Roundup October 26

Thailand seeks road loan

Thailand wants to tap China's $15 billion Southeast Asian infrastructure loan program to build an ambitious network of highways linking parts of Thailand, Vietnam, Myanmar and China, a Thai official said.

The proposed road will link the eastern Vietnamese city of Danang city to Myanmar's sea port of Moulmein, passing through Thailand.

It would also link Thailand's western province of Kanchanaburi to Myanmar's deep-sea port of Tavoy and provide a route from Yunnan province via Bangkok to Singapore.

"The Chinese minister reaffirmed that the ASEAN-China Loan Program can be used for the construction of the logistical highway network of ASEAN member countries," the statement said.

CCB profit up 18.6%

China Construction Bank (CCB) , in which Bank of America has about an 11 percent stake, reported an 18.6 percent rise in third-quarter profit. The financial result has beatforecasts as lending dropped to more normal levels after a boom earlier in the year under Beijing's loose monetary policy.

CCB, China's No. 2 lender by assets, had a net profit of 30.3 billion yuan ($4.4 billion) for the July-September quarter, versus 25.6 billion yuan a year earlier, it said in a statement Friday.

The State-controlled lender's July-September net profit had been forecast at 28.36 billion yuan by seven analysts polled by Reuters.

Tax talks open

The International Tax Dialogue 2009 opened in Beijing today. This is the highest-level international dialogue on taxes China has held so far. The talks this year will focus on financial institutions and instruments.

The 2005 conference discussed value-added taxes now found in more than 140 countries. The 2007 conference addressed taxation of small-and medium-sized enterprises, focusing on identifying good practice in ensuring compliance while providing the best environment for growth.

Agencies
 

Explore the World, Understand China!
Please log on www.gloaltimes.cn