Top 10 news items for Chinese firms in 2012 (2)

6. China's biggest overseas acquisition plan gets approval

The Canadian government gave the green light in December for the State-owned China National Offshore Oil Corporation to acquire Canadian oil and gas producer Nexen Inc. The deal, valued at $15.1 billion, is the biggest-ever overseas takeover by a Chinese company.

7. Telecom giants encounter trade barriers

The US House of Representa­tives' Intelligence Committee concluded in an October report that two leading Chinese telecom­munications companies, ZTE and Huawei, posed a security threat to the US. The two firms later slammed the US probe as "unfair" as experts worried that such a trade barrier could deter cooperation between the world's two biggest economies.

8. State Council simplifies administrative approval processes

The State Council decided in October to cancel or adjust 314 administrative approval items as a way to simplify administrative reviews and clear obstacles for economic development. The move also forms part of efforts to curb corruption.

9. Beijing-Guangzhou high-speed railway opens

The world's longest high-speed railway, from Beijing to the southern Chinese city of Guangzhou, opened at the end of 2012, cutting travel time from 20 hours to eight. It is believed that the new railway will boost the regional economy greatly.

10. Wenzhou steps up for financial reform

Wenzhou, a wealthy city in East China's Zhejiang Province, pushed financial reforms ahead to formalize private lending to reduce financial risks, as the provincial government unveiled a detailed plan for a trial that will allow individuals to make direct overseas investments in yuan and standardize private loans.

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