MODERN BANKING: The Citibank (China) Co. Ltd. opened its first intelligent retail outlet in Beijing on September 1. The outlet provides Wi-Fi Internet services and is equipped with advanced touch-screen computers and interactive video phones (XING GUANGLI)

Anti-Subsidy Probe

China will launch its first anti-subsidy probe into imports from the EU, said the Ministry of Commerce on August 30.

The ministry will initially investigate whether EU members subsidized exports of potato starch to China, and then look at the degree of harm to domestic industries.

The ministry received the application from the China Starch Industry Association on June 30.

Shenzhen-HK Co-op

Shenzhen in south China's Guangdong Province will beef up cooperation with neighboring Hong Kong in the service industry, seeking complementary rather than competitive results, said Wang Rong, Secretary of the Shenzhen Municipal Committee of the Communist Party of China.

Under the plan, Shenzhen will invest 40 billion yuan ($5.9 billion) to build a 15-square-km service industrial zone. The zone is expected to have an economic output of 150 billion yuan ($22 billion) by 2020 from financial institutions and logistics, technology, telecommunications and media companies it hosts.

Shenzhen can back up Hong Kong's modern service sector with its manufacturing and technology competence, while both sides can share the convenience of each other's developed logistics infrastructure, Wang said.

Chinese Brands

China needs to raise the proportion of Chinese brands in its exports to improve the nation's trade quality and efficiency, said Fu Shuangjian, Vice Minister of the State Administration for Industry and Commerce (SAIC).

Chinese brands make up less than 10 percent of China's exports, said Fu at the 2010 China Trademark Annual Meeting, opened on September 1 in Xining, capital of northwest China's Qinghai Province.

Only less than 20 percent of Chinese exporters have registered trademarks in China, while less than 5 percent have registered trademarks abroad, said Fu.

The SAIC will boost efforts to protect trademarks at home, and it will also encourage domestic companies to buy foreign trademarks and have their own brands registered overseas, Fu added.

Online Banking

China's central bank, the People's Bank of China, launched its online payment interbank clearing system, or "super online banking system," into service on August 30.

The system supports real-time interbank transfers and balance inquiries, as it links online banking systems of commercial banks and enables customers to access their accounts on one website. Before the new system was introduced, customers had to log onto different banks' sites to manage their accounts, and interbank transfers usually took one to two days to complete.

The system is expected to cut interbank transfer fees by increasing banks' efficiency. At present, commercial banks in China charge differently for interbank transfers.

Tibet's Insurance Regulator

The China Insurance Regulatory Commission (CIRC) set up its Tibetan arm in Lhasa on August 28.

The new body will map out plans for the insurance industry's development, and oversee the business activities of local insurance companies and intermediary services, said Wei Yingning, Vice Chairman of the CIRC.

The branch is expected to maintain financial stability and promote economic growth in Tibet, he said.

Tibet reported 400 million yuan ($58.8 million) in insurance premiums, increasing 21.4 percent on average annually since 2000.