Biz Scene: MARKET

Russian car plant

Geely, a Chinese homegrown private car maker, said yesterday it would set up a production joint venture in Russia, after a similar plan was shelved last year.

Last December, Geely announced it would supply auto parts and technology to assemble its cars in a Russian factory, but the proposal was grounded when Russia stopped approving foreign assembly lines in September.

A report in the Shanghai Securities News said that the company aimed to kick off production in 2008 with a target output of 10,000 vehicles.

QDII fund approved

Bank of Communications Schroder Fund Management Co received regulatory approval to start investing overseas under China's qualified domestic institutional investor, or QDII, program.

China's securities watchdog approved the asset manager's equity fund, the Shanghai-based firm said in an e-mail statement. The fund will buy stocks traded around the world, drawing upon the investment expertise of partner Schroders Plc.

(China Daily 11/27/2007 page15)