China may allow some insurers to set their own terms for vehicle insurance, the China Insurance Regulatory Commission (CIRC) said in draft rules posted on its website on Friday.

Insurers will need to have had a solvency ratio above 150 percent for the last two consecutive years to be allowed to set their own terms and premium rates on commercial auto insurance contracts, according to the draft. They will also need to have insured more than 300,000 vehicles in the previous year.

'Substantial' orders for C919

The Commercial Aircraft Corporation of China (COMAC), the maker of the nation's first large passenger jet, the C919, expects to announce "substantial" new orders for the plane this year, bolstering efforts to challenge Boeing Co and Airbus SAS.

COMAC will announce deals for the plane at "the most appropriate time", said Chen Jin, general manager for sales and marketing at the State-backed company, on Thursday at the Beijing Air Show.

High-tech park for Jincheng

Foxconn Technology Group and the government of Jincheng city in Shanxi province, signed a cooperation agreement on Thursday to build a high-tech industrial park with total investment of 100 billion yuan ($15.6 billion).

The park will be built in phases and both sides will invest 21 billion yuan in the first stage, the statement said. The project is expected to generate annual revenue of more than 150 billion yuan when it is completed.

Swire unveils new property

Swire Properties, a subsidiary of Hong Kong-listed Swire Pacific Limited, unveiled its largest investment property on the mainland, Taikoo Hui, in Guangzhou, Guangdong province, on Friday. The 358,000-square-meter property consists of a shopping mall, two grade-A office towers, a cultural center, a hotel and serviced apartments.

SINOPEC finds more shale gas

China Petroleum Chemical Corp (SINOPEC) has discovered shale gas at its Yuanba field in Sichuan province, according to a statement on Friday. Tests showed the Yuanba 6 Well producing 20,500 cubic meters of gas a day, it said.

China Daily - Bloomberg News

(China Daily 09/24/2011 page9)