China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Economist: Future monetary policy should be moderately prudent -- National Business Daily
Given the severe challenges facing domestic and international markets, the Chinese economy will next year focus on "adjustment", said a renowned Chinese economist, adding that the keynote of China's monetary policy would be "moderately prudent" in the future.
"China unconventionally loosened its monetary policy this year in an effort to cope with the financial crisis," said Li Daokui, director of the Center for China in the World Economy at Tsinghua University. "This (loose monetary policy) needs to be adjusted in the long run," Li added.
According to Li, China's monetary policy should stay moderately prudent in the next 3-5 years or even as long as 10 years. The year 2010 will be a period of transition and will see many adjustments in economic policies, Li noted.
"The monetary policy will be adjusted as the entire economy makes a shift," Li said. "It's undoubtedly true that monetary policy will be better targeted and more flexible."
Li predicted the Chinese economy would expand by 8.5-9 percent in 2010. The economic growth rate is unlikely to exceed 9 percent next year, Li said, because the government will focus more on the quality of economic growth and the transition of growth patterns.
Chinese firms may spend US$50b on Nigerian oil -- National Business Daily
Chinese oil companies have indicated they will spend US$50 billion on 6 billion barrels of crude oil from Nigeria, according to Nigerian presidential energy advisor Emmauel Egbogah, the National Business Daily reported Thursday.
The two sides are in negotiations and if the deal works out, the African country's state-owned NNPC will sell its stake in its joint-venture to the Chinese companies.
PetroChina Co., Ltd., Sinopec and CNOOC all confirmed to the newspaper that they have been in talks with Nigeria. But they said no results had yet been achieved.
In September, the Nigerian government said it was negotiating with CNOOC about exploitation rights in several Nigerian offshore oil and gas fields. The negotiations failed because the Nigerian side thought CNOOC's offer of US$30 billion too low.
Agricultural Bank to go public when market stabilizes -- Beijing Business Today
The Agricultural Bank of China (ABC), the only Big Four bank on the mainland that is not yet listed, will go public when the country's capital markets are stable, reported Beijing Business Today, citing ABC Chairman Xiang Junbo.
Xiang said that the bank doesn't have a clear timetable for listing but "has basically completed all relevant preparatory work." When conditions are right the bank will go public when China's stock market is stable, Xiang said.
As for the introduction of strategic investors, Xiang said that the bank is still in discussions about the issue and hasn't chosen any international financial organizations.
According to the ABC's quarterly financial report, its total assets were 8.6 trillion yuan at the end of September 2009, up 22.56 percent year-on-year.
Shanghai encourages new energy automobile makers to list -- Shanghai Securities News
The Shanghai municipal government said it is encouraging new energy vehicle producers to go public on either domestic or overseas stock markets, Shanghai Securities News reported Thursday.
Shanghai is also encouraging new energy auto makers to issue corporate bonds, short-term financing bills and medium-term notes.
The Shanghai municipal government also announced a new regulation that calls on new energy car producers to step up innovation. The regulation encourages these car makers to transform their operations through strategic acquisitions, mergers and restructurings.
New energy automobiles were also designated as a "Priority Choice for Government Procurement". The Shanghai government will purchase more of such vehicles year by year. It expects to see 4000 to 5000 new energy cars in the public sector in the next three years.