Shanghai Shares Continues Upward Trend
The Shanghai Stock Market continued its fine recent run, ending at
5771.46 on Wednesday, having at one point punctured the 5,800 mark
during the day’s trading. Some RMB165.45 bn was traded on the day, led
by surging energy, coal an d banking stocks. The smaller Shenzhen
Composite Index dropped 0.48 per cent, however, to close at 1543.79.
Hong Kong’s Hang Seng rose 1.17 per cent, finishing at 28556.9.
Olympic Games Forces Beijing Air Pollution Strategy
Beijing’s fears that its chronically bad air pollution could ruin next
summer’s Olympic Games have forced a drastic action plan. According to
a draft resolution, Beijing will remove 70 per cent of government
vehicles and half of private cars from the capital’s roads between 24
July and September 20. Chemical, steel and building materials plants
will also suspend operations, and power-generating plants will be
forced to reduce coal during the 58 pre-, during and post-Olympic
period. According to state media, Beijing’s air pollution is broken
down into four component parts: car emissions (40 per cent), airborne
dust and dirt (30 per cent), energy consumption (20 per cent) and
industrial emissions (10 per cent).
Billionaire Getting Rich(er) Fast
China has 106 US Dollar billionaires, up from just 15 in 2006 – and
none in 2002, according to the annual Hurun Rich List. Of the ten
wealthiest people in China, nine own listed companies, six of whom are
real estate developers. The total wealth of China’s 800 richest
individuals totals USD459.3bn. Yang Huiyuan, a 26-year-old heiress, is
China’s richest person, with a USD17.5 bn fortune bequeathed by her
property magnate father. Last year’s number one, 50-year-old paper
recycling tycoon Zhang Yin, ranks second on this year’s list.
Jiangsu to Expand Nuclear Power Plant
East China’s Jiangsu province will sign an agreement with Russian
company, Atomstroyexport, to build two new 1,000MW nuclear power
reactors at the Tianwan power plant. The Russian company provided the
first two reactors for the plant, which began construction in 1999. The
Tianwan plant will eventually incorporate eight nuclear reactors, with
a total capacity of around 10,000MW. China has a set a target for four
per cent (up from 1.1 per cent in 2006) of the nation’s energy supply
to be generated by nuclear power by 2020.
Last update : Thursday, 11 October 2007
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