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China Economic News in Brief

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BEIJING, Sept. 3, (Xinhua) -- The following are Chinese economic news items in brief.

TIBET STARTS CONSTRUCTION OF CONVERTOR STATION IN LHASA

Construction of a convertor station in Lhasa, capital of Tibet Autonomous Region, began Thursday as part of a power transmission and transformation project to ensure supplies to the region.

The station, in Lhunzhub County at an altitude of 3,800 meters, is scheduled to be completed and put into operation by 2012.

The power transmission and transformation project, started in late July with an expected investment of 13.9 billion yuan (2 billion U.S. dollars), is to connect the isolated electricity network in Tibet with the rest of the country to ensure its power supply.

The power line, stretching 1,774 kilometers from neighboring Qinghai Province's capital, Xining, to Lhasa, would be able to transmit 4 billion kilowatt-hours of electricity to Tibet from 2013 to 2015, said Zhao Hongwei, deputy general manager of direct current at the State Grid Corporation of China.

RUSSIA TO STEP UP CRUDE EXPORTS TO ASIA-PACIFIC COUNTRIES

Russia is planning to export 70 million to 85 million tonnes of crude each year to Asia-Pacific countries from 2015 to 2020, said Mikhail Titarenko, an academician at the Russian Academy of Sciences (RAS), at a trade event in northeast China's Jilin Province.

Titarenko, also president of the Russia-China Friendship Association (RCFA), made the statement at the sixth Northeast Asia Investment and Trade Expo, which runs from Thursday to Sunday in Changchun, capital of Jilin.

He said Russia also planned to export 100 billion to 140 billion cubic meters of natural gas to Asia-Pacific countries annually, based on figures from the Institute for Petroleum and Gas Problems, of the RAS Siberian branch.

INTERNATIONAL E-TRANSACTION PLATFORM OPENS IN XINJIANG

The Asia-Europe International Trading Center opened Wednesday in Kuytun City, in the northwestern Xinjiang Uygur Autonomous Region, officials said Friday.

The center, which was the first e-transaction platform in China aimed at Central Asian countries, was based on the previous "China-Uzbekistan e-commerce platform", said Zhao Yonglong, Communist Party of China chief of Kuytun.

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