- Language Tips
Crude production rises to 5-month high in May
China's crude oil production rose to a five-month high in May as CNOOC Ltd, the nation's largest offshore explorer, increased output. China produced 17.7 million metric tons of crude in the month, 3.8 percent higher than a year earlier, according to data from the National Bureau of Statistics. That's equivalent to 4.2 million barrels a day and is the most since December, when output hit a record 17.9 million tons. CNOOC appraised six domestic offshore wells in the first quarter, three of them in the Penglai 15-2 field in Bohai Bay, Chief Financial Officer Zhong Hua said on April 26.
China-US Equity Index drops 2.5 percent
Chinese equities fell the most this month in New York, led by Vipshop Holdings Ltd, after the government signaled it wasn't planning to ease monetary policy while the Federal Reserve said it may start to pare back stimulus efforts later this year. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the US plunged 2.5 percent to 86.26 on Wednesday, the lowest level since August.
Siemens JV targets 30% of offshore wind sector
Shanghai Electric Wind Energy Co, a Chinese joint venture with Siemens AG, plans to capture about 30 percent of China's offshore wind market by 2015, CEO Jin Xiaolong said in an interview in Shanghai on Wednesday. China plans to install 2.5 to 3 gigawatts of projects in coastal waters by 2015. The focus on offshore projects comes as the country's turbine makers have seen profits decline from onshore installations, which fell 18 percent to 15.9 gigawatts last year compared to 2011, according to Bloomberg New Energy Finance data.
Alibaba attracts over 100m B2B customers
Alibaba Group Holding Ltd says it has attracted over 100 million registered merchants on 1688.com, its business-to-business unit, making the e-commerce giant the world's top B2B online service provider. The climax of daily sales rocketed to 290 million yuan ($47.3 million) during a recent wholesale promotion in May, it said in a statement, tripling the transaction amount of its B2C counterpart Tmall.
Ford opens new $300m plant, doubling capacity
Jiangling Motors Corp, Ford Motor Co's Chinese commercial-vehicle-making partner, has opened a $300 million assembly plant, more than doubling its production capacity in the world's biggest auto market. The JMC Xiaolan plant adds 300,000 vehicles in annual capacity to the existing 245,000 units, Ford said. The factory will be used to make both Ford and JMC-branded vehicles. Ford is investing $4.9 billion in China to try to catch up with General Motors Co and Volkswagen AG.
Shijiazhuang to 'restrict vehicle numbers'
Shijiazhuang, the capital of Hebei province and one of China's most polluted cities, has proposed limiting vehicle ownership through a lottery, becoming the latest locality to do so in the world's largest auto market as air quality and traffic congestion worsen. The city will restrict the number of new vehicles to 100,000 this year and limit households to owning two cars, according to a Shijiazhuang Daily report. That quota will be cut to 90,000 in 2015, with a lottery being used to determine who can buy cars, the report said.
Money-market rates climb to record levels
China's benchmark money-market rates have climbed to record levels as the central bank refrained from using reverse-repurchase agreements to address a cash crunch. The People's Bank of China avoided using open-market operations to add or drain funds on Thursday and sold 2 billion yuan ($326 million) of three-month bills. Maturing notes added a net 28 billion yuan to the financial system this week, after increases totaling 252 billion yuan in the last two weeks.
Shipbuilding orders rise 4 percent in Jan-May
Chinese shipbuilders landed 44 percent more orders year-on-year from January to May, but completed orders dropped by 23.7 percent compared with the same period last year. In the first five months, orders were up 44.2 percent from a year earlier. However, domestic shipyards saw their orders decline by more than 23 percent year-on-year, the China Association of National Shipbuilding Industry said on its official website. The decline in completed orders led to a 22.4 percent drop in the revenue at the nation's 80 major shipyards.
China Daily - Agencies
(China Daily 06/21/2013 page14)