Prices of Cleaner Fuels to Be Hiked
The National Development and Reform Commission said it would raise prices for higher quality fuels to encourage energy producers to increase output of cleaner fuels. Prices of gasoline and diesel meeting the national IV standards will be raised by 290 yuan and 370 yuan per ton respectively in the next two years, and the prices of gasoline and diesel meeting the higher national V standards will be raised by 170 yuan and 160 yuan per ton respectively, which will come into effect by the end of 2017.
Shanghai FTZ to Free Up Insurance Market
The Shanghai Free Trade Zone will become operational on September 29, Xinhua reported, citing a local government announcement. The FTZ, which is tipped to give Shanghai an edge in competition with Hong Kong and Singapore, will be open to foreign insurance companies, meaning Chinese consumers will have a greater choice of insurance products, according to a person with knowledge of the issue.
E-Commerce Value Tops 8 Trillion Yuan
The value of e-commerce transactions in China grew 27.9% to 8 trillion yuan in 2012, according to iResearch. B2B transactions accounted for 81.6% of the total amount, online retail sales 16% and online travel and hotel booking and deal-of-the-day transactions a combined 2.4%.
Logistics Turnover Rises 10% Through August
China's logistics turnover grew 9.5% year on year to 127 trillion yuan in the first 8 months of 2013; the growth rate was 0.2 percentage points slower than in the same period of last year, the China Logistics Information Center said. Total spending on logistics amounted to 6.1 trillion yuan during the first 8 months, up 9.1% from a year earlier. In the first 7 months, the profit margin of major logistics firms averaged 5.7%, 0.8 percentage points higher than in the same period of last year.
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