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BEIJING, July 10 (Xinhua) -- China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan (7.32 billion U.S. dollars) since next week. According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent. The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent. The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website. These bonds are open to only individual investors, the MOF said. Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can bepaid through direct deposit into the investor's account. This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April. The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each. One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said. The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent. The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.
BEIJING, July 1 (Xinhua) -- China's latest fuel price hike from Tuesday would certainly pinch the pockets of consumers, but may not leave a lasting impact on the nation's economic recovery, analysts said. Gasoline, diesel and jet fuel prices in the country were raised by as much as 11 percent from Tuesday, the third increase this year and the second in June, to reflect recent price changes in the global oil market. For many like the 24-year-old fashion writer He Yi, it is time to tighten their purse strings, Wednesday's China Daily reported. He said she is determined to use less air-conditioning when driving, despite the scorching heat in Beijing. According to a survey by the Chinese web portal Sina.com, more than 90 percent of the 180,000 respondents said they had decided to drive less in response to the price hike, and more than 94 percent thought fuel prices are too high now. Pump prices for 90 octane gasoline in Beijing was set at roughly 5.71 yuan a liter, or about 3.16 U.S. dollars a gallon, the National Development and Reform Commission, the nation's top economic planning agency, said in a statement on its website late Monday. That compares to an average of 2.69 U.S. dollars a gallon in the United States, according to Bloomberg. China's retail fuel prices are controlled by the government under a mechanism introduced in December that takes into account of crude prices, taxes and a profit margin for refiners. The country may adjust fuel prices when crude prices change more than 4 percent over 22 straight working days. Crude oil futures have risen 60 percent to more than 70 dollars a barrel this year from a July record on signs of a global recovery. However, economists and analysts believe this round of price hike will not have any direct and obvious impact on the Chinese economy, which is largely fueled by coal. "As China only needs oil to supply 20 percent of its energy consumption, costlier oil will not make things as bad as costlier coal," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University. "However, the economy will be hurt if higher crude prices drive up coal prices," Lin said. In addition, China's consumer prices fell for a fourth month in May, making it easier for the government to raise oil prices, said Niu Li, senior researcher at the State Information Center. The price hike comes amid a surge in demand for automobiles in the world's third-largest economy. Passenger car sales rose 47 percent in May to 829,100 units, the biggest jump since February 2006. Chen Zheng, an auto industry analyst with China Securities Co, believed that consumer demand would not be seriously dampened by this round of price hikes, as China's car owners are largely social elites, who can afford the moderate increases in gasoline prices. "But if oil prices continue to surge, I'm sure many people will stop buying new vehicles, especially the high-emission cars," Chen said. PetroChina and Sinopec, two major oil producers, went high shortly after opening, but closed with smaller gains, up 0.28 percent and 0.66 percent to 14.48 yuan and 10.66 yuan respectively in Shanghai Tuesday.

BEIJING, July 1 (Xinhua) -- China's latest fuel price hike from Tuesday would certainly pinch the pockets of consumers, but may not leave a lasting impact on the nation's economic recovery, analysts said. Gasoline, diesel and jet fuel prices in the country were raised by as much as 11 percent from Tuesday, the third increase this year and the second in June, to reflect recent price changes in the global oil market. For many like the 24-year-old fashion writer He Yi, it is time to tighten their purse strings, Wednesday's China Daily reported. He said she is determined to use less air-conditioning when driving, despite the scorching heat in Beijing. According to a survey by the Chinese web portal Sina.com, more than 90 percent of the 180,000 respondents said they had decided to drive less in response to the price hike, and more than 94 percent thought fuel prices are too high now. Pump prices for 90 octane gasoline in Beijing was set at roughly 5.71 yuan a liter, or about 3.16 U.S. dollars a gallon, the National Development and Reform Commission, the nation's top economic planning agency, said in a statement on its website late Monday. That compares to an average of 2.69 U.S. dollars a gallon in the United States, according to Bloomberg. China's retail fuel prices are controlled by the government under a mechanism introduced in December that takes into account of crude prices, taxes and a profit margin for refiners. The country may adjust fuel prices when crude prices change more than 4 percent over 22 straight working days. Crude oil futures have risen 60 percent to more than 70 dollars a barrel this year from a July record on signs of a global recovery. However, economists and analysts believe this round of price hike will not have any direct and obvious impact on the Chinese economy, which is largely fueled by coal. "As China only needs oil to supply 20 percent of its energy consumption, costlier oil will not make things as bad as costlier coal," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University. "However, the economy will be hurt if higher crude prices drive up coal prices," Lin said. In addition, China's consumer prices fell for a fourth month in May, making it easier for the government to raise oil prices, said Niu Li, senior researcher at the State Information Center. The price hike comes amid a surge in demand for automobiles in the world's third-largest economy. Passenger car sales rose 47 percent in May to 829,100 units, the biggest jump since February 2006. Chen Zheng, an auto industry analyst with China Securities Co, believed that consumer demand would not be seriously dampened by this round of price hikes, as China's car owners are largely social elites, who can afford the moderate increases in gasoline prices. "But if oil prices continue to surge, I'm sure many people will stop buying new vehicles, especially the high-emission cars," Chen said. PetroChina and Sinopec, two major oil producers, went high shortly after opening, but closed with smaller gains, up 0.28 percent and 0.66 percent to 14.48 yuan and 10.66 yuan respectively in Shanghai Tuesday.
SINGAPORE, May 15 (Xinhua) -- China Aviation Oil said on Friday that its net profit in the first quarter of this year fell by 54.6 percent on-year to 4.1 million U.S. dollars. The company said in a statement that revenue fell by 34.8 percent to 655.6 million U.S. dollars in the first quarter of 2009 over the same period last year. The company said the drop was mainly due to lower jet fuel prices in the first quarter of this year, adding that it will continue to take a cautious approach to its trading activities during the global downturn.
NANJING, April 23 (Xinhua) -- Chinese Vice President Xi Jinping urged Communist Party leaders Thursday to cultivate fine work styles and keep in close contact with the people. Leaders should be able to endure loneliness, content to live a simple lifestyle, resist temptation and stand up to tests, he said during a conference on studying and implementing the scientific concept of development held in the coastal province of Jiangsu. Government leaders should promote a hard-working style and put limited funds and natural resources to the best use, said Xi, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee. He asked officials to carry out investigations and studies of actual situations, pay visits to the grassroots levels and go down to the people. The people's requests should serve as the fundamental basis for government decisions, and leaders should put those issues that are in the fundamental and most practical interests of the people at the top of their agenda, he said. Leaders should take a correct attitude towards their personal gains or losses, and should not be preoccupied with respectability and material values, said Xi.
来源:资阳报