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BEIJING, Aug. 19 -- China will complete the construction of its first four strategic oil reserves by the end of this year, a senior government official said yesterday.     "The progress has been smooth and all the four bases will be completed by the year end," Zhang Guobao, administrator of the National Energy Administration (NEA), said after a press conference in Beijing. "Their total capacity will amount to 16.4 million cu m."     Zhang made the comments at his first public appearance since the NEA's inauguration on Aug 8.     The administration came into being as part of the reshuffle of government agencies in March. Zhang now also holds the position of vice-minister of the National Planning and Reform Commission (NDRC), the nation's top economic planner. Two technicians check the equipments in an oil refinery of China Petroleum and Chemical Corporation (Sinopec) in Ningbo, east China's Zhejiang Province, March 29, 2008.    China started to build its strategic oil reserves in 2004, in order to fend off the risk of oil shortages and reduce the impact of oil price fluctuations. The government plans to build strategic oil reserves in three phases over 15 years, involving an estimated investment of 100 billion yuan (14.6 billion U.S. dollars).     The first four reserves, located in Dalian, Qingdao, Ningbo and Zhoushan, are expected to maintain strategic oil reserves equivalent to 30 days of imports in 2010.     The reserve in Ningbo, a coastal city in Zhejiang province, was put into operation in late 2006. It is the largest of the first four reserves, with a total storage capacity of 5.2 million cu m.     The central government is now reportedly selecting locations for the second batch of strategic oil reserves.     Cities including Tangshan and Guangzhou are understood to be vying for the projects, but Zhang declined to comment on this.     The newly established energy administration oversees the nation's oil reserves and monitors the domestic and overseas energy markets. It is also responsible for mapping out China's energy development strategy and formulating rules and regulations for the energy sector.     Renewable energy     Zhang also said yesterday that the installed capacity of wind power in the nation is expected to exceed 10 million kW by the end of this year, compared with 4.03 million kW in 2007.     The drastic increase came as the government has being promoting the use of renewable energy in the face of rising oil prices.     In recent years, the government has rolled out a host of fiscal and tax incentives to boost the development of the alternative energy sector, including a 50-percent cut in value-added tax for wind power plants.     Last year, renewable energy such as wind power, biomass and hydropower accounted for 8.5 percent of the nation's total energy use. That figure is set to increase to 10 percent in 2010 and 15 percent in 2020.     The newly established energy administration will set up more renewable energy projects to further spur the development of the sector, according to Zhang.

BEIJING, May 21 -- China's tax authority has cut or waived a tax levy, offered a tax refund, and reiterated the tax concession on donations related to the earthquake in Sichuan Province as means of helping to support victims.     Losses suffered by companies and individuals due to the 8.0-magnitude earthquake can be tax deductible, the State Taxation Administration said in a notice on its Website.     As of 6pm yesterday, the number of people killed by the devastating quake has reached 40,075 while 247,645 people have been injured and there were still 32,361 people unaccounted for.     The supplies donated by overseas governments, individuals and companies are exempted from import taxes (including Valued Added Tax and Customs Duties), the tax authority said.     People whose tax-paid autos or ships have been destroyed in the quake can apply for a refund of Vehicles and Vessels Usage Tax for the period from the date they were destroyed until the end of the year. Normally auto and ship tax is prepaid at the beginning of the year. Students of Jiefang Primary School donate money to the quake-hit region in Sichuan Province in southwest China, in Harbin, capital of northeast China's Heilongjiang Province, May 14, 2008    Victims who can't afford to pay the land use tax due to the quake can ask for the levy to be reduced or exempted from the tax.     People who buy new homes will be exempted from the deed tax on new home transactions or enjoy a cut in the tax rate. The rules are enforced by the provincial governments for the quake-hit area.     Companies and individuals who donated money to the earthquake area will be partly exempted from taxation, the tax authority reiterated.     Companies on the Chinese mainland have made a combined donation of more than 4.5 billion yuan (US5 million) in cash and goods as of yesterday afternoon, according to Chinese Web portal Sina.com.     Donation, which are within 12 percent of a company's total annual profit, can be claimed as tax deductible expenses, according to China's corporate income tax law. Donations that exceed the amount are not tax deductible.     For individuals, donations that are less than 30 percent of their income, can be tax deductible. The donations must be made through domestic non-commercial social entities or government bodies. Individuals' donations made directly to the quake victims are not tax deductible.

BEIJING, July 31 (Xinhua) -- China's military would increase cooperation with foreign armed forces in order to contribute more to common development, Defense Minister Liang Guanglie said on Thursday.     At a reception at the Great Hall of the People in Beijing to mark the 81st anniversary of the People's Liberation Army (PLA), Liang said, "China will take the road of peaceful development, unswervingly, and carry out an independent and self-reliant, peaceful diplomatic policy and a defensive defense policy, no matter how the international situation changes."     A member of the Central Military Commission (CMC) and a state councilor, Liang stressed the fundamental necessity of the Army's acceptance of "the absolute leadership of the Communist Party of China (CPC)". A reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. China would never take to hegemonism and expansionism and posed no threat to any other country, Liang said.     He noted the "positive changes" regarding the situation across the Taiwan Straits, while pointing out that pro-independence forces in Taiwan had never abandon their activities.     "We are strongly determined to oppose and curb the separatist activities of 'Taiwan independence' forces," he said.     The mainland would show its utmost sincerity and exert its greatest efforts for the welfare of Chinese compatriots on both sides of the Straits, to seek peace, safeguard China's sovereignty and territorial integrity, and safeguard the fundamental interests of the Chinese nation. A reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. Military officers of Foreign Embassies in China and their wives also attend the reception. Liang also praised the efforts of the armed forces during the severe winter weather chaos at the start of the year and after the May 12 earthquake.     The reception was attended by other CMC members, including Chen Bingde, Li Jinai, Liao Xilong, Jing Zhiyuan, Wu Shengli and Xu Qiliang, as well as foreign military attaches.     In August 1927, the CPC-led armed forces held an uprising against warlords, which is regarded as the founding day of the services. reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. Military officers of foreign embassies in China and their wives also attend the reception.

BEIJING, July 7 -- Chinese state-owned banks, including Industrial & Commercial Bank of China, intend to boost the contribution of the credit card business to their profits as they tap the rising demand to use plastic to pay for purchases.     ICBC, the country's biggest lender, expects to boost its credit cards in circulation to 50 million at the end of 2009 from 33 million now, Li Weiping, president of the Beijing-based bank's card center, told Shanghai Daily on Saturday in Shanghai. Industrial & Commercial Bank of China Ltd expects to boost its credit cards in circulation to 50 million at the end of 2009 from 33 million nowThe country's biggest bank, which had earlier planned to boost card number to between 35 million and 38 million, expects to achieve the target, going by the pace of its card issuance in the first half, Li said. The credit card business accounts for about 10 percent of the bank's intermediary business, or fee-based income, and is one of the main contributors.     Chinese banks are shifting from its traditional deposit-lending business as they expand their profit avenues.     ''We expect the contribution (of credit cards to profit) to grow by 2 to 3 percentage points annually,'' Li said.     ICBC is among the country's "big four" state-owned banks to speed up the credit card business while their smaller joint stock rivals have already an edge in the market.     China Merchants Bank, the sixth biggest lender on the Chinese mainland, has one-third share of the credit card market. Other state-owned banks, including Agricultural Bank of China, said they are seeking growth as they pursue prudent risk control.     China Construction Bank expects to break even on its credit card business next year, said Wu Huitao, deputy general manager of the bank's credit card center. CCB targets card numbers at 20 million at the end of this year, from 16 million now, Wu said.     Credit cards will be the most important consumer credit product after mortgages, with profit forecast to reach US.6 billion by 2013, accounting for 22 percent of total consumer credit profits, said New York-based McKinsey & Co.

UNITED NATIONS, Oct. 3 (Xinhua) -- The United Nations and China will co-organize a high-level meeting on climate change early next month, with a special focus on technology development and transfer, the world body announced Friday.     UN Undersecretary-General for Economic and Social Affairs Sha Zukang and China's Deputy Permanent Representative to the United Nations Liu Zhenmin briefed member states at the UN Headquarters on the Nov. 7-8 Beijing High-Level Conference on Climate Change: Technology Development and Technology.     "Technology transfer is of enormous importance in tackling climate change," Sha said. "Together with financing technology transfer, it is one of the means of achieving adaptation and mitigation action."     Effective international action on climate change will require progress on the question of technology transfer, which is addressed in the UN Framework Convention on Climate Change (UNFCCC)and also forms a core aspect of the Bali Action Plan, Sha noted.     "In this context, the conference will provide a forum for open, practical and pragmatic discussions on technology transfer and climate change," Sha said. "The conference will focus on practical options and solutions for overcoming barriers to technology development and transfer."     "We hope it will be an opportunity for member states and other stakeholders engage openly, away from the constraints of the negotiating setting," he said.     Sha said that the aim of the conference is to support the UNFCCC process, particularly the forthcoming UN Climate Change Conference in Poznan, Poland in December 2008.     Calling for "broad, high-level participation from member states," Sha said that the conference will be opened by Chinese Premier Wen Jiabao and that UNFCCC Executive Secretary Yvo de Boer and former British Prime Minister Tony Blair have confirmed their participation.     In his remarks, Liu said that over the years, the international efforts to develop and transfer clean technologies are lagged behind the needs, and the relevant mechanism and financial support are not yet put in place.     With many countries having divergent views on the issue, communication and dialogue will help countries deepen mutual understanding, find common ground and work together to promote technological development and transfer, Liu said.     "The purpose of the high-level conference is to provide a platform of dialogue for international cooperation in the relevant technological development and transfer," Liu said.     "We hope this conference will help countries form some consensus on development and transfer of technologies for addressing climate change so as to further promote the efforts to address climate change," Liu noted.