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LONDON, Feb. 12 (Xinhua) -- China's mining giant Aluminium Corporation of China (Chinalco) announced here on Thursday it will inject 19.5 billion U.S. dollars in cash into Rio Tinto. The cash injection is regarded as "firepower" for Rio Tinto, against the global economic downturn, Tom Albanese, chief executive of Rio Tinto, said. Xiao Yaqing, president of Chinalco, said following the signing of an agreement on investment that the investment is a show of confidence in both China and the world, adding that "the strategic partnership with Rio Tinto will prove to be valuable and successful." Xiao Yaqing (L), general manager of Aluminum Corp. of China (Chinalco), shakes hands with Rio Tinto Group chairman Paul Skinner at the signing ceremony in London, Britain, Feb. 12, 2009. Chinalco announced Thursday it would invest 19.5 billion U.S. dollars in mining giant Rio Tinto Group, bailing out the latter while securing for the state-owned Chinese company access to more resources As the leading Chinese diversified resources company, Chinalco's investment puts more emphasis on potential future values than on short-term returns, Xiao said. The transaction will forge a pioneering strategic partnership through the creation of joint ventures in aluminium, copper, and iron ore as well as the issue of convertible bonds to Chinalco, which would, if converted, allow Chinalco to increase its existing shareholding in Rio Tinto to about 18 percent. The transaction is still to be approved by shareholders of Rio Tinto, governments and other regulators. Albanese said the transaction will position Rio Tinto to lead the resources industry into the next decade and beyond by ensuring the continuity of its strategy. The new partnership with the Chinese company "will benefit from Chinalco's strong relationships within China, which Rio Tinto believes will continue to be the main driver of growth in commodity markets over the longer term," Albanese said. He said the Chinalco relationship will also help Rio Tinto to seek project funding from Chinese financial institutions.

BEIJING, April 4 (Xinhua) -- The import and export of electronic and information products in China went down 30.3 percent year on year in the first two months, data released by the Ministry of Industry and Information Technology showed on Friday. The combined import and export value was 87.61 billion U.S. dollars through January to February. In breakdown, export fell 26.1 percent from the same time a year ago to 53.55 billion U.S. dollars. Import was down 36.07 percent to 34.06 billion U.S. dollars. The import value of LCD panel, a main component in flat-panel television, declined 48.8 percent to 1.82 billion U.S. dollars. The export value of processing trade with imported material, which comprised more than two thirds of the total export, was down 25.4 percent to 37.86 billion U.S. dollars. China's export, a driving force of the world's third largest economy, plummeted 25.7 percent year on year in February, the worst decline in more than a decade, as global demand deteriorated amid the deepening recession.
BEIJING, Feb 7 (Xinhua) -- After some parts of the drought-stricken north China embraced the long-awaited rain on Saturday, more rainfall was expected to come on Sunday, said National Meteorological Center (NMC) on Saturday. Rain or snow is forecast for Sunday and next Monday in parts of the northwest and southwest China. They will also spread to the country's north and central regions, according to the NMC. Photo taken on Feb. 7, 2008, shows raindrops on wheat seedlings in Zhongmou County, Henan Province, central China. The provinces of Gansu, Shaanxi, Shanxi, Hebei, Shandong, Henan, Hubei and Anhui, the country's major wheat-growing areas which are hard-hit by the rare drought will brace rain or snow from Saturday night to Sunday. The rainfall will be less than 10 millimeters, but will help relieve the grim drought moderately.
BEIJING, March 23 (Xinhua) -- Chinese President Hu Jintao held talks with his visiting Uruguayan counterpart Tabare Vazquez here Monday. They agreed to promote bilateral relations to a higher level. Chinese President Hu Jintao (L) hosts a welcoming ceremony for Uruguayan President Tabare Vazquez at the Great Hall of the People in Beijing, capital of China, March 23, 2009.During the meeting, Uruguay recognized the full market status of Chinese economy, according to press release from the Chinese Foreign Ministry. Hu spoke positively about Uruguay's adherence to the one-China policy and its firm support on issues concerning Taiwan and Tibet. He highlighted the rapid growth of bilateral relations since the two forged diplomatic relationship 21 years ago. China has become the third biggest trading partner of Uruguay and the two sides have enjoyed close coordination and cooperation in regional and international issues, Hu said. Vazquez said the two countries have made important progress in cooperation in various fields since they established diplomatic relations. The two sides share broad consensus on many major issues. Both sides support peaceful resolution to international disputes and oppose interference of other country's internal affairs, Vazquez said. The growth of bilateral relations will serve the interests of both nations and their peoples, Vazquez added. Hu suggested the two sides strengthen political relations and expand dialogues at various levels. He also called for expanded cooperation in investment, trade and technology for their mutual benefits. He named agriculture, fishery, product quality inspection, software and engineering technology consultation as fields where cooperation should be strengthened. "The Chinese government encourages its companies to start businesses and invest in Uruguay and is willing to boost bilateral cooperation in energy, information technology industry, biological technology and agricultural technology", Hu said. He also proposed the two nations boost cultural and people-to-people exchanges by expanding cooperation in culture, education, sports, media, and tourism sectors. "China will make joint efforts with developing countries, including Uruguay, to address global challenges such as the current international financial crisis in an aim to maintain and promote peace, stability and development", the Chinese president said. He added that China supports the integration process of the Common Market of the South and is willing to develop friendly and cooperative ties with its member states. The two heads of the state also consulted on the international financial crisis. Hu said China is willing to strengthen cooperation with developing countries including Uruguay to jointly face up to various global challenges such as the financial crisis, and safeguard and promote peace, stability and development across the world. He said China attaches high importance to the G20 Summit scheduled for April 2 in London and is committed to intensifying dialogue and communication with the participating parties to ensure the summit will produce positive outcomes. Vazquez stressed the necessity for the establishment of a new international financial order and expressed his hope the summit will lead to positive results that will help alleviate the impact of the financial crisis on developing countries. After the talks, the two presidents witnessed a signing of a number of bilateral agreements. At the invitation of Hu, Vazquez arrived in Beijing Saturday morning for a six-day state visit. Vazquez will leave Beijing for a visit to Shanghai on March 24. This is President Vazquez's first visit to China since he took office in 2005.
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