WINDY CITY: Workers examine windmill hubs in Shandong Rongchuan Port Machinery Manufacturing Co. Ltd. in Rongcheng, Shandong Province, on May 16, 2011. Being a coastal city, Rongcheng attracts large energy companies to invest in wind power projects with operational and under-construction installed capacity totaling 250,000 kw and accumulative electricity generation of 600 million kwh (GUO XULEI)

New Top Trader

The EU has replaced Japan as China's No.1 import source region based on trade figures in the first four months of this year, China's Ministry of Commerce (MOFCOM) announced on May 17.

Trade between China and the EU rose 23.5 percent in the first four months from a year earlier to $170.01 billion, according to MOFCOM spokesman Yao Jian.

His remarks came after the EU slapped its first-ever anti-subsidy and anti-dumping duty on coated fine paper imported from China on May 14. China claimed on May 16 that EU members had subsidized domestic production of potato starch exported to China.

Joint Investment

China Petroleum and Chemical Corp. (Sinopec) announced on May 17 the company will establish a new polycarbonate production plant with an annual capacity of 260,000 tons with Saudi Basic Industries Corp. at their existing joint venture in north China's Tianjin Municipality.

The new polycarbonate production plant is expected to be put into operation by 2015, said Sinopec.

Polycarbonate is an essential plastic used for producing components of automotive parts, compact discs and a variety of consumer products as well as other industrial components.

Upgrading Power Grids

The National Development and Reform Commission (NDRC) on May 16 issued a notice asking local governments to upgrade their rural power grids in a bid to boost the nation's rural power infrastructure and improve the lives of rural residents in the next five years.

The uniform pricing of electricity will be realized between rural and urban areas, said the NDRC notice. Further, the Central Government will add more funds to support these projects.

Banking in HK

The Hong Kong Monetary Authority granted a banking license to Shanghai Pudong Development Bank on May 16.

Incorporated on the Chinese mainland, Shanghai Pudong Development Bank is the 10th largest in the country in terms of Tier-1 capital (core capital) according to the July 2010 issue of The Banker.

With the bank's acquisition of a license, the number of licensed banks in Hong Kong has increased to 149.

Largest Chemical Market

China is expected to overtake the United States as the world's largest chemical market by the end of 2011, Tim Hanley, chemical sector leader of Deloitte Touche Tohmatsu Global Manufacturing Industry, said in Beijing on May 17.

Hanley said the key growth driver for the Chinese chemical industry is the rapid growth of the Chinese economy and high demand for chemical materials from the automotive, construction, textile, packaging, agriculture and other end-user industries in the country.

Hanley said Chinese chemical companies should speed up industry restructuring and technical innovation to produce more advanced and high value-added products.