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Manage   49 bank staff penalized for funding illegal power plant Police fire on drug traffickers in SW China, seize 11 kg of ice Chinese people's income registers double-digit growth in 2006 Ambitious plans shake up rail, ports and airline sectors World's top fur supplier hooks up with Chinese designers Dongfeng in talks with Volvo to make trucks carve out   China considers special fund for fiscal revenue deficiencies Industrial Bank wins record IPO subscriptions Profits of Chinese SOEs hit 965 bln yuan in 2006 RMB hits new high against USD for 7th time since New Year Chinese monk crawling to India for harmonious world Carrefour to open 20 stores in China this year Resources   Property tax on large flats raises host of tough issues Mid-class vehicles witness big price cut China to fail energy reduction target, senior official China to reduce tax gaps between companies China posts double-digit growth in returns for telecom services Banks, automakers boost mainland's stocks

China begins pouring oil into 1st strategic reserve  BEIJING, Jan. 29 (Xinhua) -- China's first strategic oil reserve base began operation on Monday as oil started filling up its tanks, according to a National Development and Reform Commission (NDRC) official. "Compared with the United States and Japan, China is late in building its first strategic oil reserve and the size of the reserve is small,” said Zhu Hongren, an NDRC official. The reserve is located in Ningbo in east China's Zhejiang Province. China approved the construction of four national strategic oil reserve bases in 2004. The other three are in Daishan, also in Zhejiang Province, Huangdao in east China's Shandong Province and Dalian in northeast Liaoning Province. Official statistics showed that China imported a record 145.18 million tons of crude oil last year, making it the world's third largest oil importer after the United States and Japan

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