On December 16, 2010, China Review News discussed a report from Radio France Internationale (RFI) titled “China Petroleum & Chemical Corporation Expands Its Empire around the World.”

China Petroleum & Chemical Corporation (Sinopec Corp), the biggest oil company in Asia, has purchased the American-owned Argentine subsidiary of Occidental Petroleum Corporation for $2.45 billion U.S. So far this year, China has spent $38.8 billion U.S. on mergers and acquisitions in the petrochemical energy business around the world, more than it has ever spent before on M & A in its history. “With the undisguised ambition of conquering the world, Sinopec Corp, together with two other Chinese oil companies, will form a golden triangle to establish a new network for the world’s oil distribution.”

Source: China Review News, December 16, 2010
http://gb.chinareviewnews.com/doc/1015/3/9/4/101539497.html?coluid=59&kindid=0&docid=101539497&mdate=1216095427

On December 15, 2010, the Chinese Academy of Social Sciences (CASS) issued its blue book on society. The book pointed out that, while China’s economy is developing rapidly, it also faces challenges and social issues. The problems are particularly striking in the areas of income distribution, labor relations, and prices for goods and housing. The book summarized the five major issues and challenges for China’s social development in 2010. They were: 1) The economy is entering a new phase; the development model needs to be transformed. 2) Conflicts in labor relations have become evident; a new generation of farm workers has become the focus of attention. 3) Reform in the distribution of income has met heavy resistance; be aware of the “trap of middle-income nations.” 4) “Land urbanization” has become hot again; be aware of damaging farmers’ interests. 5) The semi-urbanization problem is very serious; villages are shrinking in some areas.

Source: China News Agency, December 16, 2010
http://www.chinanews.com.cn/gn/2010/12-16/2724961.shtml