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CANBERRA, Feb. 6 (Xinhua) -- Queensland mining magnate Clive Palmer said Saturday his company has secured Australia's largest coal export deal with China.The Resourcehouse chairman said the company had reached a 20-year agreement with one of China's largest power companies, China Power International Development, the flagship company of China Power Investment Corporation (CPI)."This deal with CPI is Australia's biggest ever export contract," Palmer said in a statement."This is Australia's largest single, non-syndicated, finance deal and the interest from China highlights the strength of the project and the benefits for Queensland and Australia in developing a new world class coal region such as the Galilee Basin," he told reporters."There will be four underground mines and two open cut mines," he said.Meanwhile, Queensland Premier Anna Bligh said there was some environmental red tape to negotiate before the project was approved but she did not expect any last-minute problems."It is world demand which is making it a commercial opportunity," Bligh said.More than 100 million additional tons of coal could be exported every year from Queensland because of new projects under consideration by the state government.

BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.

BEIJING, Feb. 11 (Xinhua) -- President Hu Jintao held a telephone conversation with his Brazilian counterpart Luiz Inacio Lula da Silva on bilateral ties Thursday, with both sides expressing willingness to promote cooperation.The Chinese president said China-Brazil relations have been deepening in a comprehensive way, marked by frequent exchange of visits between their leaders and political mutual trust.The Brazilian president's state visit to China last year brought the two countries' strategic partnership to a new level as the two sides reached consensus over a broad range of major issues, Hu said.The two countries have agreed to map out a joint action plan, he said, adding that exchanges and cooperation in various fields have seen new momentum and the two sides have maintained close coordination and cooperation in international and regional affairs.China-Brazil cooperation enjoys solid political foundation and broad prospect for development, Hu said.He said further development of their strategic partnership is in the fundamental interests of both countries and is their common aspiration. It is also conducive to world peace and common development, he said.He also said China highly values its relations with Brazil and is ready to work with the Brazilians to further promote strategic partnership between the two countries.On cooperation between the BRIC nations -- Brazil, Russia, India and China, Hu said the four countries share the same or similar opinions on many global issues and have great potential in bilateral and multilateral cooperation.China attaches great importance to the cooperation platform of BRIC countries and is willing to strengthen communication and cooperation with Brazil, Russia and India, he said.Hu emphasized China and Brazil are both members of the BASIC countries and share extensive consensus on the issue of climate change. Through qualitative coordination and cooperation, both countries have played an important role in the climate summit held in Copenhagen not long ago.He said China would like to further enhance communication and coordination with Brazil as well as G77 countries to preserve and promote the interests of developing nations so that to facilitate a positive outcome of the climate summit to be held in Mexico this year and to keep on contributing constructively to the international cooperation on climate change.Lula extended his greetings to President Hu and the Chinese people on the coming Chinese Spring Festival, adding that Brazil has prioritized the development of the relations with China and he is glad to see a smooth pragmatic progress in various fields between the two sides.He said that Brazil is willing to strengthen cooperation with China in fields like energy, aviation and infrastructure. Brazil would like to work with China on a stronger cooperation among the BRIC countries.He added that during the U.N. climate summit in Copenhagen, along with a number of other countries, Brazil and China cooperated closely and played an active role in making the conference successful.Brazil is willing to continue working with China on a successful climate summit in Mexico, Lula said.

BEIJING, Jan. 24 (Xinhua) -- China's regulation on the Internet industry is in line with the laws and should be free from unjustifiable interferences, a Chinese government official said here Sunday.A spokesperson with China's State Council Information Office told Xinhua in an exclusive interview, that China is regulating the Internet legally to build a more reliable, helpful information network that is beneficial to economic and social development.Such regulation, the spokesperson said, are based on laws and regulations such as the Constitution, the Law on the Protection of Minors, and the Decision on Internet Safety pass by the National People's Congress Standing Committee.Online information which incites subversion of state power, violence and terrorism or includes pornographic contents are explicitly prohibited in the laws and regulations, the spokesperson said.China has full justification to deal with these illegal and harmful online contents, the spokesperson said.This has nothing to do with the claims of "restrictions on Internet freedom", the spokesperson stressed.Different countries have different conditions and realities, thus they are regulating the Internet in different ways, the spokesperson said.China's regulation on the Internet industry is proved to be suitable for China's national conditions and in line with common practices in most countries as well, the spokesperson said.China is willing to cooperate and exchange opinions on issues about Internet development and management wit other countries, but opposes firmly to any defiance of Chinese laws, or intervening Chinese domestic affairs under the pretence of "Internet management" regardless of the truth, the spokesperson said.According to the spokesperson, as of the end of 2009, the number of netizens in China reached 384 million, and websites topped 3.68 million.China has millions of online forums and more than 200 million blogs, and every day, there are more than four million new blog entries posted online, the spokesperson said.Chinese netizens' right to express opinions within the law is well protected, and their opinions are given full consideration by the government in policy making process, the spokesperson said.