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BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday. The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate. The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games. "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders." Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games." The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said. "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank. The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time. The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks. It will restart inviting strategic investors after its Shanghai listing, the bank said. The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.
BEIJING, May 21 -- China's tax authority has cut or waived a tax levy, offered a tax refund, and reiterated the tax concession on donations related to the earthquake in Sichuan Province as means of helping to support victims. Losses suffered by companies and individuals due to the 8.0-magnitude earthquake can be tax deductible, the State Taxation Administration said in a notice on its Website. As of 6pm yesterday, the number of people killed by the devastating quake has reached 40,075 while 247,645 people have been injured and there were still 32,361 people unaccounted for. The supplies donated by overseas governments, individuals and companies are exempted from import taxes (including Valued Added Tax and Customs Duties), the tax authority said. People whose tax-paid autos or ships have been destroyed in the quake can apply for a refund of Vehicles and Vessels Usage Tax for the period from the date they were destroyed until the end of the year. Normally auto and ship tax is prepaid at the beginning of the year. Students of Jiefang Primary School donate money to the quake-hit region in Sichuan Province in southwest China, in Harbin, capital of northeast China's Heilongjiang Province, May 14, 2008 Victims who can't afford to pay the land use tax due to the quake can ask for the levy to be reduced or exempted from the tax. People who buy new homes will be exempted from the deed tax on new home transactions or enjoy a cut in the tax rate. The rules are enforced by the provincial governments for the quake-hit area. Companies and individuals who donated money to the earthquake area will be partly exempted from taxation, the tax authority reiterated. Companies on the Chinese mainland have made a combined donation of more than 4.5 billion yuan (US5 million) in cash and goods as of yesterday afternoon, according to Chinese Web portal Sina.com. Donation, which are within 12 percent of a company's total annual profit, can be claimed as tax deductible expenses, according to China's corporate income tax law. Donations that exceed the amount are not tax deductible. For individuals, donations that are less than 30 percent of their income, can be tax deductible. The donations must be made through domestic non-commercial social entities or government bodies. Individuals' donations made directly to the quake victims are not tax deductible.
BEIJING -- The Industrial and Commercial Bank of China (ICBC) is forecasting an 8 percent increase in the country's Consumer Price Index (CPI) for the first quarter of 2008. The official government figures come out in mid-April.The bank said in a report issued on Thursday that the CPI would hit 8.2 percent in March, slightly down from the previous month as the effects from the snow chaos that hit China earlier this year died away.Inflation in China took its biggest jump in nearly 12 years in February when it rose 8.7 percent compared to the same period a year earlier. Food prices surged 23.3 percent while non-food prices edged up 1.6 percent from the year earlier period.Inflation was mainly fueled by rising food and energy prices in the global market, and compounded by domestic factors that included increased costs and a strong demand, the report said.The new round of global grain price rises, including rice and wheat, might add more pressure to the government's anti-inflation efforts.However, the inflation index would start decelerating in the second half of 2008 as the government's macro controls took effect. The continued global slowdown also weighed on demand and could gradually pull down prices, the report said.China rolled out a series of measures to fight inflation after the government was reshuffled last month. Among the latest moves was an increase in farm subsidies to boost production and curb grain price hikes.
BEIJING, Aug. 11 (Xinhua) -- Chinese President Hu Jintao on Monday met separately with several foreign leaders in the Great Hall of the People in central Beijing. The foreign leaders, including Cambodian King Norodom Sihamoni, President of Cyprus Demetris Christofias, Slovak President Ivan Gashparovic and Latvian President Valdis Zatlers, had come to the Chinese capital to attend the opening ceremony of the Beijing Olympic Games on Aug. 8 and other activities relating to the Games.Chinese President Hu Jintao (R) shakes hands with King of Cambodia Norodom Sihamoni during their meeting in Beijing, China, Aug. 11, 2008. Norodom Sihamoni attended the opening ceremony of the Beijing Olympic Games on Aug. 8.Hu extended a warm welcome to the guests, and said the Beijing Olympics, with the theme of "One World, One Dream," is an international sports gala that belongs to people of all countries in the world. The foreign leaders spoke highly of the Games' opening ceremony and China's preparations for the Games, and expressed the belief that the Beijing Olympics will be a great success. Hu also had a broad exchange of views with the leaders on bilateral relations and other major regional and international issues of common concern. In his meeting with King Sihamoni, Hu said that China and Cambodia are not only good neighbors that coexist in peace and harmony, but also good friends with mutual trust, good brothers sharing happiness and woe, and good partners working together for a win-win end. "The friendly relationship between China and Cambodia is exemplary for countries of different social systems which want to treat each other equally and carry out sincere cooperation," Hu said. The Chinese government and people are ready to work with their Cambodian counterparts to enhance friendly exchanges, expand mutually-beneficial cooperation, and promote common development, said Hu, adding that China highly appreciates the Cambodian Royal Family's "outstanding contribution" to the development of Sino-Cambodian relations. King Sihamoni responded that the Cambodia-China friendship was forged and developed through the efforts of several generations of leaders of both countries. He said the Cambodian Royal Family, government and people appreciate the long-time support and assistance from China and are dedicated to the development of good-neighborly friendship and cooperation with China.Chinese President Hu Jintao (R) shakes hands with President of Cyprus Demetris Christofias during their meeting in Beijing, China, Aug. 11, 2008. Demetris Christofias attended the opening ceremony of the Beijing Olympic Games on Aug. 8. While meeting President Christofias, Hu pointed out that China and Cyprus enjoy all-weather friendship and partnership. "China is willing to work with Cyprus to enhance high-level exchanges, expand cooperation in diverse fields and cement coordination within the frameworks of the United Nations and Asia Europe Meeting and in multilateral affairs," he said. President Hu stressed China's persistent stand that the independence, sovereignty and territorial integrity of Cyprus should be duly respected, and the Cyprus issue should be settled in a fair and reasonable manner on the basis of relevant UN resolutions. Christofias thanked the Chinese side for the support of Cyprus unity, and hoped the two countries enhance cooperation in trade and economic sectors. Cyprus will continue with its efforts to promote Europe-China relations, he added.Chinese President Hu Jintao (R) meets with his Slovakian counterpart Ivan Gashparovic in Beijing, China, Aug. 11, 2008. Gashparovic was here to attend the opening ceremony of the Beijing Olympic Games on Aug. 8 and other events. Meeting with his Slovak counterpart, Hu said that bilateral ties have been going along quite well in recent years and the two countries have enhanced high-level exchanges, built mutual political trust, maintained practical and fruitful cooperation in diverse fields, and cemented coordination in international affairs. Slovakia is considered as a trustworthy friend and partner of China, Hu said. "Next year will mark the 60th anniversary of the establishment of China-Slovakia diplomatic relations. We're willing to work with Slovakia to promote bilateral friendly cooperation to a new height." President Gashparovic said his country thinks highly of China's influence in international affairs, and hopes to deepen cooperation with China to further promote bilateral relations.Chinese President Hu Jintao (R) shakes hands with President of Latvia Valdis Zatlers during their meeting in Beijing, China, Aug. 11, 2008. Valdis Zatlers attended the opening ceremony of the Beijing Olympic Games on Aug. 8. In his discussions with the Latvian president, Hu said that China's relations with Latvia have forged ahead smoothly since the two countries clinched diplomatic ties 17 years ago. China values such relations and is ready to work with Latvia in promoting all-round development of bilateral ties by maintaining exchanges at all levels, enhancing contacts between the governments, legislatures and political parties, expanding channels for trade and economic cooperation, broadening exchanges and cooperation in diverse fields including science and technology, culture and education, and maintaining good coordination in international affairs, Hu said. President Zatlers echoed Hu's views on bilateral ties, saying his country is ready to work with China to expand cooperation in economic and trade fields and boost exchanges in education and cultural sectors. During the Monday meetings, Hu also thanked the foreign leaders for their countries' assistance to China after the devastating May 12 earthquake that rocked Sichuan Province and neighboring regions.
TIANJIN, Sept. 27 (Xinhua) -- China has full confidence and capability to overcome various difficulties to ensure sound and fast economic growth for an even longer period of time, said Premier Wen Jiabao on Saturday. Addressing the opening ceremony of the 2008 Summer Davos Forum in the north China port metropolis of Tianjin, Wen said China is in the stage of rapid industrialization and urbanization, and has huge potential for economic growth. The important period of strategic opportunities for China's development will last quite a long time. Despite the heavy snow and sleet storms and the devastating earthquake and a complex situation both at home and abroad the nation faced, China have overcome difficulties one after another and maintained the momentum of steady economic growth. "There are many favorable conditions for China to maintain sustained and fast growth, such as abundant supply of labor and capital as well as huge potential of increased domestic consumption and investment demands, vast market and more competitive and dynamic enterprises," said Wen. The demands for investment, consumption and export are growing in a more balanced way. The economic fundamentals in China remain unchanged and the economy is moving in the direction envisaged in the macro-economic control policy, he added. The two-day forum, also known as the New Champions 2008, has attracted about 1,400 participants from nearly 90 countries and regions, including business elite and senior officials, to discuss topics about the theme "The Next Wave of Growth". The second Annual Meeting of the New Champions organized by the World Economic Forum is officially opened at Tianjin Binhai Convention and Exhibition Center in north China's Tianjin Municipality, Sept. 27, 2008