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ECONOMIC MODEL

Shifting the Economic Development Model a Top Priority for 2011

According to yesterday’s executive meeting of the State Council, in 2011, China will focus on promoting a shift in the development model, ensuring and improving people’s livelihood, furthering administrative and agricultural system reforms, and strengthening anti-corruption efforts.

China Business News | 2011-04-21

INCOME

NDRC Planning Large-Scale Wage Hikes

The National Development and Reform Commission (NDRC) is drafting a “large-scale wage-raising” project. In addition to raising the minimum income for personal income tax, the NDRC is planning to raise wages and housing subsidies and establish a mechanism for providing low-income subsidies.

Chongqing Evening News | 2011-04-21

OIL

Shortages at Private Gas Stations

Private wholesale and retail gas stations are having difficulties purchasing from Sinopec and PetroChina. According Qi Fang, executive chairman of the oil federation under the National Association of Industry and Commerce, sourcing oil from local refineries means losses for private stations.

Beijing Times | 2011-04-21

COE

COEs Caught in Auditing Controversy

The National Audit Office of China has linked several listed companies, including key subsidiaries of several centrally-owned enterprise (COEs) such as China Construction Corporation, Offshore Engineering Corporation and China Datang Corporation, with irregular mergers and acquisition deals. The companies may also be guilty of violating compensation and penalty collection procedures.

Shanghai Securities Journal | 2011-04-21

CORRUPTION

Allegations of Bribery Against Sany Heavy Industry Revealed Online

Documents leaked on the internet by an individual who identified themselves as a former employee, purportedly reveal that two subsidiaries of the Sany Heavy Industry Co.,, one of China’s leading private equipment manufacturers, gained orders by offering bribes. Some of the companies implicated are centrally-owned enterprises. A public relations spokesperson for Sany Heavy Industry has come out and...

Xin Kuai Bao | 2011-04-20

FDI

FDI Up Almost 30% in First Quarter

Foreign direct investment (FDI) into China has increased by 30.34 billion US dollars in the first quarter of 2011, up 29.4% on a year-on-year basis, according to statistics released by the Ministry of Commerce yesterday. In March 12.52 billion US dollars of FDI flowed into China, up 32.9% on the amount that entered the country in March 2010. The service sector accounted for 14.39 billion US dollar...

Shanghai Securities Journal | 2011-04-20

FUEL

Sinopec Suspends Export of Refined Oil to Ensure Domestic Supply

Sinopec announced yesterday that it will temporarily suspend refined oil exports (excluding those to Hong Kong and Macao) for the purpose of ensuring domestic supply. As the journalist understands it, no firm date has been set for the length of the temporary suspension and exports may start up again as the market situation changes.

China News Agency | 2011-04-20