Property in China still regarded as best investment

Property remains the top investment choice in China despite the fact that nearly three-quarters of residents think housing prices are too high and “difficult to accept,” according to a central bank survey released on June 16. The survey, conducted by the People’s Bank of China and covering 20,000 urban depositors in 50 cities, showed that 74.3 percent of the surveyed think housing prices are too high and “difficult to accept.” The figure was almost the same compared as the first quarter of th …

China’s largest general insurer PICC P&C eyes global top five

China’s largest general, non-life insurer, PICC Property and Casualty Limited (PICC P&C), is striving to become one of the top five global insurers by premium volume in the next five to ten years, according to a top official of the company. Wang Yincheng, president of the PICC P&C, said Saturday that in order to achieve this goal, the company seeks to increase annual premium volumes to 300 billion yuan ($46.15 billion)

China’s trade surplus raises at 11.43 bln USD

China’s trade surplus rose to 11.43 billion U.S. dollars in April this year, according to figures released Tuesday by the General Administration of Customs (GAC). The country reported a small trade surplus of 140 million dollars in March, on the basis of a deficit of 7.3 billion U.S

China’s foreign exchange reserves top 3 trillion USD

China’s foreign exchange reserves exceeded the mark of 3 trillion U.S. dollars for the first time at the end of March 2011, representing an increase of 24 percent from a year earlier and maintaining its top position around the world, according to data released by the central bank on April 14

Nissan Motor’s Chinese plant cuts production amid parts shortage

Production at a Nissan Motor plant in China dwindled dramatically two weeks after Japan’s earthquake and tsunami disrupted the supply of key auto parts, sources with the company said Saturday. Workers at a Dongfeng Nissan plant in central China’s Hubei Province told reporters that Saturday’s production level at the assembly workshop dropped to less than one-third of the normal level.

China: Profits in industrial firms up 34.3%

Profits of China’s industrial enterprises rose 34.3 percent year on year to 645.5 billion yuan (about 97.8 billion U.S. dollars) in the first two months this year, the National Bureau of Statistics (NBS) said Sunday. The main business sales revenue of the industrial enterprises of scale — referring to enterprises with annual primary business sales revenue exceeding 20 million yuan each, instead of the previously used threshold of 5 million yuan — climbed 31 percent from one year earlier …

Dollar rises on Portugal worry and Britain growth prospect

The U.S. dollar rose against major currencies in late New York trading on Wednesday as Portugal’ s austerity plan might be rejected and Britain cut its economic growth prospect in 2011 and 2012. It is widely expected that the austerity plan raised by the minority Portuguese government could not be passed in a vote later on Wednesday in the parliament

Wall Street gains thanks to energy sector

The Japanese government said that the estimated damage from the devastating earthquake and tsunami were over 300 billion U.S. dollars. Companies such as Toyota and Honda have suspended their production at some plants.