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BEIJING, Aug. 19 (Xinhua) -- China on Wednesday called for more policy assistance and financial support to encourage the development of small and medium-sized enterprises (SMEs). Attendees at a State Council executive meeting, chaired by Premier Wen Jiabao, agreed that promoting the sound development of the SMEs was of great importance to maintain economic growth and social stability. The government would exert more efforts to improve the policy and law system to create a more open and fair competition environment for SMEs. Measures would be taken to help SMEs tackle financing difficulties, and the establishment of the Growth Enterprise Market (GEM), the country's first Nasdaq-style market, would speedup helping small companies raise fund. The central government would also increase funding to support the SMEs, especially in sectors such as technological innovation, industrial structure adjustment and employment. The government would pick some SMEs to participate in the country's subsidized purchasing program of home appliances, agricultural machinery and automobiles in rural areas as well as the auto, home appliance replacement program. Attendees at the meeting demanded better services for SMEs and support to promote technological progress and structure adjustment in SMEs. They also reviewed and approved draft regulations on national body-building and on the administration of joint-venture establishment of foreign companies or individuals in China. Both regulations would be released to public after further revision.
BEIJING, Aug.3-- China's steel industry association said on Friday that it plans this year to unify the spot and long-contract prices for the country's iron ore imports. It will also set a ceiling for charges levied by import trading firms, as part of an effort to regulate the market. The proposal was the top item of discussion at the steel industry body's two-day semiannual meeting, said Luo Bingsheng, deputy chairman of the China Iron and Steel Association (CISA), at a press conference. The term prices negotiated with global miners should become a benchmark unified price, and the import agencies could charge 3-5 percent in commission on top of the term prices, Luo said. The move aims to regulate excess iron ore import by steel makers and trading firms, which distorted the supply and demand balance and disrupted the annual contract talks, Luo said. The price talks, which are continuing, appeared to be snagged on China's insistence upon bigger reductions than the 33 percent cut agreed to earlier with Japanese and Korean steel mills. News reports and industry analysts say China wants a 40 percent price cut. Luo said foreign iron ore suppliers promoted massive sales on the spot market, leading to huge stockpiles. Spot iron ore accounted for 82.7 percent of imports this year, leading to excessive imports that far exceed actual needs, the CISA said. Luo made the remark as the spot price of iron ore in China surged above the contract prices offered by three large miners - Rio, BHP and Vale. Benchmark spot prices of iron ore in China rose above 0 a ton on Thursday, as compared with a ton in April, according to industry consultant Mysteel. Iron ore imports rose 29.3 percent year on year, to 297 million tons, in the first half of this year, while traders imported 131 million tons, up 90.4 percent from last year. There are 152 iron ore importers in China this year, exceeding the 112 licenses that CISA issued, the association said. Luo said the annual talks were ongoing and CISA would keep working to push them forward. "We are working for a reasonable result and hope to reach a win-win situation," Luo said. "For small steel companies, a unified price system is definitely good news," said Fan Haibo, a steel analyst from Xinda Securities. "Large steel mills and trading companies have made huge profits by selling iron ore to small steel factories who do not hold import license." "But how to define which firms have 'agent license' seems essential. Giving them the privilege is akin to guaranteeing a business always makes a profit," he said.
BEIJING, Aug. 28 (Xinhua) -- The Communist Party of China (CPC)plans to launch the third stage of its current campaign to deepen the study and practice of the Scientific Outlook on Development, the kernel ideology of the CPC Central Committee with Hu Jintao as the general secretary. The third stage, which starts in September and ends in February2010, is designed to carry out at grassroots level, involving 1.22million Party organizations and 37.5 million Party members, accounting for 32.8 percent and 50 percent of the total numbers, respectively. These were remarked by Xi Jinping, member of the Standing Committee of the CPC Central Committee Political Bureau, at Friday's meeting here to summarize the experience of the second-stage of the CPC's educational drive and usher in the third stage. The campaign was initiated by the CPC Central Committee in September 2008, with a goal to promote the study and practice of the Scientific Outlook on Development in the whole Party. The first and second stages were conducted at higher-level Party committees. The third stage will mainly involve Party organizations of townships, communities, villages, residential blocks, secondary schools, middle and elementary schools, hospitals, private companies, and non-government organizations, according to Xi, who is also a Secretariat member of the CPC Central Committee and head of the CPC Central Committee's leading group for the campaign. He urged Party organizations at different levels to make substantial efforts to help "the massive Party members have a deeper understanding of the Scientific Outlook on Development." Third stage will be focused on resolving critical problems concerning the interests of the masses and it should be integrated with the celebration of the 60th founding anniversary of the People's Republic, Xi said.
BEIJING, Aug. 8 (Xinhua) -- China will continue to strengthen international judicial cooperation with other countries, including the United States, a spokesperson for China's Ministry of Justice said. The unnamed spokesperson made the statement while commenting on the case of two former Bank of China (BOC) managers in southern Guangdong Province, who were convicted in a U.S. court last year of embezzlement and money laundering, the Legal Daily reported Friday. "China welcomed the verdict by the U.S. court," which sentenced Xu Chaofan and Xu Guojun, two former managers of the BOC Guangdong Kaiping Branch, and their wives, to prison terms of eight to 25 years, the spokesperson said. Xu Chaofan was sentenced to 25 years in jail and Xu Guojun to 22 years. Their wives were each sentenced to eight years in prison. All four were further sentenced to three years of supervised release and ordered to pay 482 million U.S. dollars in restitution. The four were found guilty of a racketeering conspiracy that began in 1991 and continued until October 2004. Prosecutors said the defendants laundered stolen money through Hong Kong, Canada and the U.S., including 3 million U.S. dollars deposited at several Las Vegas casinos. The case was one of the biggest of its kind since the founding of New China in 1949. It has, however, reinforced the positive development of Sino-U.S. judicial cooperation and provided experience in dealing with organized economic crime. "Fleeing suspects are doomed to be punished by law," said the spokesperson. International judicial cooperation, an effective way of fighting crime, would contribute to the crackdown on trans-national crimes, he said. Professor Huang Feng of the Beijing Normal University's Criminal Law Research Institute said Xu's sentencing in the U.S. provided "an alternative to extradition" as the two countries had not signed an extradition treaty. Fleeing suspects could still be convicted abroad, though they currently could not be repatriated, Huang said. Foreign Ministry spokesman Ma Zhaoxu said in May the two guilty couples should be repatriated or extradited to China as soon as possible.
BEIJING, Aug. 14 (Xinhua) -- China would cement friendship and cooperation with the Islamic countries based on the Five Principles of Peaceful Co-existence, President Hu Jintao said Friday afternoon. China and the Islamic countries have long maintained mutual respect and trust and have shown understanding and support to each other on issues concerning the core interest of the other side, Hu told visiting Abu Dhabi's Crown Prince Mohammed bin Zayed al-Nahayan. Hu said China would like to promote dialogues and exchanges with different cultures and civilizations on the basis of the Five Principles of Peaceful Co-existence. China would cement friendship and cooperation with the Islamic countries based on the Five Principles of Peaceful Co-existence, President Hu Jintao told visiting Abu Dhabi's Crown Prince Mohammed bin Zayedal-Nahayanon, Aug. 14, 2009 Abu Dhabi is the capital of the United Arab Emirates (UAE), which is now China's second largest trading partner and important supplier of energy resources in the Arab world. China and the UAE have enjoyed political trust, mutual support and reciprocal trade cooperation since they forged diplomatic ties25 years ago, said Hu, adding they have also maintained consultations on international and regional issues. "We appreciate the UAE government for its adherence to the one-China policy, as well as its support on the Taiwan issue and the issues concerning Tibet and Xinjiang," Hu said. The president said the two countries were facing new opportunities for furthering relations, and China would work with the UAE to enhance cooperation to benefit the two countries and peoples. Chinese Premier Wen Jiabao meets with Abu Dhabi's Crown Prince Mohammed bin Zayedal-Nahayan, Aug. 14, 2009.Chinese Premier Wen Jiabao also met with the crown prince on Friday. Wen said common ground has increased between China and the UAE in coping with the global financial crisis, and both sides should take effective measures to expand cooperation in energy, trade, investment and financial fields. He said China would like to actively consult with the Gulf Cooperation Council (GCC) for early consensus on signing a free trade pact. The guest, who is making his first China tour since he became crown prince, said the UAE hoped to establish strategic cooperation with China in trade, oil and petrochemical fields. He said the July 5 riot in Xinjiang was China's internal affairs, and his country supported the Chinese government's efforts to safeguard national unity, security and stability. Friday evening, Chinese Vice President Xi Jinping and Bin Zayedal-Nahayan witnessed the signing of several cooperative agreements including one on setting up a bilateral political consultation mechanism. During their hour-long talks, Xi proposed to establish China-UAE strategic partnership in the energy field, and expand cooperation in trade, investment and infrastructure construction. "China is willing to cooperate with the UAE in gas and petrol exploration and the utilization of recycling energy," Xi said. He urged the two countries to further consolidate political trust, boost cultural and educational cooperation and facilitate the China-GCC free trade area negotiation. In response, Bin Zayed al-Nahayan told Xi his country firmly backed every measure China took to safeguard national stability and unity, and was ready to cement trade and energy cooperation with the country. Xi also thanked the UAE for its firm support on issues concerning China's core interests, and for its aid to China after the 8.0-magnitude quake last year.