China Rejects US Clean Energy Probe: China's Ministry of Commerce has hit back on Sunday at US plans toinvestigate its clean energy policies, calling the move "groundless and irresponsible".
The US move against China's clean energy sector came on the same day that the US Treasury Department postponed, for at least a month, a report on whether China is manipulating its currency for an unfair trade advantage.
The US Treasury said it was withholding its semi-annual report on foreign exchange rate practices until crucial summits are held in November, giving diplomatic pressure on China more time to achieve results.
VP Erges Closer Financial, Economic Ties with US: Chinese Vice President Xi Jinping pledged Wednesday to enhance bilateral ties with the United States while urging closer financial, economic and trade cooperation between the two nations.
"China will work with the US to push forward bilateral ties in a sound and steady manner," Xi told Max Baucus, chairman of the US Senate Finance Committee.
Xi pressed the US to adopt measures such as boosting high-tech exports to China.
Yuan Flexibility to Increase: China has reaffirmed its steadfast determination to advance the reforms of the exchange rate of the Renminbi (RMB), or the yuan, rate but dismissed calls for the currency's appreciation.
The reform seeks a managed floating exchange-rate regime based on market supply and demand, adjusted to a basket of foreign currencies.
The yuan has appreciated by 55% since China initiated reform of the yuan exchange rate mechanism in 1994.
China Launches Floating-Rate Renminbi Notes in Hong Kong: China Development Bank, one of the country's three policy lenders, said Monday it had successfully launched 2 billion yuan ($300 million) of floating-rate renminbi bonds, making the first financial institution to issue the notes in Hong Kong this year.
It was the fourth time that China Development Bank issued RMB-denominated bonds in Hong Kong since July 2007, when China's central bank permitted mainland-based financial institutions to do so.
CNOOC pays $1b for US Gas and Oil Stake: China's largest offshore oil company, CNOOC Ltd, agreed to pay $1.08 billion to buy a stake in a shale oil and gas project in the US.
CNOOC will buy a 33.3% interest in US company Chesapeake Energy Corp's Eagle Ford shale project in southern Texas. The transaction is expected to be completed in the fourth quarter of this year, said a company statement.
Chesapeake anticipates the project will reach its peak production of 400,000 to 500,000 barrels of oil equivalent a day in the next decade.
Analysts said the deal underscores China's move to use more unconventional energy sources to meet rising demand and to power its rapid economic growth.
China raises Big Banks' Reserve Ratio: China has raised reserve requirements for six large commercial banks on a temporary basis, a move to drain cash from the economy but avoid over-tightening.
The increase, which takes required reserve ratios to 17.5% for the country's biggest lenders, is the first since May this year. The rise will be in place for two months before ratios are returned to their current levels.
The People's Bank of China, the central bank, declined to comment.
Trade surplus in September Falls: China's September trade surplus fell to $16.88 billion, according to the General Administration of Customs.
The country's exports increased 25.1% in September from a year earlier to $144.99 billion, but the pace of growth slowed from August's 34.4% surge.
The country's imports rose 24.1% year on year to reach $128.11 billion last month, with the increase easing a bit from that in August.
China's trade surplus for the first nine months of the year totaled $120.6 billion, down 10.5%.
First Sino-Africa Banking System Launched: The Industrial and Commercial Bank of China (ICBC) and its participating stock company Standard Bank of South Africa initiated a direct cash management system on Wednesday in Wuhan in Hubei province.
Through the system, Chinese companies can reduce their financial risk by implementing real-time monitoring of the capital flow of their African projects and managing their African bank accounts in China.
In February 2008, China's banking regulator approved ICBC's purchase of a 20% stake in South Africa's Standard Bank for $5.6 billion. ICBC became the largest single shareholder of the African bank, with 305 million shares of common stock.
Trade with Africa to Hit Record High: China-Africa trade is expected to bounce back to "pre-crisis levels" and is on track to hit a record high of more than $110 billion this year, the Ministry of Commerce said.
Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation under the ministry, also predicted China-Africa trade will "likely grow by around 20 percent in three to five years".
Costa Rican ambassador calls for FTA with China: Costa Rican Embassador to China Marco Vinicio Ruiz has called on his country to approve the Free Trade Agreement (FTA) with China soon, local media said Monday.
Before its implementation, the FTA has to be approved by Costa Rica's Legislative Assembly.
China and Costa Rica signed the FTA in April this year. The agreement was the first free trade pact inked between China and a Central American country.
Bulgaria welcomes Chinese investment: Bulgaria invites Chinese investment as the country offers the lowest taxes within the European Union, a senior Bulgarian official said Monday.
Chinese companies were interested in investing in a wide rage of fields in the country, such as electronics, infrastructure, energy, agriculture, engineering, and construction materials, Traicho Traikov, Economy, Energy, and Tourism Minister of Bulgaria, told a China-Bulgaria business forum.
Indonesia offers investment opportunities to China: Indonesia is offering investment opportunities to Chinese investors to do business in natural wealth on the basis of mutual benefit, Antara News Agency quoted a deputy minister as saying on Friday.
"Indonesia has abundant natural resources, a huge market and positive economic growth, plenty of human resources and policies which boost investment and industry. It has become an investment destination in the industrial sector for foreign investors, including Chinese investors," Deputy Minister for Industry Alex S. W. Retraubun said.
Electric Vehicles Production: China's annual production capacity of electric motor vehicles will reach 1 million units by 2020.
As the world's largest autobile market, new energy vehicles are key to the development of the industry, said Minister of Science and Technology Wan Gang .
Wan added that automobile exhaust emissions accounted for 70 percent of air pollution in big cities of China.