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China’s central bank chief had said prices in the country were stable, domestic media reported Monday, in a possible sign the government might hold off on further moves to cool the economy.
"Prices can be regarded as stable," the China Securities Journal quoted People's Bank of China Governor Zhou Xiaochuan as saying over the weekend. The newspaper gave no details in the brief report on its Web site.
LG Chem to boost production
SOUTH Korea's LG Chem Ltd., the country's biggest chemicals maker, plans to expand output in China, aiming to become the largest petrochemical company in the fast-growing market.
LG Chem would increase its annual output of PVC (polyvinyl chloride) in China to one million tons by 2008 from 340,000 tons, the company said in a notice to the Korea Stock Exchange on Saturday. PVC is used to make flooring and window frames.
Placer to invest in gold venture
PLACER Dome Inc. was contributing US$1.5 million to a gold exploration venture in China, the world's fifth biggest producer said Saturday in response to a media report that the two partners would invest US$300 million.
Bloomberg said the Vancouver-based miner and China's Shandong Zhaojin Group would together invest US$300 million to explore for and mine gold in Shandong Province. It did not specify how much each party would contribute.
Insurance gross assets record high
THE gross assets owned by China's insurance sector hit a record high of nearly 1.112 trillion yuan (US$134.30 billion) at the end of August, Xinhua reported Sunday citing the insurance regulator.
In the first eight months of this year, total premium revenue grew to 297.94 billion yuan, up 12.3 percent year on year, the news agency said, using data by China Insurance Regulatory Commission.
(Shenzhen Daily September 21, 2004)
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