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Finance

Power supplier will seek private capital

The State Grid Corp of China, the nation's largest utility by sales, said on May 27 it plans to seek private capital investment to establish a distributed power network and charging stations for electric vehicles. It's a step toward mixed ownership in State-monopolized industries.

But experts said the decision is less encouraging when compared with the other two giant state-owned energy companies-China Petrochemical Corp, known as Sinopec, and PetroChina Co Ltd, which opened assets for private investors in January.

Nation may start crude futures market

China will work hard to roll out crude oil futures this year, Jiang Yang, vice-chairman of the China Securities Regulatory Commission, the top securities regulator, said on May 28. Jiang spoke at the 11th Shanghai Derivatives Market Forum. Jiang highlighted that the country would make full efforts to encourage market innovation this year.

For buying, more find plastic is fantastic

Chinese financial institutions had issued 4.39 billion bankcards by the end of March, a 4.19 percent increase from the previous year, the People's Bank of China says. Purchases made by cards averaged 2,173.52 yuan ($352.10) per bankcard in the first quarter of this year, 20.91 percent higher than a year ago.

Freeing-up seen as step forward

The People's Bank of China will allow commercial banks to offer large-denomination certificates of deposit to individuals and companies, a further step toward freeing up interest rates, The Wall Street Journal reported.

Sources in the banking industry said the certificates of deposit were to be available on a trial basis as early as this past week to allow a gradual introduction to the market, the newspaper said. During a test run involving more than 10 banks, the interest rate will be set at 3.4 percent for one-year certificates with a minimum investment of 100,000 yuan ($16,030), the newspaper said.

Resources

Ban on foreign controlin steel may be lifted

China's government is in talks to lift its ban on foreign companies taking control of domestic steelmakers, says Li Xinchuang, deputy secretary-general of the China Iron and Steel Association. Talks over the ban, in place since 2005, underscore China's urgent need to deal with crippling overcapacity in the industry through better technology and higher-value products. China's big mills had lost a combined 2.3 billion yuan ($369 million) in the first quarter, said the association, an industry group funded by major steelmakers, as the country's economy expanded at its slowest pace in six quarters.

Technology

Windows 8 ban mayopen doors in China

With Microsoft Inc's Windows 8 now banned from being installed on Chinese government computers, domestic operating system developers are seeking niches in the world's biggest personal computer market.

The country's relatively large operating system developers, including China Standard Software Co and National Fundamental Software of China Ltd, have fresh opportunities, but their products face long and tough tests.

Windows 8 has been banned from all desktops, laptops and tablet PCs bought by State organs. The announcement made by the Central Government Procurement Center did not make it clear whether other Windows products were prohibited as well.

China Daily-Agencies

(China Daily European Weekly 05/30/2014 page18)