GREEN BUS: The first batch of LNG (liquefied natural gas) buses are put into use in Beihai, south China's Guangxi Zhuang Autonomous Region, on September 1 LI (JUNGUANG)

Tax Convention

China on August 27 signed a multilateral convention by the G20 to combat tax evasion.

Wang Jun, Administrator of the State Administration of Taxation of China, signed the convention on behalf of the Chinese Government at the Organization for Economic Co-operation and Development (OECD) headquarters in Paris.

By signing the convention, China became the 56th signatory to the multilateral agreement designed to facilitate international cooperation among tax authorities and improve their ability to fight tax evasion.

This is the first multilateral tax instrument that has ever been signed by China.

Developed by the OECD and the Council of Europe in 1988, the convention on mutual administrative assistance in tax matters is the most comprehensive multilateral instrument available for tax cooperation and exchange of information.

Nuclear Generator

Dongfang Electrical Machinery Co. Ltd. (DFEM), a major Chinese power-generating equipment manufacturer, has completed construction of a 1,750-megawatt (mw) nuclear generator and started transporting it to a nuclear power plant in south China on August 24.

The 1,750-mw generator currently has the biggest per-unit installed capacity among nuclear generators in the world, according to the DFEM, which is based in southwest China's Sichuan Province.

The generator is being sent to the Taishan Nuclear Power Plant in south China's Guangdong Province from the company's production base in Deyang, Sichuan.

DFEM will provide two such generators for the plant. It has produced 14 nuclear generators so far with a total installed capacity of 15,790 mw.

Auto Investment

German vehicle manufacturer Daimler AG is investing 2 billion euros ($2.67 billion) in its local joint venture with Beijing-based BAIC Motor Group, a fund infusion that will finance construction of the world's largest Daimler production facility by 2015.

The German premium vehicle producer plans to more than double its annual capacity to 200,000 units by 2015, said Hubertus Troska, President and CEO of Daimler Greater China.

"China, which has already become the top global automotive market, will for sure become the biggest premium car market from a long-term perspective," said Troska. "If we want to be a successful leader in this important market, we need more locally produced vehicles."

The company is opening 75 new dealerships this year in 36 new cities, 45 percent of which will be third- or fourth-tier cities. By the end of 2013, there will be 337 dealer outlets in 151 Chinese cities.