China's Economy - News and Projects III

[7freedom7]

Originally Posted by snapdragon

income taxes healthcare .Also labour laws . Remember China is officially run by a socialist party . So they still now have almost ridiculous labor laws . SEZ's circumvent such law .Though in reality most of such labor supporting laws outside sez's have become obsolete .It is mostly income taxes

what kind of ridiculous laws you mean? it's workers that own a company or factory?

[tiger]

PetroChina Acquires Keppel’s Entire Stake in Singapore Petroleum Company

2009-05-24


24 May, 2009, Beijing －PetroChina Company Limited ("PetroChina", SEHK stock code 00857; NYSE symbol PTR; SSE stock code 601857) announced today that PetroChina, through its indirectly wholly owned subsidiary, PetroChina International (Singapore) Pte. Ltd. (which it holds via PetroChina International Company Ltd. (“PetroChina International”)), has entered into a conditional agreement with Keppel Oil and Gas Services Pte Ltd, a wholly owned subsidiary of Keppel Corporation Limited (“Keppel”), to acquire its entire shareholding in Singapore Petroleum Company Limited (“SPC”) representing approximately 45.51% of the total issued share capital of SPC (excluding treasury shares) for cash consideration of S$6.25 per share, equivalent to approximately S$1.47 billion (approximately US$1.02 billion) to be paid in full on completion. If and when the acquisition is completed, subject to Chinese regulatory approvals, PetroChina International (Singapore) Pte. Ltd. intends to make a Mandatory General Offer for the remaining shares of SPC.

SPC is a regional energy company with interests in petroleum refining and marketing and in oil and gas exploration and production. SPC has a 50% interest in Singapore Refining Company Private Limited, one of the three major petroleum refiners in Singapore. SPC also conducts terminalling and distribution and trading of crude and refined petroleum products.

PetroChina said, “After PetroChina International (Singapore) Pte. Ltd. purchases the stake in SPC, SPC will become a new platform for the implementation of our international strategy and will provide a broader foundation and stable path for development.”

Discussing the rationale for Keppel’s sale of its shares in SPC, Mr. Choo Chiau Beng, CEO of Keppel remarked, “Over the last 10 years, Keppel has grown SPC, establishing it as a reliable supplier of quality energy products while diversifying its businesses upstream into exploration and production. This divestment of our stake in SPC would enable Keppel to seize opportunities that would enhance value creation for shareholders.”

PetroChina and Keppel also plan to explore opportunities in the offshore oil industry and in other areas of mutual benefit as such opportunities become available.

PetroChina is one of the largest oil and gas companies in the world. PetroChina is engaged in a broad range of oil and natural gas activities including the exploration, development, production and marketing of crude oil and natural gas; refining, transportation, storage and marketing of crude oil and oil products; production and marketing of primary petrochemical products, derivative chemical products and other chemical products; and transportation of natural gas, crude oil and refined products.

PetroChina International (Singapore) Pte. Ltd. is an indirectly wholly owned subsidiary of PetroChina via PetroChina International Company Ltd. Its principal activities are trading in physical crude oil, refined oil products and petrochemicals, and investment in a storage facility. Its main markets include Indonesia, Vietnam, Singapore, South Korea and China.

Deutsche Bank is acting as Sole Financial Advisor and Drew & Napier is acting as Legal Advisor to PetroChina International (Singapore) Pte. Ltd. in connection with this transaction.

http://www.petrochina.com.cn/Ptr/New...um_Company.htm

[big-dog]

May 22, 2009, 6:40 AM ET
Spending the Stimulus: Where China’s Money is Going

China’s National Development and Reform Commission has issued a status report on the spending of the nation’s 4 trillion yuan ($486 billion) economic stimulus package. As of April 30, 230 billion yuan of new funding from the central government had been spent, and the NDRC has issued a list of the types of projects that are benefiting from the stimulus money. (It should be noted that 70% of the stimulus funding is supposed to come from non-central sources, such as local governments and bank lending).

As is often the case with government figures, they alternate between the highly specific (”273 pieces of grain-drying equipment” ) and the substantially less so (”speeding up the work on the South-North Water Transfer Project,” which has been under way since 2002).

Below, we look at how China has committed to allocating its stimulus spending, along with the NDRC’s accounting of how the first 230 billion yuan of central government funding has been spent (original report, in Chinese, is here):

1. Housing: China’s stimulus plan allocates 400 billion yuan (10% of the total stimulus) to the construction of low-income housing, upgrading shanty towns and other measures to improve housing conditions.

Basically completed: 210,000 units of low-income housing.

Under construction: 650,000 units of low-income housing, 8,500 units on state-owned reclaimed land and 18,000 fixed homes for nomadic peoples.

Renovations: Work has been sped up on improvements to 100,000 homes in coal-mining shanty towns, 129,000 homes in areas subject to caving in as a result of coal mining and 157,000 shanty town homes on state-owned forest areas.

2. Rural Development: Basic village infrastructure and civil engineering projects, such as providing water, electricity and gas to rural areas will account for 370 billion yuan (or 9.25%) of stimulus spending.

Completed: 20,000 kilometers of roads, 254 rural electricity substations, 30,000 kilometers of power lines, 2.6 million mu (416,000 acres) of standardized grain fields, 5,000 programs to prevent animal epidemics. Purchased and installed 13,427 pieces of equipment to test the quality of rural products, 280,000 pieces of equipment to test food quality and safety, 273 pieces of grain-drying equipment and added 350,000 tons of edible oil storage capacity. Established 172 poverty relief and food-for-work programs, upgraded 700 postal routes, and resolved the problem of potable water for 14.6 million people.

Basically completed: 450 major water conservancy projects, 290 projects to improve the water quality in unsafe medium-to-large reservoirs, 193 large scale irrigation and water conservancy projects. Under construction: 1.6 million village methane pits.

Accelerated: Construction on the South-North Water Transfer Project.

3. Major Infrastructure. This area are set to receive the largest chunk of stimulus spending - 1.5 trillion yuan, or 37.5% of the total. Projects include railroads, highways, airports, other large-scale basic infrastructure and an upgrade of the urban electricity grids.

Completed: 445 kilometers of expressway, 100,000 square meters of passenger airport terminals.

Accelerated: Construction of the Harbin-Dalian, Wuhan-Guangzhou, Nanjing-Guangzhou and Guiyang-Guangzhou railroads, upgrading of the urban electricity grids.

4. Health Care, Education, Culture: Social development projects get 150 billion yuan (3.75%).

Completed: 900,000 square meters of mid-level vocational school buildings.

Basically completed: 1,246 township cultural stations, 6,500 basic health care-projects, 1,140 one-child policy service projects and six cornerstone Chinese medicine hospital projects.

Renovated: 1.5 million square meters of elementary and junior-high school buildings.

5. Environment: Energy saving, emissions reduction and ecological construction projects are allocated 210 billion yuan (5.25%).

Completed: Sewage treatment capacity increased by 2.8 million tons per day, garbage processing capacity increased by 3,155 tons per day, 320,000 tons of chromium residue processed, 2,548 kilometers of pipes laid, chemical oxygen demand reduced by 65,000 tons. Also created the capacity to conserve 6.2 million tons of standard coal, 120 million tons of water, and to recycle 2.7 million tons of waste. Accelerated: Planting of 29 million mu (4.6 million acres) of forest land.

6. Industry and Technology: China has allocated 370 billion yuan (9.25% of the total stimulus) to fund independent innovation and industrial restructuring.

Accelerated: 176 high-tech industrialization projects and 146 projects to advance industrial technology selected for investment by the central government last year.

Issued: This year’s plan to invest in 222 projects to promote the electronic information industry and upgrade technology.

7. Post-quake Reconstruction: One trillion yuan (25% of the stimulus) is to be spent on rebuilding areas hit by last year’s Sichuan earthquake.

No details were provided on spending in this area.

–Sky Canaves
http://blogs.wsj.com/chinajournal/20...oney-is-going/

[big-dog]

PetroChina becomes world's biggest firm

By David Prosser

Tuesday, 26 May 2009

It is another symbol of the way in which the world of capitalism is shifting on its axis. PetroChina, the listed arm of China's state oil business, has become the largest company in the world, surpassing its rivals in the West.


Traders in Shanghai, where the stock is listed, marked PetroChina up by 3 per cent yesterday morning, giving it a market value of $336bn. The gains were enough to propel the company to the top ranking in the list of the world's most valuable companies.

The margin is thin – a mere $100m – but PetroChina is now ahead of Exxon Mobil of the US in those rankings and, on present trends, it may not take long to widen the lead. Chinese shares are up by 43 per cent this year, while the US market has slipped by 1.8 per cent.

Moreover, the long-term outlook for Chinese energy companies is one of growth – certainly much more so than in the US and elsewhere, giving global investors every reason to drive PetroChina higher. "If you have to buy an energy stock, you want to buy the dominant one in China," said Gordon Kwan, head of energy research at Mirae Asset Securities, a Hong Kong-based investment company. "China's fuel demand is growing, while in America and Europe demand is actually falling."

The company's ascendancy mirrors that of China's national economy, which overtook Germany in January to become the world's third largest. Economists believe China will move ahead of Japan, currently number two on the list, within three to four years, leaving only the US ahead of it. China could be number one by 2030.

Chinese companies are already well represented in the global rankings, accounting for four of the top slots, with Industrial Bank of China, China Mobile and China Petroleum in addition to PetroChina. The US also has four – Exxon, Walmart, AT&T and Microsoft – while Russia's Gazprom is also up there. Shell, the Anglo-Dutch oil giant, completes the top 10.

http://www.independent.co.uk/news/bu...m-1690705.html

[snapdragon]

Originally Posted by big-dog

PetroChina becomes world's biggest firm

By David Prosser

Tuesday, 26 May 2009



http://www.independent.co.uk/news/bu...m-1690705.html

3 TO 4 years to cross japan that is bunch of nonsense
Japanese gdp is 4.8 trillion USD at the end of 2008 ( when u consider 1 USD= 95 yen )

Chinese gdp at teh end of 2008 according to NBS was 4.46 trillion USD
and according to IMF report was 4.404 trillion USD ( 1 usd= 6.95 RMB )

if we even assume that japanese gdp contracts by 6% this year ( it has already contracted 15.5 % annualised in first quarter ) .
and compute Chinese gdp 1USD= 6.82 which is what it really trades now and will be used in next year calculations Chinese gdp is already greater than Japan's gdp as of today

Anyway in 2002 everyone was saying China will suprass japans GDP by 2025 .Today right now on the current currency exchange of today .China's gdp> japan's gdp

But we have to do an arthimetic average of fluctuating currency to finally come up with an average exchange against the USD at the end of the year and convert the GDP which is mentioned in local currency into USD . 2008 was done on 6.95 RMB and 95 yen per dollar .


Chinese

[snow is red]

China's Haier to buy 20% stake in NZ firm

2009-05-27

QINGDAO -- China's largest home appliances maker Haier announced Wednesday that it would take a 20 percent stake in New Zealand's Fisher & Paykel Appliances.

Haier did not reveal how much it would invest in the New Zealand's white goods manufacturer for the stake, but Fisher & Paykel told the New Zealand Stock Exchange Wednesday that Haier would invest about 80 million New Zealand dollars (US$50 million) in the company.

Haier said in a statement that the two companies have also signed a cooperation agreement, pledging to complement each other's technical advantages, share each other's resources of market and supply chain, and enhance cooperation in after-sale services.

"As part of the cooperation, Haier will franchise and distribute home appliances of Fisher & Paykel brand in the Chinese market, and Fisher & Paykel will franchise and distribute home appliances of Haier brand in the Australian and New Zealand's markets," the statement said.

Headquartered in the seaside city of Qingdao, east China's Shandong Province, Haier is the world's fourth largest home appliances manufacturer and employs more than 50,000 people globally.

Founded in 1934, Fisher & Paykel mainly makes refrigerators, washing machines, cooking stoves and dishwashers. It enjoys the largest market share in New Zealand, but it is now debt-ridden due to falling New Zealand dollar and has been trying to reduce its overseas debt.

http://www.chinadaily.com.cn/china/2...nt_7947771.htm

[snow is red]

China allocates $40b for infrastructure investment so far in 2009

2009-05-27

China's central government has allocated 270 billion yuan ($39.7 billion) for infrastructure investment so far this year, a National Development and Reform Commission (NDRC) official told legislators Tuesday.

That amount is part of a planned total of 367.6 billion yuan in the 2009 central budget.

Adding another 30 billion yuan from last year's budget meant that the country had already allocated 300 billion yuan to infrastructure investment since the fourth quarter of last year, NDRC vice director Mu Hong told legislators.

The NDRC is China's top economic planning body.

Mu made his comments during a session on major public investment projects held by the Standing Committee of the National People's Congress, the top legislature.

The money is also part of the 4-trillion-yuan, two-year stimulus plan announced late last year as the economic downturn deepened.

http://www.chinadaily.com.cn/bizchin...nt_7947943.htm

[big-dog]

Thursday May 28, 2009

China’s domestic demand remains strong despite weak exports

EXPORTS from China are still suffering as the latest April figures show. This impacted China’s industrial production which, although expanding, was still at a relatively weak pace.

This negative reading is not surprising as global economic conditions remain weak and the recovery process is in the early stages.

On the other hand, the latest economic figures pertaining to China’s stimulus package and consumer spending remain robust.

Bank lending, fixed asset investment and money supply are expanding at robust levels.

Most importantly, retail sales in China are expanding very healthily with April’s figure growing 14.8%, and with home sales in 2009 so far surging.

What we have now is a two-tier Chinese economy. The export-related side remains weak but the domestic demand-related aspects remain strong.

Would such a situation please investors and economists? Nouriel Roubini, New York University economics professor, said he was worried about the quality of the recovery and that private domestic demand was not growing fast enough.

“Without exports, China can produce growth for a period of time by getting the banks to lend like crazy, but that’s not sustainable growth,” said an economist with Macquarie Securities in Hong Kong.



Even though retail sales are surging in the mid-teens, at a time when retail sales in most countries are slumping, this is still not enough to please the bearish ones.

It is true that banks anywhere cannot continue to lend like crazy, but if export growth is so sustainable, why are exports collapsing now?

It would seem that, for some people, nothing is ever right. Are exports really that important for China? Is it just a myth?

Or is China’s economy more than just relying on exporting cheap goods to the US?

The table shows the growth components of China’s gross domestic product.

Contribution from net exports, i.e. exports minus imports, is far less important than contribution from domestic demand, whether from private or public sector.

A good proxy for domestic demand is retail sales and fixed asset investment. Both are expanding robustly.

If you suspect the figures from the Chinese official sources, just remind yourself that in 1978, there were only 400 washing machines in the whole of China. By 2005, there were 30.4 million washing machines.

In 1980, only a few thousand cars were on the roads in China.

Now, China is the biggest car market in the world. Now, all these are for domestic consumption, not for export.

The simple fact is that the US economy may still be the largest in the world but it is certainly not the most important anymore.

Hong Kong’s economic prospects are now very closely linked to China’s, the strongest economy in the world.

[snapdragon]

Originally Posted by big-dog

Thursday May 28, 2009

China’s domestic demand remains strong despite weak exports

It is written in a very amateurish manner .

[duff+eglin]

Originally Posted by big-dog

Thursday May 28, 2009

China’s domestic demand remains strong despite weak exports

I agree. A poorly written article. What was the source?

[teddybear]

It seems economy has shifted to Asia.

[snapdragon]

Yeah that is true but honestly I am not impressed with the way China is still holding onto its treasuries .They have now increased their holdings to 769 billion USD .This ofcourse does not include those mortgage backed securities that are issued by fannie & freddie which are close to 400 billion USD .

The government keeps mentioning once in a while about shifting reserves but never really does it. (Ofcourse now they are increasing their strategic reserves but it is at such a insanely slow pace )

Anyway and also the most sad part is . Pboc was planing to increase gold reserves to 4000 tonnes and they have just increased to 1056 tonnes . To be honest China is the largest producer of gold and PBOC does not have to do anything .It has to print yuan and buy GOLD (so that the currency issued as gold as an asset backing it). Considering this deflationary environment it is highly important they do it

[big-dog]

Originally Posted by duff+eglin

I agree. A poorly written article. What was the source?

The Star, Malaysia 's #1 newspaper.

http://biz.thestar.com.my/news/story...1&sec=business

[big-dog]

China may soon revise power goal

By Fu Jing

Updated: 2009-06-02

China will soon announce the revised power supply capacity target for 2020, a senior energy official said yesterday.



Teams of experts and officials are busy reworking the target, which may increase to 1,400-1,500 GW by 2020, said Sun Qin, deputy director of the National Energy Administration. He said speeding up construction of power plants would help stimulate the domestic economy and create more jobs.

The revised target, if approved by the central government, would be nearly a 50 percent increase from the previous goal set by the government in 2006, when it planned to develop 1,000 GW in installed capacity by 2020.

This year, China's power capacity will cross 900 GW and will soon be on par with the US, which has 1,000 GW in electricity supply capacity now.

"To meet the increasing demand for power and face up to the challenges thrown up by financial crisis, we will further accelerate construction of energy infrastructure," Sun said at a news conference held in Beijing yesterday.

Sun, however, did not clarify when the new target would be officially approved. He said China would restructure its electricity supply mix by supporting more investment in nuclear, solar, wind and biomass energy.

In line with the revised target, the ratio of nuclear power to the combined installed electricity capacity will increase to 5 percent in 2020 from 2 percent in 2008. Sun said China's installed nuclear power capacity would increase to 60-75 GW by 2020, from the previous target of 40 GW. It stood at 9.1 GW at the end of 2008.

"All the targets are under discussion and we are drafting the final program documents, which will be submitted to the central government for approval," said Sun.

A senior official with the NEA told China Daily separately that China's highest leadership has called for a revision in the national energy program, in order to help the economy buffeted by the financial crisis.

"The energy infrastructure has seen significant investment and will benefit the industrial chain if it is well developed," said the official, surnamed Ding. She called it a "rational investment area" as China's urbanization and industrialization would continuously expand electricity demand.

(China Daily)

[z0rg]

Inflation coming back?
Edible oil price hike in the offing
Gasoline, diesel prices raised
Asia Steel-China prices edge up in fifth weekly gain
China building material costs up in April
China M2 up 26.0 pct, loan growth eases

I think I see a chain reaction coming.

1- Inflation starts rising very fast within a few months.
2- The gov allows the Yuan to appreciate a lot in order to cool inflation.
3- The dollar declines even faster, and probably crashes. The American Dollar is extremely likely to fall sharply in the coming months with or without a Yuan appreciation. A booming Yuan would only quicken this trend.
4- As the Dollar collapses versus the Yuan and the Yuan rises against most currencies, the Yuan becomes the new safe-haven currency.
5- In order to make imports affordable, more and more countries quit the Dollar and start using the Yuan as a trade currency. Not only for exporting to/importing from China, but also for international trading, meaning that the Yuan becomes an international trading currency.

This is not as good as it may sound. In this process, China's exports, especialy exports to USA, would collapse for months. Unemployment would rise much faster, and the trade surplus would be gone very quickly. On the other hand, there are many obvious advantages in a mid-long term. In a post-crisis world, the rules would be very different.

I'm not saying I think that this will happen, but it could happen in case inflation goes out of control, and that's very possible.
This guy has many articles about this scenario http://www.marketskeptics.com/

[snapdragon]

Lets get real Inflation number won't rise . At least not in any major economies . Firstly when many commodity indices rose by over 400 % in a period of 7 years from 2000 to 2007 .USA only once reported inflation above 4% and always showed it to be less than 4%. no matter how high the costs got .

So the federal Reserve will lie once again and say there is no inflation .They will be reluctant to raise interest rates .Because then automatically the treasury yeilds will rise (Already the U.S government pays 160 billion USD interest annually on the debt it owes to the world and if interest rates rise .It woudl make it that much harder to pay the interest on debt.So they will lie once again). Prices everywhere especially in commodities kept rising last month. Most commodity indices had best month since the mid 70's . Copper and other commodities were up 57 % in just one month in march i think . Not just that .The Gold bug index or the hui index peaked at 500 sometime in march 2008 and collapsed from 500 ->150 now the HUI gold bug index is back to 400 which is close to 275 % rise from the lows which is a huge rally and is almost there When inflation was peaking .

Federal Reserve is a liar and it will lie once again

About Chinese yuan . Well to be honest it is kind of a sad story .Firstly the Chinese govt has allowed it to rise since 2005 from 8.25 to present number of 6.82 per dollar .To be honest that is just slightly more than 20 % gain .Look at Kiwi dollar, it has risen by 37 % in the last 2 to 3 months against the USD .It rose 37% in just 2 months .The Chinese ended up buying more than 1.4 trillion USD in order to make sure the RMB did not rise heavily against the dollar. Even inflation was very high in 2007 and early 2008. They did not sell dollars and buy yuan to cool inflation .They took the fund rates uip 5 times .They took the Credit reserve ratios . PBOC sold lot of debt to suck up liquidity but they did not sell USD to buy yuan or allow yuan to appreciate . Had they done it then it would have been brilliant but they did not .

As of now they need to constantly increase M0 and M1 money supply which are not increasing that rapidly especially M0.What is increasing is M2 and of course M3.

Also about inflation in China . I doubt it, firstly Chinese have a huge over supply .Probably one of the biggest supply side bubbles in history . There is too much production very little consumption . They won't see Inflation anytime soon .Even with rising commodity prices .
Last year China was catering to a very large demand base which was able to consume such heavy production now i doubt it . Stores will continue to have way too many goods and the inventory build up is not going to clear anytime soon .Especially in consumer goods. The only way for them to create some inflation is print more money and more rapidly . Which they are doing now but not rapidly enough .

[snow is red]

New energy seen as new growth engine

2009-06-02

New energy is the focus of a two-tier program that involves the investment of trillions of yuan to add zip to the economy, a senior official said yesterday.

Liu Qi, deputy director of the National Energy Administration, said new-energy output is likely to exceed the targets set by the nation's overall energy plan (announced in 2006) and the renewable-energy plan (released in 2007).

"We are aiming to make the new-energy industry a new engine of development," Liu said.

Following instructions from the Cabinet, Liu and his colleagues "are working intensely so that the draft will be tabled for approval by the higher authorities as soon as possible," he told China Daily after a press conference in Beijing.

The first phase of the program covers a strategic shift in three years to nuclear, solar, wind, biomass power and clean coal technologies - with investment opportunities worth as much as 3 trillion yuan ($439 billion), he said. Phase 2 encompasses the period up to 2020 and will entail far more investment.

According to energy officials, the existing plan for nuclear energy is likely to expand by as much as 50 percent from the level planned in 2006.

Targets may also be raised for renewable energy, whose target for 2020 was set at 15 percent of total output. The actual figures for capital investment and details of the projects are subject to the central government's final approval, Liu said.


The new-energy program is aimed at not only reducing the economy's energy intensity but also identifying potential high-growth areas and driving forces for future development.

Vice-Premier Li Keqiang, in a policy speech on May 21, described the new-energy industry, which includes energy consumption and environmental protection, as a strategic industry.

Officials said that energy specialists were summoned to Beijing on April 2 and have been working on the new program since.

At the press conference yesterday, Zhang Guobao, director of the National Energy Administration, said a new-energy program would be a driving force in growth once the present fiscal stimulus plan has helped stabilize the overall economy.

Beijing has shown keen interest in the development of the new technological frontier after the US, the EU and Japan unveiled clean energy programs against the backdrop of the global financial crisis.



http://www.chinadaily.com.cn/bizchin...nt_7962440.htm

[Whiteeclipse]

SOUTH CHINA'S SOFTWARE PARK AIMS TO RIVAL SILICON VALLEY
Tianhe Software Park in Guangzhou, capital city of south China's Guangdong Province, aims to achieve 100 billion yuan (US$14.6 billion) of output value by 2015, becoming an ecological software community similar to the US silicon valley.

According to a detailed plan of the park, which was recently approved by the Guangzhou City Government, The park, covering an area of 12.25 square km, will develop an area of 56.85 hectares for living, with facilities for education, medical care, culture and sports activities, business services, finance, posts and telecom, and community services.

The Park is estimated to host 600 high-end software enterprises, with a combined output value exceeding 50 billion yuan by 2010. Its Gaotang Campus will accommodate 1,200 enterprises by 2015, with software export value piercing nine billion yuan, and output value 100 billion yuan.

Tianhe Software Park is designated as a state-level hi-tech industry development zone, National Torch Program Software Industry Base, China Network Games and Animation Industry Base, and national software export and innovation base. It is the second largest software park in China in terms of comprehensive scale, following Zhongguancun in Beijing.
http://www.tmcnet.com/usubmit/2009/06/04/4211198.htm

[Whiteeclipse]

Taiwan Solar Co to Settle in Xinyu
Taiwan-based Dongguan Quoncion Solar Energy Lighting Co. Ltd. plans to move its headquarters and Dongguan solar module plant to Xinyu, Jiangxi province where it will establish an international ecological science park, Xinyu Daily reports June 3. The park will feature a research and development center for new energy products, an LED lamp production base, a wind power equipment factory and a copper indium/gallium selenide (CIGS) solar cell production base, said the report. The company will invest a total of RMB 4 billion in the park and in the development of an 18 square kilometer land parcel, where it intends to build a solar energy and energy-saving museum, a new energy forum, a primary school and a hotel, said the report.
http://www.jlmpacificepoch.com/newss...149473_0_5_0_M

[snow is red]

China unveils stimulus measures for bioindustry‎

2009-06-06

BEIJING -- The State Council, China's cabinet, has publicized measures to boost biological industry, said an announcement posted on China's central government website Friday.

The measures, Policies to Accelerate Biological Industry Growth, consist of 33 items in ten parts, involving targets of the policies, key fields in biological industry, technology innovation, attracting talents and providing fund support.

The new policies have been made to implement China's medium- and long-term bio-industry development plan and the 11th five-year plan for biological industry growth, said the announcement posted on www.gov.cn.

The measures aim to foster bio-industry as a pillar industry in high technology and a booming strategic industry in China, the announcement said.

The key fields for modern biological industry include bio-medicine, bio-agriculture, bio-energy, bio-products and biological environmental protection technology.

http://www.chinadaily.com.cn/china/2...nt_8256139.htm