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SHANGHAI, Nov. 23 (Xinhua) -- Baosteel Group, China's leading steelmaker, announced on Monday its acquisition of 15 percent stake in Aquila Resources, an Australian iron ore and coal company.     The 286 million Australian dollar purchase (265 million U.S. dollars) has made Baosteel the second largest shareholder of Aquila, said the Chinese company based in Shanghai.     The transaction is an important strategy for Baosteel's overseas expansion by securing long-term supply of critical raw materials for its steel making business, said the company.     The deal will help the Australian company source low-cost financing from Chinese institutions to support its projects.     Tony Poli, executive chairman of Aquila said on the company website, "The company now looks forward to developing its relations with Baosteel to the mutual benefit of both companies."     The deal was approved on November 13 by China's top economic regulator, the National Development and Reform Commission (NDRC), and it was Baosteel's first large strategic investment in a foreign public company.     The two companies signed an agreement on the acquisition in August this year and got nod in October by Australia's Foreign Investment Review Board (FIRB), which limited Baosteel's stake in the Australian company to the utmost 19.9 percent.     Under the terms of the deal, Dai Zhihao, a vice president of Baosteel, will step in as a board member of the Australian coalminer.

HANGZHOU, Oct. 29 (Xinhua) -- China and the United States said Thursday they would not stage any new trade protection measures against each other, a significant step which lays the groundwork for the presidential summit next month.     "Both sides agreed on not introducing any new trade protection measures against each other as both vowed to oppose trade and investment protectionism and observe the related consensus of the G20 summit," Chinese Commerce Minister Chen Deming said later Thursday. Delegates attending the 20th China-US Joint Commission on Commerce and Trade (JCCT) pose for a group photo in Hangzhou, capital of east China's Zhejiang Province, Oct. 29, 2009. China and the United States on Thursday started their annual trade talks in Hangzhou. Chinese Vice Premier Wang Qishan co-chaired the meeting with Commerce Secretary Gary Locke and Trade Representative Ron Kirk of the United States. The JCCT began in 1983 as a platform for both countries to promote trade and address issues of mutual concernChen made the remarks at the end of the 20th China-U.S. Joint Commission on Commerce and Trade (JCCT) talks in China's eastern city of Hangzhou.     The comments also came at a time of increasing China-U.S. trade disputes in the past months, involving Chinese tires, cement products, U.S. poultry and others.     "The pledge is significant as it shows both countries' determination to dump punitive measures against each other and instead seek common prosperity," Niu Xinchun, a research fellow with China Contemporary International Studies Institute, told Xinhua.     "As influential powers, China and the United States should stand firmly against all types of trade protectionism, promote both countries' economies and help lift the world out of recession," Chinese Vice Premier Wang Qishan told the opening session of the JCCT Thursday noon.     Wang co-chaired the 20th JCCT talks with U.S. Commerce Secretary Gary Locke and U.S. Trade Representative Ron Kirk in a lakeside garden compound in the capital of east China's Zhejiang province.     Locke highlighted the significance of this year's talks, saying it is the first JCCT meeting of President Obama's administration and comes a few weeks ahead of President Obama's first visit to China.     Wang said President Obama's visit in mid November will "provide new opportunities for China-U.S. cooperation."     "In a spirit of candor and understanding, hopefully both sides will discuss issues of mutual concern and achieve fruitful results at today's JCCT meeting," Wang said.     "It is critical that we make definite, concrete, demonstrable progress today to demonstrate that U.S. and China can work together to achieve results from the JCCT," Locke said.     Later Thursday, the U.S. commerce chief lauded the one-day JCCT talks as "successful," as both sides "made very significant progress on a number of issues."     Locke said China will drop a requirement that most of the components of wind power-related equipment be made in China.     "The United States agreed to delete some articles in its bill which limited China's poultry exports for six years," Chinese Minister of Agriculture Sun Zhengcai said in response to a Xinhua's question.     In return, China will resume imports of pork products from the A/H1N1 flu-hit areas in the United States, Sun said.     As for trade imbalance, China's commerce chief said both sides agreed at the JCCT talks that the solution was not to limit China's exports to the United States, but strike a balance by aggressively boosting bilateral trade.

SHANGHAI, Nov. 15 (Xinhua) -- U.S. President Barack Obama arrived in China on Sunday night for a four-day visit to the world's most populous country.     The visit by the leader of the largest developed country to the biggest developing one has roused great interest among observers as China-U.S. relationship has always been one of the most important and complicated bilateral ties in the world.     During the first leg of his Asian tour in Japan, Obama said the United States welcomes China's appearance on the world stage, and does not seek to contain China. He said that "the rise of a strong and prosperous China can be a source of strength for the community of nations," striking a positive keynote for his forthcoming China visit.     His Chinese counterpart President Hu Jintao has also said that China-U.S. relations have significance and influence far beyond their bilateral ties, and a sound Sino-U.S. relationship is not only in the fundamental interests of the two nations and peoples, but also conducive to peace, stability and prosperity in the Asia Pacific region and the world at large.     China has always maintained that, as the biggest developing and the developed countries, China and the United States share broad common interests on the vital issues of peace and development, and shoulder great responsibilities.     During a media interview before his Asia tour, Obama said "on critical issues, whether climate change, economic recovery, nuclear non-proliferation, it's very hard to see how we succeed or China succeeds in our respective goals without working together."     The remarks, however, also hinted at the difficulty of bilateral cooperation on thorny issues.     For instance, the trade spats between the two countries have recently flared up, with the U.S. government imposing anti-dumping duties on imports of poultry, tires and steel pipes from China. China criticized the measures as protectionist.     The two countries are also at odds on the issue of climate change. As the world's two largest green-house gas emitters, China and the U.S. have both pledged commitments, but their different status in economic development and interpretation of the principle of "differentiated responsibilities" have made substantial consensus difficult.     However, the Obama administration has repeatedly indicated that the two sides would not "allow any single issue to detract from our broader overall relationship," which is too important to go astray.     The Center for Strategic and International Studies, a major U.S. think tank, said in a report, "U.S.-China partnership is indispensable for addressing many of the main challenges of the 21st century ... The premise for U.S.-China relations going forward must be a shared commitment to working together to promote the global good."     To share significant global responsibilities, China and the United States should view and handle their bilateral ties from a strategic and overall perspective. Both sides should promote dialogue, expand cooperation, respect each other, seek common ground while reserving differences, and take care of each other's core interests.     Obama once quoted a famous ancient Chinese philosopher Mencius to underscore the importance of resolving disagreements between the two nations through talks.     "A trail through the mountains, if used, becomes a path in a short time, but, if unused, becomes blocked by grass in an equally short time," he said.     It is the shared hope that both sides could blaze a path towards the future, so as not to let the "grass" of suspicion and difference block the way. China also hopes Obama's visit will leave fresh and impressive footprints on this path.     The United States has changed its China policy from isolation, containment, to engagement and today's relationship of positive and comprehensive cooperation. This represents a profound change in the world arena.     As far as both countries keep to the right orientation of the development of bilateral ties, enhance mutual trust, expand cooperation and take care of each other's key interests, they will ensure the steady development of bilateral ties and contribute further to world peace, stability and prosperity.  

BEIJING, Dec. 3 (Xinhua) -- Chinese Vice Premier Li Keqiang met here Thursday with Sadako Ogata, president of the Japan International Cooperation Agency (JICA).     Li said China-Japan strategic and mutually-beneficial relationship has entered into a new stage and it is in the fundamental interests of the people to stick to China-Japan friendship and mutually-beneficial cooperation.     Li said that the two countries should respect and take care of each other's major concerns, enhance pragmatic cooperation and increase mutual understanding between the two peoples in a bid to push forward bilateral ties in a long-term, healthy and stable manner.     The two governments, via the JICA, Japanese government's overseas aid agency, have conducted effective cooperation since the normalization of bilateral ties, said Li, calling for more exchanges of youth and scientists between the two countries.     Ogata visits China as guest of China's Ministry of Science and Technology

BEIJING, Nov. 21 (Xinhua) -- China's premium income hit 936.09 billion yuan (137.1 billion U.S. dollars) in the first 10 months, according to China Insurance Regulatory Commission.     The figure represented an increase of 78 billon yuan, or 9.09 percent, over that in the first nine months.     During January to October period, premium of property and casualty insurance was 243.18 billion yuan, and 692.9 billion yuan, respectively.     Total asset of the country's insurance sector stood at 3.83 trillion yuan by the end of October.