Robust sales push automakers to set higher targets

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China's business press carried the following stories on Saturday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Robust sales push automakers to set higher targets – China Times

Domestic automakers have set higher targets for 2010, driven by robust sales in January, seen as a continuation of the positive momentum of 2009.

According to the Ministry of Industry and Information Technology, China's vehicle sales exceeded 1.3 million units in January – a new monthly record and 110 percent higher than the same period last year.

Chery has set a 2010 target of 850,000 units, BYD 800,000 units, Geely 400,000 units, and SAIC Volkswagen 829,000 units. Overall, home-grown brands have increased targets by 70 percent on average while joint-ventures are aiming at a 20 percent rise.

Although most analysts think the prospect of overcapacity in the industry remains remote, some say there are signs of emerging overcapacity issues.

CNOOC, Sinopec in bid for Azerbaijian oil field -- business. sohu.com

CNOOC and Sinopec, two of China's largest oil producers, are considering buying a 5.6 percent stake in an Azerbaijani oil field from Devon Energy for US$3 billion according to sources.

Japan's Inpex and Itochu are among a dozen international oil companies that have shown interest in the purchase.

Devon Energy, the largest independent oil and natural gas producer in the U.S., began seeking buyers for its Gulf of Mexico and overseas oil assets last November in order to reduce its debt burden.

China holds 30% of world forex—Yangtze Evening News

China's foreign exchange reserves rose by 23 percent to US$2.399 trillion in 2009, far outpacing all other countries, according to the Yangtze Evening News.

China's reserves now account for 30.7 percent of total world forex, and are higher than the aggregate holdings of the Group of 7.

Japan, with the world's second-largest stockpile, holds US$1 trillion in forex. The U.S. has US$45.4 billion, only US$2.4 million more than Nigeria.

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