Banking

Chinese banks' net profit up 34.5%: CBRC

China's banks made a net profit of 899.1 billion yuan (97.5 billion euros) last year, up 34.5 percent from a year earlier, the fastest pace in three years, the China Banking Regulatory Commission (CBRC) said in a report.

Net interest margin contributed 66 percent to the profit, up by 3 percentage points from 2009, followed by gains from investment, which contributed 21 percent. Net income from fees and commissions accounted for 12 percent of the total profit, it said.

Economy

Ningbo plans Europe expo to promote trade

Ningbo city in East China's Zhejiang province will hold a Europe-Ningbo Week in Germany, Switzerland, Spain and the Netherlands from April 16 to 23. The event is aimed to promote cooperation in trade and investment between Ningbo and European countries.

During the seven-day event, the city government will hold conferences on industries such as port logistics, auto parts, clean technology, luxury and industrial design. More than 50 Ningbo entrepreneurs and over 100 European companies and industrial organizations will attend.

Refinery

Sinopec profits rise 13.7% in 2010

China Petroleum and Chemical Corp, Asia's top oil refiner, said on March 25 that its net profits for 2010 topped 71.8 billion yuan (7.77 billion euros), an increase of 13.7 percent over the previous year, according to international accounting standards.

Its crude oil production volume rose 0.1 percent year-on-year to 327.85 million barrels, while its natural gas output went up 47.6 percent to 441.39 billion cubic feet, the Beijing-based firm said.

Refining profit fell 13 percent last year as Sinopec paid 51 percent more to buy crude.

Total to invest 30m euros in new plant

Total Group, one of the largest integrated oil and gas companies in the world, announced it will invest 30 million euros in a new lubricant blending plant in Tianjin.

Tianjin Lubrication Oil Blending Plant, a new subsidiary of Total China, will produce a full range of lubricant and grease products. The plant, which is expected to be operational by the fourth quarter of 2012, is designed to reach a maximum capacity of 200,000 metric tons annually.

"The new investment in Tianjin marks a strategic move from Total's existing lubricant manufacturing facilities in Guangdong and Jiangsu provinces to cover the high-potential provinces in north and west of China," said Thierry Pflimlin, senior vice-president of Total refining and marketing for the Asia-Pacific region.

Sinopec workers at the company's underground gas storage in Puyang, Henan province. The company plans to expand globally in the next five years to reduce dependence on domestic fuel sales. Hu Qingming / For China Daily

Pharmaceutical

Merck Serono looks to expand value chain

The biopharmaceutical company Merck Serono AG says mergers and acquisitions will play a part in its development strategy in China, as the company seeks to complete its industry value chain and expand into the grassroots market.

Howard Sui, chairman and president of Merck Serono China Co Ltd, said on March 28 that the company already has a research and development center and a trading company in China, and is now seeking businesses engaged in manufacturing and distribution.

The company has maintained an annual sales growth of more than 30 percent in China since entering the market in 2007.