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BEIJING, Jan. 23 (Xinhua) -- The Bank of China (BOC) board has agreed to sell up to 40 billion yuan (5.86 billion U.S. dollars) of bonds convertible to A shares to improve capital adequacy.The proposal will be turned into the first temporary shareholders' meeting in 2010, which will be held on March 19, for approval.Excluding issuance costs, the proceeds from the issuance of the six-year convertible bonds will be used to replenish the bank's capital base and working capital and to lift its capital adequacy ratio, according to the BOC, the third largest lender by market value in China.The BOC has been implementing positive financial policies and relatively loose monetary policies since 2009.The BOC capital adequacy ratio stood at 11.63 percent and the core capital adequacy ratio at 9.37 percent by the end of September 2009.
ZHOUSHAN, Zhejiang Province, March 20 (Xinhua) -- Maritime police authorities in Shanghai and the eastern China provinces of Jiangsu and Zhejiang launched a joint anti-terror exercise Saturday in the run-up to the Shanghai World Expo.Seven naval vessels joined the maneuver, which was held in the waters off the Zhoushan Islands in Zhejiang Province, said Qian Junmin, a senior officer with the maritime police force in Jiangsu Province.He did not say how many officers joined the exercise, which focused on shooting and other practices.Shanghai, which sits at the mouth of the Yangtze River on the East China Sea, has a coastline of more than 600 km with busy water traffic.For security considerations, the sea off Shanghai will be patrolled by armed boats and motorboats during the Expo, scheduled from May 1 to Oct. 31.

BEIJING, March 9 (Xinhua) -- China would step up work to monitor non-banking financing, said the China Banking Regulatory Commission (CBRC) Tuesday in a statement on its web-site.More focus would be put on businesses in connection with trust companies and the real estate sector to prevent banks from using non-banking financing to circumvent policies, said Liu Mingkang, chairman of the CBRC.The 2010 government loan target is 7.5 trillion yuan (1.10 trillion U.S. dollars). But in January alone, banks extended 1.39 trillion yuan in new loans -- 18.53 percent of the full-year target.More work should be done to improve risk management capacity to achieve sustainable development of the non-banking financing sector, Liu said.Non-banking financial institutions under the CBRC supervision include trust companies, finance companies, financial leasing companies, auto financing companies and money brokers.
BEIJING, Jan. 16 (Xinhua) -- Chinese Premier Wen Jiabao Saturday stressed food and heating supply as cold snap has driven up vegetable prices and strained coal and gas supplies in north China. Wen urged local government to pay attention to the produce, transport and storage of vegetables when visiting a produce wholesale market in the suburbs of Beijing. "Only when food supply is enough and the prices are stable, will people feel at ease," said Wen. Chinese Premier Wen Jiabao, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, talks with local residents at a supermarket during his inspection in Beijing, Jan. 16, 2010. Accompanied by Beijing's Party chief Liu Qi, Wen also went to a heating plant in Fengtai District and inquired about emergency response heating plan in case of extremely cold weather. He asked local officials to secure the power, gas and coal supply to Beijing and said that energy supply should follow the principle of civil use first and industrial use second. Wen also visited several ordinary Beijing families, who just moved into new houses with government subsidy. Beijing municipal government has rebuilt and repaired nearly 500,000-square-meter old houses for 23,000 households. The municipal government planed to solve housing problems for about 280,000 low-income families in three years.
BEIJING, Jan. 27 (Xinhua) -- Both output and sales values of China's machinery industry exceeded 10 trillion yuan (1.46 trillion U.S. dollars) last year, the China Machinery Industry Federation (CMIF) said here Wednesday.Output value reached 10.75 trillion yuan in 2009, up 16.07 percent from the year earlier. Sales value was 10.48 trillion yuan, up 16.11 percent,said Wang Ruixiang, the CMIF director.From January to November last year, the sector's profits reached 581.6 billion yuan, up 22.8 percent year on year.The auto sector was the "engine" that drove the overall growth of the industry last year, said Wang, adding nearly 30 percent of output value of the machinery industry was generated by automakers.Wang predicted the machinery sector would reach a 15 percent growth in output and sales values this year, with profits likely to grow 10 percent.
来源:资阳报