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

China Unicom to slash 3G package price--China Business News

From next month, Chinese mobile operator China Unicom will launch cheaper 3G packages to compete with its bigger rivals China Mobile and China Telecom.

The company has not announced exactly when the new service packages will take effect but sources say it is likely to be either May 1 or May 17.

One of the new packages, which costs 36 yuan per month, includes 150M of Internet traffic, but no voice calls. Although it is free to answer incoming domestic calls, outgoing calls cost 0.30 yuan per minute, double that of standard 3G service packages.

China Unicom is also considering reducing the price of the iPhone by 1,000 yuan (approximately US$150) to boost sales.

SAFE to announce results of 'hot money' checks—Oriental Morning Post

The State Administration of Foreign Exchange (SAFE) will announce the results of an ongoing check on illegal "hot money" inflows, Sun Lujun, a vice director of SAFE, said at a forum.

Four teams were set up to monitor the inflow of speculative foreign capital in 13 provinces and cities. They completed their initial inspections on April 20 and discovered real problems.

Sun said the checks focused on where the money came from, where it went, and the amounts involved.

Standard Chartered warned in a report issued yesterday that surging flows of capital from the west into emerging economies threaten to create asset-price bubbles that could trigger a new phase of the global financial crisis.

Citibank China head departs, possibly to J.P. Morgan—the Beijing News

Citibank China said its governor Huang Xiaoguang, who had worked with the bank for 12 years, has left the company and been replaced by general manager Zhang Zhihao.

According to the Beijing News report, Huang Xiaoguang will probably take up a post at J. P. Morgan.

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