Subject: CHINA IMP/EXP NEWS (CN940515)

From: [email-masked] (wangc)
Date: Mon, 16 May 94 19:16:36 CDT

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                    May 15  1994     (CN940515) 

CONTENTS                                                           LINES
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EDITOR'S NOTES: .............................................. 20 lines

CHINA NEWS DIGEST: .......................................... 232 lines

ASIA MARKET GUIDE: .......................................... 140 lines

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EDITOR'S NOTES: .............................................. 20 lines

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CHINA - SERVICE INDUSTRIES NEWS DIGEST 

1.  INTRODUCTION.  the following reports edited versions of recent
press coverage of service-industry developments in China.

---------
RETAILING 
--------- 

Leading 100 department stores take record sales
-----------------------------------------------

2.  Shanghai's no. 1 department store sold more goods than any other
shop in China, according to a poll of China's "top 100" retail stores.
the 100 department stores had retail sales of 52 billion yuan (just
under dollars 6 billion) in 1993, up 53 percent over the previous
year.  more than 40 of the top shopping centers have introduced
shareholding systems, which have promoted management efficiency.  total
profits came to 2.2 billion yuan (just over dollars 250 million) last
year.  runners-up included the lida international market in tianjin,
xidan's market group and the wangujing department store group in
Beijing -- all shareholding companies.  most of the top 100 shopping
centers were located in eastern China.  Beijing won 11 honors, Jiangsu
received 10 and Shanghai had eight stores in the top 100.  (China
daily, 4/20/94) 

Priority to be given to chain stores
------------------------------------

3.  China will give priority to the development of chain stores,
vice-president of the state ministry of internal trade he jihai, said
recently.  foreign investors are welcome to set up and develop more
chain stores in China.  enterprises allowed to set up chain stores
include restaurants, supermarkets, book stores, jewelry stores and
pharmacies.  statistics of the ministry of internal trade show that
China now has 100-plus chain stores, concentrated in large cities.
less than one-third of them have reached international standards.
(Beijing xinhua, 4//22/94) 

Hong kong company's ambitious expansion plans in mainland retail sector
-----------------------------------------------------------------------

4.  Hong kong's pacific concord holdings limited will have invested 6
billion yuan (about 800 million dollars) in mainland China by the end
of 1997 and is set to far exceed its original plan to set up a chain of
30 department stores, the group's Beijing director chang hung said
recently.  by 1997, the concord commercial town in the downtown area of
wangfujing will be completed.  it will have 100,000 square meters of
floor space and will house the third department store set up by pacific
concord in Beijing.  pacific concord has run the joint venture lei
meng-concord department store in Beijing since 1991, and it plans to
draw on its experience with this joint venture in the operation of
department stores in chengdu, xian, Shanghai, ningbo, and xiamen.  the
company plans to set up more stores in the downtown areas of other
major cities.  at present, large malls funded by pacific concord are
under construction in shenzhen and zhuhai.  (Hong kong wen wei po,
4/5/94)

5.  Pierre cardin april 28 signed a letter of intent with two chinese
companies to set up a joint garment factory in Beijing.  the Beijing
qinghe worsted mill and citic australia will co-operate with the french
fashion designer in the 5 million dollar project.  the venture is
expected to go into production next year and will produce 150,000 to
300,000 suits annually for sale in China.  pierre cardin said he wants
to double or triple the 100 retail shops he has in the country.  (China
daily, 4/29/94) 

Japanese fashion company plans Shanghai, Beijing retail shops
-------------------------------------------------------------

6.  the president of the tokyo fashion company said april 24 that he
was optimistic about the market for ladies' fashion clothing in China.
because of the economic recession in japan and increasing production
costs, five years ago the company set up a branch in Hong kong and
started fashion processing in China.  in october last year the company
decided to build factories in Shanghai and Suzhou.  the company will
soon try to establish retail shops in Shanghai and Beijing.  (Beijing
zHongguo xinwen she, 4/24/94) 

Foreign investors flock to Shanghai retailing
---------------------------------------------

7.  overseas investors have poured a growing amount of capital into the
retail trade of Shanghai, the country's largest and most thriving
commercial center, in order to gain entry into China's retail market.
Shanghai commercial departments have approved 300-plus
overseas-invested retail projects with total capital exceeding dollars
1 billion.  investors are from japan, Hong kong, taiwan and some
transnational corporations.  the eastern shopping mansion and the
Hongqiao friendship shopping center are two large, Hong kong-financed
retail complexes recently opened in Shanghai.  (China daily, business
weekly, 4/24-30/94) 

8.  matrix enterprises chairman huang powen, whose company holds the
China franchise for los-angeles based pizza restaruant numero uno,
plans to open up to 30 restaurants in China.  the entrepreneur opened
the first numero uno in the shenzhen special economic zone in march and
is now planning to spend about 78 million dollars to set up outlets all
over the mainland in the next two or three years.  although the company
is planning to open at least two outlets this year in Shanghai and
Beijing, the expansion plan has been held back by high rents in those
cities.  (south China morning post, 5/9/94) 

-----------
WHOLESALING 
----------- 

Shanghai to allow foreign investment in wholesale business 
----------------------------------------------------------

9.  Shanghai recently decided to allow foreign firms to engage in
wholesale businesses and to set up foreign trade companies.  the
adoption of this policy will mark a major reform step in the opening of
the mainland's tertiary industry.  apart from opening up wholesaling to
foreign investors, Shanghai will also allow mainland retailers to
launch joint ventures with foreign chain stores.  (Hong kong lien ho
pao, 4/8/94) 

Yaohan to open wholesale market in Shanghai
-------------------------------------------

10.  yaohan international holdings is to open its 78,000 square meter
Shanghai international merchandise mart (imm) before the end of the
year.  the company, which has not yet finalized its joint venture
agreement, has signed a letter of intent with three other companies.
yaohan and Singapore imm have, respectively, a 50 percent and 10
percent stake in Shanghai imm.  Shanghai minhang government has 30
percent and liannong, a Shanghai city agricultural committee company
listed on the Shanghai stock exchange, has 10 percent.  (south China
morning post, business, 4/19/94) 

Shanghai gives priority to service industries 
---------------------------------------------

11.  Shanghai, China's leading commercial center, has designated six
service industries as top priority development industries to serve the
whole of China, according to a municipal government official.  these
industries are finance and insurance, commerce and trade,
telecommunications and transportation, real estate, tourism and
information, the official said.  he said the first three industries
have become a "driving force" behind Shanghai's fast-growing service
sector.  the three industries furnished 73 percent of the sector's
added value of 57.2 billion yuan in 1993.  the service sector accounted
for about 38 percent of the city's gross domestic product - the value
of goods and services produced - in 1993, the official said.  the
sector's ratio in Shanghai's economy is expected to grow to 40 percent
this year.  in addition, the added value of the financial and insurance
industry shot up to 14.1 billion yuan in 1993 from roughly eight
billion yuan in 1991.  the finance and insurance industry now accounts
for nearly one-tenth of Shanghai's economy.  (Beijing xinhua 4/4/94)

---------
INSURANCE 
--------- 
Law soon to open door for insurers
----------------------------------

12.  mainland officials have told u.s. insurer lincoln national corp
april 26 that China's first insurance law will be passed this year,
enabling foreign insurers to offer coverage to chinese clients.
chairman ian rolland, who met central bank vice-governor zhu xiaohua
before opening the firm's Beijing office, said he expected to win a
licence to sell insurance products in China in two to three years.
only one foreign company, american insurance group, is now allowed to
offer insurance services in China.  "the message we heard from the
people's bank of China is that there is a need for foreign insurance
companies' expertise, especially in the life insurance area," mr.
rolland said.  13.  lincoln national is the sixth largest publicly
listed u.s. insurer, with assets of usd48 billion and revenues of
dollars 8.3 billion last year, according to the company's figures.
last year, it began investing some of its revenues in China, including
dollars 15 million in a fund managed by american insurance which
targets China infrastructure projects and half as much in a fund which
will invest in chinese car-parts factories.  last year, 350 million
chinese people took out life insurance, 35 percent more than in 1992,
according to official statistics.  (south China morning post, 4/27/94)

National mutual joins influx of overseas insurance
--------------------------------------------------

14.  the australian insurer national mutual entered the chinese market
by opening its first representative office in Beijing on may 4.  so
far, more than 40 overseas insurers have opened offices in the
country.  (China daily, business weekly, 5/8-14/94) 

----------
ACCOUNTING 
---------- 

Overseas accountants to take cpa exam this year
-----------------------------------------------

15.  overseas accountants eyeing the vast chinese market are expected
to qualify as chinese certified public accountants (cpas) following an
exam in september.  this will be the first time China has allowed
overseas residents to take its cpa exam.  the precedent is permitted
under the country's first cpa law, which took effect at the beginning
of this year.  the law stipulates that if one country or region allows
chinese citizens to obtain cpa certification, China will allow citizens
of that country or region to take chinese cpa tests.  officials with
the ministry of finance expect most of the applicants to come from Hong
kong, macao and taiwan because the exam will be given in chinese.
(China daily, business week 5/8-14/94) 

Coopers and lybrand mobilizing
------------------------------

16.  coopers and lybrand, the first international accounting firm and
management consultancy to open a branch in China, is preparing itself
for brisker business here.  the firm, which opened its Beijing branch
in 1981, has formed a multinational team of managers to bolster its
presence in the country.  coopers and lybrand established the joint
venture in 1992 with ciec cpas, a firm sponsored by China international
trust and investment corp.  coopers and lybrand plans to open offices
in dalian and shenzhen.  (China daily, business week, 5/8-14/94)

-------
TOURISM 
------- 

Singapore firm invests in Suzhou tourism area
---------------------------------------------

17.  the Suzhou panmen tourist development company and Singapore's
landmark limited are cooperating to develop the panmen tourist area.
the first phase of the project involves a 600 million yuan investment,
and the tourist area covers 23.3 hectares.  (Beijing zHongguo xinwen
she, 4/2/94) roy

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ASIA ENERGY REVIEW: CHINESE OIL IMPORT BAN SOFTENS GAS OIL MARKET
DATE: May 13, 1994  08:46 E.T.  WORD COUNT: 854
Knight-Ridder

  Singapore--May 12--The Chinese ban on oil product imports has
begun to put downward pressure on gas oil prices, as sellers seek to
place cargoes intended for China with other buyers, traders said.

  They said Philippines National Oil Co. was offered aggressive
prices in its tender to buy 300,000 barrels of 0.5-pct sulfur gas oil
for Jun 12-16 delivery. Traders said PNOC had heard an offer at as
low as 40 US cents per barrel above Singapore spot quotes.

  There was no indication of whether PNOC would accept this offer,
despite the keen pricing. Other offers were heard at premiums between
50 and 60c per barrel, traders said.

  The low prices were the result of the Chinese ban on oil imports,
due to come into effect May 20.

  It is not possible to sell cargoes with northern Chinese gas oil
specifications into Singapore or Hong Kong, leaving sellers with few
options, traders said.

  Gas oil importers with similar specifications to China, such as
Indonesia, were not buying, further depressing prices, said traders.

  FUEL OIL:

  A US oil trader today raised its bids for 180-centistoke fuel oil
for May to 95.00-95.50 US dlrs per tonne, traders said. No offers
were heard here because of tight supplies, they said.

  At these levels, arbitrage shipment was economic from Northwest
Europe and the Mediterranean, said traders.

  Petroleum Authority of Thailand bought two cargoes of fuel oil in
a tender, with 2-pct sulfur at a 9.50-dlr-per-tonne premium to
Singapore spot quotes and 3-pct-sulfur fuel oil at a 4.00-dlr premium
to Singapore spot quotes, said traders.

  The cargoes, each of 80,000 tonnes, are for Jun 11-20 and Jun 14-
20 delivery, c and f Sri Racha, they said. The sellers were a
European oil trader for the 2-pct and a major US oil company for the
3-pct.

  In its tender for Jun 1-5 delivery, c and f Batangas,
Philippines, Caltex bought 300,000 barrels of 180-centistoke grade
fuel oil at a premium of 6.97 US dlrs per tonne to Singapore spot
quotes, a trader said. The seller was a Singapore trader.

  Sri Lanka's Ceylon Petroleum sold in a tender 20,000 to 25,000
tonnes of 180-centistoke fuel oil at a discount of 6.75 US dlrs per
tonne to Singapore spot quotes, company officials said. The cargo is
for May 18-20 loading, at Colombo. Traders said the price was below
market levels because of the quality of the fuel oil. The buyer was
an international trader.

  JET FUEL:

  Taiwan's Chinese Petroleum Corp. issued its second tender in two
weeks for A-1 jet fuel. CPC is seeking offers for a 32,000-tonne
cargo of A-1 jet fuel for Jun 6-30 delivery. Offers will be accepted
either c and f or fob Singapore or other loading ports in nearby
countries, said CPC.

  CPC is short of jet fuel because of maintenance turnarounds at
several topping units and other secondary processing facilities at
CPC's Kaohsiung refinery, traders said. Maintenance began in April
and will last until July.

  In the latest tender, Offers will be accepted either for delivery
c and f Keelung or Shen Ao, or on an fob basis, which means CPC will
use its own tanker to ship the cargo, the official said.

  The tender closes Tuesday and offers will be valid until May 19,
he said.

  GAS OIL:

  Cash forward gas oil for first-half June was traded at 21.71 dlrs
per barrel and 21.66 dlrs per barrel, said traders.

  PHYSICAL CRUDE:

  Still no actual numbers or progress were heard regarding term
contract negotiations on Oman crude for Jly-Dec. Ideas between
sellers and buyers were said still apart, between the sellers' 7.25c
per barrel over the official price and the buyers' 4 to 5c.

  Talking on spot July Oman has not really started. But the last-
minute strength for June cargoes is likely to spill over to July, at
least at the start, traders said.

  A premium of 9c is rumored to be a plausible July opening call.

  CASH CRUDE:

  In electronic after-hours Access trade, NYMEX Jun light sweet
crude last traded at 18.39 dlrs per barrel at 1155 GMT, up 11c from
Thursday's floor settlement.

  Cash forward Jun Brent was quoted at 16.46-16.49 dlrs per barrel.

  CRUDE PRICES Futures - dlrs per barrel    previous
  NYMEX Jun crude       18.39 (1155 GMT)    18.28
  Cash forward
  Brent       Jun       16.46-16.49         16.13-16.14
  Tapis       Jun       17.10-17.20         16.95-17.00

  PHYSICALS: Cents or dollars per barrel over or under (-) official
prices; Tapis is priced relative to spot quotes

          delivery                         previous
  Oman        Jly          8 to 10c
  Murban      Jun          -5 to 0c         -5 to 0c
  Minas       Jun          -5 to 0c
  Tapis       Jun          -5 to 0c         -5 to 0c

  PRODUCTS: Cash forward dlrs per barrel; physicals cents over or
under spot quotes
           delivery                            previous
  Cash gas oil      Jun      21.65-21.75       21.43-21.47
  Physical gas oil  end-May   10 to 20c         10 to 20c
  Cash jet fuel     Jun      21.70-21.90       21.48-21.57
  Physical jet fuel end-May    0 to 5c           0 to 5c

    Fuel oil - dlrs per tonne
           delivery                         previous
  180 CST           May   94.50-96.50       93.00-95.00
  380 CST           May   89.00-91.50       87.50-89.50
  SIMEX futures     Jun   93.60             88.00   Vol: 500 lots
                    Jly   90.00             85.00   Vol: 280 lots

    Naphtha: c and f Japan open-specification, dlrs per tonne 1st
half July        159.00-161.50             157.50-158.50  End

  (By Ian Bourne, with contributions from Joyce Koh, and Masayuki
Iwahashi in Tokyo, Knight-Ridder Financial News)

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