Business briefs..
Mind You own Business
Business briefs June 22th
Here's what the ant-smuggling campaign of recent months is all about:
China's tariff revenues hit a a record high of 63.1 billion yuan (US$7.6
billion) in the first five months this year, up a huge 116.9 percent
over the same period last year.
The last section of track for the second subway line, streching from
Pudong along Nanjing Lu to the Jingan Temple just to the west of the
Shanghai Centre has been laid. Work on the 16.25-km line is now 25 days
ahead of schedule.
Private enterprise watch: the Minsheng Bank's Shanghai Branch says it
has allocated 800 million yuan for "small enterprises" as credit to
support their development.
Shanghai Mayor Xu Kuangdi has met with John Needham, president of
Fortune's Global Conference Division to express full support for the
Fortune conference to be held at the end of September. The City is
intent on ensuring the smooth progress of the conference, and
"displaying a vigorous Shanghai to all participants from all over the
world", he said.
It's only peripherally related to business, but it's important to note
here somewhere that more than 100 art treasures from ancient Egypt have
arrived in Shanghai and will be exhibited at the Shanghai Museum until
August 20. The items are on loan from the British Museum in London. The
collection includes jewels, gold amulets and glass ware from the world
of the Pharaohs. One item is a paper document written on September 18,
243 BC, which is an interesting example of coals to Newcastle given the
fact that paper was invented in China.
The number of motor vehicles in Shanghai is rising at 12 percent
year-on-year, and by the end of 1998 there were 880,000 in the city.
According to a monthly report from the Shanghai Statistics
Bureau, Industrial production ion Shanghai, according to official statistics, is
still in double digit territory. The value of industrial production in
May was up 10.4 percent over the same month last year. Surprisingly,
heavy industry was up moren than light industry.
Polystyrene plague: here's a statistic which could make you change your
lunch habits. Shanghai uses and disposes every year of 673 million
polystyrene rice boxes. They mostly end up as landfill.
Shanghai has fined 278 unregistered Internet cafes, said one official
newspaper report. But the most interesting detail was that "Shanghai now
has more than 2,000 Internet cafes but only 1,500 of them have applied
to register and only 350 are authorized". Where are they all?
With China's stock markets on a seriously upward trend, new trading
accounts are being opened at the Shanghai stock exchange at the rate of
6,000 a day. There are now 40 million stock trading accounts on China's
two stock markets.
At an art auction at the Equatorial Hotel, a local buyer paid 3.85
million RMB for a painting by Shanghai artist superstar Chen Yi Fei. The
painting is called Drunken Spring Wind.
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