Closer Cooperation

A press conference promoting the ChinaMalaysia Qinzhou Industrial Park was held in Beijing on August 8. The park, located in Qinzhou, Guangxi Zhuang Autonomous Region, is the first between the Chinese and Malaysian governments. Covering a planned area of 55 square km, it will become a highlight in Chinas future cooperation with Malaysia and with ASEAN.

“The bilateral trade between China and Malaysia totaled $90 billion in 2011, a 21.3-percent year-on-year increase. Malaysia has been Chinas biggest trade partner in ASEAN for four consecutive years while China is Malaysias biggest trade partner in the world,”said Bai Lichen, Vice Chairman of the 11th National Committee of the Chinese Peoples Political Consultative Conference.

The industrial park will focus on six major industries: equipment manufacturing, electronic information, food processing, new material, biotechnology and modern service. Lots of preferential policies have been designed for investment in the park, said Zhang Xiaoqin, Secretary of the Qinzhou Municipal Committee of the Communist Party of China.

Profit Rises

China Vanke Co., the countrys largest property developer by market value, saw net profits increase 25.1 percent year on year to 3.73 billion yuan ($585.6 million) in the first half of the year, according to a statement filed to the Shenzhen Stock Exchange. Its revenue jumped 53.7 percent to 30.72 billion yuan($4.83 billion).

In the first six months, it sold 6.03 million square meters of housing, with the sales value reaching 62.54 billion yuan ($9.84 billion).

“More projects will be put on sale in the second half, and its highly likely that the companys sales will beat last years, provided there are no big changes in the market environment,” said Tan Huajie, Vanke board secretary.