PBOC names new policy members

Five positions on the Monetary Policy Committee of the People's Bank of China have been filled, according to an online government statement on Wednesday. The new members are Xiao Jie, deputy secretary-general of the State Council, which is China's cabinet; Wang Bao'an, vice-minister of finance; Pan Gongsheng, vice-president of the People's Bank of China, Xiao Gang, chairman of the China Securities Regulatory Commission and Hu Huaibang, chairman of the China Banking Association.

Insurers get OK to operate in new FTZ

Two Shanghai-based insurers have gained approval to establish a presence in the Shanghai free trade zone, which is scheduled to be launched on Sunday. The China Insurance Regulatory Commission said it has approved an application by China Pacific Insurance (Group) Co to set up a branch in the zone. It also approved Dazhong Insurance's plan to set up a division in the zone, in a circular dated Sept 24. Both companies will mainly provide property insurance in the FTZ, according to the regulator.

CNOOC to double LNG import

China National Offshore Oil Corp expects to add five liquefied natural gas receiving terminals by 2015, doubling its total capacity to 35 to 40 million metric tons annually, a senior company official said on Wednesday. The company now has four terminals with an annual receiving capacity of 18.7 million tons. The expansion will enable China's top offshore oil explorer to import more LNG to meet strong domestic demand.

Alibaba has acquired Kanbox

Alibaba has acquired Kanbox, a Chinese cloud storage service, the company announced on Wednesday. In an online notice, Alibaba said the company will cooperate with Kanbox to develop "effective and safe personal cloud services". No financial terms were disclosed. Gu Zhicheng, chief executive officer of Kanbox, and other management staff will join Alibaba, the announcement said. Alibaba will connect Kanbox user accounts with its own user base and customer information will be shared.

Microsoft opens Shanghai center

Microsoft Corp launched its first vehicle center of excellence at its Shanghai research and development center on Tuesday. The hub is designed to showcase the innovative solutions of Microsoft's cutting-edge technology in vehicle manufacturing to customers, said Gordon Frazer, vice-president and Greater China chief operating officer of Microsoft. The center will provide solutions based on Microsoft technology and enable automotive manufacturers, suppliers and customers to form a more intelligent ecosystem, said Martin Dub, Asia-Pacific general manager for industry customers of Microsoft.

Cross-border licenses issued

Chinese third-party payment companies are said to have obtained licenses for the first cross-border settlement pilot programs, a news report said on Wednesday. The 17 companies have already got oral approval from the State Administration of Foreign Exchange, a source close to the matter told the Shanghai Securities News. Under the pilot programs, online payment service providers can act as agents to help handle cross-border currency settlements for Chinese shoppers placing orders on overseas websites as well as for those overseas shoppers making purchases on Chinese websites. According to the news report, the 17 companies are based in five cities in China.

Farm produce prices to rise

The prices of farm produce in 36 major Chinese cities continued to climb last week, according to official data on Wednesday. The average wholesale prices of eight aquatic products gained 1.6 percent in the week ending on Sunday, compared with the week earlier, a Ministry of Commerce statement said. The price of eggs rose 0.7 percent from the previous week. The cost of beef went up 0.6 percent, chicken prices gained 0.3 percent, pork prices climbed 0.2 percent and the cost of mutton expanded 0.1 percent. However, the average wholesale prices of 18 kinds of vegetables dropped 1.3 percent from a week earlier.

China Daily - Agencies

(China Daily USA 09/26/2013 page15)