Business Digest, October 19, 2012

PUBLISHED : Friday, 19 October, 2012, 12:00am
UPDATED : Friday, 19 October, 2012, 3:33am

Cabinet promises 'reasonable' liquidity

China will provide a "reasonable" amount of credit in the fourth quarter to spur activity and speed up construction of key projects, the cabinet said. "We will make pre-emptive adjustments to total social financing and keep market liquidity and new yuan lending at reasonable levels," the State Council said in an online statement after a meeting chaired by Premier Wen Jiabao on Wednesday. Reuters

State firms' profits fall 11.4pc in first 9 months

Combined profits of Chinese state-owned firms fell 11.4 per cent in the first nine months from a year earlier, easing from an annual fall of 12.8 per cent in the January-August period, the Ministry of Finance said. It said total profits last month rose 2.8 per cent from August. Reuters

Haitong Asset seeks US$300m QFII quota

Haitong Asset Management (HK), a unit of Hong Kong-listed Haitong International Securities, has obtained qualified foreign institutional investor (QFII) status - a licence to buy Chinese stocks - from the securities regulator and has applied for an investment quota of US$300 million. Ray Chan

Ministry to review tariffs on Nissan cars

The Commerce Ministry said it agreed to review the level of punitive tariffs imposed on Nissan Motor vehicles made in North America. Nissan requested a review last month, saying it only started exports of the vehicles subject to the levies after the period of China's dumping probe had ended, the ministry said. Bloomberg