TOURIST BOOM: The more than 100 islands in Weihai, Shandong Province, see a 50-percent growth in the number of tourists from both home and abroad during the Labor Day holiday (LI ZIHENG)

Oil Exploration

China's largest oil and gas producer PetroChina is increasing investment in oil and gas exploration and development in Indonesia by 30 percent through its local subsidiary this year.

The subsidiary, PetroChina International Indonesia, will increase its investment from $491 million to $639 million in 2010 to boost oil lifting and counteract declining production, said PetroChina Vice President Budi Setiadi.

Budi Setiadi said the company planned to drill 21 exploration wells this year, which could cost the company $23 million. PetroChina has set targets for its Indonesian operation to produce 106,000 barrels of oil per day (BPD) this year, up from 104,000 BPD in 2009.

ABC Listing

Agricultural Bank of China (ABC), China's only big lender yet to be listed, has sped up its listing process by seeking approval from the bourses for its initial public offering (IPO), said a China Daily report.

The state-owned lender races against time and with other major lenders to raise funds, as the government wipes up excess liquidity from the economy through tighter reserve requirement ratio.

Through a dual listing in Shanghai and Hong Kong in July, the lender plans to raise some $22 billion in what's widely expected to be the biggest recent IPO.

It will issue about 50 billion new shares at the price of around 3 yuan ($0.44) per share.

Closer Tourism Ties

Taiwan unveiled its tourism offices in Beijing on May 4, the first quasi-official agency on the mainland, in the latest sign of warming ties across the Straits.

The office, formally known as the Beijing Office of the Taiwan Straits Tourism Association (TSTA), was opened following the end of a four-day tourism expo in Taipei to attract mainland tourists.

"We aim to introduce the scenery and landscapes to people on the mainland, so as to promote mutual understanding and interaction between the two sides through tourism," said Yang Ruey-tzong, Director of the TSTA who will lead the 10-employee office in Beijing.

The mainland counterpart office was launched in Taipei on May 7.

Hi-Tech Imports

China will increase imports of advanced technology, key equipment and spare parts, and energy-efficient and eco-friendly products this year, said Jiang Yaoping, Vice Minister of Commerce on April 29.

While inviting hi-tech companies and dealers worldwide to the 12th China High-Tech Fair, Jiang stressed that American companies are welcome to increase

Sino-U.S. cooperation in high-tech trade and promote joint development of the two economies.

The ministry is urging the United States to lift restrictions on hi-tech exports to China. The ministry is also pushing on hi-tech trade between the two countries in key areas such as space flight, aviation and information technology, said Jiang.