Money Matters - Simplified

Beijing

U.S firms help lift China's C919 plane

Beijing -- China's push to develop a commercial airplane industry requires a ground-floor response, aerospace experts and U.S. firms said.

"If they launch a commercial aviation industry, you've got to be part of it. You can't take a pass and come back in 10 years," said Roger Seager, vice president and general manager for GE Aviation in China, which has $6 billion in contracts connected to China's C919 plane scheduled for production in 2016.

The 156-seat plane is being developed by a state-owned company, Commercial Aircraft Corp. of China. But many supply contracts have "Made in the U.S.A." stamped all over them.

Jankovic defeated in China Open

Beijing -- Third-seeded Jelena Jankovic was defeated Monday in second-round action of the China Open in Beijing.

Jankovic had her serve broken eight times in 13 games in dropping a 6-4, 2-6, 2-6 decision to Bojana Jovanovski. Jovanovski only had two break-point situations to deal with in the last two sets in beating Jankovic for the first time in her career.

No. 13-seeded Nadia Petrova got past Alona Bondarenko 6-3, 7-5 in her second-round match and Maria Kirilenko advanced to the third round with a 6-2, 3-6, 6-2 win over Gisela Dulko.

Apple iPhone 4 launches in China; fans mob stores on day 1

Apple’s iPhone 4 has received a good reception in China, with people queuing up in large numbers to get the smartphone on Saturday.

China covered up cooking oil contamination

Beijing -- Authorities in China allegedly covered up the discovery of cancer-causing chemicals in cooking oil for five months, an Internet watchdog site said.

Food safety monitors in Hunan province reportedly found high levels of the carcinogen benzoapyrene in 42 tons of Camellia oil used for cooking in China but suppressed the news to maintain social stability, Britain's Daily Telegraph reported.

An Internet blogging site leaked word of the coverup two weeks ago, the newspaper said.

The Hunan Jinhao Camellia Oil Corp. initially dismissed the claims as rumors but backed down in the face of mounting media pressure and admitted a batch of its oil had been contaminated.

Washington state looks for China to invest

Seattle -- Washington state is increasing its pursuit of Chinese investments with a diplomatic envoy headed to Beijing in two weeks, The Seattle Times reported Monday.

Gov. Chris Gregoire and a platoon of state officials and company representatives are headed to China to lure investments, a reversal from years in which the primary focus was convincing China to allow U.S. businesses to do business there, the newspaper said.

With the Chinese economy growing at a rate of about 10 percent a year and the U.S. economy stalled, businesses in China are looking to expand abroad.

China boosts, boasts hydroelectric power

Beijing -- China, whose latest hydropower station came on line last week, has laid claim to having the world's largest hydropower capacity, authorities said.

The inauguration of the Xiaowan hydropower station in China's southwest Yunnan province was described by Lui Qi, deputy director of the country's National Energy Administration, as a "great leap forward," China's state-run Xinhua news agency reported.

The 700,000-kilowatt Xiaowan station is expected to increase China's installed hydropower capacity to 200 million kilowatts, Xinhua said. The country's second-largest hydropower project, which cost $5.86 billion, can produce 19 billion kilowatt hours of electricity every year, officials said.

Washington State looks for China to invest

Seattle -- Washington State is increasing its pursuit of Chinese investments with a diplomatic envoy headed to Beijing in two weeks, The Seattle Times reported Monday.

Gov. Chris Gregoire and a platoon of state officials and company representatives are headed to China to lure investments, a reversal from years in which the primary focus was convincing China to allow U.S. businesses to do business there, the newspaper said.

With the Chinese economy growing at a rate of about 10 percent a year and the U.S. economy stalled, businesses in China are looking to expand abroad.

Chinese Web site: Don't flaunt your love

Beijing -- Forget the hearts and flowers and keep your love-happy selves to yourself, says a Chinese Web site whose founders oppose Chinese Valentine's Day.

The site went online Monday ahead of the Aug. 16 Chinese Valentine's Day, or Qixi Festival, China Daily reported.

"Qixi Festival is approaching," the site says. "Lovers, could you please not show off your happiness? There are single people. Could you please be considerate to them?"

An organizer told China Daily that she is tired of hearing about the festival, so she asked Web users to protest.

Some expressed anger over lovers and proposed ways to split up couples such as walking between hand-holding couples in the streets.

Keepers want new panda to mate

Beijing -- It's almost time for a giant panda born in the United States to start earning his way in a Beijing zoo by starting a family, officials say.

Tai Shan has been in his new Chinese home for just six months, but zookeepers at the China Conservation and Research Center for Giant Panda are encouraging him to exercise by giving him apple slices only when he stands up, China Daily said Saturday.

"It's a good exercise because it makes his hind legs stronger; Pandas need strong legs to be able to mate," said his feeder, Huang Shan.

A female panda will be moved into Tai Shan's quarters in about a year, when he has had time to fully mature, Shan said in the report.

Chinese mull 'moon'-capable rocket engine

Beijing -- Chinese engineers say they are considering new engines for the next generation of space rockets four times as powerful as the country's current engines.

China Academy of Launch Vehicle Technology engineers envision a rocket engine with a thrust of 600 tons, burning highly potent liquid oxygen and liquid oxygen propellant, BBC News reported Monday.

China is well into development of its most powerful rocket to date, called the Long March-5, which will have engines generating 120 tons of thrust, the report said.

"Rockets (with 600-ton thrust engines) would only be justified for things like sending humans to the moon, if such projects are approved," said Li Tongyu, general manager of the marketing department at CALT.