1. China to ease controls on investment approval, top planner says
China will ease government controls this year to stimulate private-sector investment amid an economic slowdown, the top economic planner said in an online statement Monday.
The government would narrow the scope of projects requiring approval "by the maximum extent," the National Development and Reform Commission said in its 2009 plan on deepening economic reforms.
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2. China updates spending details of stimulus fund
China's economic planning body released a breakdown Thursday of how the government's 4 trillion yuan (586 billion U.S. dollars) of stimulus funding was being spent.
Since the stimulus package was unveiled in November, 230 billion yuan had been used as of the end of April, the National Development and Reform Commission (NDRC) said on its website.
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3. Sinopec to Build BPA and PC JV Plant with Japanese Partner
Following the approval by the National Development and Reform Commission, Sinopec Corp. and PCR Investments Japan Corporation are ready for a 150 000 t/a bisphenol A (BPA) and 60 000 t/a polycarbonate (PC) joint venture plant, located in Fangshan, Beijing where the famous refinery Sinopec Beijing Yanhua Petrochemical Company Ltd. is seated.
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4. China Water Desalination Market Offers Opportunities despite Global Economic Downturn
According to the National Sea Water Utilization Special Program, China's need for desalinated water will almost treble over the next ten years, creating huge opportunities for desalination companies operating in China. Privatization of China's water sector will give a further boost to the local industry. Speaking at the China Water Congress which was held in Tianjin from April 23rd - 24th, Paul Bai, CEO for Aqualyng in China, the Dubai-headquartered global desalination company, said privatization will drive competition and introduce advanced technologies.
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5. China's Three Oil Giants Post Q1 Results
China Petroleum & Chemical Corporation (Sinopec Corp., SH: 600028; HKEX: 386; NYSE: SNP; LSE: SNP) saw an operating revenue decrease by 31.2% year on year to RMB228.6 billion in the first quarter of 2009 under the International Financial Reporting Standards (IFRS). Net profit increased 85.1% year on year to RMB11.2 billion. Earnings per share were RMB0.129.
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