Business news with words development+key+plans. 6 news.

NANYANG Commercial Bank plans to at least double its network on the Chinese mainland in two years, after it opened its local incorporation yesterday to fully tap the mainland market. The bank said in Shanghai yesterday it would offer unlimited yuan services. The Hong Kong-based bank gained the approval to set up the local incorporation with a registered capital of 2.5 billion yuan (US$341 million) from the China Banking Regulatory Commission on December 4. The local incorporation was set up on December 14. Nanyang Commercial Bank has six branches and one sub-branch on the Chinese mainland in cities of Shanghai, Beijing, Shenzhen, Guangzhou, Dalian and Haikou. "Network expansion is a key part of the local incorporation's business development," a bank spokesman said. He said the bank would first focus on major cities in the Pearl River Delta, Yangtze River Delta and coastal areas in the geographic expansion. It will also seek opportunities to open outlets in

NANYANG Commercial Bank plans to at least double its network on the Chinese mainland in two years after it opened its local incorporation today. Nanyang Commercial Bank (China) Ltd opened in Shanghai yesterday to offer unlimited yuan services to Chinese. The Hong Kong-based bank gained approval to set up the local incorporation with a registered capital of 2.5 billion yuan (US$341 million) from the China Banking Regulatory Commission on December 4. Nanyang Commercial Bank has six branches and one sub-branch on the Chinese mainland in Beijing, Shenzhen, Guangzhou, Dalian, Haikou and Shanghai. "Network expansion is a key part of the local incorporation's business development," the bank said. The bank will first focus on major cities in the Pearl River Delta, Yangtze River Delta and the coastal area. It will also seek other opportunities in other areas. The bank will focus on personal financial planning products and services in retail banking. In corporate banking,

GlaxoSmithKline, the UK-based drugmaker, plans to channel $100m into a new neuroscience research centre in Shanghai seen as key to its global drug development efforts

Despite challenges ahead, Boeing does not see further delays in its 787 Dreamliner, officials said Tuesday. The company is on track to deliver the plane in late 2008, they said. Officials also reaffirmed plans to deliver 109 Dreamliners by 2009. In October, Boeing delayed its first delivery by six months because of parts shortages and incomplete work by suppliers. Boeing has 762 orders for the new plane valued at more than $120 billion. Spirit AeroSystems in Wichita is a key supplier for the program. "We are immersed in the hard work of building the first airplanes with our partners, completing the remaining systems development activities that need to be finished before we can fly, and preparing for production rate increases with our partners," said Scott Carson, Boeing commercial airplanes president and chief executive.

CHINA'S State Council has approved plans to set up the country's fourth free trade port in Hainan Province, Xinhua news agency reported today. The Yangpu Free Trade Port, covering an area of 9.21 square kilometers in the Yangpu Economic Development Zone, will be built in three phases, the report said. Fixed-asset investment will reach 50 billion yuan (US$6.66 billion) in the port by 2012 and the annual industrial output will hit 100 billion yuan with annual freight handling capacity reaching 70 million tons, the report said. Jiang Sixian, vice governor of the province, said today that the port will be built into a logistics center for oil, natural gas, chemical materials and paper pulp, as well as a key processing base for chemical products in the country. China currently has three free trade ports in Shanghai, Tianjin and Dalian, and the Hainan port will be the first one in South China. The Yangpu Economic Development Zone is located inside the 150-square-kilometer Yangpu Peninsula on the northwestern coast of Hainan and covers an area of 30 square kilometers. The zone is about 140 kilometers from Haikou, capital of Hainan.

A modern Safeway paired with a residential or commercial development - or both - would improve Burlingame's economy and bring more people downtown, a group developing plans for the site said Tuesday night.