介绍:
China protects consumers of financial products
China's cabinet has released guidelines on ensuring better legal protection for consumers of financial products.
Under the guidelines, financial institutions must keep customer data secure and respect customers' independent choices of financial products.
Financial products will be rated by risk and complexity and according to customers preferences, perception and risk tolerance.
Financial institutions are also advised to use simple language when disclosing information that may affect customers decisions and when explaining risks.
China is currently awash with a variety of financial products, and some substandard or even illegal products have caused conflicts between providers and consumers.
Last year, the number of legal cases concerning investments and wealth management products surged 616 percent, with the total value reaching 8.6 billion U.S. dollars.
JD.com forms JV with Otto Group to sell foreign brands to China
China's leading online retailer JD.com has formed a joint venture with Germany's Otto Group to sell more overseas brands in China.
The Germany-based new venture, named Zitra, will help international brands keen to sell to Chinese consumers via the internet through marketing, IT, logistics and post-sales services.
Financial details of the new company have not been revealed.
The Otto Group is the largest online retailer for fashion and lifestyle in Europe.
JD.com has expanded its offerings of global brands to cater to Chinese consumers' growing appetite for imported products.
The company opened JD Worldwide earlier this year, selling only imported products from baby formula milk and fresh seafood to luxury clothing and cosmetics.
Huaneng Power plans $736 mln share sale to repay bank loans
China's Huaneng Power International has announced plans to sell 736 million U.S. dollars worth of new H-shares to repay loans and fund business development.
The firm is the listed division of China's biggest power generator Huaneng Group.
Citic CLSA Securities has been named as the agent for the sale.
HPI is going to sell 780 million new shares, about 5.1 percent of its total number of issued shares - at about 7.3 Hong Kong dollars each.
The price represents a 9.5 percent discount on Thursday's closing price in Hong Kong.
Following the announcement, HPI's shares in Hong Kong dropped 7.5 percent in Friday morning's trading session.
The company last sold new shares over a year ago when it sold 365 million shares and raised about 390 million U.S. dollars.
GM to Sell Chinese-made Cars in the U.S.:Report
U.S. automaker General Motors is reportedly going to sell Chinese-made cars in the United States starting early next year.
GM is said to be ready to introduce the Buick Envision, a mid-size SUV made in Shandong province, into the U.S. market.
The report says GM initially intends to import between 30-thousand and 40-thousand Envisions to the U.S., where demand for pickups and SUVs has been strong amid low fuel prices.
If the move went ahead, it would add a third SUV to Buick's lineup in the U.S., joining the South Korean-built Encore, and the Enclave, built in Michigan.
Buick is one of GM's most popular brands in China, where its sells roughly four times as many as in North America.
Hong Kong commercial landmarks sold at record prices
Two large companies from the Chinese mainland have bought two Hong Kong landmarks, paying record prices for both.
Guangzhou-based Evergrande Real Estate Group has agreed to pay 12.5 billion Hong Kong dollars or about 1.6 billion U.S. dollars for the Mass Mutual Tower in Wan Chai owned by local tycoon Joseph Lau's Chinese Estate Holdings.
Meanwhile, China Life Insurance has bought Wheelock and Co.'s One Harbour Gate West office tower and retail premises in Hung Hom for nearly 5.9 billion Hong Kong dollars.
The Mass Mutual Tower deal broke the record for the most expensive building sold in Hong Kong in terms of both the lump sum and price per square foot.
Chinese bank lending lower than expected
Anchor:
Data from China's central bank shows banks in China lent less than expected in October amid sluggish corporate demand and banks' concerns over credit quality.
New yuan loans totaled around 513 billion yuan or about 81 billion U.S. dollars last month, which is about half September's figure.
Aggregate financing dropped to 476.7 billion yuan in October from 1.3 trillion yuan in September.
Aggregate financing is the broadest measure of credit supply that includes loans, bank acceptance bills, corporate bonds and equity financing.
The weak financing figures are in line with October data pointing to cooling economic momentum.
For more on this, CRI's Lincoln Van der Westhuizen earlier spoke to Cao Can, CEO of Shengya Capital.
Back anchor:
Cao Can, CEO of Shengya Capital, speaking with CRI's Lincoln Van der Westhuizen.
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