Weak governance structures, particularly across developing Asia, are creating bumps along the road to fast economic growth.
China's largest private steel company, Shagang Group, plans to move away from steel as its primary business in as little as three years. The seismic shift being considered by the steel stalwart, unthinkable during the boom a decade ago, is the clearest indication to date of the mounting pressure traditional manufacturing sectors in China are facing to stay viable in a rapidly changing domestic and global market.
Watch out Zhongguancun, here comes Zhangjiagang.
Despite recent bribery scandals involving several European companies, China is still one of the top candidates for outbound investment from French companies, the top official of a leading industry organization says.
British amusement venue operator Merlin Entertainments Group is strengthening its foothold in the Chinese market, with the opening of a new Madame Tussauds in Wuhan this October.
"To get rich is glorious" and "Let some people get rich first", China's late leader Deng Xiaoping said 35 years ago when the country began to abandon its planned economy and adopt market-oriented reform and opening up.
It has been a rocky few months for Asia, as decelerating growth has mixed unpleasantly with fears about the end of cheap global credit. During the first half of 2013, the region's economies underperformed relative to the International Monetary Fund's April projections, owing to tepid demand from advanced economies, a slowdown in China, as well as some softening in domestic demand.
The nation's third-largest lender, Agricultural Bank of China Ltd, will sell nonperforming assets valued at 10 billion yuan ($1.6 billion), the bank said on a briefing on Thursday.
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Raymond Zhou
Op Rana
Berlin Fang
Zhu Yuan
Huang Xiangyang
Chen Weihua
