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BEIJING, Aug. 4 (Xinhuanet) -- Rising domestic iron ore production and slowing steel demand have hit some foreign miners and affected the global market, industry leaders said on Tuesday.China's iron ore imports dropped for the third straight month to 47.2 million tons in June, while spot prices have dropped to about 2 per ton after peaking at 5 per ton in April.The country's iron ore imports rose 4 percent year-on-year in the first half of this year, figures from the China Iron & Steel Association (CISA) showed. But domestic ore output increased by 28 percent year-on-year to 485 million tons in the same period, with output rising 37.6 percent in the second quarter from the first quarter."Rising domestic ore production is the main factor that drove down imports, largely impacting supply and demand on the global market," CISA vice-chairman Luo Bingsheng said.The figures form part of the bad news for international mining companies in Australia and Brazil that provide more than half of the ores to China.Iron ore imports from Australia, Brazil and India accounted for 62.3 percent of the country's total ore consumption last year.Brazilian company Vale already predicted in June that the share of imported ores in China would drop this year.About 40 percent of Chinese steel mills have to make cutbacks or put plants on maintenance, blaming increasing costs of imported ores and declining steel prices. Oversupply in the industry will continue to lower production, further driving down ore imports in the third quarter, Luo said.The CISA will also reduce the number of licensed iron ore importers to regulate the imported ore market."We will announce new rules for the industry soon, which include higher standards on the environment, energy consumption and capital requirement," Luo said.

BEIJING, July 28 (Xinhuanet) -- China will end the public shaming of prostitutes by parading them through the streets, the People's Daily reported on Tuesday, following controversy over cases in which sex workers were paraded in public.Ministry of Public Security has ordered the police to stop parading suspects in public and has called on local departments to enforce laws in a "rational, calm and civilized manner," the report said.Prostitution is illegal in China and police sometimes used means such as parading prostitutes in public as a deterrent. However, recent cases have sparked controversy on the Internet.Earlier this month, local media in the city of Dongguan in southern China's Guangdong province published pictures of two suspected prostitutes and two patrons who had been detained by police. The handcuffed girls were shown walking barefoot, handcuffed and tethered by a rope around their waists.In another case this month, police in Wuhan, capital of central China's Hubei province, posted a public notice about a vice raid, including personal information about prostitutes and their clients.

BEIJING,Aug 9(Xinhuanet) -- China's high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows.In research published by the Bank for International Settlements (BIS) on the “myth and reality” of China’s savings rate, Ma Guonan and Wang Yi found that the Asian giant needs its population to spend more in order to sustain rapid economic growth in coming years.The researchers, who were writing in their personal capacity, also reject claims that Chinese State firms have been benefiting from high savings thanks to exchange rate distortions and subsidies designed to drive economic growth.They point out that “less advantaged” and more efficient firms have been the ones posting the greatest gains in earnings in recent years rather than State-owned companies.China’s gross national savings soared from 39.2 percent of output in 1990 to 53.2 percent in 2008, far higher than the United States, which saved only 12.2 percent in 2008.Even compared to other Asian giants — Japan with 27 percent in 2007 and India with 33.6 percent in 2008 — China’s share of savings as a percentage of gross domestic product (GDP) is significantly larger.Nonetheless, the population and social trends that have underpinned China’s growth and savings rates are likely tail off significantly over the next decade, the two Chinese researchers argued.In the wake of the global slump, world leaders and economists have been asking China to spend more, rather than pin its economic growth on exports to the West, in order to help address world trade imbalances.Ma, a BIS economist and Wang, who is from the Chinese central bank, said however that the current savings trend by Chinese households will not last.The swelling working population in recent years has boosted savings in recent years, they said.In addition, large-scale corporate restructuring between 1995 and 2005 increased job uncertainty, forcing workers to set aside more money in case they were fired. The lack of a social safety net also pushed workers to make “precautionary savings.”Beyond households, government savings have also been increasing in tandem, as more is being set aside to meet pension needs which are expected to rise significantly as the population ages.However, these trends are expected to be reversed in coming years.“It is reasonable to assume that the large-scale labor retrenchment observed during 1995 to 2008 is by and large been behind us,” say the researchers.In addition, China is expected to enter into a phase of “accelerated population ageing within a decade.” This means that the workforce will decline, leading to a fall in overall income and therefore savings.At the same time, infrastructure spending is expected to continue, in order to provide for the ageing population and the urbanization of the country.

BEIJING, June 13 (Xinhua) -- Flights have resumed at Beijing Capital International Airport after a thunder storm hit the city at 8 p.m. Sunday causing disruptions, the airport announced on its website.The storm had delayed a total of 170 out-bound flights and canceled 25 fights as of 9 p.m., according to the announcement.The airport suspended flights at 7:40 p.m. Sunday due to the storm, which stopped at about 9:30 p.m..The National Meteorological Center forecast heavy rain for central Hunan, eastern Jiangxi, Zhejiang, and Fujian provinces as the country begins Monday its three-day national holiday.Thunder storms are forecast for Inner Mongolia, the northeast, and the north during the next three days.

BEIJING, Aug. 23 (Xinhua) -- China's top legislature Monday opened its bimonthly session with a series of draft laws and amendments, including the amendment to the Criminal Law and a draft law on intangible cultural heritage (ICH) protection.The session of the Standing Committee of the National People's Congress (NPC) continued to deliberate draft amendments to the Law on Officers in Reserve Forces, the draft People's Mediation Law, as well as the draft Law on the Application of Laws to Civil Relationships Involving Foreign Interests.Lawmakers also deliberated for the first time draft amendments to the the Law on Deputies to the People's Congress, draft amendments to the Criminal Law, the draft Law on the Protection of Intangible Cultural Heritage, and the draft revision of the Water and Soil Conservation Law.The amendment to Criminal Law proposes reducing the number of crimes subject to death penalty from 68 to 55. It also gives a definition of "organization in the nature of a criminal syndicate" and lists tougher punishments for crimes by such organizations.Drink driving, intentionally defaulting on payment to employees and illegal human organ trade are to be listed as crimes in the Criminal Law, according to the amendment.The draft law on ICH protection includes a definition of ICH, mechanisms for ICH surveys, regulation of the inheritance of ICH, and penalties for its destruction.Lawmakers on Monday also heard a report on the NPC Standing Committee's research results on issues for the formulation of the 12th Five-Year Plan (2011-2015). ' The NPC, for the first time in history, completed 15 research reports on 14 major subjects from March to July to provide proposals for the formulation of the keynote plan, after Wu Bangguo, chairman of the NPC Standing Committee, called for the research at the annual legislative session in March.Lawmakers discussed the constitutional reform package of Hong Kong, which refers to the amendments to the methods of selecting the region's chief executive and forming the Legislative Council in 2012.They also heard a report by the State Council on a proposal for the NPC to ratify the International Convention for the Suppression of Acts of Nuclear Terrorism.