State banks cut lending in February
0 
China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
State banks cut lending in February—China Business News
China's four largest state-owned banks made new loans of 294 billion yuan (US$43.1 billion) in February, down 39 percent from January's 480 billion yuan (US$70.5 billion), a source said.
The source said the Agricultural Bank of China was the biggest lender in February with loans of 82 billion yuan; Industrial & Commercial Bank of China (1398.HK)(601398.SS), the world's biggest bank by market capitalization, lent 78 billion yuan; China Construction Bank (0939.HK) (601939.SS) lent 76 billion yuan; Bank of China (3988.HK) (601988.SS) lent 56 billion yuan.
BYD and Daimler to make electric cars—Oriental Morning Post
Chinese car and battery maker BYD announced at the Geneva auto show yesterday that the company had signed a memorandum of understanding with Daimler to collaborate on building electric cars in China. American investor Warren Buffet holds a 10 percent stake in BYD.
The two companies said the vehicle would be marketed in China under a new, jointly owned brand. Analysts say the new brand may also be marketed in overseas market.
The partners also plan to establish a tech center in China to design, develop and test engines and other parts.
Analysts said Daimler had chosen BYD as a partner, mainly because of Warren Buffet's stake in the company and its strength in battery production.
Henan to consolidate coal mines—people.com.cn
Henan provincial government yesterday announced a plan to consolidate the province's coal mines, as part of a nationwide policy to streamline the coal industry, improve energy efficiency and cut coal mine accidents.
The rationalization plan mainly targets mines with a production capacity between 150,000-300,000 tons per year and sets out to create three major coal companies with an annual production of 50 million tons by the end of the year.
The plan is modeled on coal mining consolidation carried out in Shanxi province last year.
Go to Forum >>0 Comments