Full Contents - November 2003

Rebate reaction
A recent decision to cut export VAT rebate levels is partly intended to dampen US criticism of China's currency peg. However, the move may actually serve to intensify protectionist fever in Washington.
Art for the office
Major galleries in China are working with companies to advise them on art purchases and picture placement.
Licensed to explore
CNOOC Ltd is emerging as a new force in the international oil and gas business. With cash to spend, it is pursuing a strategy of increasing production through domestic exploration and overseas acquisitions.

Hello Dolly
The Chinese government's backing for genetic experimentation and the absence of meaningful public opposition provide ideal conditions for the country to realise its ambition of becoming a global biotech leader.

Resurgence in the SAR
Battered by SARS and the fallout from the Iraq war, Hong Kong has managed to achieve something of a recovery in the second half of 2003 as its economy and stock market have bounced back strongly.

Value judgements
The Chinese authorities hope that opening up the country's capital markets to foreign investors will boost their efficiency. However, this outcome is unlikely to happen without improved access to information, writes Professor Michael Pettis of Tsinghua University.

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