Oil, Gas Dependence on Imports Continues to Rise
China's crude oil imports netted 269 million tons in 2012, accounting for 56.6% of total consumption, according to a report released by CNPC, the nation's largest oil producer. The percentage was up 1.5 percentage points from a year earlier. Natural gas imports amounted to 42.8 billion m3 in 2012, accounting for 29% of total consumption. China began importing natural gas in 2006. The report expects China's crude oil imports to rise to 289 million tons accounting for 58% of total consumption and natural gas imports to account for 32% of total consumption in 2013.

Renminbi Cross-Border Loan Program Launched in Shenzhen
Qianhai district of Shenzhen, Guangdong province has launched a Renminbi cross-border loan program, marking another step towards capital account liberalization in China, Deutsche Bank says in a daily report. 15 Hong Kong-based banks, including 9 subsidiaries of Chinese banks and 6 foreign banks, signed agreements to extend a combined ￥2 billion of cross-border loans to firms based in Qianhai. Qianhai is a 15km2 special zone adjacent to Hong Kong, aimed at developing financial services, information services, logistics, and science and technology. The zone is known for its preferential tax treatment, a 15% flat rate for corporate income tax and personal income tax.

Beijing May Slap Property Tax
The city of Beijing may introduce a series of tax brackets in the property market to check price increases, DBS says in a daily report. The local government may impose higher taxes on luxury homes to increase transaction cost, which could raise concerns over further policy curbs in tier-1 cities. Four projects were launched in Beijing and Shanghai last week offering a total of 334 units, of which 69% were sold.