Ernst & Young has released a research report on the acquisitions in retail sector as revolutionary activities. With the rapid growth of retail sector that complements the pace of Chinese economy, retail sector would see a wave of consolidation in the next few years. Fierce competition would force both foreign and domestic retailers to adopt acquisitions to realize rapid growth and more market share.

China National Petroleum Corporation (CNPC), China's largest oil producer, announced Wednesday that it bought Russia's OAO Rosneft 66.2252 million listed shares for 500 million US dollars at 7.55 US dollars per share, the China Daily reported.

China National Petroleum Corp (CNPC), parent of overseas-listed PetroChina, and Moscow-based Gazprom, have reach an initial agreement to build two pipelines to transport up to 68 billion cubic metres (bcm) of Russian gas to China annually.