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Business in brief - Mar. 25
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08:55, March 25, 2008

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Green start-ups

The China Environmental Protection Foundation and Shanghai General Motors kicked off a green business competition at Peking University over the weekend. The Green Ideas competition will accept environmentally friendly start-up plans. The plans will be evaluated and the winners rewarded to encourage more environmental protection in business.

Joint study

Pan Yue, former deputy director of the State Environmental Protection Administration, said the Ministry of Environmental Protection wants to join forces with Peking University and Japan's Waseda University to study sustainable development. The two universities have just finished a three-year study on China's environment protection activities and international exchange.

Industry capital

Suizhou, a city in Hubei province, was recently dubbed the "capital" of the special-purpose vehicle industry by the China Machine-building Industry Federation. The city has an annual production capacity of 70,000 special-purpose vehicles, 30,000 chassis, 30,000 auto bodies and 3 million wheels. Last year, the city was No 1 for output of both tank trucks and vehicles for environmental sanitation.

Chan on board

Japanese carmaker Mitsubishi Motors Corp and Chinese partner Soueast Motor Corp recently signed up international movie star Jackie Chan as Mitsubishi's brand ambassador on the mainland. Soueast, 30 percent owned by Mitsubishi, builds the Japanese brand's Galant and Lancer sedans, and Lingshen wagon.

Cool product

Carrier, a provider of heating, air-conditioning and refrigeration solutions, launched its largest single-unit cooling capacity chiller in Shanghai recently. Carrier's global research and development center in Shanghai engineered the Evergreen 19XRD chiller for airports, shopping malls, commercial complexes, factories and district cooling plants.

Wind turbines

China Huadian Corp, one of the country's five big power generators, will buy up to 142 wind turbines worth 1.4 billion yuan from China South Locomotive and Rolling Stock Industry (Group) Corp under a wind power cooperation pact. In the initial phase of the deal, Huadian will install 20 turbines this year with a combined generating capacity of 36.3 mW at a wind farm in Hunan province.

Bills auction

The central bank said yesterday it would auction up to 88 billion yuan of one-year bills in its regular open market operation today, up from 56 billion yuan of such bills sold last week. A total of 192 billion yuan in central bank bills and repos will mature this week. Last week, the central bank drained a net 108 billion yuan from the market.

SUV target

Great Wall Motor Co Ltd, China's largest sport utility vehicle maker, aims to sell 67 percent more vehicles in 2008 than last year, banking on new models to boost sales both at home and overseas. Great Wall has set a target to sell 200,000 vehicles this year, up from 120,000 in 2007, Reuters quoted a senior executive as saying.

Aromatics cut

China Petrochemical Corp is producing less aromatics from each barrel of crude to boost its output of gasoline, which is in short supply on the domestic market. The Zhenhai refinery, the country's biggest, has cut aromatics production to free up raw material to make more gasoline "on a trial basis", China Petrochemical, known as Sinopec Group, said in its online newsletter Sinopecnews. Aromatics are used to make computer casings and polyester fiber.

Source: China Daily/Agencies

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