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News from China
Steady rise in SOEs profitability in H1
29th July 2015

 CENTRALLY administered state-owned enterprises performed well in the first half of this year, with better performance expected in the second half, regulators said yesterday.

These SOEs have seen a steady rise of profitability, especially in the second quarter of the year, the State-owned Assets Supervision and Administration Commission of the State Council said.

In the first six months, they garnered an operating revenue of 11 trillion yuan (US$1.8 trillion) and reaped 643 billion yuan of profits.

There are around 110 SOEs under the administration of SASAC, which include such giants as China National Petroleum Corp, Sinopec Group and China Mobile.

Around 91 percent of these SOEs were profitable in the first half of 2015, SASAC said, citing lower cost and better operations. It said the SOEs were optimistic about the second half.

Source: Shanghai Daily, July 29, 2015
Electricity consumption forecast to grow
28th July 2015

 CHINA’S National Energy Administration said power use would rise 3 percent to 5.7 trillion kilowatt-hours in 2015.

“Judging from the economic indicators for the second quarter, the effect of growth-stabilizing policies has gradually emerged, and energy demand will pick up in the latter half of the year,” NEA deputy head Liu Qi said.

In the first half, China’s power use rose only 1.3 percent. Liu said that as China’s growth stepped into the “new normal” period, energy consumption will also shift down gears. He predicted energy consumption to grow 3 percent annually for the 2016-2020 period.

Source: Shanghai Daily, July 28. 2015
China's industrial profits down 0.3% in June
27th July 2015

 Profits of major Chinese industrial firms dropped 0.3 percent year on year in June, down from 0.6 percent growth posted in May, the National Bureau of Statistics (NBS) said on Monday.

Profits at industrial companies with annual revenues of more than 20 million yuan (US$3.27 million) totaled 588.6 billion yuan in June.

Industrial profits of these firms reached 2.84 trillion yuan in the first half of the year, down 0.7 percent year on year, the NBS said. The decline narrowed 0.1 percentage points from the rate seen in the January-May period.

Source: Shanghai Daily, July 27, 2015
Rules eased on imports of crude oil
24th July 2015

 China yesterday gave private refineries the green light to import crude oil, opening up a heavily monopolized sector.

According to new rules, to qualify non-state companies must have an annual refining capacity of more than 2 million tons and meet efficiency and environmental standards. They should also have storage capacity for at least 300,000 tons of crude, with terminals that can handle more than 50,000 tons.

China is one of the world’s largest oil buyers, with nearly 60 percent of its consumption coming from imports. Crude imports are dominated by state-run giants such as Sinopec, CNPC and CNOOC.

There are already more than 20 qualified non-state importers, but they have limited quotas.

Xinjiang Guanghui Petroleum last year became the first private firm since 2008 to be granted approval to import crude.

Source: Shanghai Daily, July 24, 2015

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