Wang Aochao News
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Shen Wei, one of the first 600 investment bankers authorized to sign off on initial public offerings in China, said the license that made him one of the “golden collared” has lost its magic.
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Xiao Gang, who stepped down yesterday as chairman of Bank of China Ltd., will take on the challenge of restoring confidence in Asia’s third-largest stock market as head of the nation’s securities regulator.
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China scrapped a ceiling on investments by overseas sovereign wealth funds and central banks in its capital markets, part of government efforts to encourage long-term foreign ownership and shore up slumping equities.
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China will establish a natural-gas pricing mechanism that reflects availability of resources and market supply and demand this year, according to the nation’s top economic planner.
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China may increase its annual crude- oil refining capacity by 50 percent in the next five years to meet rising demand in the world’s fastest-growing major economy.
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Bank of Taiwan’s role in implementing government policy bolsters its case to be the island’s first lender allowed to clear transactions in yuan, Chairman Liu Teng- cheng said in an interview.
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Xinao Gas Holdings Ltd. , whose shares plunged as much as 22 percent in Hong Kong trading today, denied a report that the chief executive of the parent company was involved in bribery.
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China, the world’s second-biggest energy consumer, imported 29 percent more crude oil in the first five months of the year as faster economic growth boosted demand for motor fuel and electricity.
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PetroChina Co., Asia’s biggest company by market value, expanded overseas operations and ramped up production in the first quarter as domestic demand rebounded.
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Chinese oil imports may decline from this month’s record high as waning energy demand reduces refining profits.
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