China allows private companies to import oil
China plans for the first time to allow other companies besides the present four State-designated traders--Unipec, Chinaoil, Sinochem and Zhuhai Zhenrong Corp -- to import 7.2 million tons of crude oil and 4 million tons of refined oil, such as diesel and gasoline, this year. The new importers can be either private-run or State-owned. (Xinhua, 14 January)

China's taxation overtaking 1.5 trillion yuan in 2001
2001 saw China's nationwide taxation overtake RMB 1.5 trillion, an unprecedented breakthrough to have reached RMB 1.5157 trillion-yuan. It is a rise of 19.7% as against that of the previous year with added revenue amounting to RMB 249.6 billion. (People's Daily, 14 January)

PBC issues unified mark for bank cards
The People's Bank of China will put out an unified identification mark for cards issued by different commercial banks to make them all applicable on ATMs and POSs labeled with the mark. (People's Daily, 14 January)

Shenzhen becomes one of world's top 10 container ports
Shenzhen, China's oldest special economic zone is now in the world's top 10 international container terminals after handling 5 million TEUs of freight in 2001. The city's income from the container port contributed 13% to the city's economic growth last year. (People's Daily, 14 January)

China sets up GDS air ticket system
As the regrouping process of China's major airlines experiences air turbulence, a pivotal project for the aviation industry, the Global Distribution System for ticket sales had been established to provide all-round ticket services to consumers. (China Daily, 15 January)

China's central bank to further support development of stock market
China's central bank will continue to support the development of the domestic stock market by means of monetary policy while strengthening market regulation. The linkage between the domestic currency market and capital market will be one of the major concerns of the central bank this year. (Xinhua, 15 January)

China's industrial production grows 9.9% in 2001
China's industrial enterprises generated a total value added of RMB 2.695 trillion in 2001, a year-on-year growth of 9.9%. (Xinhua, 15 January)

Auditor unearths massive misuse of state funds
The National Audit Office unearthed massive misuse of funds in last year's probes into 10'700 government agencies and major state-owned enterprises, including the now scandal-hit Bank of China. (SCMP, 15 January)

China appoints ambassador to WTO
President Jiang Zemin appointed Sun Zhenyu as China's permanent representative and ambassador to the WTO, in accordance with a decision made by the National Peoples Congress Standing Committee. Sun was also appointed China's permanent deputy representative to the Geneva Office of the United Nations and other Switzerland based international organizations. (People's Daily, 16 January)

China's top planner confident in 2002 GDP growth
China's top economic planner said the country is able to maintain the growth momentum, despite challenges from WTO entry and the global economic downturn. (China Daily, 17 January)

CPI drop continues
The second straight month of decline in the consumer price index gave a dangerous signal that China may once again be trapped by deflation. China's CPI fell 0.3% in December 2001 compared with the same month the year before. The latest decrease follows a drop of 0.3% in November and a decline of 0.1% in September. (China Daily, 17 January)

Microsoft cracks China software market with first JV
Microsoft launched its first software joint venture in Beijing, with an investment of USD 2.2 million. Microsoft's two local partners -- Beijing Centergate Technologies Holding Co Ltd and Stone Group -- hold 51% and 30% respectively of the Zhongguancun Software Company, which has a registered capital of RMB 100 million. (China Daily, 17 January)

China's pension funds to enter stock market
Preparations are in the final stage as the legal keeper of the country's welfare and pension funds published application requirements for investment institutions bidding to run the funds. (Xinhua, 17 January)

Price cuts get auto sales motoring
A drastic cut in the cost of buying a new car by a leading automaker has sent motoring fans into a buying frenzy and raised the spectre of a renewed price war. China's domestic car makers are bracing themselves for an influx of foreign companies. The nation's entry to the World Trade Organization last year has attracted more car imports as tariffs are slowly scrapped. (China Daily, 17 January) 

Tax protest
Farmers threw stones and overturned cars in a village in the central province of Henan in a protest against taxes. China Labour Watch said that authorities had sealed off the county and arrested farmers who planned to submit a petition against the taxes, which in some cases would have taken up to half a family's annual income. (FEER, 17 January)

Bank of China will pay stiff penalty in the U.S.
Bank of China has reached a preliminary agreement to pay a multimillion-dollar penalty to the U.S. government after an investigation turned up wrongdoing at its New York branch. The agreed figure is between USD 10 million and 20 million, which would make it one of the largest U.S. civil penalties levied on a bank in recent years. Details of the indiscretions the bank is alleged to have committed remain unclear, but a penalty of the size being discussed would indicate serious wrongdoing. (WSJ, 18 January)