China, in a move to improve sagging sentiment among investors lowered its stamp duty tax on trading to 0.1% from 0.3%. Stock averages in China surged 9% on the move but stocks may sag again on rising inflation and growing disillusion among investors. Major indexes in China have lost at least 30% before gains of today. In Hong Kong stocks edged higher as well. Property prices are expected to rise in the second quarter as investors shift their focus away from stocks.
In the first quarter of this year, natural gas output at the Xinjiang oilfield topped 861 million cubic meters and crossing above its target, said CNPC.
In addition, CNPC plans to invest Rmb12 billion this year in its Dushanzi refinery in Xinjiang.
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