Fiscal revenue up 26.7% in July

China's national fiscal revenue in July increased 26.7 percent year-on-year to 986.4 billion yuan ($154.2 billion), with expenditures up 19.6 percent to 695 billion yuan, the Ministry of Finance said on Thursday.

Fiscal revenue for the first seven months totaled 6.67 trillion yuan, up 30.5 percent. Expenditures were up 29.7 percent to 5.14 trillion yuan.

Revenue growth will decelerate in the coming months because of slower economic expansion and a new personal tax system, the ministry said.

New China Life seeks dual IPO

New China Life Co Ltd, the country's third-largest life insurer, has filed applications to list on the Hong Kong and Shanghai stock exchanges, braving volatile markets to raise up to $4 billion.

New China Life, in which Swiss insurer Zurich Financial Services Ltd has a 15 percent stake, filed its A1 listing document with the Hong Kong Stock Exchange on Thursday, going ahead with plans for an IPO in the coming weeks, according to four sources with direct knowledge of the plans.

Taobao pact with Microsoft

Microsoft Corp and Taobao.com, China's largest online retail site, signed a letter of intent on Thursday pledging to cooperate to improve Internet security and protect users' security and privacy online.

The two companies will mainly work together in technology development and to improve users' awareness of security.

Steel firm to add ore resources

A major Chinese steelmaker aims to get half its iron ore from its own mines in five years, compared with less than 9 percent at present, said a senior executive of the company on Wednesday.

Hebei Iron and Steel Group Co Ltd (HBIS) plans to extract 35 million tons of iron ore concentrate in 2015, which will account for 50 percent of its raw materials, said Wang Hongren, chairman of HBIS Mining Co, a subsidiary of HBIS.

Demand for ship fuel to rise 8%

China's demand for bunker fuel, used in ships, might increase as much as 8 percent this year, said Brightoil Petroleum Ltd, a Hong Kong-based supplier.

Northeast Asian countries including South Korea will provide "enough demand growth" for the company's China division to expand sales, said Quek Chin Thean, chief executive officer of unit Brightoil Petroleum (Singapore) Pte Ltd.

Tudou pursuing US offering

Tudou Holdings Ltd, the operator of China's second-largest online-video website, is pressing ahead with a planned US IPO, two people with knowledge of the matter said, after a report the company had been approached by Baidu Inc about a takeover.

Shanghai-based Tudou plans to complete its sale next week if equity markets are strong enough for demand to be adequate, said the people, who declined to be identified.

China Daily - Agencies

(China Daily 08/12/2011 page13)