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News from China
Cable bolt woe forces car recall
28th October 2015

Volkswagen China is to recall 5,906 Bentley Flying Spur and Continental luxury sedans imported into the Chinese mainland over a potential problem with the battery cable, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement yesterday.
The affected cars are from the 2012-2014 model years. They were produced between February 5, 2012, and May 15, 2014.
Their 12-volt battery cable has a bolted connection that may become loose. If it loosens, the battery won’t be able to ignite the engine to start, leaving the cable to overheat and posing a fire risk.
The recall is to replace the battery cable bolts.
Owners of the affected vehicles will be contacted by Bentley dealerships from November 10.

Source: Shanghai Daily
Banking assets and liabilities increase
27th October 2015
TOTAL assets and liabilities of Chinese banking institutions rose in September, according to data released yesterday by China’s top banking regulator.

As of the end of September, onshore assets of China’s banking institutions, including commercial banks, policy banks and rural credit cooperatives, rose 15 percent from a year earlier to 188 trillion yuan (US$29.6 trillion), the China Banking Regulatory Commission said.

Total liabilities of these institutions were 174 trillion yuan at the end of last month, up 14.2 percent over the same period of last year.

The growth rates of total assets and liabilities, important signs of the health of the banking industry, slowed compared with levels at the end of August.

The CBRC data showed commercial banks’ total assets gained 10 percent during the period while their liabilities grew 9.3 percent. 

Source: Shanghai Daily
Nepal gets Chinese fuel
26th October 2015

China will provide Nepal with 1.3 million liters of gasoline to help it cope with severe fuel shortages as a result of restricted supplies from neighboring India, officials said yesterday.

The gasoline will be brought to a town near the China-Nepal border, said Nepal Oil Corporation official Deepak Baral. It will take about 100 tanker trucks to transport the gasoline to Kathmandu, Nepal’s capital.

It would be the first time Nepal would be getting fuel from China. The countries share a border that has the world’s highest mountains, but two border crossings were damaged by an April earthquake. One of the crossings reopened this month.

Source: Shanghai Daily
2 Chinese nuclear power giants plan JV
23rd October 2015

Two Chinese nuclear power giants are planning a joint venture to combine technologies on China’s third-generation nuclear reactor design, known as the Hualong One, a source familiar with the matter said yesterday.
China General Nuclear Power Group (CGN) and China National Nuclear Corp have decided to set up a company to reduce competition in exporting Hualong One into overseas markets, according to the source, who declined to be identified.
The plan has been forwarded to authorities and a coordination meeting will be held soon.
“If everything goes well, the joint venture will be set up before the end of this year,” the source said.
The two companies jointly started the R&D of Hualong One in 2013 based on their respective technologies. The general plan passed inspection by a national expert panel in August 2014.
In May 2015, construction on the first pilot project using Hualong One technology started in Fuqing, Fujian Province.
On Wednesday, CGN and Electricite de France signed a strategic investment agreement to build a nuclear power plant at Hinkley Point in southwestern England.

Source: Shanghai Daily

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