Tag Archives: china

China’s Sinopec constructing filling station in disputed South China Sea

BEIJING Chinese oil main Sinopec is building a filling station on an island in the South China Sea, as China continues to expand its civilian infrastructure in the disputed waterway, entrenching its reach in the maritime heart of Southeast Asia.

The filling station and accompanying storage tank on Woody Island in the Paracels will take a year to total, the company, whose listed flagship is Sinopec Corp, said on its microblog on Monday.

Woody Island has a population of roughly 1,000 and Chinese travel agents started supplying five-day cruises to the Paracels, a cluster of close to 40 islets, outcrops and reefs in 2013.

The filling station and storage tank will satisfy fuel demands in Chinese-controlled islands and reefs in the South China Sea over the next handful of years, the post said.

“Nouveaux riches, go fishing in Sansha city, and bear in mind to bring your filling card,” it quipped, referring to an outpost in the South China Sea centered about Woody Island.

China took full handle of the Paracels in 1974 following a naval showdown with the South Vietnamese, and there have been incidents ever because. Taiwan also claims the Paracels.

China claims practically all of the energy-rich waters of the South China Sea, via which much more than $ 5 trillion of maritime trade passes every single year. The Philippines, Brunei, Vietnam, Malaysia and Taiwan have overlapping claims.

The United States has criticized Beijing’s building of artificial islands in the disputed Spratly archipelago, south of the Paracels, and has conducted sea and air patrols close to them.

China’s navy has in recent days carried out a lot more workout routines in the disputed waterway, the country’s defense ministry mentioned on Sunday, calling them routine drills.

(Reporting By Adam Rose Editing by Michael Perry)

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China says senior Uighur official killed during raid in unruly Xinjiang

BEIJING A senior ethnic Uighur security official was killed in a police raid on a “nest of terrorists”, Chinese state media reported, providing specifics on a previously unannounced operation in the violence-prone far western region of Xinjiang.

Hundreds of individuals have been killed in the previous couple of years in the region which is property to the mostly Muslim Uighur individuals in violence blamed by the government on Islamist militants seeking an independent state called East Turkestan.

The official People’s Everyday, in a report late on Saturday, named the dead official as Maimaitijiang Tuohuniyazi, a deputy head of public security in Aksu, a vast element of western Xinjiang that borders Kyrgyzstan.

It said domestic safety chief Meng Jianzhu, who is currently in Xinjiang’s capital Urumqi, supplied condolences to Tuohuniyazi’s widow, praising him as a brave and selfless man.

“In order to rescue a herder who had been kidnapped by terrorists, he threw himself into the breach, charged into the nest of terrorists and however heroically sacrificed himself,” the paper mentioned, with no giving other details.

At least 16 people, like five police officers, were killed in an attack at a colliery in Aksu in September. Chinese safety forces later said they had killed 28 “terrorists” involved in that attack.

The newspaper mentioned Meng took element in an award ceremony for these involved in tracking down the coal mine attackers.

Meng stated that more than the past year, security solutions had “clear successes” in cracking down on terrorism, and had succeeded in stopping “far more than 98 %” of terror plots in the organizing stage. He gave no specifics.

China’s battle against the violence in Xinjiang has been hampered by poor intelligence in a element of the country where few officials realize the Uighur language or Islam and the government has had difficulty recruiting Uighur operatives, diplomats and specialists say.

Meng has previously said the government required to boost its intelligence gathering and intelligence sharing amongst different departments it if wanted to better deal with the threat of terrorism, a rare admission of the problems it faces.

Rights groups and exiles say the violence in Xinjiang stems much more from widespread Uighur resentment at Chinese controls on their religion and culture rather than the action of a nicely-organized militant group.

China strongly denies abusing human rights in Xinjiang, and says it is facing a determined campaign from Islamist radicals and separatists.

(Reporting by Ben Blanchard Editing by Miral Fahmy)

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China capital outflows to top $500 bln in 2015-IIF

LONDON China will post record capital outflows in 2015 of much more than $ 500 billion, according to a report by the Institute of International Finance (IIF).

The IIF, an authoritative tracker of emerging industry capital flows, mentioned the world’s second largest economy is most likely to see $ 150 billion in capital outflow in the fourth quarter of the year, following the third quarter’s record $ 225 billion.

The estimate is based on trade information, Chinese banks’ transactions on the behalf of clients, and adjustments in central bank reserves, the IIF stated in the report.

“The most recent higher-frequency indicators show that Chinese exports continued to decline for a fifth consecutive month in November, with the trade surplus narrowing to $ 54 billion from $ 62 billion in October,” the report said.

Forex reserves had fallen about $ 87 billion to $ 3.44 trillion in the course of the month to the lowest since February 2013.

The yuan has been weakening against the dollar in recent months, primarily pressured by jitters about slowing development in China and an expected interest price rise in the United States.

China mentioned on Friday it had begun issuing a yuan exchange rate against a basket of currencies to discourage investors from exclusively tracking the yuan’s fluctuations against the U.S. dollar, a move some think signals intention to gradually shift toward a basket technique.

China’s woes have had a significant influence on the rest of the developing planet, with the IIF predicting that emerging markets would post net capital outflows in 2015 for the initial time given that 1988.

(Reporting by Sujata Rao)

China safety chief calls for greater intelligence on terrorism

BEIJING China needs to boost its intelligence gathering abilities and intelligence sharing amongst distinct departments it if desires to better deal with the threat of terrorism, its domestic safety chief mentioned, in a uncommon admission of the issues faced.

Hundreds of men and women have been killed in the past handful of years in China’s western area of Xinjiang, home to the mainly Muslim Uighur men and women, in violence blamed by the government on Islamist militants who want to establish an independent state known as East Turkestan.

Speaking in Xinjiang’s regional capital Urumqi, domestic safety chief Meng Jianzhu mentioned even though some success had been achieved in the fight against terrorism, the circumstance remained severe.

Meng stated intelligence gathering had to boost, in each what he known as “tough and soft intelligence”, according to a government statement issued late on Friday.

“Push the joining up and deeper integration of each the national and Xinjiang anti-terrorism intelligence platforms, put into impact the sharing of intelligence details,” the statement paraphrased Meng as saying.

“Raise the early warning ability of intelligence analysis, efficiently avoid against (terrorism), find out issues in a timely way, react rapidly and resolutely nip in the bud violent terrorist activities, destroy them ahead of anything takes place.”

China has been hampered in the previous by poor intelligence in a component of the nation where couple of officials recognize the Uighur language or Islam and the government has had difficulty recruiting Uighur operatives, diplomats and experts say.

In a single embarrassing incident for China last year, 3 folks have been killed and 79 wounded in a bomb and knife attack at an Urumqi train station just as President Xi Jinping was wrapping up a visit to the area beneath supposedly tight security.

China demands a far better command technique to respond to incidents as well, Meng said.

Rights groups and exiles say the violence in Xinjiang stems far more from widespread Uighur resentment at Chinese controls on their religion and culture rather than the action of a nicely-organized militant group.

China strongly denies abusing human rights in Xinjiang, and says it is facing a determined campaign from Islamist radicals and separatists.

China has blamed overseas militants for stoking tension in Xinjiang, and Meng said border controls also had to be tightened and more effort place into de-radicalization.

“Deepen de-radicalization function, strengthen management of religion in accordance with the law, have targeted propaganda and persuasive education to get rid of the atmosphere for radical religion,” Meng said.

(Reporting by Ben Blanchard Editing by Robert Birsel)

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China official hints at shipping merger announcement

BEIJING Dec 11 Two of China’s most significant shipping firms could release statements within days about a attainable merger, a senior government official stated on Friday following media reported cabinet had authorized the tie-up.

The combination of China Ocean Shipping (Group) Firm (COSCO) and China Shipping Group would develop the world’s fourth-largest container shipping firm with a roughly eight.1 percent share, a main step in Beijing’s program to develop a globally competitive maritime sector.

“About the merger program of China Shipping and COSCO, I would recommend you monitor statements from the two firms in the coming days,” Zhang Xiwu, vice chairman of the Assets Supervision and Administration Commission (SASAC), the agency that spearheads state-sector mergers, told reporters.

A merger of the two firms would represent a huge reshuffling of government-controlled assets as consolidation of China’s state-owned industries gathers momentum.

Collectively, COSCO and China Shipping handle 488 billion yuan ($ 75.66 billion) in assets, according to Barclays analysts.

Even so, as a merged entity they would nevertheless lag far behind the top 3 business players – APM Maersk, Mediterranean Shipping Organization and CMA CGM, which oversee practically 40 percent of the market, analysts said.

Share trading in the listed units of the two conglomerates, including COSCO’s flagship China COSCO and China Shipping’s China Shipping Development , have been halted considering that Aug. ten.

Chronic over-capacity and slow financial growth have pushed worldwide freight rates to record lows, top firms to enter vessel-sharing alliances and look for acquisitions. ($ 1 = 6.4495 Chinese yuan renminbi) (Reporting by Brenda Goh, Mattew Miller and Chen Aizhu Editing by Stephen Coates)

China to prosecute former atmosphere official for graft

BEIJING Chinese authorities will prosecute a former atmosphere official for corruption after an investigation identified he took bribes and accepted invites from firm executives to play golf, the Environment Ministry stated on Friday.

Xiong Yuehui was head of a technological standards division at the ministry until he became topic of a corruption probe in August.

An investigation by graft inspectors identified Xiong actively sought to hamper the probe, forming a “conspiracy of silence” with other people, breaking celebration discipline rules and covering up his individual affairs, the ministry’s discipline physique said.

He employed his position to “seek positive aspects” for other folks, and took gifts like cash, the ministry mentioned in a statement released by the ruling Communist Party’s anti-graft watchdog, the Central Commission for Discipline Inspection.

Xiong “a lot of instances went to private clubs and accepted invitations from company bosses to play golf”, it added.

It was not feasible to reach Xiong for comment and unclear if he has a lawyer.

Tales of corruption and officials’ higher living, including extravagant banquets and expensive rounds on golf courses, have stirred widespread public anger due to the fact bureaucrats are meant to live on modest sums and lead morally exemplary lives.

In October, the party for the very first time listed golf as a discipline violation as it tightened guidelines to quit officials engaging in corrupt practices.

Private clubs have also been a target of President Xi Jinping’s sweeping battle against deep-seated corruption due to their reputation in China as places exactly where shady dealings or sexual liaisons are carried out by an extravagant elite.

Xiong has been formally removed from his position and his case handed over to legal authorities, the ministry said, which means he will be prosecuted.

The Environment Ministry is at the forefront of government efforts to tackle the country’s critical pollution issue, which includes the smog that often covers China’s major cities.

In July, the government announced a corruption probe into a former deputy atmosphere minister, Zhang Lijun. There has been no news of him considering that.

In February, China’s primary anti-graft body reprimanded the ministry for a series of troubles, like interference by ministry officials and their relatives in environmental influence assessments.

Environmental degradation is one particular of China’s most serious concerns and a very sensitive one particular also, with thousands of protests each year sparked by concern about pollution, particularly from factories.

(Reporting by Ben Blanchard Editing by Michael Perry)

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China house firms’ debt issuance jumps, much more to come

HONG KONG Dec ten China’s actual estate organizations have sharply increased the quantity of funds raised from debt so far this year compared with 2014 as borrowing fees hit historical lows, and they are arranging to borrow much more.

Property developers have raised 495 billion yuan ($ 77 billion) from domestic Chinese bonds, nearly double 2014 levels, Barclays Capital estimates.

Goldman Sachs suggests home firms have issued a lot more than 400 billion yuan ($ 62.five billion) in domestic bonds, more than seven occasions total issuance in 2014. It uses a diverse set of companies as the basis of its estimate.

“Circumstances are excellent for these developers who ought to take this chance to strengthen their balance sheets and deleverage in a disciplined manner, rather than leverage up,” stated Dhiraj Bajaj, a fund manager at asset and wealth manager Lombard Odier Singapore.

Right after tightening regulations in current years to dampen a hot home marketplace, regulators have moved this year to make it easier for developers to raise debt in the hope a lift for the true estate market place will boost the wider economy.

The property sector drives about 15 percent of gross domestic product and could assist help an economy that a lot of analysts predict will develop this year at its slowest pace in far more than two decades.

Historically low interest prices are assisting to fuel the rush. The central bank has reduce its benchmark interest prices six occasions given that November by 1.65 percentage points and lowered banks’ reserve requirements 3 occasions this year.

The average coupon of the domestic bond of rated developers was about five.14 %, almost 3 percentage points reduce than comparable offshore senior notes.

About a dozen Hong Kong-listed Chinese developers, which includes Evergrande Genuine Estate Group, Country Garden , Dalian Wanda Commercial Properties and Shimao House Holdings have added fuel to the fund raising. Considering that late Might, they have sold bonds worth about 150 billion yuan ($ 23 billion), thanks to the re-opening of the medium-term note market to Hong Kong actual estate issuers.

Beneath Chinese regulations, domestic developers can concern bonds equivalent to 80 % of the company’s book worth. Major developers like Evergrande, Sunac China Holdings , Greentown China Holdings and Country Garden have practically used up their quotas for this year.

Evergrande, which has raised far more than $ 7 billion this year, is anticipated to come to the industry again soon to support an aggressive land acquisition approach, analysts stated. Evergrande declined to comment.

An offshore unit of Nation Garden might issue a so-known as panda bond – a yuan-denominated bond issued by a non-Chinese entity – the organization said.

The organizations that use up their domestic quotas for issuing bonds may possibly effectively move their fund raising efforts offshore subsequent year exactly where borrowing prices are relatively low as effectively. Equally, Chinese banks are probably to be a lot more relaxed about lending to property firms as restrictions on the sector relax, analysts stated.

Improved funding circumstances are expected to speed up the pace of construction and limit refinancing dangers that had resulted in distressed sales for numerous companies.

“They have been enabling home developers and neighborhood governments to refinance their debt. That supplies a cushion to the economy and prevents a challenging landing. That is the explanation they are allowing bond issuances to surge,” mentioned Francis Cheung, CLSA China strategist. ($ 1=six.four yuan)

(Reporting by Clare Jim and Umesh Desai Editing by Anne Marie Roantree and Neil Fullick)

Former ally of jailed China official in very good health shortly before death: report

BEIJING A 44-year-old former organization ally of disgraced Chinese politician Bo Xilai was in very good wellness in jail shortly just before he died of a heart attack, a Chinese on the internet news outlet reported, adding to the mystery more than his death.

Xu Ming, founder of plastics-to-house conglomerate Dalian Shide Group, died on Friday in prison in the central province of Hubei, according to Prism, an on-line news portal run by Tencent, China’s biggest social network.

Just two months before, for the duration of September’s Mid-Autumn Festival, he told household and close friends that he was in excellent well being and fine mental state and exercised from time to time, a buddy told Prism in a report carried on Wednesday.

The government has provided no explanation for Xu’s death. Prism’s report was picked up by other Chinese news portals and has not been removed from the Net, as can occur with sensitive stories.

Requests for comment from the Ministry of Justice and Ministry of Public Security went unanswered. Reuters has also not been able to attain family members for comment.

Xu’s family members was told that Xu had a heart attack when using the toilet, fell to the ground and died, the buddy told Prism.

It took several hours for the household to be notified, the friend added, according to the report.

The trial of Xu, listed by Forbes as China’s eighth-richest particular person in 2005, had been shrouded in secrecy. It was never ever created public when he was arrested, indicted and convicted. His prison term was unknown.

Xu was scheduled to be released from prison in September 2016, according to Hong Kong-primarily based Phoenix tv.

Xu’s relationship with Bo became a focus a couple of years ago when the politician was probed for corruption.

Bo was ousted as Communist Celebration boss of the southwestern metropolis of Chongqing and from the party’s choice-producing Politburo in 2012. He was sentenced to life in prison in 2013 for corruption and abuse of power.

Throughout Bo’s trial in 2013, the court stated Bo was charged with getting about 21.eight million yuan ($ three.39 million) in bribes from Xu.

(Reporting by Ben Blanchard Editing by Nick Macfie)

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China plans to launch registration-based IPO system in two years- state radio

BEIJING Dec 9 China’s plans to launch a registration-primarily based program on initial public offerings (IPOs) at Shanghai and Shenzhen stock exchanges inside two years, state radio reported on Wednesday.

The State Council is awaiting approval from the National People’s Congress, the parliament, on the proposal, state radio stated, citing a normal cabinet meeting chaired by Premier Li Keqiang.

The cabinet also pledged to take steps to tackle excess factory capacity and deal with so-called zombie firms, although enabling banks to create off far more poor loans, state radio said. (Reporting by China Monitoring Group and Kevin Yao Editing by Robert Birsel)

China seeks South Korean security guarantees after warning shots fired at ship

BEIJING China mentioned on Wednesday it had asked South Korea to make certain the safety of Chinese ships soon after South Korea’s navy fired warning shots at a Chinese vessel which crossed into waters disputed by North and South Korea.

The South Korean navy told Yonhap news agency it had fired 10 warning shots at a Chinese boat which it stated crossed the Northern Limit Line – a disputed inter-Korean maritime border on the west coast.

The ship was initially believed to be North Korean, but was later identified as Chinese, according to Yonhap.

“We are concerned about the relevant situation,” Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing.

The Chinese embassy in South Korea has asked for a clarification of what happened, she mentioned, adding that it had not heard of any harm or injuries.

“We will continue to pay close interest to how the scenario develops and preserve in communication with South Korea, asking they make certain the safety of Chinese personnel and ships,” Hua stated, without giving other specifics.

The Northern Limit Ling is a disputed border exactly where a number of artillery and naval clashes have occurred in recent years.

Final year, a Chinese fisherman was killed in a South Korean coastguard operation to apprehend his vessel which was operating illegally off South Korea’s west coast.

South Korea’s coastguard regularly chases Chinese fishing boats out of its western seas and violence does occasionally take place.

A South Korean coastguard officer was stabbed to death by a Chinese fisherman in 2011 and the following year a Chinese fisherman died from injuries in a confrontation with the coastguard. That led to a Chinese government complaint.

(Reporting by Ben Blanchard Editing by Nick Macfie)

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