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BEIJING, Jan. 7 (Xinhua) -- The annual per capita GDP in Beijing was expected to top 10,000 U.S. dollars in 2009 as the national capital expected an over 9.5 percent economic growth for the same year, said an official with the municipal economic planning agency Thursday. Beijing expected to rake in financial revenue totaling 202.7 billion yuan (about 29.8 billion U.S. dollars), up 10.3 percent year on year, said Zhang Gong, head of the Beijing Municipal Development and Reform Committee. The income of urban and rural residents were estimated to rise by 9 percent and 12 percent respectively in 2009 compared to 2008 figures, said Zhang. Government policies and investment had helped boost local industries amid the global downturn, Zhang said. The city's industrial added value was expected to grow by about 8 percent and the service sector by more than 10.5 percent in 2009, accounting for 73.5 percent of Beijing overall economic strength. Beijing also strengthened infrastructure construction in 2009 to raise its capability for sustained development, Zhang said. The length of highways and track traffic lines in operation reached 884 kilometers and 228 kilometers respectively currently. The city still has 276.7 kilometers of track traffic line under construction, he said. The annual per capita GDP in Beijing was more than 9,075 U.S. dollars in 2008 and the figure was 7,370 U.S. dollars in 2007.
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.

BEIJING, Dec. 6 (Xinhua) -- China will, without any doubt, be able to achieve the 8 percent growth in gross domestic product (GDP) this year, a senior Chinese economist said Sunday. Yao Jingyuan, chief economist with the National Bureau of Statistics, made the remarks at a fortune forum in Beijing. However he warned that the Chinese economy will still face two major problems next year: slumping overseas market demand and weak driving force on domestic market. Chinese economy rose 7.7 percent in the first three quarters, driven mainly by investment and consumption, but brought down by exports, Yao said. He stressed more efforts should be made on structural adjustment to shift dependence on the industrial growth to the comprehensive development of the agricultural, industrial and service sectors. Yao highlighted the importance to raise people's incomes, add investment on livelihood projects and give full play to the role of consumption to boost economy. Meanwhile, China should turn its economic growth dependence from resources-intensive consumption to technology renovation, Yao said.
URUMQI, Dec. 6 (Xinhua) -- A railway became operational Sunday in west China's Xinjiang Autonomous Region, which is expected to boost the transportation from China to central Asia and Europe, said local railway authorities. The railway, called Second Urumqi-Jinghe Line, runs 381.5 km and links the region's capital Urumqi and Jinghe county. It has a designed transportation capacity of 67.1 million tonnes, which is expected to grow up to 91.7 million tonnes in the future. With a designed speed of 120 km per hour, the railway cost 2.77 billion yuan, according to a statement from Xinjiang Railway Bureau. Jinghe is linked to Horgos and Alataw Pass, ports on the China-Kazakhstan border, by two other railways. One starts from Jinghe and ends at Horgos. The other runs from Urumqi through Jinghe to Alataw Pass. The launch of the new railway would greatly enhance China's transportation capacity to Kazakhstan and further into other countries in central Asia and Europe, the statement said.
BEIJING, Oct. 26 -- Shanghai has applied to regulators to launch a free exchange between the yuan and the New Taiwan dollar to enhance financial cooperation, the head of the Shanghai Financial Service Office said Sunday. "With growing trade between Shanghai and Taiwan in recent years, we hope that a free exchange between the yuan and the New Taiwan dollar can be conducted in Shanghai as a trial," said Fang Xinghai at the 6th China International Finance Forum. "We have applied to the regulators and expect it will be approved soon," Fang said at the two-day forum which ended Sunday. Shanghai has recently launched a cross-border currency clearing system and Fang expects that it will be extended to Taiwan soon. By the end of April, Taiwan had invested 5 billion U.S. dollars in more than 6,000 projects in Shanghai, and trade between the two sides totaled 13.68 billion dollars in the first eight months of this year. Although the two sides must overcome some barriers in financial cooperation, Fang said they can explore possibilities in innovative products, such as exchange-traded funds that enable investors to buy or sell shares in an entire benchmark portfolio. "The Shanghai Stock Exchange is making efforts to introduce ETFs based on overseas equity indices (and) we can also expect Taiwan and the mainland to introduce ETFs based on each other's index," Fang said. The two sides can also cooperate in sectors that are not directly supervised by the central government, such as venture capital. "Taiwan is very successful in the venture capital sector, while the Chinese mainland is still in the first stage. Policies have now been eased so that Taiwan VC firms can set up branches on the mainland," Fang noted. The Chinese mainland and Taiwan in April sealed a cooperative financial regulatory mechanism.
来源:资阳报