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TO THE POINT: The Hong Kong and New Yorklisted China Netcom felt early pressure in the new yearon news of its diminished telecom sales in 2007. Yetthe biggest operator China Telecom came out on top,though barely meeting its year-end targets. China cut themajor fuel import duty to cope with a national fuel short-age, while steel export duty was raised again in a bid tocurb the export of energy-consuming products. Middle-class breadwinners must report their income from stocksand properties to the tax authorities. Foreign financialinstitutions will have more access to the Chinese capitalmarket in the new year.