Chinese Lesson

CHINA has to take global conditions into consideration in its interest rate policy making process, a Chinese central bank official said yesterday in Shanghai.

“Previously, we only look at demand and supply within China, but now we have to pay attention to the international situation,” Wang Xiaoya, vice research head of the People’s Bank of China, told the Lujiazui Forum.

“So, when the United States is implementing a zero interest rate policy, we have to think about that in deciding how to use our own interest rate policy tools,” she added.

China has raised interest rates twice so far this year, but some economists said higher interest rates may lure new hot money inflows to worsen domestic inflation.

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SHANGHAI-BASED Wison Engineering has won an engineering and construction service contract from BASF for the German chemical company’s major plant in Chongqing.

BASF in March won approval from the Chinese government to build the 8 billion yuan (US$1.2 billion) plant for MDI, a core component for versatile polyurethane products.

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CANON Inc will generate revenue of US$10 billion in China in 2016, almost half of its income of Asia, excluding Japan, the world’s biggest camera maker said yesterday in Shanghai.

The Japan-based firm aims to double its sales in Asia, excluding Japan, from US$10 billion in 2012 to US$20 billion 2015, said Fujio Mitarai, Canon’s chairman and chief executive.

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