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COPENHAGEN, Dec. 11 (Xinhua) -- China on Friday urged the rich nations negotiating in the UN-led climate talks in Copenhagen to help seal a deal by delivering on their promises to cut carbon emissions and provide financial support to help developing nations adapt to global warming.The call comes as ministers arrive for the higher segment of the talks that are tasked with achieving goals to avoid irreversible change in climate that scientists warn could be disastrous to the Earth. China's Vice Foreign Minister He Yafei said he hoped for a "balanced outcome" of the UN climate change conference.     He was speaking at a press conference hours after a draft text for the Copenhage talks emerged. "The final document we're going to adopt needs to be taking into account the needs and aspirations of all countries," particularly the most vulnerable ones, he said.     Under the United Nations Framework Convention on Climate Change, developed nations are committed to quantified emission reduction targets and provision of support in financing, technology and capacity building to developing nations. The Chinese minister said climate change is "a matter of survival" for developing nations.     Developing nations are asking the rich nations to up their emissions reduction targets and financial pledges, saying they failed to fulfil their obligations under the convention.     The call for funding was partly answered earlier on Friday with European Union leaders pledging 2.4 billion euros (3.5 billion U.S. dollars) annually from 2010 to 2012 to help developing countries tackle global warming.     Swedish Prime Minister Fredrik Reinfeldt, whose country holds the rotating presidency of the 27-nation bloc, said in Brussels that the bloc has made satisfactory contributions to helping the poorest countries combat climate change.     Developing nations still view the pledge as a far cry from their needs.     The issue of financial support is "extremely important" as developing nations are "worst hit" by climate change, he said.     He questioned the "sincerity" of developed nations in their commitment as only short-term funding, such as a three-year target, was being proposed.     The key to the success of the Copenhagen talks is for developed countries to keep their promises, he said.     "I would urge all leaders from developed countries to keep their promises, to have the future of humanity in their minds, especially the large population out there in the developing world," he said.     He also said China has "a responsible and pragmatic vision" for tackling climate change and will do its share in the global combat against climate change.     China last month announced it would reduce the intensity of carbon emissions per unit of its GDP in 2020 by 40 to 45 percent against 2005 levels.     Responding to rich nations' concern over transparency of China's voluntary action, he said plans for action would go through China's own legal process and there would be a regime of monitoring, verification and statistical supervision domestically to ensure transparency.     "We're also willing to increase transparency by announcing the results of our action in reports coming out of China," he said.

WASHINGTON, Dec. 30 (Xinhua) -- The U.S. International Trade Commission (ITC) on Wednesday slapped punitive penalties to imports of some 2.6 billion dollar oil country tubular goods (OCTG) from China, a move might escalate trade disputes between the two countries.     The ITC "has made affirmative determination in its final phase countervailing duty (CVD) investigation" concerning the oil pipes from China, said the ITC in a statement.     The trade agency has determined that "a U.S. industry is materially injured or threatened with material injury by reason of imports of certain oil country tubular goods from China that the U.S. Department Commerce has determined are subsidized," according to the statementThe U.S. Commerce Department made a final determination last month to impose duties between 10.36 percent and 15.78 percent on the pipes, which are mostly used in the oil and gas industries.     The ITC ruling paved the way for the imposition of duties.     The Commerce Department made its preliminary determination of CVD in September.     On Nov. 4, the Commerce also set preliminary antidumping (AD) duties on such imports from China, which is the biggest U.S. trade action against China.     Under that preliminary determination, Commerce set a 36.53 percent antidumping levy on OCTG from 37 Chinese companies, while some other Chinese companies will receive a preliminary dumping rate of 99.14 percent.     Commerce will make its final determination of antidumping duties early next year.     If Commerce makes an affirmative final determination, and the ITC makes an affirmative final determination that imports of oil tubular goods from China materially injures, or threaten material injury to, the domestic industry, Commerce will issue an antidumping duty order.     The antidumping and countervailing petition case was filed in April this year.     From 2006 to 2008, imports of OCTG from China increased 203 percent by value and amounted to an estimated 2.7 billion dollars in 2008, said the U.S. Commerce Department.     China strongly opposed the U.S. decision, saying that it is a protectionist move.     "China expressed strong dissatisfaction and is resolutely opposed to this," said China's Ministry of Commerce (MOC) spokesman Yao Jian in a statement in September.     "This does not comply with WTO agreements on subsidies. The U.S. used an incorrect method to define and calculate the subsidies, which has resulted in an artificially high subsidy rate, hurting Chinese firms' interests," said Yao.     "We hope the United States can get rid of the bias and admit China's market economy status soon to tackle the double standards thoroughly and give Chinese enterprises equal and fair treatment," Yao also said last month.     The U.S. industries also expressed strong dissatisfaction with the trade case, saying such a protectionist move would hurt U.S. companies.     The trade restrictions would "hurt U.S. using industries by raising their costs and making sources of supply uncertain," Eugene Patrone, executive director of the Consuming Industries Trade Action Coalition (CITAC) told Xinhua in September.     He noted that the tariffs would make oil and gas exploration and production be more expensive, projects be delayed, "which is against our national goal of being less dependent on imported energy."     The onset of the global recession appears to have set off an increase in trade disputes around the world.     Globally, new requests for protection from imports in the first half of 2009 are up 18.5 percent over the first half of 2008, according to the World Bank-sponsored Global Anti-dumping Database organized by Chad P. Bown, a Brandeis University economics professor.     That increase follows a 44 percent increase in new investigations in 2008.     And China has become the main target of the rising protectionism.     In another steel dispute, the U.S. Commerce Department said on Tuesday that it will impose antidumping tariffs of 14 percent to 145 percent on imports of 91 million dollar steel grating from China. A final determination will be made by the department in April 2010.

BEIJING, Jan. 4 -- China International Capital Corp (CICC) topped the rankings of the underwriters of China's initial public offerings (IPOs) in 2009, making an estimated 1.23 billion yuan from fees, Bloomberg data showed.     The earning of the country's largest investment bank was boosted by underwriting the China State Construction Engineering Corp's 50.1 billion yuan IPO, the world's second-largest in 2009. CICC also took two other heavyweight companies public, China Shipbuilding Co Ltd and China CNR Co Ltd, raising 14.7 billion yuan and 13.9 billion yuan respectively.     CITIC Securities, the top underwriter in 2008, fell to the No 2 spot in the ranking, making 855 million yuan from IPO deals totaling 28.7 billion yuan, according to Bloomberg data. The third slot went to Orient Securities, which earned 258 million yuan from IPO deals worth 11.9 bllion yuan.     IPOs are among the most lucrative advisory businesses for Chinese securities firms as China has witnessed an IPO boom since it reopened the market last June after a 10-month halt blamed on the widespread global credit crunch.     Chinese securities companies saw an exponential growth in their revenues from the IPO business, making a total of 4.76 billion yuan from underwriting fees, doubling the 2.35 billion yuan in 2008. But the earnings still lagged far behind the 7.61 billion yuan made during the pre-crisis period in 2007.     Last year, 43 Chinese securities firms helped 111 companies go public on the mainland's A-share market, raising 202.2 billion yuan. The value of the IPO deals taken by the top 10 underwriters accounted for more than 70 percent of the total IPO values.     Market insiders said the IPOs of heavyweight companies will remain the target for large investment bank and securities companies such as CICC and CITIC Securities next year while small and medium securities companies will make start-up board ChiNext their primary focus.     Stock prices of listed securities companies soared sharply in the past two weeks, mainly stimulated by unconfirmed reports that China's State Council has given the final nod for the introduction of index futures in 2010.     Analysts said Chinese securities companies would likely see a surge in revenues this year after the regulators announce a clear timetable for the launch of the index futures, margin trading and short selling.     "The new products will certainly boost the earnings and valuations of the brokerage stocks," said Cheng Binbin, an analyst with Qilu Securities "It not only means strong profit growth for securities firms in the future but also a gradual transition toward a more risk-diversified business model."     It is forecast that margin trading and short selling will likely contribute 9.41 to 14.3 billion yuan in revenues of securities companies in 2010 while index futures will contribute 5.76 to 6.34 billion yuan.     The net profit of China's brokerage industry may reach 90 billion yuan in 2009, a year-on-year increase of 90 percent, according to an estimate by Guotai Junan Securities.     Meanwhile, foreign banks also grabbed a share of the lucrative pie of China's booming capital market last year with Swiss bank UBS ranked the largest underwriter of Chinese overseas IPOs. The bank contracted 8 million in underwriting fees from Chinese companies that sought IPOs in the Hong Kong market, worth a total of billion last year, Bloomberg data showed.     Mergers and acquisitions (M&As) made by the Chinese companies remained the traditional cash cow for foreign investment banks in 2009. Morgan Stanley was the No 1 financial advisor in M&A deals worth .9 billion on the Chinese mainland and Hong Kong, according to Bloomberg data.     The largest M&A deal in 2009 made by a Chinese company was the .5 billion acquisition of Swiss oil company Addax Petroleum by China's largest oil refiner, Sinopec.

BEIJING, Dec. 27 (Xinhua) -- Premier Wen Jiabao Sunday urged the Chinese people remain aware of possible hardships and crises in the upcoming year and to work hard for a more promising future.     Wen told Xinhua in an exclusive interview that the way ahead for the Chinese people would be "a bumpy road," but the nation had made transparent achievements in tackling the global economic downturn.     "The Chinese people have gone through so many disasters. And one eminent tradition of our nationality is to be independent and indomitable without fear," he said. Chinese Premier Wen Jiabao smiles during an exclusive interview with Xinhua News Agency at Ziguangge building inside Zhongnanhai, an office compound of the Chinese central authorities at the heart of Beijing, capital of China, Dec. 27, 2009    Wen said perseverance would lead to success and hoped all Chinese would make persistent efforts under the leadership of the Community Party of China and the central government.     "China has a great deal of hope in its future," he said when asked to give his New Year message to all Chinese.

BEIJING, Dec. 20 (Xinhua) -- Foreign Minister Yang Jiechi pledged Sunday China will continue to cooperate with other countries to address global challenges in the coming new year.     "China will continue to work with the rest of the international community to tackle various global challenges with full confidence and jointly advance world peace and development," said Yang at a new year reception held by the Foreign Ministry for foreign diplomats and officials of international organizations. The Ministry of Foreign Affairs of China holds a New Year reception for foreign envoys and guests in China, in Beijing, capital of China, Dec. 20, 2009.He said the year 2010 will be crucial for the recovery of the global economy, the reform of the international system and China's efforts to ensure stability and promote development.     "We will work to maintain steady and relatively fast economic growth, and at the same time speed up the transformation of the economic development pattern so that our effort on these two fronts will reinforce each other," Yang said.     He said China will remain committed to the path of peaceful development and the win-win strategy of opening-up, and pursue development that is peaceful, open and cooperative. Chinese State Councilor Dai Bingguo (2nd R) and Chinese Foreign Minister Yang Jiechi (1st L) toast with a foreign guest during a New Year reception held by the Ministry of Foreign Affairs of China, in Beijing, capital of China, Dec. 20, 2009. Yang told reporters at the reception the Shanghai World Expo is one of the major tasks of China's diplomatic work in 2010.     He said he would like to take the reception as an opportunity to promote the expo to the international community and invite overseas people to visit China during the event next year.     In his speech, Nolana Ta Ama, dean of the Diplomatic Corps and Togo's ambassador to China, said as China plays an increasingly important role on the international stage, it will continue to devote itself to the world affairs in 2010.     Over 400 people, including China's State Councilor Dai Bingguo, attended the reception.