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The Bank of Communications (BoCom), China's fifth largest lender, said its net profit reached20.3 billion yuan (2.86 billion U.S. dollars) in 2007, up 65 percent from 2006. By the end of 2007, total assets of BoCom stood at 2.1 trillion yuan, up 22.7 percent from a year earlier, according to its 2007 annual report released on Wednesday. Net interest rate income rose 36 percent to 54.1 billion yuan and fee income from credit card sales and asset management products surged 137 percent to 7.1 billion yuan. The Shanghai-based bank and HSBC Holdings Plc., which holds a roughly 19 percent stake in BoCom, are preparing to establish a credit card company and a pension fund company, according to the report. BoCom, which listed on the Hong Kong stock market in 2005, returned to the mainland's A share market in April last year. Its shares rose 2.77 percent to 10.39 yuan in Shanghai on Wednesday.
The country's fast-developing tourism industry is expected to boost the hotel sector, a senior official has said.About 200,000 new hotels, resorts and guesthouses are likely to be built by 2015, head of China National Tourism Administration (CNTA) Shao Qiwei said on Thursday.Addressing a seminar on domestic and international hotels' groups, he said the new structures will include about 10,000 star-rated hotels. The number of five-star hotels in the country is expected to rise from 361 to 500."The World Tourism Organization has forecast that China will grow into a huge tourism market, and have 100 million each of inbound and outbound visitors and 2.8 billion domestic tourists by 2015," he said.The booming tourism market has created the need for new hotels and other infrastructure facilities, he said.The Shangri-La Hotels and Resorts plan to open five new facilities in the country this year, and at least 13 more in big cities such Beijing, Shanghai and Xi'an in the near future, the general manager of Traders Hotel at China World Trade Center in Beijing, Xin Tao, said.In fact, the group plans to open at least 40 new hotels in the country by 2011."The Olympic Games has brought us unlimited business opportunities and the increase of leisure, as well as business, travel in China will add to the appeal of hotel operators," she said.Investment from home and abroad into hotels will hit 340 billion yuan (.14 billion) between 2006 and 2010, the CNTA has forecast.The hotel sector was one of the first to be opened up in China, with Jianguo Hotel in Beijing being the first foreign-invested hotel to be approved by the State Council in 1979.Since then, 67 hotel brands of 41 international groups have entered the country and are managing 516 hotels at present, according to CNTA statistics.The hotel business has been expanding over the past three decades, and by the end of last year there were more than 14,000 star-rated hotels, 100 times more than in 1978.

BEIJING -- China is likely to become the world's second largest consumer market by 2015, said a report released by the Boston Consulting Group (BCG).Chinese shoppers select the luxury Louis Vuitton luggage at the first franchise store in Nanjing, East China's Jiangsu Province, July 25, 2007. [newsphoto]The report is based on a survey of 4,258 consumers in 13 Chinese cities from February to March 2007. According to the report, Chinese consumers are experiencing unprecedented wealth growth which is 3 to 5 times faster than developed countries in the past 50 years. Most Chinese consumers plan to spend more in near future to fulfill their family dreams."The past decade of rapid economic growth has brought prosperity but also uncertainty, resulting in a highly complex consumer market with diverse consumer attitudes," said Hubert Hsu, senior partner and managing director of BCG, at a press conference in Beijing."Capturing the next wave of consumer growth in China will involve developing deep consumer insights and creating marketing differentiation," said Hsu.The report said there are significant generational differences in terms of spending attitude among Chinese consumers. The strong interest in trading up, which means spending more money for more expensive products, was driven up by consumers' increasing desire for better goods and services and rising concern over safety and quality of cheap products.Chinese consumers put more faith in brand names compared with the US consumers and they believe good brand represents quality, safety, effectiveness and durability, said Hsu.Despite strong trading up desires, Chinese consumers continue to "treasure hunt" - make deliberate trade-offs to maximize "value" of their budgets. They use similar strategies for treasure hunting as their counterparts in other countries except several unusual tactics such as group purchase for volume discount, said the report.The report suggested global suppliers in China should establish strong, branded relationships with China's treasure-hunting consumers, provide the kinds of products that appeal to practical concerns and emotional needs, and be willing to customize their offerings to meet the needs of a geographically diverse population.While the retailers must make sure the categories they carry are the ones that treasure-hunting consumers will seek and focus on a product's technical and emotional benefits, said the report.
US Treasury Secretary Henry Paulson arrived in Xining in northwest China last night, kicking off a four-day visit to China. US Treasury Secretary Henry Paulson, pictured June 2007, arrived in China on Sunday. [AFP]He is due to visit local environmental protection programs in Qinghai Province, home to Qinghai Lake, the largest salt water lake in China. He will also visit rural households in the remote province on the Qinghai-Tibet Plateau, dubbed the "roof of the world." Paulson, who heads to Beijing on Monday, will meet with government officials to discuss the US-China Strategic Economic Dialogue (SED) launched last year.The forum covers a range of economic and environmental issues, but the issue at the forefront is China's yuan, which is seen by lawmakers in the United States as grossly undervalued. Last week the Senate Finance Committee overwhelmingly approved a bill requiring the Treasury to identify nations with "fundamentally misaligned" currencies, potentially opening the door to economic sanctions against Beijing. But Paulson said Friday that lawmakers were sending the wrong message by threatening to punish Beijing."We would like to see the Chinese move and show more flexibility," he said.Paulson will also hold talks with President Hu over tensions arising from China's swollen trade surplus and other issues. The secretary also is to meet Vice Premier Wu Yi, who leads the Chinese side of the dialogue. The last formal meeting of the economic dialogue in May ended with no progress. Since then, China has announced measures to rein in surging export growth. It repealed rebates of value-added taxes on more than 2,000 types of goods ranging from cement to plastic products in June. Last week, the government said it would limit the growth of its "processing trade," a big but low-profit segment of the economy that imports components and exports finished goods.Paulson was due to leave China on Wednesday.
来源:资阳报