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PHOENIX, Sept. 6 (Xinhua) -- At the invitation of the speaker of the U.S. House of Representatives Nancy Pelosi, Chinese top legislator Wu Bangguo arrived here on Sunday to begin his official visit to the United States on the final leg of his three-nation America tour. In a written statement released at the airport upon his arrival, Wu, chairman of the Standing Committee of China's National People's Congress, highlighted the "historical" growth of the China-U.S. relations in the past 30 years since the two nations forged diplomatic relations, noting that the bilateral ties already become the most important and the most dynamic ones in the world. Wu Bangguo (L), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, shakes hands with Arizona Governor Jan Brewer greeting him upon his arrival at an airport in Phoenix of Arizona state Sept. 6, 2009. Wu Bangguo arrived here on Sunday for an official goodwill visit to the U.S., the final leg of his three-nation America tourWu will be visiting Washington Tuesday where he is expected to hold talks with Pelosi, meet with U.S. President Barack Obama, Vice President Joe Biden and Secretary of State Hillary Clinton. "My visit to the United States is the first by a Chinese top legislator in the past 20 years," Wu said in the statement, noting that the purpose of his visit is to further implement the important consensus reached by the Chinese president Hu Jintao and Obama in an aim to push forward the positive, cooperative and comprehensive Sino-American relations. Wu arrived here after he concluded his official visit to Cuba and the Bahamas.
BEIJING, Aug.3-- China's steel industry association said on Friday that it plans this year to unify the spot and long-contract prices for the country's iron ore imports. It will also set a ceiling for charges levied by import trading firms, as part of an effort to regulate the market. The proposal was the top item of discussion at the steel industry body's two-day semiannual meeting, said Luo Bingsheng, deputy chairman of the China Iron and Steel Association (CISA), at a press conference. The term prices negotiated with global miners should become a benchmark unified price, and the import agencies could charge 3-5 percent in commission on top of the term prices, Luo said. The move aims to regulate excess iron ore import by steel makers and trading firms, which distorted the supply and demand balance and disrupted the annual contract talks, Luo said. The price talks, which are continuing, appeared to be snagged on China's insistence upon bigger reductions than the 33 percent cut agreed to earlier with Japanese and Korean steel mills. News reports and industry analysts say China wants a 40 percent price cut. Luo said foreign iron ore suppliers promoted massive sales on the spot market, leading to huge stockpiles. Spot iron ore accounted for 82.7 percent of imports this year, leading to excessive imports that far exceed actual needs, the CISA said. Luo made the remark as the spot price of iron ore in China surged above the contract prices offered by three large miners - Rio, BHP and Vale. Benchmark spot prices of iron ore in China rose above 0 a ton on Thursday, as compared with a ton in April, according to industry consultant Mysteel. Iron ore imports rose 29.3 percent year on year, to 297 million tons, in the first half of this year, while traders imported 131 million tons, up 90.4 percent from last year. There are 152 iron ore importers in China this year, exceeding the 112 licenses that CISA issued, the association said. Luo said the annual talks were ongoing and CISA would keep working to push them forward. "We are working for a reasonable result and hope to reach a win-win situation," Luo said. "For small steel companies, a unified price system is definitely good news," said Fan Haibo, a steel analyst from Xinda Securities. "Large steel mills and trading companies have made huge profits by selling iron ore to small steel factories who do not hold import license." "But how to define which firms have 'agent license' seems essential. Giving them the privilege is akin to guaranteeing a business always makes a profit," he said.
BANGKOK, Aug. 15 (Xinhua) -- China's Commerce Minister Chen Deming and the economic ministers from 10 ASEAN member states Saturday morning signed the ASEAN-China Investment Agreement during the 41st ASEAN Economic Ministers Meeting (AEM) and related meetings here. The signing of the investment agreement, together with already-signed China-ASEAN agreements of the trade in goods and services, completed the negotiation process of China-ASEAN Free Trade Area (FTA), which is to be realized by January 1, 2010. "The China-ASEAN FTA will be an advanced FTA that covers an extensive area of 13,000,000 square kilometers with a population of 1.9 billion ", Chen told Xinhua after the signing ceremony. The Investment Agreement, 27 clauses included, tries to provide a free, transparent and justice investment mechanism for investors from both sides, who can enjoy most-favored-nation treatment, citizen treatment, and fair and equitable treatment on reciprocal investment, said Zhang Kening, Counselor from the International Department of the Chinese Commerce Ministry. China's Commerce Minister Chen Deming (2nd L seated) and Thai Commerce Minister Pornthiva Nakasai (3rd L seated) sign the ASEAN-China Investment Agreement during the 41st ASEAN Economic Ministers' Meeting in Bangkok, capital of Thailand, Aug. 15, 2009 China and the 10-nation Association of Southeast Asian Nations (ASEAN) launched their cooperation dialogue in 1991 and signed the China-ASEAN Framework Agreement on Comprehensive Economic Cooperation in 2002, proposing the ASEAN-China FTA by Jan. 1, 2009. After the two sides had negotiated since 2003, the agreement would expand trade and investment between ASEAN and China as well as enhance economic ties with China, Thailand's Commerce Minister Porntiva Nakasai said in a news release. Both sides agreed to support foreign direct investment of their investors, as well as promote and protect investments of Parties to the Agreement by giving non-discriminatory and fair treatment to investors, compensating investors in case of expropriation and providing for investors-State dispute settlement, Porntiva said. Investment facilitation and protection will result in increase in production, exports, and trade volume of both sides, Porntiva said. Porntiva said China is an important trade partner of ASEAN and is the fourth largest export market of ASEAN. In 2009 (January-September) ASEAN export to China was approximately 85.6 billion U.S. dollars. China is the third largest source of import of ASEAN. Imports from China valued at nearly 107.0 billion U.S. dollars, the Thai minister said. This will lead to an increase in green field investments and reinvestment of profit in sustainable way. This is in line with the objectives of the ASEAN Economic Community, she said. China is the 8th largest investor in ASEAN, with accumulated investments as of 2008 valued at 6.1 billion U.S. dollars, while ASEAN accumulated investments in China as of 2008 were valued at 5.6 billion U.S. dollars, she said. The 41st meetings have been focusing on the economic integration within the ASEAN region as the ASEAN Economic Community is expected to complete in 2015, in which investment, capital and skilled labor can flow freely. Thai Deputy Prime Minister Korbsak Sabhavasu, who presided over the official opening ceremony on Friday, said that it is crucial that the ASEAN region will be the outward-looking group since it is essential to live harmoniously within other community in the world as the ultimate goal for ASEAN integration. Prior to the official opening ceremony, high level officials from the 10 ASEAN-member countries began on Wednesday discussing and setting up economic policies and topics prior to submitting to the related ministers on these following days. And, on Thursday, the ASEAN economic ministers and Indian Minister of Commerce and Industry Anand Sharma signed a long-awaited free trade agreement (FTA) for trade in goods after over six years of intense negotiations.
BEIJING, Aug. 4 (Xinhua) -- China's Supreme People's Court issued a new regulation Tuesday to encourage parties involved in conflicts to mediate for resolution. The regulation is in response to a rapid increase in lawsuits during the past two years. It clarifies transitional procedures for parties to cease actions in the people's courts and turn instead to industrial or community mediation. The move is an attempt to bring social organizations into play at an action's early stage to ease public discontent and prevent aggravation of resentment and tension. It is in accord with the new objective of a harmonious society outlined by the Communist Party of China and the government. According to the court's statistics, lawsuits for criminal, civil affairs and administrative issues submitted to courts around the country in 2007 increased by 7 percent from 2006 to 5,550,062 cases. The courts handled 6,288,831 lawsuits in 2008, 13.31 percent up from 2007. "Entering a transitional period of development, Chinese society is encountering an increasing number of new contradictions and problems it has never before experienced," said court spokesman Sun Jungong Tuesday. "Mediation bodies need to be strengthened to make a bigger contribution to the resolution of disputes," he said. The regulation means agreements achieved in arbitration or mediation by administrative bodies, mercantile organizations and industrial groups will have the same force in law as those judged by the people's courts. "The courts at all levels should guide mediation and arbitration methods in a scientific, fair and rational way as well as act as supervisors and executors of agreements," said Jiang Huiling, vice director of the SPC's judicial reform office.
BEIJING, Oct. 13 (Xinhua) -- China and Russia signed 12 agreements, including agreements on natural gas and oil, as the premiers of the two countries held their 14th regular meeting in Beijing on Tuesday. The signing ceremony was overseen by Chinese Premier Wen Jiabao and his Russian counterpart Vladimir Putin after their talks in the Great Hall of the People in downtown Beijing. Prior to their talks, Wen hosted a red-carpet welcome ceremony for Putin, who is on his first official visit to China since taking office in May 2008. Chinese Premier Wen Jiabao (R Front) shakes hands with Russian Prime Minister Vladimir Putin (L Front) after signing the joint communique of the 14th regular prime ministers' talks between China and Russia, at the Great Hall of the People in Beijing, capital of China, Oct. 13, 2009The agreements include a framework agreement on Russia's export of natural gas to China, a memorandum of understanding (MOU) on high-speed train and an agreement on mutual notification of ballistic missiles and launch of carrier rockets. Wen and Putin also reached consensus on cooperation in various fields. They agreed to enhance political trust, address each other's core interests and major concerns, and support each other's efforts to safeguard sovereignty, security and territorial integrity. They agreed to deepen trade on machinery and electronic products and oppose trade protectionism. With regard to energy cooperation, they agreed to work together to make sure the oil pipeline, running from Skovorodino, Russia, to China's northeastern city of Daqing, could be completed by the end of 2010 and start stable oil supply in 2011. They said the two countries decided to launch the west and east lines of the gas project simultaneously in a bid to start supplying gas between 2014 and 2015. They agreed to enhance cooperation between localities by implementing an outline of regional cooperation between Northeast China and the Russian Far East Area and Eastern Siberia. The two sides also agreed to step up coordination in international affairs to deal with the global challenges, jointly promote the establishment of a new international financial order and improve representation of the developing countries and emerging economies. During his talks with Putin, Wen said Putin's visit at the 60thanniversary of the establishment of Sino-Russian ties is of great significance. Bilateral relations have become stable and mature since the forging of diplomatic ties 60 years ago and particularly the establishment of the Russia-China strategic cooperative partnership in 1996, Wen said. The level of political mutual trust, strategic and practical cooperation between the two countries has been improved continuously and yielded many achievements, effectively advancing the development of bilateral ties and positively influencing world peace and development, he said. The Sino-Russian relations are role models of relations between neighboring countries and relations between big powers, said Wen, adding that China is willing to work with Russia to make greater achievements in the future. Putin warmly congratulated the 60th anniversary of the founding of New China, saying China has achieved great success in various areas in the past 60 years. Russia and China have become genuine and comprehensive strategic and cooperative partners in recent years, he said. The two sides have carried out cooperation in politics, economy and international affairs with mutual trust, and the bilateral economic cooperation has withstood the test of the global financial crisis, Putin said. Chinese Premier Wen Jiabao (R Front) and Russian Prime Minister Vladimir Putin (L Front) meet the entrepreneurs' delegates who are here to attend the Fourth China-Russia Economic and Trade Summit Forum at the Great Hall of the People in Beijing, capital of China, Oct. 13, 2009. Later Tuesday, Wen and Putin also met with the business people who attended a China-Russia economic forum. Before the forum, Chinese Vice Premier Zhang Dejiang and his Russian counterpart Alexander Zhukov attended the signing of deals worth 4 billion U.S. dollars between financial institutions and enterprises of the two countries. "China-Russia trade has seen fruitful results and has brought tangible benefits to the two countries," said Wen. Wen hoped the business people from the two countries should take the opportunities and make joint efforts to tackle the global economic downturn. Chinese Premier Wen Jiabao (2nd R) and Russian Prime Minister Vladimir Putin (3rd L) meet the entrepreneurs' delegates who are here to attend the Fourth China-Russia Economic and Trade Summit Forum at the Great Hall of the People in Beijing, capital of China, Oct. 13, 2009