Sichuan Tengzhong Heavy Industrial Machinery Co has withdrawn its proposed acquisition of General Motors’ Hummer unit after the deal failed to meet with approval from domestic regulators.
Tengzhong had hoped to buy Hummer for $150 million, but its application to Chinese authorities appears to have stalled within the government bureaucracy.
Tengzhong had applied for approval to the [...]
Property prices in 70 large and medium-sized Chinese cities rose 9.5% year-on-year in January, the National Development and Reform Commission announced.
It is the eighth consecutive month in which prices have risen after real estate stimulus measures were introduced in late 2008. On a month-on-month basis, property prices rose 1.3% in January from December, down slightly [...]
A government economist said that China must let the yuan to appreciate before raising interest rates.
Zuo Chuanchang, of the Academy of Macroeconomic Research, an affiliate of the National Development and Reform Commission, said allowing the yuan to strengthen would deter speculative inflows and make tightening efforts more effective.
“Raising interest rates while [...]
The National Development and Reform Commission predicts oil prices will rise to $80 a barrel this year, up 25% from last year.
The current price is $74 per barrel. The agency says the price increase will be supported by a loose monetary policy that increases investments in futures markets.
China’s apparent oil demand [...]
Premier Wen Jiabao will head a newly established “super ministry,” the National Energy Commission (NEC), with vice-Premier Li Keqiang as deputy.
The new government agency has been set up to “take charge of the country’s energy policy for better coordination in formulating strategy and planning development” and will include members representing [...]
China’s senior representative on climate change said on Sunday that Beijing had an ‘open attitude’ towards disputes on the underlying causes of global warming.
Xie Zhenhua, vice chairman of the National Development and Reform Commission, admitted that it was a solid fact that climate change was having an impact but said there were ’some uncertainties’ as [...]
The National Development and Reform Commission (NDRC) has ruled out expanding the planned size of Shanghai Disneyland, according to China state media.
The project has been allocated 116 hectares, less than 30% of the 400-plus ha plot the Shanghai government had set aside. There was speculation that the reduced size only referred to the first phase [...]
Suntech Power Holdings, China’s largest solar company, said on Monday it had reached agreements to develop four solar power plants on the mainland.
The New York-listed firm said it had struck 1.8 gigawatts of solar power deals with the governments of Shaanxi and Qinghai provinces and the city governments of Shizuishan and Panzhihua. The firm said [...]
China National Offshore Oil Corp (CNOOC) announced it had received approval from the National Development and Reform Commission to build its fourth liquefied natural gas (LNG) receiving terminal.
The facility, located in Zhejiang province, is expected to begin operations in 2012. It will be able to receive up to 3 million metric tons of LNG each [...]
China may introduce subsidies for solar power production in the second half of the year to encourage adoption of the technology.
Zhao Yuwen, head of the China Renewable Energy Society’s photovoltaic committee said the National Energy Commission, part of the National Development and Reform Commission, was considering subsidies to be paid for by an existing renewable [...]
