Chinese now prefer stocks to bank deposits: SurveyA central bank survey found more Chinese residents prefer investing in stocks and funds than bank savings for the first time, the Shanghai Financial News reported. When asked for their favorite asset to hold, around 40.2% of 20,000 respondents in 50 cities said they would buy stocks and funds. Those who preferred bank savings dipped to a six-year low at 26.3%. Investor sentiment is reflected in soaring domestic markets. The benchmark Shanghai Composite Index has gained 53% this year on top of a 130% climb in 2006. The central government has tried to dampen speculation and cool the market by raising interest rates, bank reserve ratios and tripling stamp duties on share trading. Only 19.5% of respondents said they would buy big items such as apartments or cars. Separately, a survey of over 5,600 entrepreneurs showed the entrepreneurs’ confidence index was at a two-year low of 83.4% in the second quarter. PetroChina targets US$5.6 billion domestic IPOChina’s largest oil company, PetroChina, will sell US$5.6 billion worth of shares on the Shanghai Stock Exchange to raise capital for overseas oil exploration drilling, the Shanghai Securities News reported. The company plans to spend RMB40 billion to find new fields in Shanghai to help China reduce its dependence on imported oil. It has recently announced the discovery of a natural gas field ...