US$550b invested in projects in western region

CHINA has approved 152 infrastructure projects worth a combined 3.75 trillion yuan (US$549.39 billion) in its western regions since late 2012, a senior official at the planning agency said Thursday.

China has been investing heavily on transportation infrastructure in a bid to boost development, ease poverty and better integrate its remote western regions into the national economy. “Major projects have always been a powerful measure to promote development in the west,” said Xiao Weiming, head of the western development office of the National Development and Reform Commission.

Southeast Asia to get Hyundai’s China-made cars

HYUNDAI Motor Co. plans to ship cars produced in China to Southeast Asia, its China joint venture and two people familiar with the matter said, as a plunge in Chinese sales has left much of its massive local manufacturing capacity idled.

Hyundai once ranked third by China sales alongside affiliate Kia Motors Corp. The automaker booked China sales of 30,018 cars in July, down 40 percent from July last year and its lowest monthly total since the 2008 global financial crisis. Yet sales for January-July are up 17 percent.

China Mengniu says profit rises nearly 40%

CHINA Mengniu Dairy Co. said late Wednesday its first-half net profit jumped 38.6 percent, boosted by reduced costs and stronger sales due to higher-quality products.

China Mengniu, China’s top milk products manufacturer, said in a statement that net profit for January to June came in at 1.56 billion yuan (US$229 million), compared with a profit of 1.13 billion yuan at the same time last year. Revenue rose 17 percent to 34.47 billion yuan.

BYD posts 72.2% fall in first-half profit

BYD Co., backed by U.S. investor Warren Buffett, posted a 72.2 percent fall in first-half profit Thursday, after the government in early 2018 reined in subsidies and other policy support for green energy cars.

The Shenzhen-based electric-car maker, whose products include battery electric and plug-in hybrid vehicles, posted a net profit of 479 million yuan (US$70 million), down from 1.72 billion yuan a year earlier. BYD sold 75,800 new energy vehicles between January and June, up 121 percent from a year earlier. It sold 138,700 fuel cars, up 10.73 percent.