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The Chinese government expresses strong dissatisfaction about the U.S. decision to impose penalty tariffs against the imports of Chinese coated free sheet paper, Wang Xinpei, spokesman for China's Ministry of Commerce, said early Saturday. The Department of Commerce of the United States on Friday announced its preliminary decision to apply U.S. anti-subsidy law to the imports of coated free sheet paper from China. "This action of the U.S. side goes against the consensus reached by the leaders of both countries to resolve differences through dialogue," Wang said. "China strongly requires the U.S. side to reconsider the decision and make prompt changes," the spokesman said, adding China will closely watch the development of the issue and protect its own legitimate rights. In 1984 the United States set the policy of not applying anti-subsidy law to "non-market economies". Such a practice had been taken as a judicial precedent and had not been changed, Wang said. The preliminary decision of the U.S. Commerce Department made a bad instance and it obviously does not conform with the current judicial precedent of U.S. courts and the consistent practice of the U.S. Commerce Department, the spokesman said. While regarding China as a non-market economy, the U.S. ignored the strong protests from China and decided to apply its anti-subsidy law against China. "The decision brings great harm to the interests and feelings of Chinese business people and is not acceptable," Wang said.The U.S. Department of Commerce on Friday announced its preliminary decision to apply U.S. anti-subsidy law to imports from China. The decision alters a 23-year old bipartisan policy of not applying the countervailing duty (CVD) law to China, which the U.S. government regarded as a "non-market economy", said the Department of Commerce in a statement, adding the change reflects China's economic development. "China's economy has developed to the point that we can add another trade remedy tool, such as the countervailing duty law. The China of today is not the China of years ago," said Commerce Secretary Carlos M. Gutierrez. The U.S. government also claimed that Chinese producers and exporters of coated free sheet paper received countervailable subsidies ranging from 10.90 to 20.35 percent. From 2005 to 2006, imports of coated free sheet paper products from China increased approximately by 177 percent in volume, and were valued at an estimated at 224 million dollars in 2006.
TAIPEI, June 23 - Taiwan "presidential candidate" Ma Ying-jeou, who is from the main opposition party, has picked a "former premier" and economic expert as his running-mate for the 2008 election. Ma, from the Nationalist Party or Kuomintang (KMT) and one of two serious contenders for the "presidency", chose former "premier Vincent" Siew because of his experience, one of Ma's aide told Reuters. Siew, 68, served as "economics minister" from 1990 to 1993 and as "premier" from 1997 to 2000 under then "president" Lee Teng-hui. He now chairs the authoritative Chung-hua Institute for Economic Research. Siew ran unsucessfully for "vice-president" alongside KMT candidate Lien Chan in 2000, when opposition leader Chen Shui-bian swept to power, putting an end to half a century of Nationalist rule. Ma faces a close contest next year with Frank Hsieh, candidate of Chen's ruling Democratic Progressive Party (DPP).

CHENGDU - About 3.8 trillion cubic meters of natural gas deposits have been discovered in southwest China's Sichuan Basin, with verified exploitable reserves topping 600 billion cubic meters. The reserves were discovered in Dazhou, a gas-rich city in Sichuan Province. By 2010, the newly found deposits will raise the city's gas output to 24 billion cubic meters and sulphur to more than 4.3 million tons, according to a Dazhou official at the on-going Western China International Economy-Trade Fair on Saturday. China National Petroleum Corporation (CNPC), the country's biggest oil and gas producer, and Sinopec Corporation, China's largest refiner, plan to build five purification plants in Dazhou and are expected to purify a total of 74 million cubic meters of natural gas a day by 2010. Dazhou City, located in eastern Sichuan, covers an area of 16,600 square kilometers with a population of 6.46 million.
BEIJING, March 27 (Xinhua) -- China's economy would moderate but remain robust in 2008 with a growth rate of 10.7 percent, providing a cushion against the expected international downturn, according to a forecast issued by the United Nations commission here on Thursday. "Investment continues to be the main driver of growth, remaining resilient despite government cooling measures and with support from low real interest rates," said a report released by the UN Economic and Social Commission for Asia and the Pacific (UNESCAP). "A slowdown in exports and the country's efforts to cool the economy are the main reasons for the moderation," it said. Other factors expected to underpin China's growth include domestic demand, increasing spending power of rural consumers and rising consumption through higher government spending on social welfare. Official statistics show China's gross domestic product growth accelerated to 11.4 percent in 2007, the fastest for 13 years. The report said the U.S. sub-prime mortgage crisis is not expected to have a strong impact on growth in China. "In a worst case scenario where the U.S. economy goes into recession, the impact on China will not be as great as on other Asia-Pacific countries. Due to its blistering pace, China's growth will remain resilient, but will slow," said Shuvojit Banerjee, a senior expert with the UNESCAP. According to the report, China's increasing exports to the European Union are expected to compensate for a steady fall in exports to the United States, China's second largest export market. China has also witnessed a boom in trade with Africa. It said Chinese and other Asia-Pacific investors are playing a key role in supporting developed countries through the turmoil. Sovereign wealth funds and state investment institutions from the region have bolstered weakened banking sectors in the United States and the Europe. The report said China is facing an increasing challenge from inflation. The chief inflationary concerns lie in higher international oil and food prices. "Rising food prices are a bigger inflationary concern than oil prices because food accounts for a far higher proportion of consumer spending. Food price inflation particularly hits low income households." The report also warned that the fast growth is coming at an increasing cost to the environment. It said the destabilizing effect of growth on the environment is becoming more apparent. Air pollution, especially in large cities, is increasing the incidence of lung disease.
SHANGHAI: In a fresh sign of China¡¯s financial strength, a leap in the shares of Industrial & Commercial Bank of China Monday made it the world¡¯s biggest bank by market capitalisation, overtaking US giant Citigroup. ICBC¡¯s Shanghai-listed A shares surged 2.68% to 5.75 yuan, giving it a market capitalisation of 4bn, according to Reuters calculations. That exceeded the 1bn capitalisation of Citigroup, previously the world¡¯s biggest bank, when its shares closed at .73 in New York on Friday. HSBC Holdings was in third place with 5bn. Shares in ICBC, which listed in Shanghai and Hong Kong last October, have gained 15% this month on the back of a rally in China¡¯s booming stock market as well as strong growth in the bank¡¯s own earnings. Weakness in Citigroup¡¯s share price, and appreciation of the yuan against the dollar have also shifted market values in favour of ICBC. But some analysts believe ICBC¡¯s ballooning capitalisation may also be a sign of a dangerously overheated Shanghai stock market as speculating Chinese investors pour money into shares. ICBC, a state-controlled behemoth which is trying to modernise a creaky branch network operating almost entirely inside China, reported income of bn last year. Citigroup, one of the world¡¯s most sophisticated financial institutions with operations around the globe, reported income almost four times as large, at bn. ICBC¡¯s share price yesterday valued it at 28 times analysts¡¯ forecasts for its earnings per share in 2007, far above 11 times for Citigroup and an average of 16 times for major global banks, according to Reuters Estimates. ¨C Reuters
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