IN BRIEF (Page 13)

PBOC monitors systemic risk

China will make every effort to prevent systemic or regional risks to financial stability in 2012, the central bank said in a statement published on Thursday. The People's Bank of China pledge came as the State-directed banking system attempts to clean up $1.7 trillion in debts amassed by local governments. Liu Shiyu, a PBOC vice-governor, said in the statement: "The financial stability situation will become more grim (in 2012 than 2011), and the tasks more arduous."

Google deal reviewed

The Ministry of Commerce said on Thursday that its anti-monopoly bureau is investigating Google Inc's $12.5 billion acquisition of Motorola Mobility Holdings Inc. Google has won approval for the purchase in the European Union but is still awaiting regulatory clearance in China and Israel.

Insurers mull cooperation

Insurance associations from China, South Korea and Japan are mulling a system to promote business cooperation, insurance industry leaders said on Thursday. "We hope closer business communication in the insurance sector can be achieved by reducing regulatory restrictions among the countries," said Kim Soo-bong, deputy chairman of South Korea's financial regulator.

Bank-card business boom

China will strengthen bank-card business in rural areas and realize "basic coverage" of the business across counties and villages before 2013, said the People's Bank of China on Thursday.

VW's service subsidiary

Volkswagen AG's financial services arm has received government approval to set up a new service company in China. The newly established Volkswagen New Mobility Services Investment Co, headquartered in Beijing, is a 100 percent subsidiary of Volkswagen Financial Services AG. It will focus on short- and long-term rentals, after-sales service and alternative mobility solutions.

China Daily - Agencies

(China Daily 02/17/2012 page13)