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TAIPEI, Nov. 8 (Xinhua) -- The Chinese mainland's 20 million yuan of donations to ethnic minorities in the typhoon-hit Taiwan have been "all given out", Kao Chin Su-mei, a representative of the ethnic minorities, said here Sunday. Earlier in August, the Taiwan Work Office of the Communist Party of China Central Committee announced it has raised 20 million yuan (about 95.4 million new Taiwan dollars) for the ethnic minorities in Taiwan after Typhoon Morakot hit the island. The donation plan was announced when a delegation headed by Kao Chin Su-mei visited Beijing on August 19. The donation has been distributed to more than 2,153 homeless ethnic minority families (30,000 new Taiwan dollars for each), more than 3,300 primary and junior high school ethnic minority students in hardest-hit areas (5,000 new Taiwan dollars for each), and nearly 14,00 senior high school and junior college ethnic minority students (10,000 new Taiwan dollars for each), according to Gao Chin Su-mei. All the donation had been distributed to ethnic minority victims of the typhoon, she said. Currently, about 500,000 people of ethnic minorities live in Taiwan, 80 percent of whom make a living by growing and processing agricultural products.
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.

BEIJING Nov. 17 (Xinhua) -- United States President Barack Obama Tuesday said the U.S. government recognizes that Tibet is part of the People's Republic of China. He also said that the United States supports the early resumption of dialogue between the Chinese government and representatives of the ** Lama to resolve any concerns and differences that the two sides may have. "The United States respects the sovereignty and territorial integrity of China," Obama said at a joint press conference with Chinese President Hu Jintao at Beijing's Great Hall of the People.
WASHINGTON, Dec. 30 (Xinhua) -- The U.S. International Trade Commission (ITC) on Wednesday slapped punitive penalties to imports of some 2.6 billion dollar oil country tubular goods (OCTG) from China, a move might escalate trade disputes between the two countries. The ITC "has made affirmative determination in its final phase countervailing duty (CVD) investigation" concerning the oil pipes from China, said the ITC in a statement. The trade agency has determined that "a U.S. industry is materially injured or threatened with material injury by reason of imports of certain oil country tubular goods from China that the U.S. Department Commerce has determined are subsidized," according to the statementThe U.S. Commerce Department made a final determination last month to impose duties between 10.36 percent and 15.78 percent on the pipes, which are mostly used in the oil and gas industries. The ITC ruling paved the way for the imposition of duties. The Commerce Department made its preliminary determination of CVD in September. On Nov. 4, the Commerce also set preliminary antidumping (AD) duties on such imports from China, which is the biggest U.S. trade action against China. Under that preliminary determination, Commerce set a 36.53 percent antidumping levy on OCTG from 37 Chinese companies, while some other Chinese companies will receive a preliminary dumping rate of 99.14 percent. Commerce will make its final determination of antidumping duties early next year. If Commerce makes an affirmative final determination, and the ITC makes an affirmative final determination that imports of oil tubular goods from China materially injures, or threaten material injury to, the domestic industry, Commerce will issue an antidumping duty order. The antidumping and countervailing petition case was filed in April this year. From 2006 to 2008, imports of OCTG from China increased 203 percent by value and amounted to an estimated 2.7 billion dollars in 2008, said the U.S. Commerce Department. China strongly opposed the U.S. decision, saying that it is a protectionist move. "China expressed strong dissatisfaction and is resolutely opposed to this," said China's Ministry of Commerce (MOC) spokesman Yao Jian in a statement in September. "This does not comply with WTO agreements on subsidies. The U.S. used an incorrect method to define and calculate the subsidies, which has resulted in an artificially high subsidy rate, hurting Chinese firms' interests," said Yao. "We hope the United States can get rid of the bias and admit China's market economy status soon to tackle the double standards thoroughly and give Chinese enterprises equal and fair treatment," Yao also said last month. The U.S. industries also expressed strong dissatisfaction with the trade case, saying such a protectionist move would hurt U.S. companies. The trade restrictions would "hurt U.S. using industries by raising their costs and making sources of supply uncertain," Eugene Patrone, executive director of the Consuming Industries Trade Action Coalition (CITAC) told Xinhua in September. He noted that the tariffs would make oil and gas exploration and production be more expensive, projects be delayed, "which is against our national goal of being less dependent on imported energy." The onset of the global recession appears to have set off an increase in trade disputes around the world. Globally, new requests for protection from imports in the first half of 2009 are up 18.5 percent over the first half of 2008, according to the World Bank-sponsored Global Anti-dumping Database organized by Chad P. Bown, a Brandeis University economics professor. That increase follows a 44 percent increase in new investigations in 2008. And China has become the main target of the rising protectionism. In another steel dispute, the U.S. Commerce Department said on Tuesday that it will impose antidumping tariffs of 14 percent to 145 percent on imports of 91 million dollar steel grating from China. A final determination will be made by the department in April 2010.
BEIJING, Dec. 12 (Xinhua) -- China should take more forward looking and preemptive measures to fight inflation expectations following this year's credit boom and runaway property prices, said a report released by a leading Chinese bank. Bank loans should be extended at a more reasonable pace with improved structures next year and policy fine-tuning is necessary, the Bank of Communications has said in a report released by its financial research center. The government should maintain the continuity and stability of its monetary policy and meanwhile be more targeted and flexible, it said. The report noted an over brisk equity and property market are always prelude of inflation. Money flow should be regulated to prevent asset bubbles. It also suggested government increase supply of land resources and affordable housing and crack down on land enclosure to curb skyrocketing property prices which gained the most in 14 months in November. CPI, the main gauge of inflation, jumped 0.6 percent in November from a year ago, the first monthly growth since January, because of lower statistical bases and rising food prices. The producer price index (PPI), a major measure of inflation at the wholesale level, declined 2.1 percent in November from a year earlier. The report expected PPI to end monthly drop in December, and the annual CPI decline to narrow to 0.8 percent. Hyperinflation is unlikely and CPI is predicted to rise four percent next year, it said.
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