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BEIJING, Nov. 20 (Xinhua) -- China Petroleum and Chemical Corporation (Sinopec), China's largest oil refiner, said Friday it has suspended diesel exports to relieve shortages in the domestic market.Sinopec also said it is seeking to import 200,000 tonnes of diesel.PetroChina Co., China's largest oil producer, plans to import 200,000 tonnes of diesel. Some 35,000 tonnes of it has already arrived.Insiders said China's diesel output in the first nine months soared, prompting the two oil giants to expand exports.Sinopec attributed recent hikes in the domestic price of diesel to hoarding, seasonal factors, transport factors and energy-saving measures."The fundamental reason for the diesel shortage is the industry monopoly. Oil refiners are not keen to increase production because profit margins in the sector are relatively low," said Qi Fang, director of the Hebei Provincial Petroleum Industry Chamber of Commerce."The two oil giants operate on a planned-economy basis, resulting in an unbalanced supply-and-demand situation. Supply and demand can easily outstrip each other as government planning cannot keep pace with changes in the market," Qi said.Statistics from the General Administration of Customs show China exported 360,000 tonnes of diesel in October - only slightly lower than the 368,100 tonnes it exported in September - even as diesel shortages worsened.Diesel imports in October rose to 400,000 tonnes, up from 250,000 tonnes in September.

BEIJING, Nov. 23 (Xinhua) -- China said on Tuesday it would punish six companies, including affiliates of the country's two oil giants, for selling diesel above the state-set prices, in an effort to ease the diesel shortage and keep soaring prices in check.The companies, including Sinopec's units in Wuhan and Luoyang, and PetroChina's Wuhan unit, were selling diesel at prices as high as 8 percent above the government set price, according to a statement posted on the website of National Development and Reform Commission (NDRC), the country's top economic planner.These companies also included local refineries and oil dealers in Shaanxi, Shandong and Jiangsu provinces and according to the NDRC, the acts have exacerbated the diesel shortage and disrupted market order.The commission urged local authorities to seize the illicit revenue from above-ceiling sales and fine the companies up to five-times of their income.To relieve domestic diesel shortages, both Sinopec and PetroChina are increasing diesel imports, while Sinopec said last week it had even suspended diesel exports.According to customs statistics, China's diesel imports in October rose to 400,000 tonnes, surging 60 percent compared with that in September.

BEIJING, Dec. 31 (Xinhua) -- On the last trading day of 2010, the Chinese currency, the yuan, strengthened to a record high for a second consecutive day, at 6.6227 per U.S. dollar, after 11 consecutive days of gains.The central parity rate of the currency, also known as the renminbi (RMB), was set two basis points stronger than Thursday's 6.6229, according to the China Foreign Exchange Trading system.China's central bank announced on June 19 it would further reform the formation mechanism of the yuan exchange rate to improve its flexibility.

BEIJING, Nov. 30 (Xinhua) -- Chinese Vice Premier Li Keqiang said more follow-up efforts should be scientifically made to ensure the Three Gorges' continuing safe operations and to make full use of the project after its preliminary construction is finished on time.Li made the remarks while chairing the 17th plenary meeting of the Three Gorges Project Construction Committee under the State Council, or the cabinet.The meeting discussed the examination and acceptance report of the project and the follow-up layouts.The preliminary design and construction of the Three Gorges were finished on time and the project reflects the good quality of the construction, in general, which worked well in flood control, while having generated more than 400 billion kilowatts of power, according to reports from the meeting.Chinese Vice Premier Li Keqiang (C) presides over the 17th plenary meeting of the Three Gorges Project Construction Committee under the State Council, in Beijing, capital of China, Nov. 30, 2010. Also, further efforts should be made to focus on safety supervision, measures to guard against geological disasters and building additional reservoir management systems, according to discussions at the meeting.It was a complicated effort to manage the Three Gorges project and more efforts must be made to complete various systems and improve management levels, Li said.Chinese Vice Premier Hui Liangyu also attended the meeting.More efforts should be made to summarize the Three Gorges' building experience and other projects under construction should strictly follow high standards, Hui said.

BEIJING, Jan. 8 (Xinhua) -- A senior Chinese military official Saturday urged for improved efforts to deal with the work concerning political and legal affairs in the military.Xu Caihou, vice chairman of China's Central Military Commission, made the remarks while addressing participants of a military meeting here.Also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, Xu urged military officials at various levels to further improve political awareness and their sense of urgency in handling the work concerning political and legal affairs.Praising the remarkable achievements the military has made in work during the past five years, Xu said the armed forces should step up their efforts in this regard to ensure the military's purity and social stability in the coming five years.He noted that the period of 2011-2015 is crucial for China's national defense and military capacity development.Efforts to improve political work should be made towards ensuring the CPC's absolute leadership over the army, as well as maintaining social stability and creating a favorable environment for China's reforms and development, Xu said.Also, he noted, more work should be done to improve the military members' ideological standards and their style of working, adding that unhealthy ways and customs must be corrected.