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SHENZHEN, Feb. 7 (Xinhua) -- China started construction of the eastern segment of the country's second West-East natural gas pipeline in Shenzhen City, Guangdong Province on Saturday.     Chinese Vice Premier Li Keqiang attended the kick-off ceremony announced the start of the construction.     The pipeline, the second after the first West-East natural gas transfer project, will cross 15 regions and carry 30 billion cubic meters of natural gas every year to Zhejiang, Shanghai, Guangdong and Hong Kong, among others.     When visiting the construction site, Li said the pipeline under construction is the country's most expensive energy project in decades and the world's longest natural gas pipeline. It is of great importance to ensuring China's energy security, coordinating regional economic development, deepening the ties between Hong Kong and inland provinces and promoting economic growth.     The 8,704 km pipeline will be made up of one trunk line and eight sub-lines. Construction of the west segment of the pipeline was started in February 2008 and is expected to be completed by the end of the year. The whole line will be operational by the end of 2011.     As China battles the financial crisis and expands its domestic demand, the second West-East gas pipeline project is a landmark project that will boost people's confidence to overcome the crisis, said an official with the National Development and Reform Commission.     The total investment of the second West-East gas pipeline was 142.2 billion yuan (20.82 billion U.S. dollars). The eastern segment stretches 2,472 km, with an investment of 93 billion yuan.     The government approved the east segment project during an executive meeting of the State Council or the Cabinet last November, in a hope to ease natural gas shortage, boost economic development and popularize utilization of clear energy.     Zhou Dadi, a researcher with the Energy Research Institute of National Development and Reform Commission said the construction of the gas pipe is essential for China to increase gas resources and ensure energy security.     It is hoped that construction will boost consumption and increase investment amid a world economic downturn, Zhou added.     It is estimated that investment will top 300 billion yuan in other relevant industries, including machinery production, electric technology, and construction material sectors.     Dong Xiucheng, professor with China University of Petroleum said this project will help China increase clean energy consumption.     In China, coal makes up 70 percent of the total energy consumption, 40 percentage points higher than the world average. Natural gas consumption only accounts for three percent of the total.     The completion of the second pipeline is expected to save 11.06million tonnes of coal every year.     The first West-East gas pipeline was finished in 2004. It has provided 42 billion cubic meters of gas to 3,000 factories and nearly 200 million people over the past five years     Wang Yang, secretary of the Guangdong Provincial Committee of the Communist Party of China, and Donald Tsang, chief executive of the Hong Kong Special Administrative Region, also attended Saturday's ceremony.

BEIJING, Feb. 12 -- A sharp fall in imports and exports in January, which included a weeklong Spring Festival holiday, has both puzzled and alarmed economists.     General Administration of Customs figures released yesterday showed exports plummeted 17.5 percent year-on-year, much sharper than the 2.8 percent fall in December.     Imports fell even more dramatically, to 43.1 percent year-on-year.     The combined foreign trade in January fell 29 percent year-on-year. Such a major decline in monthly foreign trade is rare in the 30 years of reform and opening up. General Administration of Customs figures released yesterday showed exports plummeted 17.5 percent year-on-year, much sharper than the 2.8 percent fall in December    Because of the global economic downturn, foreign trade is likely to fall for several more months, the economists said. Su Chang, a macro-economic analyst with China Economic Business Monitor, said it could decline by 10 percent in the first quarter of this year.     "It is possible that China's yearly record will be negative as well." But, he said the decline in imports would be largely because of the fall in prices of industrial materials.     "Prices of primary goods - China's main imports - are at a low points now, while they were at historic highs just a year ago," he said.     Last month, however, was an exception because it had one full week of holiday from January 26. The Chinese Lunar New Year is the most important festival for Chinese but usually it falls in February.     So this year, January had five fewer working days than those in many of the previous years. If that is considered, the Customs said, exports actually rose 6.8 percent year-on-year in January. And compared with December, they increased 4.6 percent.     The worldwide deflationary cycle was another problem, the economists said. The sharp drop in imports was caused both because of a fall in global prices (most noticeably of crude oil and farm products) and a drop in demand for electronic components, which reflected the shrinking of the country's manufacturing industry.     Ting Lu, economist with Merrill Lynch in Hong Kong, said there was no good method to adjust for the Chinese New Year effects. "Our first suggestion: ignore them," Lu said in note to clients in the monthly trade figures.     When compared with neighboring economies, experts said, China's record is not the worst. Jing Ulrich, analyst with JP Morgan, has written in a report that while the recent export slowdown has been alarming, it has not been as severe in China as in some neighboring economies that rely more heavily on the hi-tech sector.     While Jing Wang, chief economist of Morgan Stanley, said China's export structure is more diverse, and as a result less volatile, in the region.

BEIJING, April 13 (Xinhua) -- China's Ministry of Finance (MOF) said Monday that fiscal revenue fell 0.3 percent from a year earlier to 440.22 billion yuan (64.43 billion U.S. dollars) in March.     First-quarter fiscal revenue fell 8.3 percent to 1.46 trillion yuan, the ministry said on its website, while tax revenue shrank 10.3 percent to 1.3 trillion yuan.     Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from government-owned assets.     Business profits shrank as economic growth slowed, the MOF said, and tax cuts intended to spur the economy and the financial markets reduced government revenues. First-quarter business income tax revenue fell 16.7 percent.     China halved the purchase tax on cars with engine displacements of less than 1.6 liters on Jan. 20, and revenue from that tax was down 7.6 percent in the first quarter.     To shore up the stock market, the government cut the share trading stamp tax from 0.3 percent to 0.1 percent last April and scrapped the stamp tax on stock purchases in September. And even though the benchmark Shanghai Composite Index is up more than 35 percent so far this year, the tax cuts on share transactions meant a decline of 86.2 percent in revenue from that category in the first quarter.     Actual revenue amounts in each category were not released.     Customs tariff revenue fell 23.9 percent during the first quarter, the MOF said, without giving further details.     Central government fiscal revenue fell 17.7 percent in the first quarter to 721.3 billion yuan, while local government fiscal revenue rose 3 percent to 742.9 billion yuan.     First-quarter fiscal expenditures surged 34.8 percent to 1.28 trillion yuan, as both the central and local governments adopted a proactive fiscal stance to boost the economy and domestic demand.     China unveiled a 4-trillion-yuan stimulus package in November to be spent over in next two years, with 1.18 trillion yuan from the central government.     Fiscal revenue exceeded 6.13 trillion yuan in 2008, up 19.5 percent.

DAKAR, Feb. 5 (Xinhua) -- Chinese President Hu Jintao will pay a state visit to Senegal on Feb. 13-14, during which the two countries will sign new agreements on economic and technical cooperation, the Chinese ambassador in the West African country announced here on Thursday.     At the invitation of his Senegalese counterpart Abdoulaye Wade, President Hu will make the visit to further enhance the friendly ties between the two countries since diplomatic relations were resumed in October 2005, Chinese Ambassador Lu Shaye told a press conference.     The visit is part of the Chinese president's five-nation trip on Feb. 10-17, which will also take him to Saudi Arabia, Mali, Tanzania and Mauritius.     The Chinese Foreign Ministry said on Tuesday that Hu's visit is aimed at further consolidating China's friendship and cooperation with these countries, strengthening China's cooperation with the Cooperation Council for the Arab States of the Gulf, and promoting the implementation of the measures announced at the 2006 Beijing Summit of the Forum on China-Africa Cooperation.

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