Chinese Nanjing Auto and Italian Fiat have reached an agreement to invest an additional US$400 million (RMB3 billion) in their problematic joint venture Nanjing Fiat, the Yangzi Wanbao reported. Earlier reports said Fiat was planning to sever its collaboration with Nanjing Auto because the latter had defaulted on its promised investment in the joint venture. They were also allegedly at odds over a possible partnership between Fiat and another Chinese automaker, Chery Automobile. It was also reported that Nanjing Auto would have to invest in the Fiat venture via bank loans because the majority of its financial resources had been allocated to revitalizing the English MG Rover Group it bought in 2005.

New York City tourism officials said they have reached an agreement with the Chinese government to open an office or hire local travel agencies to advertise the US’s largest city in China, the Economic Daily reported. The officials are on a trip to Asia to launch advertising campaigns in Shanghai, Tokyo, and Seoul. The number of Chinese tourists to the US is expected to triple to 100 million by 2020, and New York is traditionally a key destination. One-third of the 400,000 travelers from the mainland and Hong Kong in 2005 visited the city. US Commerce Department statistics show Chinese visitors spend almost US$6,000 on average per person, second only to Indian visitors. Los Angeles, San Francisco, Hawaii, and Nevada have already opened offices or hired local travel agencies in China. The Chinese government has not labeled the US a “tourism destination”, which is required for group travel and direct advertising in China.