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SHANGHAI, Aug. 28 (Xinhua) -- Baosteel Group, China's largest steel maker, said Friday it has agreed to pay 285.6 million Australian dollars (240.7 million U.S. dollars) for a 15-percent stake in Australian miner Aquila Resources.     Baosteel will buy up to 43.95 million shares in Aquila at 6.5 Australian dollars a share.     The deal, which will make Baosteel the second-biggest shareholder in Aquila, is still to get approval from Australian and Chinese regulators.     The company executives valued the growth potential of Aquila's assets in the deal that is another major step in its overseas expansion, said a statement on Baosteel's website.     Baosteel established a joint venture with iron ore giant Rio Tinto in 2001 and Companhia Vale do Rio Doce (CVRD) in 2002 to secure iron ore imports.     In a press release, Aquila said the deal was "an important transaction in Baosteel's strategy to secure long-term supply of critical steel raw materials."     The strategic cooperation will "fast-track the development of Aquila's key steel raw materials projects including iron ore, coal, and manganese," said the statement.     Baosteel would possibly make further direct investment into a number of its projects and help it get low-cost financing from China for most of its major projects, including the strategic West Pilbara Iron Ore Project, said the Aquila statement.     It added that the state-owned Chinese steel mill had agreed not to hold more than 19.99 percent of Aquila before August 2010.     Shares in Aquila surged 9.16 percent, or 60 Australian cents, to 7.15 Australian dollars Friday.

BEIJING, Aug. 17 (Xinhua) -- China's top legislator Wu Bangguo met here Monday with Speaker Luka Bebic of the Croatian Assembly, vowing to facilitate closer parliamentary exchanges and cooperation between both countries.     "China highly values its relations with Crotia, and regards the country as a reliable good friend and partner in southeast Europe," Wu told Bebic in Beijing. He vowed joint efforts with the country to cement bilateral exchanges in all fields to build better future for both sides. Wu, chairman of the Standing Committee of the National People's Congress (NPC), hailed the progress of bilateral ties since the forging of diplomatic ties 17 years ago, citing frequent high-level visits, remarkable trade cooperation and increasing exchanges in cultural, technological and educational areas. Wu Bangguo (R), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Croatian Parliament Speaker Luka Bebic in Beijing, capital of China, Aug. 17, 2009.    "The parliamentary cooperation between both sides had contributed to the development of an all-round cooperative partnership," Wu said, adding the Chinese NPC is ready to deepen exchanges between special committees and working groups of the two parliaments.     In response, Bebic told Wu the Croatian Assembly would like to cooperate closely with the Chinese NPC for greater progress of bilateral all-round cooperative partnership. He expected closer cooperation with China in the areas of trade, tourism and infrastructure construction.     Calling China a great friend of Croatia, Bebic said his country believed China had made great contribution to world peace and development by dealing with the global economic downturn in an active way, and maintaining relatively fast economic growth.     At Wu's invitation, Bebic arrived in Beijing on Sunday for a week-long tour to China.

BEIJING, Sept. 17 (Xinhua) -- The recent U.S. comments that China poses a military threat to itself is "totally groundless and irresponsible", Spokesman with China's Ministry of National Defense Hu Changming said Thursday.     "China's military development is always a positive factor for both regional and global peace and stability," Hu said in a statement.     The country has always pursued a national defense policy that is defensive in nature and unswervingly follows a road of peaceful development, he said.     The 2009 National Intelligence Strategy document released by the United States listed China as a challenger of the U.S. interests and described China as "very aggressive in the cyberworld."     A senior U.S. defense official also said on Wednesday that China's "investments in cyber and anti-satellite warfare, anti-air and anti-ship weaponry, and ballistic missiles could threaten America's primary way to project power and help allies in the Pacific -- in particular our forward air bases and carrier strike groups."     "We demand the U.S. side to respect the fact, take measures to correct the wrong comments and stop doing things that undermine the military relations between the two countries," he said.

HAVANA, Sept. 3 (Xinhua) -- Visiting Chinese top legislator Wu Bangguo on Thursday visited Fidel Castro, first secretary of the Central Committee of the Communist Party of Cuba, in Havana, a source with the Chinese National People's Congress (NPC) confirmed.     The two leaders had a two-hour conversation in a sincere and friendly atmosphere on bilateral relations and other issues of common concern, the source added.     Wu, chairman of the Standing Committee of the National People's Congress (NPC), spoke highly of the China-Cuba relationship, according to a NPC press release.     Bilateral relationship between China and Cuba is at its best time in history, Wu said, adding that China would strive to push its relations with Cuba to a new high by continuously expanding their friendly cooperation in various fields.     Castro said Cuba closely follows China's economic and social development and feels proud when China scores new achievements.     China's success is of special significance for Cuba and all the developing nations, he added.     "The Cuban people, along with the Chinese people, will continue to support each other, work closely and intensify their cooperation with the aim to maintain world peace and realize common development," the press release quoted Castro as saying.     On China's efforts to curb the global financial crisis, Wu said China is actively participating in international cooperation while striving to maintain a steady and relatively fast economic growth.     He said developing countries should have a greater representation and a bigger say in endeavor to deal with the global financial crisis and reform the global financial system.     He also urged the international community to try to minimize the damage the current crisis inflicts on the developing nations, especially on the most underdeveloped ones.     Wu arrived in Havana on Tuesday at the invitation of Ricardo Alarcon de Quesada, president of the Cuban National Assembly of People's Power (CNAPP).     Cuba is the first leg of Wu's three-nation American tour, which will also take him to the Bahamas and the United States.     China established diplomatic relations with Cuba on Sept. 28, 1960. Cuba was the first Latin American country to have diplomatic ties with China.

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