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5 Trillion Yuan Investment Plan to Spur Energy Development

The new energy development plan for 2010-2020 drafted by the National Energy Administration (NEA) is finished and awaits approval from the State Council, the country's Cabinet ,www.cs.com.cn reported Tuesday. Specialists said the plan aims to boost 5 trillion yuan ($738.09 ...

China's Top Aluminum Producer, Rio Tinto Sign Deal on Iron Ore Mine JV

The Aluminum Corporation of China Limited (Chalco), the country's top producer of the metal, signed a binding agreement with mining giant Rio Tinto Thursday to set up a joint venture (JV) for the development of the Simandou iron ore mine in Guinea. The Simandou iron ore mine is ...

China CSSC Holdings 1H Net Profit Up 4 Pct on Growth in Ship Building Business

China CSSC Holdings Ltd., the country's largest shipbuilder, said Saturday it was profitable in the first half as its shipbuilding business grew. Net profit in the first half rose 4 percent year on year to 1.2 billion yuan (184 million U.S. dollars), the company said in a ...

China's Yuan Stronger Against USD Monday

The central parity rate of the yuan, China's currency Renminbi (RMB), advanced to 6.7742 per U.S. dollar Monday from 6.7750 per U.S. dollar Friday, according to the data released by the China Foreign Exchange Trading System. China's central bank announced on June 19 that it would ...

Easing in China's Manufacturing Growth

China's manufacturing activity continued to grow at a slower pace last month as the government took measures to curb the risk of overheating and adjust the economic structure. The official Purchasing Managers' Index, a comprehensive gauge of industrial activity, eased 0.9 ...

China's Railway Passenger Volume up 12.8% to 16 mln in July

Chinese railways transported 160 million passengers in July, up 12.8 percent from one year earlier, sending the January-to-July passenger count to 976 million, the Ministry of Railway said Tuesday. Summer holidays and the Shanghai World Expo contributed to the increase of the ...

China's Domestic Iron Ore, Steel Trends Hit Markets

Rising domestic iron ore production and slowing steel demand have hit some foreign miners and affected the global market, industry leaders said on Tuesday. China's iron ore imports dropped for the third straight month to 47.2 million tons in June, while spot prices have dropped ...

China's Geely Completes Acquisition of Volvo

Chinese automaker Geely has completed the acquisition of Volvo Car Corporation from Ford in London. Geely Chairman Li Shufu and Lewis Booth, Ford's chief financial officer (CFO) attended a signing ceremony in London on Monday. "This is a historic day for Geely, which is extremely ...

China's Machinery Sector may Cool in Step with Economy

China's machinery industry has rebounded during the first half of this year, but the momentum is likely to slow as the country's economy cools. The machinery industry has grown by 37 percent during the first six months of 2010, with a total output value of 6.59 trillion yuan, ...

China's Western Mining Co. Reports Tenfold Profit Surge in 1H

Western Mining Co., China's second-largest maker of lead concentrate, said Thursday that profits in the first half of 2010 jumped 1,175 percent to hit 581 million yuan (85.8 million U.S. dollars). Total revenues for the company during the January-to-June period rose 79 percent to ...

H1 Tourism Income Up 24.5% in Shandong

The tourism sector in East China's Shandong Province generated 127.7 billion yuan in the first half of this year, a growth of 24.5 percent on the same period last year, according to the provincial tourism industry authorities. The province received 152 million domestic tourists ...

China's Ministry of Agriculture Urges Quick Work to Restore Farming in Flood-hit Areas

China's Ministry of Agriculture Friday urged local authorities in flood-hit regions to step up efforts to resume agricultural production and create favorable conditions for the autumn harvest following this summer's severe floods. Local departments were ordered to accelerate ...

Whole Sales of China-made Autos Jumps 42.65% in First Seven Months

Wholesale sales in China of domestically-made autos surged 42.65 percent year on year to 10.26 million units in the January-July period, the China Association of Automobile Manufacturers (CAAM) said here Monday. Production of domestically-made vehicles jumped 43.64 percent year ...

HK Sets New Rules to Further Regulate Property Developers

To further enhance the transparency on transaction information, the government of the Hong Kong Special Administrative Region said on Tuesday that real estate developers should state the estimated completion date of the development while making public the transaction information. ...

China Housing Prices Post Slower Growth in July

Housing prices in major Chinese cities rose 10.3 percent year on year in July, down from the 11.4 percent growth in June, the National Bureau of Statistics (NBS) said Tuesday. It was the third consecutive month that China's property prices rose at a slower pace and the lowest ...

China Overseas Land's Net Profit up 66.7% in H1

China Overseas Land & Investment Ltd., a major Chinese property developer, said Wednesday its net profit rose by 66.7 percent in the first half of this year over the same period last year on gain from property development in the mainland. The turnover increased by 13.4 percent to ...

China Reiterates it Remains World's Second Largest Energy User

China reiterated Wednesday it remains the world's second largest energy consumer, as its energy consumption last year was still more than 200 million tonnes of standard oil equivalent below that of the United States. The joint statement by the National Energy Administration and ...

Chinese Government Urges Efforts to Boost Autumn Grain Production

China's Ministry of Agriculture (MOA) said Friday China's autumn grain production has entered a critical period, as it urged local authorities to step up efforts to ensure a good harvest. The autumn grain harvest makes up 70 percent of China's total annual grain harvest, Minister ...

Inter-city Rail Projects Cleared

The National Development and Reform Commission (NDRC) on Friday approved a batch of inter-city rail transit networks, spanning more than 2,000 kilometers, to accelerate regional integration. The nation's economic planner said on its website that it has cleared the plan to build ...

China Number One Destination of Italian Goods

China has superseded Japan becoming the number one import country of Made-in-Italy products, Italian Junior Economic Development Minister Adolfo Urso said Monday. Urso said that in the first six months of this year exports of Italian products to China has risen by 23 percent ...
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