China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
China to spend 100 bln yuan on oil reserves over 15 years -- Nanfang Daily
China plans to invest 100 billion yuan over the next 15 years on the country's strategic oil reserve program, aiming to build stocks equivalent to 90 days of net petroleum imports, Goldman Sachs said in a recent report.
The report says the three-phase strategic oil reserve program is expected to complete in 2020.
Phase 1 started in 2004 and ended in 2009. During these six years, China built four reserve sites and amassed 102 million barrels of crude oil. In Phase 2, currently under construction, China will build another four reserve sites and secure another 169 million barrels of oil. By the end of phase 3 in 2020 China will have 440 million barrels of crude oil in stock.The goal of the oil reserve is to reduce the impact of sudden crude oil disruptions. According to the standard on stock requirements of International Energy Association (IEA) member countries, crude oil holdings should be equivalent to 90 days of net petroleum imports.
Beijing online sales reached 11.2 bln yuan -- Beijing Business Today
Beijing's online shopping market reached 11.2 billion yuan last year (from May 1, 2009 to May 1, 2010), according to the latest report by China's leading online shopping platform Taobao.com.
Beijing ranked second behind Shanghai, whose online shopping market stood at 17.4 billion yuan. The other cities in the top 10 were Shenzhen, Hangzhou, Guanghzou, Nanjing, Suzhou, Tianjin, Wenzhou and Ningbo.
Men spend more money than women online. But women make more separate purchases.
People aged between 25 and 34 accounted for 62.49 percent of online consumers.
Adjustments to property market to continue for 2-3 years -- China Securities Journal
Recent regulatory measures on the property market are having an effect and adjustments will continue for two to three years, China Securities Journal reported Monday, citing a renowned advisor to the country's State Council.
Xia Bin, director of the finance institute of the State Council Development Research Center, said over the weekend that the current round of regulation is aimed at correcting the distorted development of the country's housing market over the long term.
China's housing market should not be treated as an asset market and should not receive policy support, said Xia. The property market should be driven by real home purchases, not speculative investment, he added.
