China Chemical Reporter Sample 2
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NEWSDESK u www.ccr.com.cn Trade China’s Foreign Trade China turned around its trade deficit for This year’s deficit the first quarter and achieved a surpris- is predicted to be the ing US$100 million surplus in the first largest annual trade four months of this year. deficit for China The total import and export reached since 1993, when it US$243.96 billion, up 39.8 per cent; was US$12.2 billion. China exported US$122.03 billion and If SARS is contained imported US$121.93 billion in January- within another three April, up 33.5 per cent and 46.8 per cent months, China’s respectively year-on-year, according to trade deficit would the General Administration of peak at US$5 billion for the May-July rect investment rose 37.24 percent year- Customs. period. on-year to US$4.7 billion, while contrac- Monthly imports and exports It is also reported China’s actual for- tual foreign investment rose 27.18 per- reached record highs in April at US$34. eign direct investment (FDI) in the first cent over the same period last year to 60 billion and US$35.62 billion, up 34.4 four months of this year increased by US$7.5 billion. 3 574 foreign-funded en- per cent and 33.3 per cent respectively 51.03 per cent from the same period last terprises were approved to set up busi- year-on-year. year to US$17.8 billion. ness in China, up 28.7 per cent year-on- But imports and exports for April The contracted FDI reached US$30.5 year. grew at a much slower rate' down 10.7 billion in January-April, rising 50.13 per By the end of April, the accumulative and 1.3 percentage points respectively cent from the same period last year. 12 total approved foreign funded enter- than in March. 198 foreign funded enterprises were prises in China reached 436 394, with A trade deficit of between US$2 bil- newly approved in the first four months, actual FDI rising to US$465.7 billion, lion-3 billion is expected this year due a rise of 34.19 per cent year-on-year. while contracted FDI rose to US$858.5 to SARS. In April this year, actual foreign di- billion. Circular for the Price Readjustment of Oil Products In accordance with the cur- circular. It is decided in the RMB290 per ton and RMB260 policy of the state and en- rent methods for the price document that an appropri- per ton and the benchmark sure a normal and stable control of oil products and ate reduction of oil product retail sale price will be re- market supply. According to the changes in the recent in- prices is made from May 10, duced in proportion with the the requirements of the ternational oil price trend 2003. ex-factory price. The price of document, PetroChina and and the domestic supply The ex-factory price of avia- aviation fuel will be down by SINOPEC have made read- and demand of oil products, tion kerosene will be down RMB250 per ton. justments to the wholesale the National Development by RMB250 per ton. The ex- PetroChina and SINOPEC and retail sale prices of gaso- and Reform Commission factory price of gasoline and are requested to strictly line and diesel in areas within has recently issued a diesel will be down by implement the pricing their jurisdiction. niqema on May 6 an- U nounced the launch Uniqema Launches Refrigeration Lubricants of its Solutions Center for refrigeration lubricants in “Solutions Center” Mandarin. The Solutions Center is a web site at eration professionals to greater service in China Uniqema is a global busi- www.emkarateRL.com take advantage of all the comes at a time when the ness designed for a new era that supplies the informa- benefits synthetic lubri- region has witnessed in specialty chemicals and tion and expertise that cant technology has to growth in its domestic air is part of the ICI group of make it possible for air offer. conditioning and refrig- companies. (reported by conditioning and refrig- The move to provide eration use. Bari Lyn Gerber) 4 CHINA CHEMICAL REPORTER May 26, 2003 NEWSDESK Anti-dumping u www.ccr.com.cn China Rules on Anti-dumping Investigation On May 12, China leveled damage to domestic and stockpiles. dropped by 148.11% in dumping accusations industries. A glaring example of 2001, but went into the against imports from the China’s imports of poly- the impact can be seen by red with losses of RMB United States, Japan, vinyl chloride from the the industry’s pre-tax 300 million(US$36.2 South Korea, Russia and five investigated econo- profits, which not only million). Taiwan region of polyvinyl mies soared by 12.36% and chloride and ordered im- 31.27% year-on-year in porters to make cash de- 2000 and 2001. PVC Dumping Extent posits with Chinese cus- The investigated im- Country / Company Dumping extent toms as a temporary anti- ports occupied 34.38% of U.S.A dumping measure. China’s total market of Shintech Incorporated 83% The Ministry of Com- polyvinyl chloride in 2001 Formosa Plastics Corporation Texas 25% merce (MOC) said in a pre- and accounted for more All others 83% liminary ruling that it had than 80% of China’s total South Korea found an anti-dumping imports. LG CHEM, LTD 10% margin of 10 to 115% on Meanwhile, the price of HANWHA Chemical Corporation 13% imports from the named polyvinyl chloride im- All Others 76% countries. Interested par- ports from those con- Japan ties can appeal to the MOC cerned has been falling, Shinetsu Chemical Co., Ltd. 54% within 20 days, said the and as a result domestic V-Tech Corporation 50% ministry. prices have been kept TAIYO VINYL Corporation 32% Five domestic produc- low. SHIN DAI-ICHI VINYL Corporation 70% ers applied for an anti- The preliminary judge- KANEKA Corporation 62% dumping investigation on ment concluded that huge All Others 115% March 1 last year on behalf low-priced imports from Russia of China’s polyvinyl chlo- the five investigated have J/S Co. Kaustik 34% ride (PVC) industry. slowed the growth of do- Joint Stock Company (SAYANSKCHIMPLAST) 67% mestic industries and All Others 82% Impact of dumping to curbed the expansion of Taiwan Region China's PVC industry their production capacity. China General Plastics Corporation 15% The alleged dumping Formosa Plastics Corporation 10% The MOC investigation has also driven down the Ocean Wide Plastics Incorporation 23% found these imports were local industry’s market All Others 27% sold below the normal shares, profits, and Source: MOC value and thereby caused pushed up unemployment hina has launched an investi- Cgation into the dumping of China Starts Anti-Dumping monoethanolamine and diethanolamine in the Chinese mar- Investigation on Ethanolamine ket by Japan, the United States, Germany, Iran, Malaysia, Mexico as materials, respectively listed under been dumped in China or not, and well as the Taiwan region. “2922.1100” and “2922.1200” in the tar- if yes, how serious it is. It will also The move was announced on May iffs of the General Administration of look into the damages the practice 14 by the Ministry of Commerce and Customs. has caused to the Chinese industry became effective the same day. The investigation was requested by if there is any. The investigation relates to im- two Chinese chemical companies. The investigation usually lasts for ported monoethanolamine and The Ministry will do research to one year and can be extended to 18 diethanolamine, basic chemical judge whether the products have months if necessary. CHINA CHEMICAL REPORTER May 26, 2003 5 NEWSDESK u www.ccr.com.cn Share Warren Buffett Makes a Drastic Increase of PetroChina H Shares Attracted by the great profit-earning power and the high return on investment Warren Buffett, the famous “stock mar- shire Hathaway under Warren Buffett a long-term interest in PetroChina ket prodigy” in the United States, has is the only company with investment stock. Compared with other interna- focused his latest investment target on as main business listed in the world tional oil companies, PetroChina has PetroChina. In a matter of a few Hong 500 top enterprises. Its average annual relatively low market profit rate and high Kong stock market transaction days in net book value has increased by 22.2% dividend. The net profit accomplished late April, he increased PetroChina H since 1965, from a per-share net by PetroChina last year reached RMB46. shares in hand four times through his value of US$19 in 1965 to more than 9 billion, the growth margin being 3. listed company with 1.0 billion Hong US$40 000 today. The total profit 17%. Besides, China is the energy mar- Kong dollars.