Sichuan Tengzhong Heavy Industrial Machinery Co has withdrawn its proposed acquisition of General Motors’ Hummer unit after the deal failed to meet with approval from domestic regulators.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 [...]
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 keeping the [...]
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 [...]
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 [...]
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 [...]
Beijing approved construction for a second phase of strategic oil reserves, and is planning additional stimulus funding for renewable energy, according to a statements from senior energy officials. The second phase of construction is part of China’s effort to build stockpiles to cover 90 days of net imports, a standard set by the Organization for [...]
The National Development and Reform Commission (NDRC) said Sunday it plans to raise domestic gasoline and diesel prices by US$58 per metric ton, an increase of 6-7%. The price change, which will take effect today, was made due to rising crude oil prices, the NDRC said on its website. Crude oil futures hit a six-month [...]
The State Council pledged to ease restrictions on private investment in state-controlled sectors such as oil, power and public utilities. It is thought these plans for further liberalization, which were mentioned in guidelines outlining economic restructuring for the year, are a response to fears that slow reform has undermined economic efficiency in China. “The structural [...]
China may broaden restrictions on foreign investment in the oilseed processing sector to other crops, commented by He Yanli, deputy director of industries at the National Development and Reform Commission. He also suggested restricting imports of soybeans, describing the current 3% tariff on imported soybeans as “too low.” China is concerned about the growing presence [...]
The National Development and Reform Commission (NDRC) said it plans to cap China’s crude steel output at 460 million tons in 2009, and 500 million tons in 2010. The announcement, posted on the NDRC’s website, also revealed plans to close 25 million tons of steel-making capacity and 72 million tons of iron-making capacity in the [...]
