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BEIJING, Aug. 22 (Xinhua) -- Wuhan Iron and Steel Company Ltd., the listed subsidiary of China's third largest steel maker, said Sunday that its net profit rose 90.43 percent year on year to 963.53 million yuan (141.7 million U.S. dollars) during the first half of the year as strong economic growth boosted steel demand and prices.The company's first-half-year sales reached 34.36 billion yuan, up 50.72 percent from one year earlier, it said in a statement delivered to the Shanghai Stock Exchange.However, costs also climbed in the first six months compared with a year earlier because of increases in raw material prices, it said.Production costs for steel products gained 47.12 percent year on year to 31.18 billion yuan. Further, the company's steel output in the first half of the year gained 29.75 percent year on year to 8.04 million tonnes.China's producer price index, a major gauge of inflation at the wholesale level, rose 6 percent in the January-June period, according to statistics released by the National Bureau of Statistics.However, the company was likely to face a "difficult time" in the second half of 2010 and meeting its full-year profit target would become a "challenging task" as demand from auto, home appliance and real estate sectors experienced "drastic changes" since July, leading to more restrained sales and falling prices, it said.Company officials also worried that high prices of iron ore, coal and electricity would further push up production costs and squeeze profit margins.On Friday, the price of its shares fell 2.87 percent to 4.73 yuan on the Shanghai bourse.

GENEVA, July 20 (Xinhua) -- Top Chinese legislator Wu Bangguo held separate talks here Tuesday with parliamentary leaders from South Africa, the Democratic People's Republic of Korea (DPRK) and Kazakhstan and the chief of the World Health Organization (WHO).During talks with Hon Max Vuyisile Sisulu, speaker of South Africa's National Assembly, Wu, chairman of the Standing Committee of the National People's Congress (NPC) of China, said that the peoples of China and South Africa share a deep, traditional friendship.Wu said the two countries have seen their ties develop in a rapid and all-round way since the establishment of diplomatic relations.The two nations have carried out frequent high-level exchanges, with their mutual political trust gradually building up, Wu said.Wu Bangguo (L), chairman of the Standing Committee of China's National People's Congress (NPC), meets with Max Sisulu, speaker of the National Assembly of South Africa, in Geneva, Switzerland, July 20, 2010.Wu added that the two countries have also shared understanding and support on issues concerning each other's core interests and maintained close coordination and cooperation on significant international affairs.Noting that economic and trade cooperation continues to expand and that people-to-people exchanges are also gaining momentum, Wu stressed that all those efforts have brought visible and practical benefits to the two countries and their people.China attaches great importance to promoting its relationship with South Africa, and at a time when the international situation is undergoing deep and complex changes, relations between the two big developing countries have transcended the bilateral category and gained increasing global and strategic significance, Wu said.Expressing hope that the two sides can join hands in enhancing their strategic partnership, Wu emphasized that the NPC is ready to consolidate friendly cooperation with South Africa's National Assembly and deepen their coordination and cooperation in international and regional parliamentary organizations.The two legislatures should also work together with their counterparts in other developing countries to call for more attention on development and express their resolve to realize the UN Millennium Development Goals (MDGs), Wu said.For his part, Sisulu said that China is an very important nation on the international stage and an important cooperation partner of South Africa.South Africa's government, parliament and political parties are committed to promoting ties with China, and are hoping for more friendly exchanges and cooperation with China in more areas, he stressed.Sisulu said that a closer relationship with China will benefit South Africa's economic development and enable his country to better cooperate with China in handling global challenges and defending the interests of developing countries.

BEIJING, Aug. 5 (Xinhua) -- China is completing a nationwide training for presidents of grassroots courts Friday, following the downfall of a group of judicial officials implicated in corruption scandals.More than 3,600 presidents from intermediate and grassroots courts across the country attended the training in Beijing, a year-long-event that focused on raising their awareness of corruption-free law enforcement and improving their abilities in handling social disputes, according to information released by the Supreme People's Court (SPC) on Thursday.More than 80 high-ranking judges, including SPC President Wang Shengjun, delivered lectures during the training, which also covered topics of improving the judges' knowledge in coping with public opinion as well as that of the media."Given the complex and volatile international situation and rising domestic demand for judicial services against the backdrop of emerging social conflicts ...it is imperative to undergo such large-scale training for presidents from grassroots courts." said Zhou Zemin, director of SPC's political department.Over the past year, a string of high-level judicial officials were punished for their involvement in corruption scandals.Among them were former SPC vice president Huang Songyou, who was sentenced on Jan. 19 to life imprisonment for taking bribes and embezzlement and Wen Qiang, former director of the Chongqing Municipal Judicial Bureau, who was executed on charges of corruption charges involving organized crime.Training judicial staff has long been a priority on the SPC's agenda.The SPC spent three years training judges of grassroots courts from 2005 to 2007.Since 2006, the SPC sent lecturers to grassroots courts in the western provinces and autonomous regions. As of Thursday, nearly 150,000 judges and police officers have attended such lectures, according to the SPC.

PARIS, Aug. 5 (Xinhua) -- Police in China and France have dismantled a network that tried to smuggle Chinese migrants into Italy and Spain on boats, officials said Thursday.The French Immigration Ministry said several members of the network headed by a Chinese national living in Paris and a number of illegal immigrants were arrested July 27 during simultaneous operations in France and China. The ministry did not detail the number of arrests.Investigations showed that each illegal migrant paid between 12,000 (15,852 U.S. dollars) and 15,000 euros (18,915 U.S. dollars) to book a ticket to Europe.France hailed police efforts and called for stronger cooperation ties with China to crack down on human trafficking."I congratulated the teams ... for dismantling an important network of illegal immigration from China, to Italy, Spain and Luxembourg, whose principal organizers were based in Paris and Shanghai," said Eric Besson, the French Minister of Immigration, Integration, National Identity and Solidarity Development.

BEIJING,Aug 17(Xinhuanet) -- China reduced its holdings of U.S. Treasury debt for a second straight month in June while the holdings of Japan and Britain rose.China's holdings fell by billion to 3.7 billion, a decline of 2.7 percent, the Treasury Department said Monday in a monthly report on debt holdings.Total foreign holdings of Treasury securities rose .6 billion to a total of trillion, an increase of 1.2 percent.The debt figures are being closely watched at a time when the US government is running up record annual deficits. A drop in foreign demand would lead to higher interest rates in the United States. The yield on Treasuries rises when fewer people invest in them.It would start with the US government paying more interest on its .3 trillion national debt and then ripple through the economy. Consumer loans such as home mortgages and auto loans track the yields on Treasurys, so they could rise, too.So far, interest rates in the United States have remained extremely low. A weak economy has depressed borrowing by the private sector and the Federal Reserve has kept a key interest rate at a record low level of zero to 0.25 percent in an effort to spur stronger growth.US interest rates have also been kept low by the European debt crisis in the spring. That triggered more investment in US Treasurys, which are considered the safest investment in the world because the US government has never defaulted on its obligations.China is the largest foreign holder of Treasury securities. The billion decline in China's holdings in June followed a .5 billion drop in May. China's holdings had hit a high for this year of 0.2 billion in April.There are concerns that China could influence US interest rates by rapidly selling off its holdings of US debt. That could lead others to dump their holdings and result in a spike in interest rates.But analysts say China is more likely to sell a little bit at a time."While it would hurt the United States if China started selling off our securities, it would hurt China just as badly because it would drive down the value of their holdings," said David Wyss, chief economist at Standard & Poor's in New York.Wyss predicted that China will slow its acquisition of new US government debt while diversifying its holdings. Wyss said that process has already begun, noting China's recent acquisition of energy and other natural resource holdings in Latin America and Africa.Japan, the second largest foreign owner of Treasury bonds, increased its holdings in June to 3.6 billion. That's an increase of .9 billion or 2.5 percent. Britain's holdings rose 3.5 percent to 2.2 billion.Japan had for years been the No 1 holder of Treasury securities, but was overtaken by China in September 2008.New government data showed that Japan lost its place as the world's second largest economy in the second quarter of this year. China moved up from No 3 to the No 2 spot, behind the United States.While the data on total economic output was for the second quarter, analysts believe China is on track to surpass Japan for the entire year and become the world's second largest economy.The US Treasury report said that net purchases of long-term securities, a category that covers not only US government debt but also debt of US companies, increased by .4 billion in June after rising .3 billion in May.