Keep Safe

The Chinese Government will continue to pay great attention to exported food safety, said an official with the country's quality control watchdog on June 5.

"Over the past two years, 99 percent of food exported to the United States was up to safety standards, which is a very high percentage," said Li Yuanping, senior official in charge of imported and exported food safety in the General Administration of Quality Supervision, Inspection and Quarantine.

China has set up a complete monitoring system to ensure safety of exported food. All plantations and cultivation bases for export purposes are kept in records for inspection and quarantine, he said.

Companies exporting food have to meet safety requirements before producing, processing and exporting food and will receive regular inspection during production, Li added.

IT Consultant on ‘Focus'

Focus Media Holdings Ltd., China's largest listed advertising company, is bidding for the local IT consultancy iResearch Group, the company's latest move to carve a niche in China's online advertising market.

"We have been in talks for the acquisition since earlier this year," said Yang Weiqing, iResearch's General Manager. "Besides Focus Media, we are also negotiating with other advertisers and consulting firms."

Yang and officials from Focus declined to reveal further details. It was reported earlier that the advertising company may pay as much as $10 million for the IT researcher.

Established in 2002, iResearch has become one of China's major IT consultancies. Focusing on the Internet, the company releases more than 50 reports each year, covering topics such as the shopping habits of local Internet users, the company said.

ICBC Reclaims Banking Crown

Following its successful initial public offering in October 2006, the Industrial and Commercial Bank of China has reclaimed first spot in this year's Top 100 Chinese Banks.

Bank of China was ranked second in terms of capital strength, according to The Banker, a British magazine known for its annual publication ranking the top 1,000 global banks.

China Construction Bank, which topped last year's list after its 2005 IPO, dropped to third.

The Agricultural Bank of China, the last state bank to undergo restructuring, claimed fourth place.

The big four had an aggregated core capital of 1.29 trillion yuan at the end of 2006, an increase of 69.7 percent over the previous year, accounting for 77.7 percent of the total held by the top 100 banks, the report said.

Joint Liquor

Sichuan-based liquor producer Jiannanchun Group has formed a joint venture with Swedish state-owned Vin & Sprit (V&S), maker of Absolut vodka, in a bid to develop a portfolio of premium Chinese liquor brands to be sold domestically.

V&S said it will own a 51-percent stake in the enterprise, while Jiannanchun will hold the other 49 percent. The two companies did not reveal the size of the deal.

According to Marika Hjelm-Siegwald, a spokesperson for V&S Absolut Spirits, the Swedish firm sees great potential for the premium liquor market, which exceeds 80 million cases annually and is growing rapidly.

The two parties aim to have the joint venture operating by October. Insiders said the new company will be headquartered in Chengdu, capital of Sichuan Province.