BEIJING, Dec. 31 — China National Petroleum Corp (CNPC), along with companies from South Korea and the United Arab Emirates (UAE), has won contracts worth $9.7 billion to develop a large natural gas field in Turkmenistan.

    The consortium, comprising of CNPC, South Korea’s LG International Corp and Hyundai Engineering Co, and the UAE’s Gulf Oil & Gas Fze and Petrofac International Corp, will jointly develop the South Yolotan gas field, according to Turkmen media.

    The Yolotan field is considered to be one of the biggest five natural gas deposits in the world and may hold around 6 trillion cu m of gas.

    A CNPC spokesman, however, said yesterday that he was not clear about the deal, but added that Turkmenistan was one of the most important natural gas markets for the company.

    China and Turkmenistan signed an agreement in 2007, under which the Central Asian country would export 30 billion cu m of natural gas to China annually for the next 30 years.

    Under the deal, CNPC is currently developing natural gas fields in the Bagtyiarlyk area at Amu Darya Right Bank in Turkmenistan. A CNPC executive yesterday told China Daily that the output of natural gas from Bagtyiarlyk would amount to 5 billion cu m by next year.

    A natural gas pipeline linking Turkmenistan and China’s Xinjiang Uygur autonomous region started operations earlier this month as part of the agreement. The project is expected to play an important role in China’s efforts to increase the use of natural gas to 5 percent of its total energy consumption in 2010, said analysts.

    ”The new deal will help meet the rising domestic demand for natural gas in the country,” said Lin Boqiang, director of China Center for Energy Economics Research of Xiamen University.

    Meanwhile, CNPC’s listed arm PetroChina Co has won the approval of the Canadian government for its C$1.9 billion ($1.8 billion) bid to buy a stake in two Alberta oil sands projects, which is its biggest North American acquisition.

    PetroChina has signed agreements with Athabasca Oil Sands Corp (AOSC) to take a 60 percent stake in the Canadian company’s MacKay River and Dover oil sands projects.

    (Source: China Daily)

    BEIJING, Dec. 31 (Xinhua) — Zhou Xiaochuan, governor with the People’s Bank of China, or the central bank, reiterated Thursday that the bank will maintain the moderately loose monetary policy in 2010 and improve the focus and flexibility of the policy according to circumstances.

    More credit support should go to promoting employment, strategic emerging industries, and industry transfer, Zhou said in a New Year Address to the People’s Bank of China.

    Zhou underscored that more financial support should be given to transform the economy’s development pattern, develop agriculture, help farmers and rural areas progress, and expand domestic consumption in 2010.

    He also urged to deepen the reform of financial systems, improve the service function of the financial industry to better support the real economy, promote the balance of international payments, and effectively guard against and reduce financial risks.

Special Report:  Global Financial Crisis

China’s central bank reaffirms moderately easy monetary policy in 2010

     BEIJING, Dec. 23 (Xinhua) — The monetary policy committee of China’s central bank has reiterated the government’s decision to maintain the moderately easy monetary policy in 2010 and improve the focus and flexibility of the policy according to circumstances.

    The committee also agreed at a quarterly meeting that the government would manage the growth of credit increase next year to avoid big fluctuations in lending, according to a report posted on the website of the People’s Bank of China Wednesday.  Full story

China to keep macroeconomic policy stance in 2010 with flexibility

     BEIJING, Nov. 28 (Xinhua) — China has vowed to maintain its macroeconomic policy stance in 2010 despite worries that its stimulus is likely to risk fueling new bubbles and overcapacity.

     A meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee agreed Friday that the country will continue the proactive fiscal policy and moderately easy monetary policy next year.  Full story

China to keep continuity, stability of economic policy: vice PM

     BEIJING, Nov. 12 (Xinhua) — China will maintain the continuity and stability of its economic policy as its effort in coping with the global financial crisis has scored remarkable achievements, Vice Premier Li Keqiang has said.

     “Positive changes have taken place in world economy along with enhanced confidence of the international community and a financial market turning back into normal track, and some emerging economy are in the front rows in the recovery process,” Li said Wednesday when he met with some Nobel Laureates and prominent economists who were in Beijing for a forum.  Full story

    URUMQI, Dec. 31 (Xinhua) — Northwest China’s Xinjiang Uygur Autonomous Region has adopted a law to enhance unity among different ethnic groups, the first regional law of its kind in China.

    The law on education for ethnic unity in Xinjiang was adopted Tuesday at a regional legislature’s session and would take effect on Feb. 1, 2010, said an official with the Xinjiang Regional People’s Congress, the local lawmaking body, Thursday.

    The law spells out that it is an obligation for all citizens to work towards national unity and against secession, and defines the principles, ways and content of ethnic unity education with regards to all people in Xinjiang, said Eligen Imibakhi, chairman of the Standing Committee of the Xinjiang Regional People’s Congress.

    ”It rules that all people and organizations are banned from promulgating speech detrimental to ethnic unity, and from gathering, providing, producing and spreading information to that effect,” he said.

    The law states anyone who endangers ethnic unity or provokes secession will face penalties and prosecution.

    ”The law will promote equality, unity and harmony in Xinjiang and serve its long-term stability,” Eligen Imibakhi said.

    Lawmakers in Xinjiang began drafting the law in August 2008 andfinalized the document early this month. Revisions were made according to proposals given by local government officials, experts from schools, research bodies and non-government organizations and people from all walks of life in Xinjiang.

    At least 60 percent of Xinjiang’s 21 million people are ethnic minorities and less than 40 percent are Han nationals.

    Starting in 1983, Xinjiang marked May as the month for ethnic unity education to promote harmony among people of different ethnic groups.

The imposing entrance to the Forbes Park estate in Shanghai, where a villa was sold for about 190,000 yuan per sq m. (Photo: China Daily)

    BEIJING, Dec. 31 — Gray-slate-clad villas surrounded by an imposing stone wall and an ostentatious main gate flanked by thick Roman columns are making history by setting record sale prices despite repeated government warnings of overheating in the property market.

    In the latest sale at Forbes Park estate in the Gubei area, a villa of about 700 sq m was sold to an anonymous buyer at about 190,000 yuan per sq m.

    It is an all-time high for residential properties in Shanghai, nearly double the earlier record of 100,000 yuan per sq m for Tomson Riviera apartments in Lujiazui financial center of Pudong district.

    The annual average disposable income of Shanghai residents in 2008 was 26,675 yuan, which means it will take seven years’ income for someone to buy a single square meter in the complex.

    Most of the tenants in the complex are overseas Chinese from Hong Kong and Taiwan, plus a few expatriate executives in multinational firms, said a saleswoman at the estate’s sales office.

    The upmarket area is particularly favored by Taiwan industrialists and Hong Kong investors, and the estate is developed by Wan Te Yuan, a relatively little-known company which has been involved in this project of 21 villas and two tower blocks since 2004.

    The salesperson at Forbes Estate said that a total of 18 villas have been sold and the apartments in the two tower blocks have either been sold or are for rent.

Top of the heap. (Photo: China Daily)

    Forbes Park, according to property agents in the vicinity, was not a hot property because it is not located in Gubei’s prime area. “Far from shops and supermarkets, Forbes Park definitely is not the star property in our district,” said Liao Tao, the manager of the Gubei branch of Great Town Real Estate.

    But “timing is everything in this market”, he said. “There are too many big spenders chasing too few quality properties in the inner city,” he said.

    ”In December 2004, only one property - by Rich Gate in downtown Luwan district - was sold for over 50,000 yuan per sq m, but in 2009, 1,460 units were sold above this price, showing robust growth in the high-end market,” said a report by local property agent E-House.

    ”The units are too expensive for most Chinese, but not for those who are used to luxury accommodation and high living overseas,” said Xue Jianxiong, an analyst with E-House (China) Holdings Ltd.

    ”Compared with upscale housing in cosmopolitan cities around the world, there is upward potential. Hong Kong’s most expensive property was traded at 700,000 yuan per sq m in October, while top luxury properties are priced about 690,000 yuan per sq m in London,” he added.

    Property prices in Shanghai and in most other major mainland cities have risen to levels fewer and fewer people can afford. More than 80 percent of urban residents cannot afford to buy homes, said the latest report from the Chinese Academy of Social Science.

    In December, the central government introduced various measures to moderate the property prices, including tighter mortgage conditions policies for second-home buyers.

    Li Qin, an employee at Tomson Riviera told China Daily that the developer is to release a batch of independent villas near the city’s Tomson Golf Club in Pudong New Area next year, but refused to be pinned down on prices.

    ”It should not be lower than 100,000 yuan per sq m,” Xue Jianxiong said.

    (Source: China Daily)

    BEIJING, Dec. 30 (Xinhua) — The Chinese government said on Wednesday financial institutions would be encouraged to step up credit support to foreign-funded businesses as they have become an important part of the world’s third largest economy.

    Foreign-funded companies should have more access to financing and would be encouraged to take part in the mergers, acquisitions and reshuffling of Chinese enterprises, according to a statement issued after an executive meeting of the State Council, or the Cabinet, chaired by Premier Wen Jiabao.

    The government would do its utmost to simplify the approval procedures and strengthen administrative transparency, said the statement.

    As the global economy is gradually recovering, foreign direct investment (FDI) in China rose for the fourth consecutive month in November after months of declines.

    The statement said the government also encouraged overseas investors to become involved in new energy development, environmental protection, high-tech and modern service industries, as well as the advanced manufacturing sector.

    Policy and funding support will also be given to overseas investment in under-developed western and central region.

    The government approved the establishment of 20,600 overseas-funded enterprises in the first 11 months this year, down17.44 percent from the same period a year ago.

    Some 53 percent of the total FDI went to the manufacturing sector, a spokesman of the Ministry of Commerce Yao Jian said on Dec. 16.

    The statement also urged relevant government bodies and local governments to continue their efforts to bring the vulnerable-to-flooding Huaihe River under control.

    It called for the practice of a strict water resource management system to guarantee safe drinking water for the people and vowed to provide Chinese rural residents with access to safe drinking water by 2013.

    The meeting passed a draft decision to amend the rules for the implementation of China’s patent law. The draft will be announced later by the State Council after further amendment.

Top Chinese leaders including President Hu Jintao on Wednesday watched Peking Opera at the National Center for the Performing Arts in a gala to mark the New Year. (Xinhua Photo)

    BEIJING, Dec. 30 (Xinhua) — Top Chinese leaders including President Hu Jintao on Wednesday watched Peking Opera at the National Center for the Performing Arts in a gala to mark the New Year.

    Top legislator Wu Bangguo, top political advisor Jia Qinglin, and other senior leaders including Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang also watched the performance together with nearly 1,000audience.

    The programs include excerpts from modern Peking Opera “The Red Lantern” and a series of traditional works such as “Si Lang Tan Mu”, or “The fourth son visits his mother”.

    The 200-year-old Peking Opera, regarded as a cultural treasure of China, combines instrumental music, vocal performances, mime, dance and acrobatics.