 march. The Tung administration's governance crisis, triggered by the July 1 protest, looks set to deepen in the wake of the crushing defeat of the government-friendly Democratic Alliance for Betterment of Hong Kong in Sunday's polls. Officials are set to review the pool of candidates to be appointed by Chief Executive Tung Chee-hwa to the 18 district councils, following pressure from the pro-democracy camp against any move to dilute their success in Sunday's poll. The Hong Kong Mortgage Corp (HKMC) plans to raise $9 billion in the domestic debt market next year, which would again make it the city's largest bond issuer.
The central government has announced it will shut down analogue television signals in 33 major cities by 2015, and replace these with digital broadcasts on more than 120 channels.
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Anson Chan, at a Unicef function
yesterday, was evasive on her possible return to politics.
Hongkong and Shanghai Banking Corp
chairman David Eldon says the bank's asset quality has improved and that with
the better outlook, it is seeking opportunities in China.
China:
China:
Wen Jiabao, with Christopher Galvin of
Motorola, attends a dinner of business leaders and Sino-US groups in Washington.
An Air China Boeing 747 takes off from
Beijing's airport. Last month, China signed contracts worth US$1.7 billion to
buy 30 Boeing planes for five Chinese airlines.
Hong Kong Monetary Authority chief Joseph
Yam Chi-kwong found his place in history yesterday while leading reporters on a
tour of a new information centre on the 55th floor of Hong Kong's tallest
building, IFC Two. The centre features a timeline from 1842, when Hong Kong was
ceded to Britain, to last month's announcement that Hong Kong banks will be able
to conduct yuan business next year. 
China:
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Hong Kong:
Miss China Guan Qi 3rd place at the Miss World,
Miss Ireland 1st place winner.
China:
Hong Kong: 
Miss Hong Kong, Yeung
Lok-ting (left), and Miss China, Guan Qi, arrive for the rehearsals in Sanya.
Staying beautiful is hard work - for the backup team. It took 40 bellhops nearly
three-quarters of an hour to deliver 600 pieces of luggage to the rooms of the
Miss World hopefuls, according to the Sheraton Sanya Resort, host hotel for the
event.
Tung Chee-hwa, under pressure
to increase the pace of democracy, attends a ritual at the Po Lin Monastery on
Lantau yesterday. The tone is polite but the message cannot be clearer: the
central government will have the final say over the pace and development of Hong
Kong's political system. The need for lawmakers to agree on a democratic reform
package is the biggest of the hurdles the Basic Law places in the way of
changing the manner of selecting the chief executive, according to politicians.
Amid growing demands for universal suffrage in Hong Kong, the central government
has moved to remind people of the imperative of a down-to-earth understanding of
the parameters of political reform under "one country, two systems". Despite the
mounting resistance from the mainland over democratization in Hong Kong,
champions of constitutional reform are undaunted by the challenge they face.
China:
China Banking Regulatory Commission
chairman Liu Mingkang said banks could reduce non-performing loans by getting
clear financial figures from the companies they lent money to.
Hong Kong: 
John Chen, the HK-born head of Sybase, has been appointed to the board of Walt
Disney, where he hopes to play a key role in its initiatives in media and
technology.
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China:
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China:
PLA troops in an armored personnel carrier
enter Hong Kong through the Lok Ma Chau checkpoint early yesterday. The Hong
Kong PLA garrison has just completed the sixth rotation of its army, navy and
air force officers since the handover.
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China: