BRIDGING CHINA The high-speed passenger train between southwest Chongqing and Chengdu officially comes into operation on September 26 (GUO LI)

Auto Alliance

U.S. auto giant Ford Motor Co. recently started construction of a new manufacturing plant in southwest Chongqing Municipality.

Involving a total investment of 3.34 billion yuan ($490 million), the plant is being built by the Chang'an Ford Mazda Automobile Co. Ltd., a three-way joint venture of Ford, Chongqing-based Chana Auto Co. Ltd. and the Mazda Motor Corp. of Japan. It will record an annual output of 150,000 cars after completion in 2012, said Ford.

"The new plant in Chongqing is an important step for Ford to expand its business in China, one of the most important markets of the company," said Allan Mulally, CEO of Ford, in a statement.

A Helping Hand

China plans to gradually implement a program next year that will give a zero-tariff to 95 percent of imports from the least developed countries, the Ministry of Commerce recently announced.

The ministry said this move is aimed to increase exports to China from these underdeveloped countries, but it did not elaborate which imports would enjoy the favorable policy.

In past years China has made vigorous efforts to assist developing countries in fields such as agriculture, food, education, training, clean energy, and loan reductions or by providing tariff exemptions for impoverished nations.

Trading Suspended

The Sichuan Province-based Wuliangye Yibin Co. Ltd., a leading liquor maker, was temporarily suspended from trading for violating information disclosure rules, said the Shenzhen Stock Exchange in a statement on its website.

The liquor maker did not properly disclose investment losses and was found to have discrepancies in its reported core business revenue, the China Securities Regulatory Commission (CSRC) said.

The company lost 55 million yuan ($8.05 million) in investments in 2007 and failed to report it.

The company reported core business revenue of 8.25 billion yuan ($1.21 billion) in its annual performance report for 2007, compared with the actual 7.25 billion yuan ($1.06 billion), the CSRC said.

Nuclear Power

The State Council, China's cabinet, has given a go-ahead for construction of the planned Shandong Haiyang Nuclear Power Station.

Two nuclear power-generating units will be built in the first phase of the project, each with an installed capacity of 1.25 million kilowatts (kw). They are scheduled to come into operation in May 2014 and March 2015, respectively.

China has in recent years made a push into clean energies including nuclear power, hydropower and wind power. It aims to propel the nuclear power installed capacity nationwide to reach 40 million kw by 2020.

Joint Air Venture

The Shanghai-based China Eastern Airlines Corp. Ltd. has recently launched a joint venture in aircraft engine maintenance with the Pratt & Whitney Canada Corp. in Shanghai.

China Eastern will hold 51 percent in the $98-million venture that is engaged in design, manufacturing and services of aircraft engines. This is also part of the carrier's efforts to expand sources of revenues and cut costs as it fights against the downturn.

"Within three years, the venture is expected to be capable of overhauling 300 engines a year, generating annual sales of 3 billion yuan ($439 million)," said Li Yangmin, Vice President of China Eastern.