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Christmas tree made from plastic bottles lights up in Chongqing

News

Coal shipment be railway's highest priority

China has mobilized all its railway container trucks to ensure power coal transport. Their only other use is to be for moving relief materials so as to ease the power constraints plaguing the country's snow-ravaged central, southern and eastern regions, the Ministry of Railway told Xinhua on Saturday.

Grain output stable in 2008 despite snow ravage

China's grain output will remain stable at around 500 million tons this year if there are no major natural disasters, the State Grain Administration (SGA) said on Saturday.

IDG Chairman wins International Investment Achievement Award

Patrick McGovern, founder and chairman of International Data Group (IDG), has become the first foreign investor winner of the International Investment Achievement Award at 2007 China Economic Leadership Award ceremony hosted by China Central Television (CCTV), the state television.

Disastrous weather causes US$2.25b losses in forestry sector

Disastrous winter weather has caused 16.2 billion yuan (US$2.25 billion) in losses for China's forestry sector, Cao Qingyao, State Forestry Administration (SFA) spokesman, said in Beijing on Saturday.

Snow havoc causes US$7.5bn in losses

The sweeping snow that hit China's central and southern regions over the past two weeks has inflicted economic losses of about 53.9 billion yuan (US$7.5 billion).

Business Highlights

Sinopec to set up JV with SABIC

China Business News (02/01/2008)

Central bank may slightly ease tight monetary policy

China Securities Journal (02/01/2008)

Finance

China set to hit the brakes on rising yuan

China may slow gains in the yuan as it shifts focus to supporting economic growth from combating inflation, Roth Capital Partners LLC and Morgan Stanley said.

Bank caps credit growth in battle to cool the economy

The Industrial & Commercial Bank of China will cap an about 10 percent credit growth this year to move in line with the country's tight monetary policy, the bank said yesterday.

Futures turnover triples in China against stock woes

Futures turnover in China hit 6.03 trillion yuan (about US$837.5 billion) in January, marking a three-fold jump from the same period last year.

Energy

Coal shipment be railway's highest priority

CNOOC reports pretax profit of 56.5 bln yuan in 2007

China National Offshore Oil Corp. (CNOOC), the country's No. 3 oil producer, said on Saturday that pretax profit jumped 17.5 percent year-on-year to 56.5 billion yuan (US$7.9 billion) in 2007.

Auto

Dongfeng Peugeot Citroen targets 30% rise in output, sales

Dongfeng Peugeot Citroen Automobile Company Ltd., the French car maker's Chinese venture with Dongfeng Motor Corporation, said it will produce and sell over 30 percent more vehicles this year as it rolls out new models and expands in the fast growing market.

Auto financing firms play by new rules

China yesterday issued new rules for auto financing companies, which raise entry requirements and help expand their business scope.

Real Estate

Gemdale looks overseas

Gemdale Corporation, one of China's largest developers by market value, said yesterday it plans to form a 50-50 overseas real estate investment venture with UBS AG, Europe's largest bank by assets.

Shanghai's real estate sector in doldrums

Investment in Shanghai's real estate market is expected to grow less rapidly and become more vulnerable to policy uncertainties in 2008, according to several large real estate service providers.

Technology & Telecom

Access licenses for 3G network awarded

Six handset makers, including Lenovo and ZTE, were awarded the first post-trial period access licenses to China's homegrown third generation (3G) network on Wednesday, according to the TD-SCDMA Industry Alliance.

Online search market to boom

China's online search market will breach the 10-billion-yuan (US$1.39 billion) mark in four years to overtake Japan and enter the world's top three.

Metal

ABB to provide equipment for Yunnan mill project

ABB, the leading power and automation technology group, has won a contract to provide a complete set of electrical equipment for a cold rolling mill project at the Yunnan Aluminum Co., Ltd, said company sources.

Chinese steel marker buys into Austrialian miner

A unit of Chinese steel maker Shougang Corp bought a 19.73-percent stake in iron-ore miner Mount Gibson Iron Ltd to secure its supply of raw materials, the Australian company said yesterday.

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