LinkChinese UK News

AFP reports that Royal Bank of Scotland’s plan to the futher investment in China.

BEIJING (AFP) — British banking giant Royal Bank of Scotland is in talks to buy 19.9 percent of Suzhou Trust in China, its latest attempt to ramp up its position in the Chinese market, state media said Wednesday.

“The two parties have got initial results in negotiations over key issues such as the selling price and the size of the stake,” the 21st Century Business Herald cited an unnamed source close to the deal as saying.

The value of the deal was not disclosed, the newspaper said.

The potential deal would be the Royal Bank of Scotland’s second purchase of Chinese financial assets. It currently holds 8.25 percent of Bank of China, one of the nation’s big four state-owned lenders.

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VOA News reports the case of Yuan Hongwei, a Chinese businessman arrested at Heathrow Airport when traveling from China to the UK for a business meeting. Yuan’s arrest was requested by the U.S., for violating intellectual property of an American company, ABRO. Yuan’s now fighting a U.S. extradtion request.

Chinese Businessman Fights US Extradition

The owner of a Chinese chemical company accused of product counterfeiting is in a London prison fighting a U.S. extradition request. Yuan Hongwei appeared in court Monday to ask to be freed on bail. If he loses his legal battle, he would be the first Chinese national suspected of an intellectual property offense to be extradited to the United States. More from VOA’s Bill Rodgers.

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Xinhua.net reports:

GUANGZHOU, Oct. 12 (Xinhua) — A senior UN official said Friday the Chinese economy enjoying sustained rapid growth was not a threat, as it has been demonstrating a positive effect in the global economy.

Speaking at the Forum on Future Development of China held in the southern Chinese city of Guangzhou on Friday, United Nations Resident Coordinator in China Malik Khalid said “China has demonstrated that it uses its economic power in a responsible way.”

In his keynote speech titled “Sustaining China’s Development in New Global Environment”, the economist-turned-official said China has had a stabilizing effect in the global economic system when the U.S. subprime problems unleashed uncertainties.

Malik praised Chinese authorities for making efforts to combat environmental problems, noting China is “unique in facing such environmental challenges at such an early stage of its economic development.”

“There has been no precedent like China, who, as a developing country with a per capita GDP of about 2,000 U.S. dollars, undertakes such great responsibilities.”

Full report.

 

The Daily Telegraphy reports:

Chinese cars took a step closer to Europe this week with the granting of European Type Approval to the Landwind X-Pedition, writes Andrew English.

This 4×4 copy of a 20-year-old Vauxhall Frontera is the first Chinese car to get full approval in Europe. It will face the New Car Assessment Programme (NCAP) crash test early in November, with the first right-hand-drive sales in the UK slated for next September.

Full report.

 

By John Tagliabue, New York Times News Service | September 23, 2007

PALAZZOLO SULL’OGLIO, Italy - They have names like the Brilliance BS6, the Landwind Fashion, or the improbable Hover Wingle, and though these sedans, vans, and sport utility vehicles are hardly as familiar to Europeans as, say, a Volkswagen Golf, they are beginning to show up on European roads.

“I’ve got air conditioning, ABS brakes, and air bags,” said Carlo Scalvini, describing his Hover, a big and boxy sport utility vehicle built by the Great Wall Motor Co., with headquarters in Baoding in eastern China. “And the price is competitive: You pay 10,000 euros less in the end,” more than $13,000.

The enthusiasm of people like Scalvini could influence the global auto industry and China’s place in it. China’s quiet inroads into Europe are the first test of rich markets by Chinese automakers as they build dealer networks and deliver small shipments of cars to test the reaction of drivers and auto industry experts.

Many of the dealers who have signed on with the Chinese previously worked with the Japanese and the South Koreans, and so have experience in coaxing Europeans to purchase cars with unfamiliar names and unusual looks, but sweet prices.

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From Associated Press:

LOS ANGELES - Mattel tried to save face Friday with Chinese officials, taking the blame for the recent recalls of millions of Chinese-made toys as it strives to mend a strained relationship with the nation that makes most of its toys and fattens its profit.

The world’s largest toy maker sent a top executive to personally apologize to China’s product safety chief, Li Changjang, as reporters and company lawyers looked on.

“Mattel takes full responsibility for these recalls and apologizes personally to you, the Chinese people, and all of our customers who received the toys,” Thomas A. Debrowski, Mattel’s executive vice president for worldwide operations, told Li.

Read more…

 

China Development Bank (CDB, 国家发展银行) agreed to buy up to £6.6 billion share of Barclays Bank, which will be China’s record foreign purchase. Chen Yuan (陈元), the governor of the CDB and a member of the State Council of China will take a seat on the board of Barclays. The deal have been approved by the British government. Barclays sold another £2.4 billion share to Singapore government’s investment fund, Temasek at the same time.

After the agreed share sale, Barclays tabled a new cash-and-share offer for ABN Amro worth €67.5 billion, €2.7 billion higher than its previous bid.

The Times report.

The Guardian report. Barclays finds an ally in China in sturggle for ABN Amro.

 

A local newspaper, Birmingham Mail, has published 600 copies of a special edition with the front page in Chinese, to mark the launch of a new business forum by the city council, together with the Chinese ambassador, Fu Ying.

The headline of the front page is printed in Chinese is “中国与伯明翰的见面” (China Meets Birmingham), although the translation is awkward. This was obviously first written in English and then translated to Chinese, in a somewhat mechanical way.

The “Message from the editor” was translated into Chinese and printed side by side. Editor Steve Dyson said: “We are proud of this initiative by our city, and are pleased to help by providing the story in Mandarin so that our own Chinese community, as well as business chiefs back in mainland China, can see how serious we are about doing business.”

News source: Holdthefrontpage.co.uk

 

From Associated Press:

BEIJING (AP) - A Chinese city has halted construction of a chemical plant after residents sent more than 1 million mobile phone text messages protesting possible pollution dangers, news reports said Thursday.

The $1.4 billion facility being built by Tenglong Aromatic PX (Xiamen) Co. Ltd to produce the petrochemical paraxylene was planned for the booming southeastern port of Xiamen, the Xinhua News Agency and newspapers said.

“The city government has listened to the opinions expressed and has decided, after careful deliberation, that the project must be re-evaluated,” a deputy mayor, Ding Guoyan, was quoted as saying.

The plant was to be located 10 miles from the center of Xiamen, a center for Taiwanese and Hong Kong investment. The nearest homes were about a mile away, according to news reports.

Full report (from The Guardian)

 

The Guardian newspaper reports that the traditional textile industry base of Northwest of England may be revivied, aimed by a joint development project by UK and China. Wigan borough council has agreed with Chinamex, a stat-owned body and a local property developer, to develop a brownfield site at Westwood Park on the edge of Wigan.

The Textiles City project will see Chinamex to take on up to 2m sq ft, half for manufacturing, half for research and development. Chinamex hopes this project will creat a manufacturing base closer to European customers.

Wigan has long history of established textile industry since 19th century. However it started to decline from early 20th century, being unable to compete cheaper markets. The last cotton mill closed in 1980.

The Guardian reports (by Helen Carter):

Almost 27 years after the last cotton mill closed its doors in the northern industrial town, synonymous with George Orwell’s The Road To Wigan Pier, Chinese investors are proposing a new manufacturing hub for cotton.

Chinamex, a state-owned body which helps Chinese companies expand overseas, has agreed with a property developer and Wigan borough council to develop a brownfield site at Westwood Park on the edge of the town.

The Textiles City project is being viewed by Chinamex as an opportunity to create a manufacturing capability closer to European customers.

According to those close to the project, Chinamex has agreed to take on up to 2m sq ft, about half of which will be used for textiles manufacturing. The remaining space will be used for research and development and as a showcase to demonstrate China’s manufacturing.