Some grain reserves empty: top rice scientist

CORRUPT Chinese officials might be fabricating reports of bulging granaries to get subsidies, meaning the government had an inflated idea about the size of its grain reserves, domestic media said yesterday.

Yuan Longping, a top rice scientist and a member of a body that advises the government, said some local grain reserves were actually empty, the Beijing Times said. He said officials in charge of local granaries might report fabricated figures of stock levels in order to get government subsidies meant to help maintain grain reserves. The State Administration of Grain has vowed to immediately send investigation teams to places Yuan mentioned and launch more random checks in the future.

Oil refiners call for end to tariffs

PETROCHINA and Sinopec have lodged an application with the National Development and Reform Commission to scrap tariffs and other taxes on imported refined oil, the China Securities Journal reported early this week.

China's refiners must buy oil on the global market but sell oil products on the price-controlled domestic markets, meaning they lose money on every barrel refined. An unnamed oil industry source told the newspaper that current global crude prices meant the refineries lose US$353 on each ton of oil refined.

China Mobile Q4 profit up 37%

CHINA Mobile Ltd., the world's top mobile phone firm, beat forecasts yesterday with a 37 percent rise in quarterly profit.

Rapid growth in China's economy, rising consumer purchasing power and the development of the rural economy were driving demand for communication services, the company said in a statement. But some analysts said the advent of a long-awaited restructuring of China's telecom sector may bring in increased competition and pressure for China Mobile.