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RIYADH, Jan. 10 (Xinhua) -- China and Saudi Arabia convened Sunday the fourth meeting of their joint committee on economy and trade in the Saudi capital, co-chaired by Chinese Minister of Commerce Chen Deming and Saudi Minister of Finance Ibrahim bin Abdel Aziz al-Asaf.     Chen hailed the rapid growth of bilateral economic and trade ties since the third meeting of the joint committee in 2006, noting that bilateral trade have realized two years in advance the goal of 40 billion U.S. dollars by 2010, and Saudi Arabia has been China's biggest trade partner in West Asia for eight consecutive years. Chinese Minister of Commerce Chen Deming (L) meets with Saudi Minister of Finance Ibrahim bin Abdel Aziz al-Asaf in Riyadh, capital of Saudi Arabia, Jan. 10, 2010. China and Saudi Arabia convened Sunday the fourth meeting of their joint committee on economy and trade in the Saudi capital, co-chaired by Chinese Minister of Commerce Chen Deming and Saudi Minister of Finance Ibrahim bin Abdel Aziz al-Asaf. He made a five-point proposal, in which he said both countries should strive to expand bilateral trade to reach 60 billion dollars by 2015.     He also proposed to maintain the long-term and steady crude oil trade between the two sides, in addition to enhancing cooperation on exploiting gas, oil projects and petrochemical industry, and establish a cooperation mechanism on trade remedy.     The Chinese minister stressed that both sides should promote the negotiation process on the free trade agreement between China and the Gulf Cooperation Council (GCC). Chinese Minister of Commerce Chen Deming (C, front) and Saudi Minister of Finance Ibrahim bin Abdel Aziz al-Asaf (R, front) sign the meeting summary in Riyadh, capital of Saudi Arabia, Jan. 10, 2010Al-Asaf, for his part, said that Saudi Arabia hopes to see and will provide convenience for more Chinese enterprises to participate in Saudi economic construction as the country is speeding up its petrochemical industry, urban development, and traffic and environmental protection projects.     He said Saudi Arabia welcomed the progress in China-GCC FTA negotiation and will work together with the Chinese side to push forward the process for an early completion.     The two ministers met the press after the meeting, during which Chen said both sides have agreed to expand the trade volume to 60 billion U.S. dollars by 2015.     Chen also met with the Saudi Minister of Commerce and Industry Abdullah bin Ahmad bin Yussef Zainal on Sunday.

WASHINGTON, Nov. 4 (Xinhua) -- The United States requested the World Trade Organization (WTO) on Wednesday to establish a dispute settlement panel to rule on China's export restraints on raw materials. But Chinese officials insist that they are consistent with WTO rules.     The materials at issue are: bauxite, coke, fluorspar, magnesium, manganese, silicon metal, silicon carbide, yellow phosphorus, and zinc, key inputs for numerous downstream products in the steel, aluminum, and chemical sectors across the globe.     The Office of the United States Trade Representative (USTR) said in a statement that the raw materials are "critical to U.S. manufacturers and workers."     The USTR also said that the European Union and Mexico are joining the United States in requesting the establishment of a WTO dispute settlement panel regarding this matter.     The U.S. and the European Union requested formal consultations with China at the WTO on June 23, 2009, and Mexico filed its consultations request on August 21, 2009.     "We believe the restraints at issue in this dispute significantly distort the international market and provide preferential conditions for Chinese industries that use these raw materials," said Debbie Mesloh, a USTR spokeswoman.     "Working together with the European Union and Mexico, we tried to resolve this issue through consultations, but did not succeed. At this point, therefore, we need to move forward with the next step in the WTO dispute settlement process," Mesloh stated. "We remain open to working with China to find a mutually agreeable solution to our concerns."     But the Chinese Ministry of Commerce defended China's export policies, saying they are consistent with WTO rules.     The chief aim of China's export policies is to protect the environment and conserve natural resources, said an official with the Ministry of Commerce in June.     China has been keeping communication and contact with the U.S. and the EU over China's policy on raw material exports, the official said, adding that China will properly deal with the consultation request in accordance with WTO dispute settlement procedures.     According to the procedures, China, the U.S., the EU and Mexico have 60 days to try to resolve their dispute through consultations. If consultations fail, the U.S., the EU and Mexico could ask for a WTO panel to investigate and rule on this dispute.

MACAO, Dec. 20 (Xinhua) -- The celebration gathering marking the10th anniversary of Macao's return to the motherland and the inauguration of the third-term government of the Macao Special Administrative Region (SAR) were held here Sunday.     President Hu Jintao, who is also general secretary of the Central Committee of the Communist Party (CPC) of China and chairman of the Central Military Commission, attended the ceremony, where Macao SAR Chief Executive Fernando Chui Sai On and principal officials of the SAR government were sworn in. The celebration gathering marking the10th anniversary of Macao's return to the motherland and the inauguration of the third-term government of the Macao Special Administrative Region (SAR) were held Sunday    Fernando Chui went to the podium first to take his oath solemnly, administered by Hu.     Principal officials of the third-term SAR government and members of Macao's executive Council also took their oaths. 

TAICHUNG, Dec. 23 (Xinhua) -- Letting in more mainland investors again hit the agenda in Taiwan as negotiators from two sides discussed mainland investment with local business people Wednesday.     At the symposium, Chen Yunlin, president of the mainland's Association for Relations Across the Taiwan Straits (ARATS), suggested Taiwan should not be "afraid" of competitors. When the mainland began to open up, the enterprises and industries also worried that they would be beaten by overseas competitors, but 30 years after, they not only survived but also became stronger, Chen said. Chen Yunlin, president of the Chinese mainland's Association for Relations Across the Taiwan Straits (ARATS), speaks on a symposium on the investment of Chinese mainland to Taiwan, in Taichung of southeast China's Taiwan, Dec. 23, 2009.     "High liquidity of capital, people, resources and knowledge across the Taiwan Strait will bring prosperity to both sides," he said. "The mainland's advantage in manufacturing and Taiwan's leading marketing will supplement each other. Thus, the two can form a bigger economic entity in face of global competition."     Taiwan's Straits Exchange Foundation (SEF) Chairman Chiang Pin-kun echoed Chen's remarks. Chen Yunlin, president of the Chinese mainland's Association for Relations Across the Taiwan Straits (ARATS), shakes hands with Chairman of Taiwan's Straits Exchange Foundation (SEF) Chiang Pin-kung on a symposium on the investment of Chinese mainland to Taiwan, in Taichung of southeast China's Taiwan, Dec. 23, 2009.  "(The mainland's) investment will bring more employment and boost economic growth, which will benefit both sides," Chiang said.     He admitted that not many mainland investors had entered Taiwan since the island lifted the ban in June, mainly because only a limited number of sectors were opened to them.     Another reason was that mainland investors were not yet familiar with the local market and business practice, Chiang said.     By the end of November, the Taiwan authorities approved 15 investment plans from the mainland, totalling 5.82 million U.S. dollars.     "I hope the policies can be clearer, the procedures simpler and more sectors are opened to us," said Wang Jing, president of the Newland Group, a Fujian-based IT firm with a project in Taiwan.     Currently, mainland investment can go to the sectors of textile, car making, home appliance, retailing and wholesale of consumer products, air and shipping service and infrastructure for public use (not including construction contractors).     Mainland companies have to get approval from Taiwan authorities under strict regulations and the conditions are also restrictive in those accessible sectors, Wang said. "The restrictions will prevent mainland companies from enjoying fair competition."     She cited the complicated procedure that mainland businessmen had to undergo to travel to Taiwan.     "We have invested in an IT firm in Taiwan. Research work requires cooperation between staff on both sides and they have to travel a lot across the Strait. When there is an emergency, our mainland staff always could not go to Taiwan promptly," she said. "In a world of tough competition, we should not sacrifice efficiency."     Many mainland companies are interested in real estate development, finance and telecommunication that are still not on the list.     Long Ge, vice president of Shanghai Xiandai Architectural Design Group, just finished a business tour in Taiwan.     "We hope to set up an office in Taiwan in near future," Long said.     His company hoped to launch real estate businesses, not only design but also construction and marketing, in Taiwan. "But we cannot if the restrictions remain there," he said.

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