China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.

China launches smart grid demonstration project -- China Securities Journal

Tianjin Eco-city, China's first smart grid demonstration project and an important strategic cooperation between China and Singapore, was officially launched on April 7.

At the launch ceremony, Tianjin Electric Power Co. signed an agreement to provide 100-million-yuan (US$14.65 million) funding for the project.

According to the smart grid plan, electricity generated from renewable sources will account for 24.62 percent of total electricity usage in the eco-city, with 40,000 kw coming from solar power energy, 10,000 kw from biomass energy, and 125,000 kw from wind power.

8 listed shipping companies see net profits drop 88% – Securities Times

Eight listed shipping companies saw their collective turnover fall 39 percent to 20.56 billion yuan (US$3.01 billion) and net profits fall 88 percent to 981 million yuan (US$143.7 million) in 2009, according to the companies' annual reports.

The figures would be even grimmer if all 12 listed shipping companies were included. China Ocean Shipping Company (COSCO) and China Shipping Container Lines Company (CSCL) have not yet released their 2009 annual reports but both were in deficit during the year. In the first three quarters of 2009, COSCO and CSCL suffered losses of 5.31 billion yuan (US$777.5 million) and 5.35 billion yuan (US$783.3 billion) respectively.

SPD Bank cut staff salaries by 20% in 2009 – Youth Daily

Shanghai Pudong Development Bank (SPD Bank), known for its high salaries, cut average pay by 20 percent in 2009, narrowing the gap with other listed banks. But according to the 2009 annual reports of 10 listed banks, SPD, with an average salary of 361,400 yuan (US$52,940) including benefits, still ranks first in terms of pay.

Average salaries in many other banks, including the Bank of Ningbo, Shenzhen Development Bank and Bank of Nanjing increased in 2009.

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