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China Daily | Updated: 2011-08-09 08:37

Dalian Airlines to take off

Dalian Airlines Co Ltd, the first air carrier based in Dalian, was established on Monday in the port city in Northeast China's Liaoning province.

According to Lu Lin, head of the Dalian Free Trade Zone, Dalian Airlines was co-founded by Air China Ltd and the zone, which invested 800 million yuan ($125 million) and 200 million yuan, respectively. Passenger and cargo services are expected to start this year using three Boeing 737-800s.

China sells Japanese debt

China sold Japanese medium- and long-term debt for the first time in nine months in June as the yen neared a record high against the dollar and benchmark yields approached their lowest level since November.

China sold a net 508.5 billion yen ($6.5 billion) of the securities, according to a statement from Japan's Ministry of Finance on Monday. China was a net seller of 8.4 billion yen in short-term notes, maturing in less than one year, the data showed.

No oil price cuts for time being

The Chinese government will not lower oil prices for the time being, as conditions for price cuts have not yet been met, the nation's economic planning agency told Xinhua News Agency on Monday.

The remarks were made by the head of the pricing department of the National Development and Reform Commission in response to public claims that China's current domestic prices fail to reflect falling world oil prices.

Big four banks lend $32 billion

China's four biggest State-owned banks extended new yuan loans worth 205.6 billion yuan ($32 billion) in July, up slightly from June's 198.2 billion yuan, the China Securities Journal reported on Monday.

The official newspaper estimated total new yuan loans extended by all Chinese banks stood at 550 billion to 650 billion yuan in July, compared with June's 633.9 billion yuan, announced by the People's Bank of China earlier.

China Daily - Agencies

(China Daily 08/09/2011 page13)

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