China Freezes Energy Prices
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Responding to growing public anxiety about inflation, Prime Minister Wen Jiabao announced that China would freeze prices of oil products, natural gas and electricity in the near term.
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Oil giant Yukos is halting two-thirds of its exports to China because of its financial troubles, a move which could raise oil prices.
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Oil prices simmered near &#36;55 a barrel on Friday on rising fears of a winter fuel supply crunch and robust but slowing economic growth in China, the world's number two user.
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Russia's Yukos oil company is suspending oil exports to the Chinese National Petroleum Corp. because it cannot afford to pay transport expenses, a news agency reported Sunday.
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Millions of Chinese shivered through power cuts and water shortages on Wednesday and millions more were stranded by snow that has blanketed parts of central and southern China.
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Workers rushed to restore power Tuesday to regions of China hard-hit by snow and ice storms, in a struggle that state media said has already cost the lives of 11 electricians
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China yesterday called on Russia to ensure oil giant Yukos meets commitments to Chinese customers. Yukos said on Friday it was suspending oil exports by rail to state-owned
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Oil prices simmered near $55 a barrel on  Friday on rising fears of a winter fuel supply crunch and  robust but slowing economic growth in China, the world's number  two user.
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The coldest, snowiest winter in decades has left millions of Chinese without heating and running water, leading the government on Friday to order a suspension of coal exports as the country struggles to meet its power needs.
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Millions of Chinese shivered through power cuts and water shortages on Wednesday and millions more were stranded by snow that has blanketed parts of central and southern China, raising concerns about their safety.
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Fears of economic slowdown and falling demand in China cast a pall over commodity markets on Wednesday and pushed down copper and crude oil prices, but analysts said the nervousness was overdone.
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American consumers watching the dollars rack up as they pump gas at stations across the country usually blame the high prices on the war in Iraq. But China's galloping fuel consumption could destabilize global energy markets and security even more profoundly, energy specialists say.
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China will step up controls on investment in power plants, despite electricity shortages, to help ease pressure on coal supplies, state media reported Monday.
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The outlook for China's once sizzling auto market has cooled, prompting both foreign and domestic automakers to scramble to undercut their competitors by slashing prices by up to 20 percent.
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China refused to say whether it would agree to any mandatory emissions limits that might hamper its booming economy.
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China's central bank on Sunday poured  cold water on the idea that the country's economy can decouple  from the United States.
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China says its eastern provinces and Shanghai face more power shortages this winter and spring.