BizChina
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Environment-related stocks rose in morning trade Friday on China's firm target to curb greenhouse gas emissions, despite an overall drop at the two main stock exchanges.
The sector rose 0.93 percent on average as of 11:30 a.m., while the benchmark Shanghai Composite Index lost 1.05 percent to 3,137.65 points and the Shenzhen Component Index slid 1.25 percent to 13,121.24 points.
Fujian Longking Co., a manufacturer of electro filter equipment and flue gas desulfurization equipment, gained 7.18 percent to 31.65 yuan (4.65 U.S. dollars). FeiDa Group Co., producer of air and water cleaning equipment in Zhejiang Province, rose by the daily limit of 10 percent to 16.12 yuan.
The State Council, or the Chinese cabinet, announced Thursday that China was going to reduce the intensity of carbon dioxide emissions per unit of GDP in 2020 by 40 to 45 percent compared with the level of 2005.
Qin Xiaobin, analyst with the China Galaxy Securities, told Xinhua that the target unveiled yesterday showed the government would intensify efforts on combating climate change and improving energy efficiency.
The pledge promised a long-term and fast growth for the companies in the sector, he said.
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China's Geely Holding Group said Friday it was having a detailed and in-depth discussion with Ford over relevant terms and contracts about acquiring Volvo.
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AGCO, the world's third biggest agricultural equipment maker, said on Wednesday it would invest 100 million U.S. dollars in China in the next three to five years to boost its presence in the emerging market.
The company will open two factories in China next year, one in the eastern city of Changzhou making low and medium-powered tractors, generators and transmissions and the other in the northeastern Heilongjiang Province producing high-powered tractors, combines and balers.
Read more: U.S. agricultural equipment maker AGCO expands market in China
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China's State Council, the Cabinet, announced Wednesday plans to push forward the development of tourism industry and make it a strategic pillar industry in the national economy.
The government called for improved service and management in the tourism sector, which consumes less resources and generates more job opportunities, according to a statement released after a State Council executive meeting, chaired by Premier Wen Jiabao.
More efforts should be made to improve tourism infrastructure and enhance trainings of personnel in the industry, according to the statement.
The government would lower the market threshold to encourage social capital and enterprises of various ownership to invest in the sector on a fair basis, it said.
It called for collaborative development between tourism sector and the relative industries, including culture, sports, agriculture, industry, forestry, environmental protection and meteorological sector.
The statement also demand more efforts to protect eco-system, indigenous environment and historical and cultural heritage.
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China's leading automotive corporation, the SAIC Group, expects to sell 2.65 million vehicles this year, a roughly 30 percent rise from a year ago, a company official said Monday.
The SAIC Group, or Shanghai Automotive Industry Corporation, sold a total of 2.17 million vehicles in the first ten months this year. "Sales for the whole year will likely hit 2.65 million units, surpassing Suzuki and Fiat to become the world's eighth largest car company," said Group vice chairman Chen Hong.
Chen made the remarks while attending an auto show held in southern Guangzhou city, Guangdong Province. The Group sold about 1.83 million units last year.
Read more: China's biggest car maker expects about 30% surge in 2009 sales
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