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To: Abner Hosmer who wrote (8117)	3/7/1998 3:14:00 AM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116764

China to cut reserve ratio considerably - c.banker biz.yahoo.com >>BEIJING, March 7 (Reuters) - China will lower its bank reserve requirement ratio by a ''fairly considerable margin,'' central bank governor Dai Xianglong said on Saturday... Dai said by lowering the reserve ratio, commercial banks could purchase special bonds, repay loans to the central bank and increase their own lending, which would help promote economic growth. Banks are required to place 13 percent of their total deposits with the central bank as reserves. Another five to seven percent are held as provisional funds. The China Business Times newspaper said on Friday China was likely to reduce the combined ratio of 18 to 20 percent to below 13 percent. China's planned special bond issue was designed to recapitalise state banks and pave the way for a long-delayed cut in the reserve ratio, according to official media and analysts.<< China special bonds to mature in 30 years biz.yahoo.com BEIJING, March 7 (Reuters) - China's planned special bond issue to recapitalise state banks will mature in 30 years, central bank governor Dai Xianglong said on Saturday.<<

To: Abner Hosmer who wrote (8117)	3/7/1998 3:17:00 AM
From: Abner Hosmer	Respond to of 116764

USTR Barshefsky lauds China spending plan biz.yahoo.com >>WASHINGTON, March 6 (Reuters) - U.S. Trade Representative Charlene Barshefsky said on Friday that plans being discussed in Beijing to boost spending on major infrastructure projects reflected China's understanding of the seriousness of the Asian crisis. Barshefsky told reporters after a signing ceremony for a new industrial zone in Jordan, the proposed increase in spending, reported in Friday's New York Times, shows that Beijing ''understands the importance of stimulating domestic demand.'' ''Certainly better than the Japanese,'' she added in response to a question... ..Barshefsky said the extra spending was ''significant'' and that it ''does indicate the real seriousness with which China views the Asian crisis and the proactive stance China is taking with respect to its conduct during the crisis.'' <<

To: Abner Hosmer who wrote (8117)	3/7/1998 3:20:00 AM
From: Abner Hosmer	Respond to of 116764

China '98 fixed asset investment seen up over 10 p biz.yahoo.com >>BEIJING, March 7 (Reuters) - China's fixed asset investment is expected to exceed its targeted growth of 10 percent in 1998, central bank governor Dai Xianglong said on Saturday. ''In China's circumstances, I think it is entirely possible that we will achieve higher than this in practice,'' Dai said in reference to the 10 percent target. ''Especially after the recent financial crisis in Southeast Asia there is all the more need to expand domestic demand and explore the domestic market,'' the People's Bank [Nasdaq:PBCT - news] of China governor said. Outgoing Premier Li Peng said on Thursday investment in fixed assets would grow 10 percent this year but left room for expansion by adding that the figure could be ''a bit more.''<<

To: Abner Hosmer who wrote (8117)	3/7/1998 3:30:00 AM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116764

Microsoft, China Telecom Build Browser yahoo.com >>BEIJING (Reuters) - Microsoft said today it will help China's main telecommunications carrier develop its internet capabilities as part of a long-term co-operative project.<< China Eastern buys three Boeing planes biz.yahoo.com >>SHANGHAI, March 6 (Reuters) - China Eastern Airlines Co (600115.SS) has signed a $120 million contract to buy three Boeing (BA - news) 737-300 passenger jets, a China Eastern official said on Friday.<< Digital forms China joint venture biz.yahoo.com >>SINGAPORE, March 4 (Reuters) - Digital Equipment Corp said on Wednesday it has formed a joint venture with China's START Computer Group. Digital said in a statement it has a 51 percent share in the US$30 million invested in the new company called START-DIGITAL Computer (Fujian) Ltd. START owns the remaining share.<< FOCUS-China telecoms shakeup may let rivals thrive biz.yahoo.com >>HONG KONG, March 6 (Reuters) - China's decision to dissolve its powerful Ministry of Posts and Telecommunications may be a boon for struggling operator China Unicom, but MPT's dominant China Telecom should also flourish, analysts said.<< M.Lynch sets warrants on China Telecom biz.yahoo.com >>HONG KONG, March 6 (Reuters) - Merrill Lynch International & Co C.V. said on Friday it had launched 200 million American style call warrants on shares of China Telecom (Hong Kong) Ltd (NYSE:CHL - news; 0941.HK).<<

To: Abner Hosmer who wrote (8117)	3/7/1998 3:41:00 AM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116764

The courage to reform; Unlike Japan, China is not going to remain paralyzed for a decade and then decide that the solution to their problems lies in cooking the books: China unveils plan to axe ministries, bureaucrats biz.yahoo.com BEIJING, March 6 (Reuters) - China on Friday announced a bold plan to slash the number of its ministry-level bodies and axe half of all civil service officials this year in a bid to stave off an Asian-style financial crisis... ..''The malady that sticks out is the lack of separation between government and enterprises,'' Luo said... ..Finance Minister Liu Zhongli earlier underscored Beijing's commitment to put its huge bureaucracy on a diet, proposing to parliament a 1998 budget with a deficit 10 billion yuan ($1.2 billion), or 17 percent smaller than last year... ..''We must downsize state bodies, shrink payrolls, reduce the number of personnel supported by state coffers and economise on expenditures,'' Liu told the legislature... ..The streamlining scheme cuts the number of top bodies under the cabinet to 29 from 40. The ministries to be dissolved are those for coal, power, metallurgical industry, machine building industry, electronics industry, chemical industry, internal trade, posts and telecommunications, labour, radio film and television, geology and mineral resources and forestry. The state commissions for state physical culture and sports, for restructuring the economy and for science, technology and industry for national defence will also go... ..Luo indicated he expected a fight against the plan, which forces officials to share some of the jobless workers' pain. ''It is impossible to reform without facing resistance and risk, but the force of reform is on the march and there is no way out without reform,'' he told parliament.<<