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BEIJING, Oct. 28 (Xinhua) -- Access to debt finance, leading technology and lower cost gave Chinese mining and metals investors an advantage in the global mergers and acquisitions (M&A) market, accounting giant Ernst & Young said Thursday."Competition for mining and metals assets around the world has steadily increased during 2010, with the sector's total deal value as of Sept. 30 growing 87 percent over the same period last year," said Ernst & Young global mining and metals leader Mike Elliott.The firm's statistics show the total value of the world's deals in mining and metals for the year to Sept. 30 reached 78.9 billion U.S. dollars, with the number of deals growing 10 percent year-on-year to 827.For China, the value of mining and metals deals at Sept. 30 has surged 53 percent to 8.9 billion U.S. dollars. Of the 102 transactions, 49 were outbound deals, 40 domestic and 13 inbound."China's outbound M&A investment continues to be driven by the country's need to secure reliable sources of raw materials to support its rapid economic growth and urbanization plans," Ernst & Young China mining and metals leader Peter Markey said."Debt finance in particular has a strong appeal to vendors, given the lack of bank finance available to miners. Bidders able to provide not just equity but also direct or indirect access to debt are very appealing," he said.Similarly, bringing innovative Chinese technology to the deal table, together with access to equipment and supplies which lower operating costs, had proved a winning formula for some successful Chinese acquirers this year, Markey said.
DAMASCUS, Oct. 29 (Xinhua) -- China's top political adviser Jia Qinglin arrived here Friday for an official friendly visit to Syria.In a written speech released at the airport, Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), hailed the development of bilateral ties between China and Syria since they established diplomatic relations in 1956."China attaches great importance to the friendly ties with Syria," he said, pledging joint efforts with Syria to enhance political mutual trust, boost traditional friendship, bolster substantial cooperation and promote common development.Jia said he was looking forward to exchanging views with Syrian leaders on the further development of bilateral relations and on major international and regional issues of common concern."I believe my visit will help the people of China and Syria better know each other and boost their friendship," he said.Syria is the first leg of Jia's four-nation tour from Oct. 29 to Nov. 11. He will also visit Poland, Oman and Kazakhstan.

NICE, France, Nov. 5 (Xinhua) -- Chinese President Hu Jintao on Friday urged major economies to jointly shore up the burgeoning economic recovery worldwide in the wake of the latest global financial crisis.The call came in Hu's talks with his French counterpart Nicolas Sarkozy in this southern French city, just days ahead of a summit of the Group of 20 main economies in Seoul.All the parties should strengthen coordination on their macropolicies on the basis of unity, mutual benefit and win-win progress, sending a clear message to the market that they are united against serious global economic challenges, Hu said.Chinese President Hu Jintao (L) meets with French President Nicolas Sarkozy at the Massena Museum in Nice, France, Nov. 5, 2010.In this way, they will be able to rally market confidence and maintain the momentum of the recovery of the recession-hit world economy, he added.Meanwhile, the parties need to promote the reform of the international financial system, improve related supervision and regulation, and expand the representation of emerging economies and developing countries in international financial institutions, Hu said.Concerted efforts should also be taken to narrow the gap between the North and the South, curb all forms of protectionism and secure a comprehensive and balanced outcome of the Doha Round of World Trade Organization negotiations, he added.
XIAMEN, Sept. 7 (Xinhua) -- The Second World Investment Forum (WIF), seeking to offer insights on the balance between investment and sustainable development, opened Tuesday in Xiamen, in southeast China's Fujian Province.With the theme "Investment for Sustainable Development," the forum is organized by the United Nations Conference on Trade and Development (UNCTAD) and has attracted more than 1,500 overseas investors, policymakers and international organization representatives."International investment is high on the agenda of global policy-making," United Nations Secretary-General Ban Ki-Moon said in a video message to the forum.Despite the recovery of worldwide capital flows since the downturn in 2009, Ban said, the recovery remained fragile and the consequences of climate change were "increasingly clear.""We must work together to advance responsible investment and corporate sustainability," said Ban.He urged governments and businesses to make investments that better stimulated economic activity while promoting energy efficiency and green technology.He stressed the critical role of private investment in the spread of environment friendly practices and in reaching the UN's Millennium Development Goals (MDGs).Established in 2000, the MDGs are eight development goals to be achieved by 2015. Agreed to by UN member states, the goals include time-bound targets for reducing extreme poverty and child mortality rates, fighting disease epidemics, promoting gender equality, education and environmental sustainability.The forum participants include World Trade Organization Director-General Pascal Lamy and senior officials from many countries.The high-profile list "demonstrates the importance that international investment has gained as an engine of growth and development," UNCTAD Secretary-General Supachai Panitchpakdi said at the opening ceremony.The four-day forum would examine the challenges and opportunities for global investment in the post-crisis economy.He urged "a new generation of investment policies" to promote a transformation towards a low carbon economy.The forum also features presentations from countries showcasing climate change-related investment projects.Energy and drilling companies and engineering firms from Iceland will also attend the event to contribute their experience on the use of clean energy."The abundance of clean energy is the main reason why Iceland is... an attractive investment location for foreign companies," said Olafur Ragnar Grimsson, President of Iceland.Iceland had based all its electricity production and space heating on clean energy.However, Grimsson recalled that before the 1970s, more than 80 percent of energy in Iceland came from imported coal and oil."The climate crisis is primarily a call for a fundamental energy revolution, a comprehensive transformation from fossil fuel to green energy sources such as solar, wind, geothermal, hydro and biomass sources," he said.Chinese Vice President Xi Jinping delivered a keynote speech at the opening ceremony.The three-day forum will include conferences on the impact of investment on sustainable development; how stock exchanges can promote sustainable business practices; and the need for a recognized set of principles for borrowers and lenders that promotes sustainable debt and credit conditions.Also included is a ministerial round table that will address investment policy coherence in the post-crisis environment.
BEIJING, Oct. 20 (Xinhua) - China's State Council, or the Cabinet, unveiled a set of guidelines Wednesday, aiming at helping reconstruction work in landslide-hit Zhouqu County in Gansu Province.The guidelines affect taxation, finance, education and employment policies in the region which was devastated by the massive mudslide on Aug. 8.The document clarified that funds for the reconstruction would come primarily from central government subsidies.It said that priority would be given to rebuild damaged residential houses, public services, infrastructure and prevent the spreading of diseases.It specified tax reduction measures for enterprises and individuals who had organized and collected donations, and encouraged banks and financial institutions to increase loans to the mudslide-hit areas.Land required for housing, infrastructure and reconstructing public facilities will be allocated by the local government, according to the document.Local governments or universities have also been directed to financially assist Zhouqu-born college students, while high-school students in the landslide-affected areas have been exempted from paying tuition fees, the document said.A massive mudslide triggered by rainstorms slammed Zhouqu county in northwest China's Gansu Province on Aug. 8, leaving 1,472 dead, 294 missing and more than 15,000 people homeless.
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