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BEIJING, Aug. 22 (Xinhua) -- Wuhan Iron and Steel Company Ltd., the listed subsidiary of China's third largest steel maker, said Sunday that its net profit rose 90.43 percent year on year to 963.53 million yuan (141.7 million U.S. dollars) during the first half of the year as strong economic growth boosted steel demand and prices.The company's first-half-year sales reached 34.36 billion yuan, up 50.72 percent from one year earlier, it said in a statement delivered to the Shanghai Stock Exchange.However, costs also climbed in the first six months compared with a year earlier because of increases in raw material prices, it said.Production costs for steel products gained 47.12 percent year on year to 31.18 billion yuan. Further, the company's steel output in the first half of the year gained 29.75 percent year on year to 8.04 million tonnes.China's producer price index, a major gauge of inflation at the wholesale level, rose 6 percent in the January-June period, according to statistics released by the National Bureau of Statistics.However, the company was likely to face a "difficult time" in the second half of 2010 and meeting its full-year profit target would become a "challenging task" as demand from auto, home appliance and real estate sectors experienced "drastic changes" since July, leading to more restrained sales and falling prices, it said.Company officials also worried that high prices of iron ore, coal and electricity would further push up production costs and squeeze profit margins.On Friday, the price of its shares fell 2.87 percent to 4.73 yuan on the Shanghai bourse.
BEIJING, Aug. 8 (Xinhua) -- The Official Report for the Beijing Olympic Games and the Paralympics was unveiled here on Sunday in a bid to provide valuable experience and lessons for futures hosts.The launching of the Report, detailing the planning, organisation and celebration of the two Games, coincided with the second anniversary of the Beijing Olympic Games which opened on Aug. 8 two years ago.The Beijing Olympics official report comprises four volumes telling stories and experiences in the bidding process, the organization and operation, the Games ceremonies and summaries as well as the official competition results.

BEIJING, Aug. 13 (Xinhua) -- China and Switzerland on Friday agreed to start free trade agreement (FTA) talks, as the two states celebrate their 60th anniversary of diplomatic ties.Chinese President Hu Jintao and his Swiss counterpart, Doris Leuthard, witnessed the signing of the memorandum of understanding on finishing the FTA feasibility study that was started in 2009.The two states will begin FTA talks as soon as possible, the Chinese Ministry of Commerce said in a statement.Chinese President Hu Jintao (R) meets with Doris Leuthard, president of the Swiss Confederation and head of the Federal Department of Economic Affairs, at the Great Hall of the People in Beijing, capital of China, Aug. 13, 2010.As one of the first Western countries to forge diplomatic relations with the People's Republic of China, Switzerland has become China's major trade partner in Europe."Facing new opportunities, China-Switzerland relations are at a new starting point," Hu told Leuthard during their 30-minute meeting at the Great Hall of the People in Beijing.President Hu hailed the development of bilateral relations and pledged to further expand political trust and trade and economic cooperation.Leuthard conveyed her nation's condolences to China over the series of natural disasters the country has suffered recently.Leuthard also said Switzerland will stick to the one-China policy.In China for a working visit, Leuthard also said the two states should boost cooperation in finance, education, culture, environmental protection, tourism and on international affairs.
BEIJING, July 23 (Xinhua) -- Chinese President Hu Jintao Friday urged greater efforts to reform the nation's cultural system to boost China's "soft power."Hu, also General Secretary of the Central Committee of the Communist Party of China (CPC), made the remarks at a meeting of the CPC Central Committee Political Bureau.Hu listed the key tasks to reform China's cultural system now and in the near future:-- The acceleration of the reform on the cultural system and encouragement for cultural innovation;-- The acceleration of the building of a public network providing cultural services;-- The acceleration of the development of the cultural industry through the fostering of new cultural industry forms;-- The enhancement of the guidance of production of cultural products so as to meet the needs of the public.Hu said cultural reforms must take development as their theme.He asked CPC committees and governments at all levels to put cultural reform high on their agendas.
BEIJING, June 19 (Xinhua) -- Total value of China's lottery sales hit 63.16 billion yuan (9.26 billion U.S. dollars) in the first five months this year, up 22.8 percent over the same period last year, the country's Ministry of Finance said Saturday.Welfare lottery sales reached 36.73 billion yuan during the same period, a year-on-year increase of 25.9 percent; sales of sports lotterieshit 26.44 billion yuan, up 18.8 percent.In May alone, sales value reached 14.44 billion yuan, up 18.7 percent year on year, a statement on the Ministry's website said.
来源:资阳报