BEIJING

Industrial output up

China's industrial production unexpectedly expanded at a faster pace in May, suggesting sustained growth in the country's economy.

Output climbed 17.9 per cent to 706 billion yuan (US$88.2 billion) after rising 16.6 per cent in April, the Beijing-based National Bureau of Statistics said in a statement yesterday.

Hydropower projects

China's Datang International Power Generation Co Ltd said yesterday it would invest 3.6 billion yuan (US$448.8 million) in hydropower projects in Sichuan Province.

The power producer, listed in Hong Kong, said in a statement it would team up with Chinese partner Ganzi Prefecture Gantou Hydropower Development Co Ltd to set up a venture firm, which would construct and operate two hydropower projects in Sichuan. Datang would hold 80 per cent of the venture.

HR guidance

The China Banking Regulatory Commission (CBRC) issued a guidance on optimizing human resource structures in the country's rural co-operative financial institutions.

The guidance aims to help improve the competitiveness and sustainability of China's rural financial institutions and transform them into modern financial enterprises, the CBRC said yesterday.

Market research merger

Information and consultancy agency Millward Brown under WPP Group has acquired the business of All China Strategic Research, a leading independent market research agency in China.

Business of All China will be merged with Millward Brown's Chinese operations with WPP holding a majority stake in the new venture. The deal, pending government approval, is expected to be completed in August.

New InvestHK centre

Invest Hong Kong, the special administrative region's investment promotion agency, yesterday inaugurated a new investment promotion team and an investment service centre based in the Hong Kong Special Administrative Region government's Beijing office.

"The extension of our presence will allow us to provide more assistance to and foster a closer relationship with the growing number of ambitious and dynamic Chinese firms wishing to use Hong Kong to raise equity, tap into our international business network and expand overseas," said InvestHK Director-General Mike Rowse.

Carlyle investment fund

Carlyle Group a leading global private equity firm, announced yesterday it has raised US$668 million for its Carlyle Asia Growth Partners III (CAGP), a fund that invests in promising private companies in China, India, Japan and South Korea.

In China, the equity firm has already made two investments out of the CAGP fund, pouring US$25 million into Credit Orienwise, the largest private credit guarantee company in China, and another US$27.5 million into Anxin Flooring, China's top manufacturer and distributor of solid wood flooring.

(China Daily 06/15/2006 page10)