Nation's financial situation sound
The People's Bank of China (PBOC) yesterday disclosed major financial indicators for the end of 2003, an eventful year for the central bank, which conducted both radical and nuanced adjusting measures to ensure a healthy financial environment.

Processing trade to get a boost
China will continue to push the processing trade sector, the backbone of the country's overall exports and imports, Vice-Premier Wu Yi said yesterday.

Netcom readies for pending IPO
China Netcom Group Corp has designated three underwriters for its planned listing on the Hong Kong and New York stock markets, a move expected in the third quarter of this year.

Shipbuilder plans to go public this year
The China Shipbuilding Industry Corporation (CSIC) will spare no efforts to make its subsidiary Fengfan Stock Co Ltd go public this year, a senior official from the company said.

Power firm to maintain growth momentum
The China Huaneng Group, one of the nation's five largest power companies, is to maintain its growing momentum in 2004 and join the Fortune 500 list by 2010.

JV to help meet sheet steel demand
GUANGZHOU: A joint venture between Guangzhou Iron & Steel Enterprises Holdings Ltd and Japan's JFE Steel Corp was launched yesterday to better satisfy China's increasing demand for high-quality sheet steel.

Foreign insurer sets up in Chongqing
Liberty Mutual Insurance Co, the second largest US-based international property insurer, launched its first Chinese non-life insurance business in Chongqing yesterday, making it the first foreign insurer to debut its products in western China's business hub.

Powering up Chinese economy
Moody's yesterday released special reports on the credit analysis of leading un-rated Chinese companies in the airline, oil and gas and power industries.

Market

EXCHANGE RATES (01/16/2004)

IN BRIEF (Page: 10, Date: 01/16/2004)

Japan may take action on currency
TOKYO: Japanese Vice-Finance Minister Masakazu Hayashi said yesterday that the authorities would take decisive action against rapid movements in the currency market.

EU asks for sanctions against US
BRUSSELS: The European Union, risking fresh tensions with the United States, yesterday asked for the go ahead to slap trade sanctions against Washington just as efforts get under way to revive global commerce talks.

UN report: 3.5% growth for 2004
UNITED NATIONS: The global economy will grow by 3.5 per cent this year as the recovery that got off the ground in the last half of 2003 strengthens and broadens in the coming months, UN forecasters said on Wednesday.

Brakes put on Euro auto sales
FRANKFURT: New car sales in western Europe slipped 1.3 per cent last year after a sharp drop in December caused by weak demand in Italy, data published yesterday showed, leaving investors hoping for a stronger 2004.