Asia's first cylindrical floating oil-gas production, storage, and offloading (FPSO) facility, "Haikui No. 1," is poised to begin its inaugural crude oil transfer operation at the Liuhua Oilfield in the Pearl River Mouth Basin of South China Sea after over 10 days of production activities.
The complex maneuver of connecting two floating vessels at sea requires advanced technology and meticulous planning, especially considering the stringent safety, stability, and flexibility requirements for oil tankers.
"The Liuhua Oilfield experiences frequent winter monsoons and summer internal waves. To adapt to conventional oil tanker operations, 'Haikui No. 1' has two innovatively designed offloading mouths in the northeast and southwest, based on the prevailing wind direction in the area. This allows for year-round offloading operation efficiency of over 90 percent," said Xue Ting, offloading supervisor for Haikui No. 1 of China National Offshore Oil Corporation (CNOOC).
According to the captain of the "Beihai Kaituo," the tanker features multiple operational modes. When oil is transferred from "Haikui No. 1" to the tanker, the "Beihai Kaituo" is capable of effectively controlling its bow direction and performing lifting operations autonomously, said the captain, adding that the design significantly reduces operational risks compared to conventional vessels of this type, especially in extreme weather conditions, enhancing safety and increasing loading efficiency, with a single journey capable of transporting up to 450,000 barrels of crude oil.
Zhu Xiaoheng, general manager of CNOOC International Beihai Shipping, emphasized the significance of this development.
"The 'Beihai Kaituo' tanker represents a significant innovation in its adaption to the cylindrical FPSO capabilities, playing a crucial role in the efficient development of the country's deep-water oil and gas fields," he said.
China's cylindrical floating oil-gas facility poised to begin inaugural crude oil transfer
China will strengthen fiscal and financial coordination to amplify policy effectiveness, experts said as the draft central and local budgets for 2026 were unveiled on Friday at the ongoing fourth session of the 14th National People's Congress.
According to the draft central and local budgets for 2026, 1.3 trillion yuan (190 billion U.S. dollars) of ultra-long special treasury bonds will be issued to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.
Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas, and 250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.
The country will refine these programs in terms of their scope and subsidy standards, and continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products.
China will also set up a 100-billion-yuan fiscal-financial coordination fund to boost domestic demand. The fund will support consumption and private investment through loan interest subsidies, financing guarantee, and risk compensation.
"Fiscal and monetary policies are the two major macroeconomic tools for macro-control, and their coordination is crucial. For instance, fiscal funds primarily serve as a guiding role, while financial institutions provide the capital. When fiscal guidance and financial resources are combined, the synergistic effect creates a result greater than the sum of its parts," said Yang Zhiyong, director of the Chinese Academy of Fiscal Sciences.
"By leveraging interest subsidies, we can mobilize substantial credit from financial institutions, thereby naturally stimulating consumption. The Ministry of Finance, in collaboration with the People's Bank of China, has introduced highly innovative measures, such as providing guarantees for the issuance of corporate bonds by small and medium-sized enterprises (SMEs), and compensating investors for losses. I believe the leveraging effect, making minimal efforts for maximum results, will become even more potent," said Yao Dongmin, director of the Center for China Fiscal Development under the Central University of Finance and Economics.
China's top legislature opened its annual session on Thursday morning at the Great Hall of the People in Beijing, with Chinese President Xi Jinping and other Party and state leaders attending the opening meeting alongside more than 2,700 NPC deputies. This year's NPC session is scheduled to run till March 12.
China to strengthen fiscal, financial coordination to amplify policy effectiveness: experts
