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SHANGHAI, Aug. 28 (Xinhua) -- Baosteel Group, China's largest steel maker, said Friday it has agreed to pay 285.6 million Australian dollars (240.7 million U.S. dollars) for a 15-percent stake in Australian miner Aquila Resources. Baosteel will buy up to 43.95 million shares in Aquila at 6.5 Australian dollars a share. The deal, which will make Baosteel the second-biggest shareholder in Aquila, is still to get approval from Australian and Chinese regulators. The company executives valued the growth potential of Aquila's assets in the deal that is another major step in its overseas expansion, said a statement on Baosteel's website. Baosteel established a joint venture with iron ore giant Rio Tinto in 2001 and Companhia Vale do Rio Doce (CVRD) in 2002 to secure iron ore imports. In a press release, Aquila said the deal was "an important transaction in Baosteel's strategy to secure long-term supply of critical steel raw materials." The strategic cooperation will "fast-track the development of Aquila's key steel raw materials projects including iron ore, coal, and manganese," said the statement. Baosteel would possibly make further direct investment into a number of its projects and help it get low-cost financing from China for most of its major projects, including the strategic West Pilbara Iron Ore Project, said the Aquila statement. It added that the state-owned Chinese steel mill had agreed not to hold more than 19.99 percent of Aquila before August 2010. Shares in Aquila surged 9.16 percent, or 60 Australian cents, to 7.15 Australian dollars Friday.
BEIJING, Oct. 3 (Xinhua) -- China contributed 19.2 percent of the world economic growth in 2007, up from 2.3 percent in 1978, a report by the National Bureau of Statistics (NBS) has said. It said China tops the world in contribution to the global economic growth. The report was the 18th by the NBS. It showcased the improving international status and influence of new China over years of development. According to the NBS, China's gross domestic product (GDP) was 30 billion U.S. dollars in 1952, more than doubling by 1960, and reached 3.86 trillion U.S. dollars in 2008. China had also become the world's third largest economy in 2008 by accounting for 6.4 percent of the global GDP. Meanwhile, the country's gross national income (GNI) per capital has been catching up with the world average. The GNI per capita was 10.1 percent of the world average in 1978, and 32.3 percent in2008. In terms of GNI per capita ranking among 209 countries and regions by the World Bank, China was 130th in 2008 at 2,770 U.S. dollars, up 15 places compared 750 U.S. dollars in 1997.

BEIJING, July 23 (Xinhua) -- The Chinese government has made clear Thursday that it will continue its proactive fiscal policy in the second half of this year to maintain its economic growth as government leaders reiterated the stance, for there are still uncertainties ahead. Finance Minister Xie Xuren told local financial bureaus at a conference in Beijing on Thursday that the proactive policies, which included increased investment from the government, tax cuts and subsidies to low- income families, had taken effect in stimulating the recovery of the national economy. The Chinese economy expanded 7.9 percent from a year ago in the second quarter of this year, driven by a surge of fixed-asset investment backed by government fiscal policies. Finance Minister Xie Xuren was seen in this file photo taken on March 6, 2008 The economic growth rate accelerated from the 6.1 percent in the first quarter of this year and the 6.8 percent in the fourth quarter of last year. To weather the global economic recession, the Chinese government unveiled a four-trillion-yuan stimulus package in November to revive the world's third largest economy, which was slowed by tumbling exports. The central government promised a 1.18trillion yuan investment. By the end of June, 591.5 billion yuan (86.6 billion U.S. dollars) out of the total investment from the central government had been allocated, which boosted a 33.5 percent jump of fixed-asset investment in the first half of this year. It was the highest level in the last five years. The ministry's decision came as Chinese leaders vowed to continue the current policies. Chinese President Hu Jintao said Thursday that China should adhere to its proactive fiscal policy and moderately easy monetary policy to ensure a stable economic growth as the recovery is not yet solid. Premier Wen Jiabao has reiterated that the economy is in a crucial phase and rebounding. He pledged to maintain the current macroeconomic policies and fully implement its four-trillion yuan stimulus package. Xie said the government will implement the fiscal policy "at full swing" in the second half of this year and speed up allocation of investment from government, which, Xie hoped, would stimulate private investment. Yang Zhiyong, researcher of the Institute of Finance and Trade Economics at the Chinese Academy of Social Sciences, a government think tank, said that currently the proactive fiscal policy had a limited impact on pushing up private investment. It is hard for private investment to enter monopolistic sectors, he added. Li Yining, an economist from the Peking University, said consumption should be spurred to fuel the growth momentum in the future as the current economic recovery was advanced mainly by investment. He suggested the proactive policy be further carried out to stimulate consumption and private investment in the following period. Xie said in the second half the ministry will continue its policy of tax cuts to increase investment from enterprises and consumption. The ministry also pledged to increase spending on people's livelihood. Investment in agriculture, social security, medical care, education, science and environmental protection climbed 33.9percent from a year earlier to 1.48 trillion yuan, according the ministry. Analysts said the macroeconomic polices should also aim to adjust economic structure for the long term and to create new growth points. Jia Kang, president of the Institute of Fiscal Science, Ministry of Finance, said the government resolves to step up adjustment of economic structure as the economy is back on track for recovery. Xie said the fiscal policy in the second will support innovation and energy conservation and emission reduction to sustain the economic growth. On July 21, the ministry started a pilot program to subsidize 50 percent of investment for solar power projects, a move to boost the solar industry as a new growth point for the country's economy. Xie also urged to strengthen supervision over fiscal management and improve information transparency in the second half as fiscal expenditure in the second half faced great pressure. Wen Jiabao also described the country's fiscal situation as "severe." The ministry said the country's fiscal revenue in the first six months fell 2.4 percent from a year ago to about 3.4 trillion yuan, while its fiscal expenditure rose 26.3 percent to 2.89 trillion yuan.
ISLAMABAD, Oct. 2 (Xinhua) -- Pakistani President Asif Ali Zardari said here Friday that he is proud of Pakistan's brotherly relationship with China and wishes the Chinese around the world well. Zardari was the chief guest at the National Day reception hosted by Chinese Ambassador Luo Zhaohui at the Chinese embassy. Replying a question by Xinhua on his arrival, Zardari said, "For the Chinese around the world, I wish them well. I wish them their independence and I applaud the success." He also said, "I'm proud of the friendship which we have with China. And I'm proud of our brotherly relationship. And I'm with them in this moment of happiness. The people of Pakistan share the moments of happiness with the people of China." Chairman Joint Chiefs of Staff Committee General Tariq Majid, Chief of Army Staff General Ashfaq Parvez Kayani, Chief of Naval Staff Admiral Noman Bashir, Chief of Air Staff, Air Chief Marshal Rao Qamar Suleman, government officials and senior diplomats from other embassies based in Islamabad were present at the reception. The guests watched dances, songs and acrobatics performed by Chinese troops. At the end of the performance, chief guests and the Chinese ambassador went on the stage to greet the performers and had a group photo with them.
NANJING, Aug. 9 (Xinhua) -- Chinese Premier Wen Jiabao reaffirmed during the weekend that China would unwaveringly adhere to its moderately easy monetary policy in face of economic difficulties and challengesWen said China would maintain both its proactive fiscal and moderate monetary policies, and work on economic restructuring to strengthen recovery from the global downturn. During a three-day inspection tour that ended Sunday in the eastern Jiangsu Province, one of China's economic powerhouses, Wen said China should focus on maintaining stable and rapid economic development and accelerating economic restructuring. China's economy still faced hardships and challenges because of the gloomy international economic outlook, he said. With weakened external demand, Chinese enterprises faced significant overcapacity, while domestic demand was still restricted by various factors. The impact of governmental stimulation of the economy would gradually lessen and long-term policies needed time to pay off, Wen said. Therefore, China's macroeconomic policy would not change. The premier's remarks echoed a similar announcement made by a senior economic planning official Friday that overseas market conditions were still severe and the country's economic policy direction would remain unchanged. Although the country's economy was showing signs of recovery, it still faced many difficulties in maintaining stability, said Zhu Zhixin, vice minister in charge of the National Development and Reform Commission. On his third visit to Jiangsu since the global financial crisis hit, Wen also praised "better-than-expected" results in eliminating pollution from the country's third largest fresh water lake Taihu over the past two years, since a blue algae outbreak in 2007. Wen was told that more than 3,000 small chemical plants surrounding the lake had been closed and about 1,000 new facilities had been installed to treat sewage from nearby villages into the lake.
来源:资阳报