China Trade Information

China will keep a neutral stance on oil prices after a fuel shortage receded, a top official said on Monday.

Meanwhile, the nation would take measures to boost coal supplies to ease an electricity crisis, he said.

“The tight diesel supply situation has greatly improved, and gasoline supplies in particular are relatively adequate now,” Zhang Guobao, head of the National Energy Administration, China’s top energy regulator, said.
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China’s crude oil reserve was estimated to stand at 108.6 billion tonnes, the Ministry of Land and Resources (MLR) said on Monday.

About 21.2 billion tonnes of crude could be developed under the current technology, said the MLR.
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China will continue to maintain its tight monetary policies amidst high inflation pressure, said the People’s Bank of China (PBOC) in its second-quarter monetary report.

The central bank said the priorities of the country’s macroeconomic controls are still to maintain a stable and fast growth of the economy, and to curb inflation.
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Taiwanese authorities are likely to allow Chinese mainlanders to invest in the island’s telecommunications sector, according to a report by the Commercial Times.

The mainland investors would be treated as foreign investors, which means that they could hold a maximum direct stake of 49% in fixed-line and long-distance phone operators, and up to 60% if indirect investments are taken into account.
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China said its annual natural gas output may more than triple to 250 billion cubic meters by 2030 as the world’s second-biggest energy user steps up petroleum exploration to meet its fuel needs.

Oil production may remain at 200 million metric tons a year by 2030, the Ministry of Land and Resources said in a statement on its Web site. China has recoverable oil reserves of 21.2 billion tons and recoverable gas deposits of 22 trillion cubic meters, the ministry said.
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China Merchants Bank Co., the biggest bank in southern China, plans to open representative offices in London and Taipei as it speeds up expansion overseas to catch up with bigger rivals.

The Shenzhen-based bank will start preparation work this year, China Merchants said in a statement to the Shanghai stock exchange today. It also agreed to acquire a 60.5 percent stake in Tibet Trust & Investment Co., it said, without elaborating.
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