Banking News
- Impact from U.S. subprime crisis mild
Date: 23-Nov-2007 Sources: (Shenzhen Daily)
THE country's exporters might see only a mild impact from the U.S. subprime crisis but should explore other markets to minimize any fallout, the nation's central bank governor was quoted Thursday as saying.
'The subprime crisis in the United States has dampened U.S. consumers' spending and has likely affected some European consumers as well,'Zhou Xiaochuan, head of the People's Bank of China, told Xinhua. The credit crunch in the United States may dampen world economic growth next year but China will emerge mostly unscathed, according to Zhou. China's exports to the United States may dip but that could actually help narrow the trade gap between the two countries, and China should be well insulated from a more severe fallout so long as its exporters continue to look to other markets, Zhou said.
Ping An HK fund unit picks adviser
THE Hong Kong fund arm of Ping An Insurance had hired Mercer to help it select the managers for overseas investments made by mainland investors, the consultancy said Thursday.
The move comes as a growing number of mainland financial firms win approval under the country's Qualified Domestic Institutional Investor (QDII) program to help clients invest abroad. Mercer said Hong Kong-based Ping An Asset Management, a unit of China's No. 2 life insurer, was planning to launch an investment platform through which mainland investors could invest overseas.
Foxconn plans new Huizhou plant
FOXCONN International, which makes mobile phones for the likes of Motorola and Nokia, plans to spend more than US$500 million building a plant in Shenzhen due to start up in 2008's third quarter.
Foxconn, a division of top Taiwan electronics parts maker Hon Hai, would build the plant in the southern city of Huizhou in Guangdong Province, taking pressure off a Shenzhen plant now operating at full capacity, a spokesman for the firm said Thursday. The firm hoped to hire over 10,000 workers next year and begin shipments from the second half of the year from a plant that's expected to eventually become its main manufacturing operation in southern China, the spokesman said.
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