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Crude oil trade with China has been steadily growing in recent years, said Mohammed Al-Madi, regional vice-president and chief representative of Saudi Petroleum Ltd Beijing Representative Office.Page 3

China's record loan growth in January indicates the $586 billion stimulus package is taking effect and the economy could rebound soon. Chinese banks issued 1.62 trillion yuan ($237 billion) in new loans in January, up 101 percent year-on-year, the central bank said on Feb 12. Page 4

Major venues constructed for the 2008 Summer Olympics, especially the Bird's Nest, officially known as the

National Stadium, and the Water Cube, have become symbols of China's robust growth and rising confidence. However, operators are struggling to make these iconic sports venues profitable.Page 5

Millions of Chinese QDII buyers

attracted by a red-hot domestic market, an appreciating Chinese yuan and dreams of getting wealthy in the global capital market, have learnt a bitter lesson. Page 6

The scandal surrounding Wall Street financier Bernard Madoff that is bankrupting hundreds of investors worldwide, even causing some to commit suicide, has also alarmed many rich Chinese who once believed everything that glitters in international marketplaces is gold. Page 6

China's hotel market soared to record highs during the Beijing Olympics last August but then plummeted to record lows starting in September. The mid-scale and budget hotel sectors are weathering the drop in business better than luxury hotels since many high-end hotel corporate clients are scaling back traveling budgets and turning to cheaper alternatives. Page 8

The Chinese government last week approved a slew of measures, including hikes in the export tax rebate and credit support, to help the light and petrochemical industries. The stimulus package for the two industries was approved at an executive meeting last Thursday in Beijing.

Foreign direct investment (FDI) fell for the fourth month in a row in January. FDI dropped 32.6 percent year-on-year to $7.54 billion, the Ministry of Commerce said last week.

Beijing signed a deal with Moscow last Tuesday to lend $25 billion to two Russian oil firms, which in turn will sell 15 million tons of crude oil a year to China for the next 20 years. Meanwhile, official sources indicated that China's stockpile of refined oil products is expected to reach 10 million tons by the end of 2011.

The total volume of online shopping in China reached a record high of over 120 billion units in 2008, up 128.5 percent over 2007, according to a report conducted by the iResearch Consulting Company. The report was based on a nationwide survey of 100,000 Internet users interviewed through 84 major websites.

Government revenue in January fell 17.1 percent from a year earlier, declining to 613.16 billion yuan in January. The central government received 296.48 billion yuan in January, down 28.4 percent from a year earlier, while local governments chalked up 316.68 billion yuan, down 2.7 per cent from a year earlier, the Ministry of Finance said last week.

(China Daily 02/23/2009 page1)