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BEIJING, May 8 (Xinhua) -- China's top economic planner Friday announced details of the country's new oil pricing mechanism, for the first time after the new pricing system kicked in at the beginning of this year. In a statement on its website, the National Development and Reform Commission (NDRC) said China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row. The commission said refiners would enjoy "normal" profit when global crude prices are below 80 U.S. dollars per barrel, but would face narrower profit margins when the crude prices rise above 80 U.S. dollars per barrel. However, fuel prices would not go further up, or only be raised by a small margin, when crude prices rise above 130 U.S. dollars per barrel, and fiscal and tax tools would be used to ensure supplies, the NDRC said. Light, sweet crude for June delivery rose 37 cents a barrel to settle at 56.71 U.S. dollars on the New York Mercantile Exchange Thursday after reaching a six-month high of 58.57 dollars. Crude prices staged strong rally on news of upbeat economic data in the United States, rising more than 10 percent in two weeks. The NDRC statement also came a day after it denied an online report claiming imminent price hike. C1 Energy, an energy information website, Thursday reported that the Chinese government would raise fuel prices as of midnight Thursday, but said later the price adjustment had been canceled, with reasons unknown. Xu Kunlin, deputy head of NDRC's pricing department, said the new oil pricing mechanism is not to be followed "word by word" without any flexibility, when asked whether the commission would soon adjust fuel prices at a press conference held in Beijing. "There has been pressure to raise domestic fuel prices as crude prices continued to rise," Xu said, "however, the final decision will depend on developments in crude prices in coming days." Friday's statement did not say how the global crude prices would be measured. Xu declined to reveal details on the basket of crude prices for evaluating international price changes, and said such details would remain a secret in a bid to prevent speculation. The NDRC said in the statement that the government would continue to control fuel prices at the current stage, because of insufficient market competition and imperfect market mechanisms. However, fuel prices would eventually be determined by market forces only in the long run under the new pricing mechanism, which is aimed to bring in more market forces, said the NDRC. China's fuel prices, with taxes included, are at a relatively lower level among major oil importers, said the NDRC. Domestic fuel prices are lower than in Japan, the Republic of Korea, India, Mongolia, and many European countries, but higher than in oil exporters in the Middle East and than some cities in the United States, according to surveys by the NDRC. China's retail fuel prices vary in different regions. Currently, gasoline 93, the most commonly used type of gas, sells for 5.56 yuan (81.8 U.S. cents) per liter in Beijing.
BEIJING, May 2 (Xinhua) -- A delegation of the Communist Party of China (CPC) left here Saturday for official visits to Kenya, Eritrea, Ghana, Cape Verde and Norway. The delegation, led by Wang Jiarui, head of the International Department of CPC Central Committee, was invited by the three parties of Kenya's ruling coalition--Party of National Unity, Orange Democratic Movement and Orange Democratic Movement-Kenya, the People's Front for Democracy and Justice of Eritrea, African Party for the Independence of Cape Verde and Norwegian Minister of Foreign Affairs.
BEIJING, July 5 (Xinhua) -- The Chinese government has allocated more than 126 million yuan (about 18.4 U.S. dollars) for disaster relief in six worst rainstorm-hit provinces, autonomous regions or municipalities in south China, the Ministry of Civil Affairs said here Sunday. The six provinces, autonomous regions and municipalities include Guangxi, Jiangxi, Hunan, Hubei, Guizhou and Chongqing. A total of 5,200 tents were also sent to Guangxi, Jiangxi and Hunan to provide shelter for the people displaced there, the ministry said. While Beijing and neighboring provinces are fighting heat waves, the southern half of the country has been drenched in rain or flood since late June. The latest round of rainstorms and flood, also this year's worst according to the ministry, had battered 12 provinces, killing 75 people and leaving another 13 missing and 938,000 homeless as of 4 p.m. Sunday. Close to 40 million people were affected by the rainstorms and the flood, it said, adding that a total of 101,000 houses were toppled in the flood, causing over 13 billion yuan (about 1.9 billion U.S. dollars) in direct economic losses, it said.
BEIJING, April 27 (Xinhua) -- In light of an outbreak of swine flu in Mexico, China's Ministry of Health issued a notice Sunday about disease prevention and detection, warning citizens to be careful. The notice defines the symptoms of the disease and how it can be transmitted to humans. Although there is no vaccine yet, the disease is preventable, controllable and treatable, it said. As of Monday morning, no cases of the illness had been reported in China. The ministry said so far, there is no evidence that this flu could be spread through food. It also warned those who travel abroad to be alert for any signs of infection. Swine influenza A/H1N1 is a respiratory disease that infects pigs and does not normally infect humans. But sporadic cases do occur, usually for people who have had close contact with pigs. It has killed more than 60 people out of about 1,000 suspected cases in Mexico. China's General Administration of Quality Supervision, Inspection and Quarantine (GAQSIQ) issued an emergency notice Saturday requiring people to report flu-like symptoms at the point of entry when returning from affected regions. According to the Health Ministry, the ministry is working with the Ministry of Agriculture and GAQSIQ to monitor the disease. The ministry has contacted scientists who have done viral sequencing on swine flu. It has also stepped up cooperation with the World Health Organization and the U.S. and Mexican governments to obtain updated epidemic information and prepare for a possible outbreak. China should establish an effective disease prevention and control system it it entry-exit inspection and quarantine process, the ministry added.
BEIJING, July 4 (Xinhua) -- China did not lose its advantages in foreign trade despite global downturn and could retain foreign trade level above the global average once global economy recovered, a senior Chinese official said Saturday. Yi Xiaozhun, vice commerce minister, was speaking at the Global Think Tank Summit that ended Saturday in Beijing. Though China's foreign trade would not rise sharply as it did in the past few years, the country did not lose its foreign trade advantages thanks to policies to stimulate domestic demands, Yi said. He said China had been diversifying foreign trade and reported increased trade with countries in Africa, Middle East, middle Asia and Latin America. Yi also called for halt on protectionism, saying that protectionism had been picking up and about 40 percent of anti-dumping cases and 70 percent of anti-subsidy cases targeted China. He called for pushing forward the Doha round negotiation, which he believed was key in fighting against protectionism.