Jinyu Group fined for improper accounting

　　THE Ministry of Finance imposed a 50,000 yuan (US$6038.64) fine on wool textile producer Inner Mongolia Jinyu Group due to improper accounting in its 2000 financial report, the company said over the weekend.

　　In a short notice, the company said it had rectified the accounting mistakes and assured investors that "the incident won't have a huge impact on the company."

　　The Finance Ministry found that Jinyu Group's 39 percent-owned affiliate inflated its profit by 8 million yuan in 2000, the company said.

　　First Pencil gets lower antidumping charge

　　THE U.S. Department of Commerce had reduced the antidumping duty on pencils manufactured by China First Pencil Co. Ltd. to 6.32 percent from 11.39 percent, the company said over the weekend.

　　The new duty rate was passed earlier this month. The majority of China-made pencils are still taxed at 114.9 percent.

　　Tai Kang Life signs pact with Minsheng

　　TAI Kang Life Insurance Co. and China Minsheng Banking Corp. Ltd. signed a cooperation agreement designed to open up the bank and insurance market, the Financial News reported yesterday.

　　Under the agreement, the two companies would cooperate in areas including product development and personnel training, the report said.

　　Nuclear power expected to grow 9 percent a year

　　CHINA'S nuclear power industry is expected to grow by 9 percent annually but its heavy reliance on coal would remain for the next 30 years, a key report said.

　　According to the World Energy Outlook, published by the International Energy Agency (IEA) Saturday, the share of coal in China's energy demands would still reach 60 percent by 2030 despite increasing use of other fuels.The figure compares with 69 percent currently.

　　"Nonetheless the increase in China's coal demand accounts for almost half of world incremental coal demand between 2000 and 2030," it said.