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BRATISLAVA, June 18 (Xinhua) -- Chinese President Hu Jintao and his Slovakian counterpart Ivan Gasparovic held talks here on Thursday and they agreed to take the 60th anniversary of diplomatic ties as an opportunity to consolidate their traditional friendship and enrich the contents of cooperation. Speaking highly of the longstanding friendship between the two countries, Hu noted in particular the substantial development of bilateral relations since the Central European country gained independence 16 years ago. Expressing satisfaction at the state of bilateral ties, Hu said there are no outstanding issues left over by history or conflict of interests between China and Slovakia, Hu said. It is the shared goal of the two countries to expand consensus and deepen cooperation, he added. Visiting Chinese President Hu Jintao (L) meets with Slovakian President Ivan Gasparovic for talks in Bratislava, capital of Slovakia June 18, 2009"This is in the fundamental interests of the two countries and the two peoples," Hu said. He made a four-point proposal for the further development of bilateral ties. Firstly, the traditional friendship should be consolidated and bilateral mutual political trust be enhanced, Hu said. The frequent contacts between leaders of the two countries is important to the development of bilateral ties and the Chinese side welcomes President Gasparovic to visit China again. The two sides should also promote exchanges and cooperation between the two governments, legislative bodies and political parties so as to consolidate the political foundation of bilateral relations. Visiting Chinese President Hu Jintao (R, front), accompanied by Slovakian President Ivan Gasparovic, inspect the honor guard during a welcoming ceremony in Bratislava, capital of Slovakia June 18, 2009.Second, both side should enhance economic and trade cooperation and join efforts to cope with the ongoing financial crisis, Hu said, adding that this is the focus of bilateral cooperation at present. They should expand trade links and achieve a balanced growth in two-way trade, increase mutual investments, expand areas of cooperation and oppose protectionism. Different forms of cooperation should be encouraged in such fields as infrastructural construction, new energy, agriculture and environmental protection. Chinese President Hu Jintao (L) and Slovakian President Ivan Gasparovic meet with journalists after their talks in Bratislava, capital of Slovakia June 18, 2009In responding to the impact of the international financial crisis, the two countries should also strengthen communication, share experiences and push for the reform of international financial systems. Third, cultural exchanges and cooperation should be expanded with more substance and the two sides should learn from each other for common development, he said. Fourth, there should be strengthened coordination and consultation between the two countries in international and regional organizations such as the United Nations, as well as closer multilateral cooperation in efforts to make joint contributions to world peace and stability, he said. Agreeing entirely with Hu's views, Gasparovic said the Chinese president's visit is of great significance to promoting bilateral cooperation in various fields and friendly relations between the two countries. Chinese President Hu Jintao and Slovakian President Ivan Gasparovic meet with journalists after their talks in Bratislava, capital of Slovakia June 18, 2009Slovakia will continue to adhere to the one-China policy, he said. Only through concered efforts of all countries in the world could the crisis be tackled in an effective way. The Slovakian president said his country welcomes more investments from China and is ready to promote reciprocal cooperation in the fields of science and technology, energy, new energy, infrastructure, machinery, tourism and agriculture. Hu, currently on a three-nation tour, arrived here earlier in the day after concluding a state visit to Russia. He will also visit Croatia. Earlier this week, the Chinese president attended the annual summit of the Shanghai Cooperation Organization and a meeting of the BRIC countries -- Brazil, Russia, India and China, in the Russian city of Yekaterinburg.
ANSHAN, Liaoning, June 16 (Xinhua) -- An official with the Ministry of Industry and Information Technology (MIIT) said Tuesday that the proposed alliance of Rio Tinto and BHP Billiton had a "strong monopolistic color" and Chinese firms would watch it closely and find ways to cope with it. Last year, China imported 440 million tonnes of iron ore, half of the world's total, so any slight market changes would affect Chinese steel makers. China's anti-monopoly law should apply in the proposed deal, said Chen Yanhai, head of the raw material department of MIIT at an industry meeting held in the northeastern city of Anshan, Liaoning Province. If the tie-up proved to be monopolistic, "we have to seek new policies and regulations to allow Chinese companies have a bigger say in iron ore pricing," said Chen without elaborating. Rio Tinto scrapped a proposed 19.5-billion-U.S.-dollar investment by Aluminum Corp. of China, or Chinalco, on June 5, and turned to rival BHP Billiton, which would pay Rio Tinto 5.8 billion U.S. dollars to set up a joint venture to run the iron ore resources of both companies in west Australia. On Monday, spokesman of the Ministry of Commerce Yao Jian said if the revenue of the joint venture reached "a certain amount," China's anti-monopoly law would apply. That law requires a company to get government approval before consolidation if its global revenue exceeds 10 billion yuan (1.47 billion U.S. dollars) and its revenue in China exceeds 2 billion yuan. An anti-monopoly review is also necessary if two or more parties in the company had more than 400 million yuan of revenue in China in the previous fiscal year. In the year ended 30 June, BHP Billiton's revenue in China was 11.7 billion U.S. dollars, while that for Rio Tinto was 10.8 billion U.S. dollars, according to the companies' websites. It was unclear what actions China would take if the case was determined to be covered by the Chinese anti-monopoly law. At the meeting Tuesday, Chen also said domestic steel makers should beef up technology and innovation to cut energy consumption and raise efficiency. Also, he said, China "should increase exploration of domestic mines to reduce reliance on imports."
BEIJING, June 8 (Xinhua) -- The new alliance between Rio Tinto and BHP Billiton Ltd. might lead to a monopoly operation and China should be prepared for anti-monopoly measures, warned an expert. Mei Xinyu, an economist with the Ministry of Commerce (MOC), told Xinhua Monday that China should closely watch the joint venture process of the two mining giants and be ready to work with other countries to curb market manipulation when necessary, with the help of the anti-monopoly law. Rio Tinto scrapped the proposed 19.5 billion U.S. dollars of investment by Aluminum Corp. of China, or Chinalco, on Friday. The company announced a cooperative venture with BHP Billiton, which would pay Rio Tinto 5.8 billion U.S. dollars to set up a joint venture to run the iron ore resources of both companies in west Australia. It was "something other than economic concern", said Zhang Yansheng, director of the Institute of Foreign Trade of the National Development and Reform Commission. Almost half of China's iron ore needed to be imported, more than half of which was imported from Rio Tinto and BHP Billiton, according to Shan of CISA. Colin Barnett, premier of Western Australia, told Australian media last Friday China was not on the list of approvals that the two companies needed to obtain. Internationally they would need the approval of the European Union and possibly the U.S. Justice Department, apart from investigations at nation and state level, he said. Also, Zhang Junsheng, director of the WTO Research Institute at the University of International Business and Economics in Beijing, said China might not have a say on the issue, as neither Rio Tintoor BHP Billiton had an affiliated company in China.
CHENGDU, May 28 (Xinhua) -- Chinese Vice Premier Hui Liangyu called on Thursday Asian and European countries to improve their disaster prevention and relief abilities through cooperation and sharing of information. Hui made the remark at an Asia-Europe workshop on cooperation and capacity building in disaster prevention and relief, held in Chengdu, capital of southwest Sichuan Province. Hui said natural disasters are common challenges facing the whole mankind, and cooperation between Asian and European countries in disaster relief not only has an important bearing on the economic development and livelihood of the people, but also on the sustainable development of the mankind. "Asian and European countries should further enhance exchange and cooperation in monitoring and forecast of disasters, as well as emergency response and relief efforts," said Hui, who also suggested building of a cooperation mechanism and information sharing, that would serve the improvement of disaster prevention and relief abilities of all countries. China had frequent natural disasters and would share its experience in coping with disasters with other countries, Hui said. He said China would continue to provide support and aid within its ability to the capacity building in disaster relief for other developing countries. On the country's disaster prevention and relief capacity building, Hui said, China would further improve its monitoring of natural disasters and emergency rescue system, raise anti-disaster standards for buildings and increase public awareness of disasters and push for international cooperation in disaster relief. The vice premier expressed China's appreciation for international help and support to the country's disaster relief and quake relief after the 8.0-magnitude earthquake that struck Wenchuan of Sichuan on May 12, 2008.
BEIJING, May 17 -- Shanghai will step up efforts to lure more talent, beef up development of its legal system and improve its credit database as part of efforts to develop a global financial center, Vice Mayor Tu Guangshao said Saturday. The city will also enable financial markets and institutions to play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai. "To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules' drafting and coordination. We also need financial markets and companies to make contributions." From left: Xu Xiaonian, professor of CEIBS, Hu Zuliu, chairman of Goldman Sachs China, Xie Guozhong, board member of Rosetta Stone Advisors, Ha Jiming, chief economist of China International Capital Corp and Wang Qing, chief economist of Morgan Stanley China discuss issues at the Lujiazui Forum Saturday Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said. The city should also have a solid financial legal system and the municipal government is working to improve the arbitrary, hearing and verdict processes of financial cases, according to Tu. He added that local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate fundraising, Tu said. Xu Lin, Party Secretary of Pudong New Area, told the forum the district will shore up its preparation for financial innovation, including establishing an over-the-counter equity exchange for start-up technology firms. Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of durables such as home appliances and electronics. Xu also noted that Pudong will fast track the development of financial services for the shipping industry as China pursues building Shanghai into an international financial and shipping hub by 2020. "The district will encourage capital from various sources to help innovation and upgrade industry," Xu said. "More credit support will be given to small companies in terms of innovation." Financial experts attending the two-day Lujiazui Forum, which ended Saturday, called on the city to take more measures to retain talent and financial institutions. "The major European and US markets are reshuffling after the crisis and it has created a good opportunity for Shanghai to lay a sound basis and infrastructure for rising as an international financial center," said Laura Cha, deputy chairman of the Hongkong and Shanghai Banking Corp. "We should learn lessons from them and avoid the mistakes they have made." Shanghai is still lagging behind in terms of financial talent both in quality and quantity, she added. She suggested shoring up the city's financial high education sector and rotating financial talents to develop more overseas experience.