The Bank of China (BOC) opened a new outlet in London on November 21, on the heels of the launch of a lending center covering the European market in the city.

With registered capital of 200 million pounds, the new outlet will target middle-class and high-end locals as well as Chinese people living in London.

The second biggest Chinese lender's expansion was part of the ongoing "go-out" move of major Chinese banks with abundant capital raised from share offerings. Within merely one year, the BOC launched a string of new branches and other outlets in Indonesia, Viet Nam, Canada, Brazil and Russia.

As China opens its financial market to overseas investors, local banks face heated domestic competition from foreign rivals. Excess liquidity and a tightening monetary policy in China have also pushed them to seek new profit sources.

Grain Self-Sufficient

China will remain 95 percent self-sufficient in grain production in the future by expanding both output and reserves, said Fang Yan, a senior official with the National Development and Reform Commission, at a conference in Guangzhou, capital of south China's Guangdong Province. But he also said domestic supply of grain would fall short of demand in the long term, without clarifying how long the period would be.

"As the rural population moves to urban areas, fodder grain and oil-bearing crops such as soybeans are already in short supply," said Fang.

To ensure adequate supply and improve the quality of farm produce, China will boost large-scale production rather than production by scattered, small farms during the 2006-2010 period.

Open to More Foreign Investment

China will gradually scrap restrictions on the destination, stock ownership and business scope of foreign investment in the service sector, said Zhang Mao, Vice Minister of the National Development and Reform Commission at a multinational CEO roundtable meeting in Beijing. But, he added, existing restrictions on foreign investment in key industries concerning China's national security and its citizens' livelihood would remain unchanged.

Zhang said foreign investment would be encouraged to enter hi-tech equipment and new material manufacturing and logistics businesses. He added the central and western hinterlands would be open to foreign investment with more incentives.

But Zhang stressed that foreign investors were restricted from setting up businesses for export only in China, and banned from creating polluting projects and those that rely on consuming large amounts of energy and resources.

China's Top Ten Vehicles

Beijing-based Research Institute of Machinery Industry Economics & Management announced its top ten most popular China-designed vehicles for 2007 in Beijing recently. Chang'an Benben, Wuling Sunshine minibus, Chery A5, Geely Vision, Brilliance Splendor, FAW Besturn, Roewe 750, Jiangling Landwind, Dongfeng Future and Delong of Shaanxi Auto Group were honored.

Liu Baowen, Vice Director of the institute, said standards in selecting the winning models included branding value, overall quality, safety, environment-friendliness, comfort, value and after- sales service.

New Economic Census

China will conduct its second national economic census in 2008 to gather accurate data for scientific policy formation, the State Council announced.

The results will facilitate more effective macroeconomic controls and more scientific mid- and long-term economic planning, a notice on the Central Government's website said.

The census aims to gather information on layouts and energy consumption of all industrial and service-sector entities in 2008.

Statisticians will also collect data on ownership, financial results, production capacity, staff and research and development activities, the notice stated.