NEW ENERGY STRIDES

China will adopt strategies to expand the use of new energy in its 12th Five-Year Plan period (2011-15). The National Energy Administration said the measures will reinforce the nation's commitment to improving its energy mix and cutting back pollution. Nuclear, wind, solar and biomass energies and clean coal technologies are being targeted as an integral part of the plan for the energy industry in the future. A stimulus plan is also being prepared to boost the nation's new energy sectors and is expected to be announced next year.

BOOMING AUTO SALES

China's sales of domestically manufactured vehicles reached 1.39 million in April, up 9.8 percent from March and 40 percent more than in the same period last year, according to data from the China Automotive Technology and Research Center (CATRC). Domestic manufacturers produced 1.53 million vehicles in April, down 9.82 percent from March but up 35.18 percent compared with a year ago. CATRC estimated that sales of domestically made vehicles could reach 15 million this year.

INCREASING CAPACITY

PetroChina has started construction on a new refinery in Ningxia Hui Autonomous Region as fuel demand increases in northwest China. This will increase the company's capacity in the region to 5 million tons per year, or 100,000 barrels per day, according to the website of its parent company China National Petroleum Corp. Construction will be complete at the end of 2010.

NEW TRADING PLATFORM

The China International Commodity Trading Platform (CICTP) has recently started operating in Beijing. The CICTP, set up by the Ministry of Commerce and the Ministry of Industry and Information Technology, aims to provide business services for Chinese and foreign small and medium-sized enterprises planning to tap into international and Chinese markets. Services will include exhibitions, brand promotion and online trading.

FOREIGN BANKS OPTIMISTIC

Foreign banks in China see a bright future for their growth in the country, but have identified increasing competition from Chinese rivals as their biggest challenge for expansion, according to a recent survey conducted by PricewaterhouseCoopers (PwC). The survey of senior executives from 42 foreign banks operating in China indicates that these institutions continue to stake their future in China, with most of them expecting a revenue growth of 10-20 percent in 2010 in the country.

GAS FOUND IN KENYA

China's biggest offshore oil explorer China National Offshore Oil Corp. discovered natural gas at Isiolo in north Kenya, said Kenya Energy Minister Kiraitu Murungi. The company will now conduct a month-long survey to determine whether the finding is commercially viable, the minister said on May 11 in the Kenyan capital Nairobi.

HOUSING PRICES EASE

The Chinese Academy of Social Sciences released its 2010 Annual Report on the Development of Real Estate in China on May 5. The report predicted that, due to expectations of policy adjustment, the pace of domestic rising housing prices would slow down in 2010, compared with the rate of 23.6 percent in 2009. However, because of vigorous demand and relatively short supply in the property market, the chances of a decline in housing prices are slim.

TRADE SLOWDOWN

China saw its service trade volume drop 6 percent year-on-year to $286.8 billion in 2009, according to the Ministry of Commerce. Of that amount, exports dropped 12.2 percent to $128.6 billion, whereas imports were $158.2 billion, a rise of 0.1 percent. The trade deficit reached $29.6 billion, 1.6 times more than that of 2008. Foreign trade in transportation and insurance services dropped sharply, but that of tourism, finance and information services saw a significant markup despite the downward trend. China is heading for 10 percent growth in its service trade in 2010 as business recovers globally, according to the ministry.

NUMBER CRUNCHING

9.5 %

Growth rate of Chinese economy in 2010, forecast by a United Nations report

1,017

Number of new-energy vehicles put into use at Shanghai Expo

5

The place China ranked in international patent applications in 2009

150 million

Predicted number of 3G service users in China in 2011

$71.9 billion

The output value of China's media industry in 2009