GREEN ENERGY: The first liquefied natural gas station in Tibet Autonomous Region begins operation on October 26 in Lhasa to provide greener energy for the plateau region (TAO XIYI)

Resource Tax Reform

Price-based resource taxes on crude oil and natural gas will be extended from a few of the country's regions to the entire nation starting from November 1.

The reform of resource taxes will not impact China's domestic prices for oil and natural gas, the Ministry of Finance and the State Administration of Taxation said in a joint statement.

The domestic oil price is more likely to be influenced by global factors, including international speculation, the exchange rate of the U.S. dollar, and supply and demand in the global market, the statement said.

After the adjustments, price-based tax rates for oil and natural gas will also be between 5 and 10 percent, up from the previous 5 percent implemented in northwest China's Xinjiang Uygur Autonomous Region on June 1, 2010.

Simpler Forex Rules

China will begin a trial program for simplifying the procedures for passing foreign currencies between banks and companies in the trading of goods, said the State Administration of Foreign Exchange.

Effective from December 1, the new rules will not require verification for information about prepayments for goods, payment cancellations or delays.

The trial program will be launched in Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), and Fujian (excluding Xiamen) provinces, and in Dalian, Liaoning Province and Qingdao, Shandong Province.

BYD's U.S. Base

Chinese electric vehicle maker BYD, in which Warren Buffett has a stake, opened its North American headquarters in Los Angeles on October 24.

The headquarters will focus on developing eBus shuttles in Los Angeles and other big cities, according to BYD Chairman Wang Chuanfu.

Hertz, the world's largest general use airport car rental brand, is now running a BYD-made eBus-12 shuttle bus at Los Angeles International Airport.

"BYD's North American headquarters in downtown Los Angeles is the latest sign that we are a growing hub of clean-technology jobs," said Los Angeles Mayor Antonio Villaraigosa at the opening ceremony. "We see BYD's Los Angeles opening as a catalyst that will usher in good jobs, global investment and a more sustainable future," said the mayor.

Investment-Friendly City

The 2011 Yantai (Beijing) Strategic Cooperation Seminar for Multinational Companies was held in Beijing on October 20 to boost foreign direct investment in Yantai, a coastal city in east China's Shandong Province.

Co-organized by the Investment Promotion Agency of the Ministry of Commerce and Yantai Municipal Government, the event serves as a platform for communication and cooperation.

About 180 representatives from Global Fortune 500 companies, financial investment firms and foreign chambers attended the seminar.

During the event the Yantai Municipal Government introduced 124 key projects, covering areas such as high-end manufacturing, low-carbon industry, infrastructure, and fisheries. Nine of the projects, with a total investment of $3.8 billion, were signed at the event.

So far, more than 90 companies out of Global Fortune 500 and well-known multinational corporations from more than 80 countries and regions have established businesses in Yantai.