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BEIJING, Feb. 18 (Xinhua) -- A report by the Ministry of Industry and Information Technology said the overall situation of China's iron and steel industry will be better than last year, thanks to the steady momentum of economic recovery.The report said four factors will have positive impact on the iron and steel industry: increased government investment, a clear recovery of global economy, ample money supply in the market and a series of upcoming government policies aimed at promoting healthy development of the iron and steel industry.However, the ministry held that the foundation of the current economic recovery still needs to be consolidated and external demand still falls short, creating fairly big difficulties for the operation of the iron and steel industry.The report said in 2010 iron and steel companies must be prepared to face the challenges of over supply, sluggish international market and rising production cost.In 2009, China's 68 large and medium sized iron and steel companies made 55.39 billion yuan (8.12 billion U.S. dollars) in profit, down 31.43 percent year on year.
BEIJING, Feb. 9 (Xinhua) -- Senior Chinese leader He Guoqiang has stressed the country's determination and efforts in fighting corruption in a lengthy report published Tuesday, saying current anti-graft situation was still "grave.""While fully acknowledging the achievements, we should see clearly that many problems still exist in our fight against corruption... the situation is still grave and the task is arduous," He said.He, a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, noted that the main missions for the new year included intensified crackdown on cases concerning officials' power abuse, embezzlement, bribery and dereliction of duty.He said the country would also step up campaigns against officials' extravagant behaviors in the new year.Figures from the report show that local party and government departments saved a total of 15.8 billion yuan (2.31 billion U.S. dollars) by reducing expenses in travels, vehicles purchase and food and accommodation.Party and government officials' spending on overseas business trips dropped 37.6 percent compared with the average figure of the past three years.Also, as of November, a total of 22,884 "small coffers" illegally held by Party and government officials worth 10.16 billion yuan (1.49 billion U.S. dollars), had been uncovered since a campaign was launched in last June.He also urged improving the regulations on party members and officials' declaring personal information for the country's upcoming anti-graft moves, saying that housing, investment, employment of their spouses and children should also be included in the information list.He said that officials who refuse to declare their properties should be severely dealt with.The report was first delivered on Jan. 11 at a plenary session held by the Communist Party of China (CPC) Central Commission for Discipline Inspection (CCDI), the party's internal anti-graft body.He, head of commission, urged officials to carefully study and implement President Hu Jintao's speech on anti-corruption at the meeting.Hu said at the session that efforts should be made to investigate cases of power abuse, corruption and embezzlement as well as dereliction of duty.Hu pledged to push forward the construction of anti-corruption procedures, with confidence, determination, forceful measures and a solid working style.

BEIJING, Jan. 15 (Xinhua) -- China will soon clarify the rules and regulations on qualified foreign institutional investors (QFIIs) trading stock index futures in China, the China Daily reported Friday. "The regulator will work on the policies and regulations on securities companies, mutual funds and QFIIs ... in order to guarantee the smooth launch of index futures," the newspaper quoted Shang Fulin, chairman of China Securities Regulatory Commission (CSRC) as saying at a national conference on securities and futures supervision that ended Thursday. CSRC will also enhance supervision on securities firms that provide brokerage services for index futures trading and improve the country's cross-market supervision regime, the newspaper quoted Shang as saying. Foreign institutions may be allowed to trade index futures using a portion of their QFII quota, but details on trading requirements are still unknown, said the newspaper. At the conference Shang also said that the regulator would introduce margin trading and short selling pilot programs at the appropriate time, according to the newspaper.
SHANGHAI, Jan. 17 (Xinhua) -- China's economic hub Shanghai in December posted the first year-on-year growth in both imports and exports in 14 months, indicating further recovery from the economic downturn, local customs said Sunday. Last month, Shanghai's foreign trade stood at 30.7 billion U.S. dollars, a growth of 35.3 percent over the same month of 2008. This was the second year-on-year growth of foreign trade in two consecutive months in the city, the sources said. Exports in particular, which stood at 15.21 billion U.S. dollars, reported the first year-on-year growth of 23.5 percent since November 2008, while imports surged 49.5 percent, up from the 26.7 percent growth rate in the previous month. Last month saw the city's trade with the European Union, the United States and Japan up 15.4 percent, 36.8 percent and 19.8 percent, respectively. However, Shanghai's foreign trade in total last year went down 13.8 percent from 2008 to 277.73 billion U.S. dollars due to the economic crisis effect. The total included 141.91 billion dollars in exports, down 16.2 percent, and 135.82 billion dollars in imports, down 11.1 percent.
BEIJING, Feb. 8 (Xinhua) -- As the U.S. President Barack Obama vowed to get "much tougher" with China on exchange rates and trade, economists from Beijing said China should not give in to increased U.S. pressure that stems from its domestic problems.Obama's talk of putting "constant pressure" on China to strengthen the yuan so to ensure the price of U.S. goods was not artificially inflated has drawn heated comments from economists in Beijing."His words are only aimed to appeal to domestic interest groups," said Tan Yaling, an expert at the China Institute for Financial Derivatives at Peking University.Given China's growing international clout and the lack of jobs in the United States, Obama will certainly try to make China change its currency policy as this is an easy way to weaken China's export industry, she said.It was also a relevant tactic given the President was losing ground in opinion polls and facing tough conditions leading up to the mid-term election later this year, she said.Although the U.S. economy recovered to 5.7 percent growth in the fourth quarter last year, a record high in six years, jobless rate surged to more than 10 percent.Fiscal deficit is set to hit 1.56 trillion U.S. dollars in 2010, or 10.6 percent of its GDP, a new record since the Second World War.In the State of the Union Address on Jan. 28, Obama made it clear he would focus on jobs in 2010 and pledged to double exports in five years which could create 2 million jobs in the States.Tan Yaling said Obama's export drive could not fix the job problem, while a stronger yuan would add costs for U.S. consumers.RESIST PRESSUREIt's an old trick for the U.S. to force its major trade partners to appreciate their currency to help itself in a time of crisis, said Zhang Yansheng, director of the Institute of Foreign Trade of the National Development and Reform Commission."China's reforms, including exchange rate reform, should be independent of other countries," he said.He noted China's currency policy should comply with the country's macroeconomic conditions and industry restructuring. As many exporters' sales were just starting to pick-up, a rising renminbi would hurt their fragile recovery.Many foreign experts also agreed that the appreciation of the renminbi would not remedy the global economic imbalance.A 20 percent rise in the yuan and other major Asian currencies would at best lead to a rise in U.S. exports worth 1 percent of gross domestic product, as the International Monetary Fund (IMF) estimates suggested, said Olivier Blanchard, Economic Counsellor and Director of the Research Department of IMF."I think it's very important not to bash China over the RMB. What China should do, and is actually doing, is to decrease its saving rate, thus increase domestic demand, and reorient production to satisfy this higher domestic demand," he said in an interview with Reuters on Jan. 29.The renminbi has gained around 21 percent since July 2005 when the government delinked the yuan from the U.S. dollar. However, China's trade surplus with its major trading partners did not fall accordingly."The exchange rate of renminbi is not the main reason for the Chinese-U.S. trade deficit," Foreign Ministry Spokesman Ma Zhaoxu said Thursday."We expect the United States to view bilateral trade issues rationally and to negotiate fairly. Accusation and pressure would not bring a solution," said Ma.
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