Chinese Economy Update

• State Council: housing prices in some cities are still rising too fast, more curbs needed.
• Beijing is to provide 10 million sq meters of affordable housing and 10 mln sq meters of price-capped homes within 3 years.
• Carrefour's five stores in Guangzhou in the red, Beijing outlets operating well.
• Xinjiang boasts proven natural gas deposits of 1.29 tln cu meters, tops all the hydrocarbon producing regions in China.
• Daily west-to-east gas transmission reaches 36 mln cu meters, up nearly 40 per cent yr-on-yr.
• Beijing's tourism sector pockets CNY 1.9 bln during the week-long Chinese New Year holiday.
• China's trade defict in service sector is in a widening trend.
• Steel industry witnessed record high profit in 2006.
• Monetary tightening remain central bank's main policy as concerns about excess liquity linger.
• The three state-run oil giants of China will send deligations to Russia next month in efforts to seek breakthrough in engergy cooperation between the two countries.