BizChina

Tencent Holdings Ltd, the world's third largest Internet firm, aims to be China's Facebook, Twitter and Google -- all rolled into one.

While the company's market value has quadrupled to $50 billion over the past 2- years, its revenue and profit growth is expected to slow over the next few years, forcing the company to rethink its future.

Tencent is aggressively diversifying away from the highly competitive online gaming industry and into China's social networking, e-commerce and mobile search engine sector.

The company, an investor darling whose mascots are a pair of chubby penguins with wraparound scarves, faces many risks, including managing its partners, content regulations and strong competition from rivals such as Baidu Inc, SINA Corp and Alibaba.com.

China's economic planner is mulling policies that would boost the development of seawater desalination facilities in order to supplement the country's supply of freshwater.

The National Development and Reform Commission (NDRC), together with 11 other departments, are working on guidelines to accelerate the development of the country's seawater desalination facilities, said Li Jing, deputy director of the Environment and Resources Department under the NDRC.

China's Ministry of Finance said Friday that the country will cut or completely eliminate tariffs on 33 commodities, ranging from fuel to textiles.

Import tariffs on gasoline and fuel oil will both be lowered to 1 percent from the previous 5 percent and 6 percent, respectively, while tariffs for diesel and aircraft fuel will be cut to zero, the ministry said in a statement on its website.

The tariff reductions, effective from July, aim to ease the country's trade imbalance and boost imports of advanced technological equipment and raw materials, the statement said.

Chrysler Group LLC is "aggressively" exploring the possibility of building more vehicles in China, where the company is on track to sell 40,000 cars and trucks this year, an executive said on Thursday.

The U.S. automaker, which is managed by Italy's Fiat SpA , could build cars and trucks in China through a joint venture between Fiat and Guangzhou Automobile Group Co Ltd .

By taking advantage of the joint venture, Chrysler can expand more quickly in China. Last year, the automaker sold 31,000 vehicles in China, the world's largest auto market where just over 18 million vehicles were sold.

"To find a partner, negotiate, get government approval, build a plant -- that's a long time," said Mike Manley, who heads Chrysler's Jeep brand and international operations. "Fiat are already through that."