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BEIJING, March 31 -- The shifting of a 40-year-old system of setting annual iron ore prices to a short-term pricing mechanism may shake up the Chinese steel industry by creating an even playing field for all steel mills - large and small - in terms of raw material costs.BHP Billiton said on Tuesday that it had concluded agreements with a significant number of Asian customers to shift pricing for the majority of its iron ore to short-term contracts, which are based on market prices.A worker at Liaoyang Iron and Steel Company, Liaoning province. There are 1,200 steel mills in China, but only 112 have licenses to import iron ore at long-term prices. Unlicensed firms have to buy iron ore from the spot market.Vale wants a new pricing system every quarter, said Pedro Gutemberg, director of marketing and research at Vale in Beijing on Tuesday, speaking at an industry conference"A more time-adjusted pricing mechanism is needed in order to better reflect real market prices," he said. "Benchmark prices are over. This is a market-oriented industry."That shift may be of some value to smaller steel mills."Vale has offered quarterly priced iron ore to us, which means we could buy iron ore at the same prices that large steel mills pay," said a sales manager at a small, private steel mill that doesn't have an iron ore import license.

BEIJING, April 29 (Xinhua) -- Beijing on Thursday started to construct a new subway line that will run 47.7 km through the city.Beijing Subway Line No. 14 runs from west to northeast with 36 stops in three districts of Fengtai, Chongwen and Chaoyang, according to a spokesman with the Beijing Metro Transport Construction Management Company.The line is expected to cost 27.2 billion yuan (4 billion U.S. dollars) wand be completed in 2014. And a western section of it will be launched for public use by 2013, he added.Beijing plans to have a subway system that runs more than 300 km by the end of 2010, 420 km by 2012 and 561 km by 2015.

BEIJING, May 7 (Xinhua) -- Chinese Premier Wen Jiabao on Friday pledged to work with Bosnia and Herzegovina to enhance the bilateral relationship between the two nations."We should work together to achieve this goal based on mutual respect, equality and mutual benefit," Wen said during his talks with Nikola Spiric, chairman of the Council of Ministers of Bosnia and Herzegovina.Hailing the traditional friendship between the two nations, Wen said China respects the independence, sovereignty and territorial integrity of Bosnia and Herzegovina, and respects its peoples's choice of their development path.Wen hoped the western Balkan region would achieve lasting peace and stability.Wen said trade and economic cooperation between the two countries has good prospects. The Chinese government encourages reputable companies to invest in Bosnia and Herzegovina and to participate in its economic construction.He welcomed Bosnian enterprises to further develop the Chinese market and expand exports to China.Both sides should make joint efforts to promote cultural, educational and tourism exchanges to enhance mutual understanding between the two peoples and friendship, he said.Spiric thanked China for its valuable support and help.Bosnia and Herzegovina attached importance to China's development, and wished to strengthen its friendly and cooperative relations with the country, he said.Bosnia and Herzegovina is willing to maintain high-level exchanges with China and will continue to firmly support China in major issues concerning China's core interests.Spiric hoped to work with China to strengthen cooperation in economy and trade, infrastructure construction, education, cultural exchanges, and welcomed Chinese enterprises to invest in Bosnia and Herzegovina.Bosnia and Herzegovina welcomes Chinese people to visit the country, he added.After their talks, Wen and Spiric witnessed the signing of cooperation documents between the two countries.China's top political advisor Jia Qinglin met with Spiric later on Friday, applauding the country's adherence to the one-China policy.Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said the CPPCC would increase exchanges and cooperation with the country's parliament, to contribute to the development of bilateral ties.Chinese vice premier Zhang Dejiang also met with Spiric Friday evening, hoping the two sides would expand cooperation in construction of highways and power plants.Spiric is the first prime minister of Bosnia and Herzegovina to visit China since the two countries forged diplomatic ties 15 years ago.Spiric will also visit Shanghai to attend the National Pavilion Day of Bosnia and Herzegovina, and tour Xi'an, capital of northwest China's Shaanxi province.

BEIJING, April 19 (Xinhua) -- As of 8:00 a.m. Monday local time, there had been 1,206 aftershocks following the 7.1 magnitude earthquake in Yushu, according to statistics from the China Earthquake Administration.Among the aftershocks, 12 were above 3 magnitude, one between 6.0 and 6.9 magnitude, three between 4.0 and 4.9 magnitude and eight between 3.0 and 3.9 magnitude.There has been no more aftershocks above 3 magnitude since a 3.6 tremor occurred at 7:00 a.m. April 17.The 7.1 magnitude quake, which jolted the Tibetan Autonomous Prefecture of Yushu on April 14, had left at least 1,706 dead, 256 missing and 12,128 injured, as of 10 a.m. Sunday.

BEIJING, May 24 (Xinhua) -- China on Monday repeated its request for the United States to respect its core interests and major concerns, and to pay particular attention to handling sensitive issues such as those regarding Taiwan and Tibet.This was one of the seven proposals China made at the on-going second round of China-U.S. Strategic and Economic Dialogues (S&ED), said Ma Zhaoxu, spokesman of the Chinese delegation attending the strategic track of S&ED.He told a press briefing that China proposed to fully put into practice the important consensus reached by the two heads of state and take substantial steps to steadily build a partnership to address common challenges.The second round of S&ED opened in Beijing on Monday morning, and was attended by 50 representatives from more than 40 departments of both countries."China believes both sides should abide by the three joint communiques between the two countries and the joint statement issued during U.S. President Obama's visit to China last November," Ma said.The Chinese side hopes to explore cooperation with the United States in new areas such as highway infrastructure construction, civil aviation and space exploration, and continue to cement cooperation in areas of trade, energy and anti-terrorism, according to Ma.On the global stage, China calls for enhanced coordination with the United States on macro-financial and economic policies and major global and regional issues, and closer bilateral exchanges among parliaments, academic institutions and youth, he said.The Chinese side also proposes to create favorable press environment for the growth of bilateral ties, according to Ma.President Hu's special representatives, Vice Premier Wang Qishan and State Councilor Dai Bingguo, co-chaired the economic and strategic tracks of the SE&D with U.S. President Barack Obama's special representatives, Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton, respectively.The strategic track dialogue touched on five topics including bilateral relations, cooperation in the areas of public health, customs, energy, environment and climate change, as well as military ties, said the spokesman.The two countries agreed in the dialogue that they enjoy increasing common interests, face increasing common challenges and shoulder more and more common responsibilities in the transformation of international situation, Ma said.The two-day S&ED will conclude on Tuesday afternoon.