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Top stories of the day: China banking industry - February 6
BEIJING, Feb 05, 2013 (Xinhua via COMTEX) --
1. China Merchants Bank (CMB, 600036.SH) and China Mobile (CHL.NYSE
; 00941.HK) signed a cooperation framework agreement on Tuesday to tak
e a share in the mobile payment market.
According to the agreement, CMB and China Mobile will launch strate
gic cooperation in mobile payment, marketing channels, and company cus
tomer communication. Users will be able to enjoy some of CMB's service
s through China Mobile's near field communication (NFC) cell-phone wal
let client.
CMB established partnerships with China Unicom (CHU.NYSE; 00762.HK;
600050.SH) and China Telecom (CHA.NYSE; 00728.HK) respectively in Nov
ember and December last year.
2. The debt default risk of some sub-provincial governments in Chin
a and their financing platforms will rise significantly during the nex
t two years unless steps are taken to strengthen their financing, says
a press release by Standard & Poor's Rating Service on Tuesday.
S&P indicates that many local and regional governments (LRGs) may h
ave weakening liquidity positions, which combined with a perception of
more modest future extraordinary government support, could rein in lo
cal government financing vehicles' (LGFVs) new borrowing.
However, S&P believes the Chinese government is likely to make nota
ble progress over the next two to five years in enabling greater parti
cipation of private-sector lenders and state-owned enterprises in infr
astructure and utilities investment.
(Edited by Lu Yuan, luyuan@xinhua.org)
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