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NEW YORK, Jan. 7 (Xinhua) -- Stopping importing from China may result in an increase in the U.S. trade imbalance, chief economist of the World Bank Justin Yifu Lin said during a speech here on Thursday. Addressing the audience at a forum about the forecast and views of Chinese economy held at the New York Stock Exchange, Lin said the imbalance between the United States and China actually "reflects some kind of specialization due to the state of development." The type of products that China exported to the United States are labor-intensive living necessities that the United States will never produce anymore and has no competitive advantages, Lin said. Chief economist of the World Bank Justin Yifu Lin delivers a speech at a forum about the forecast and views of Chinese economy held at the New York Stock Exchange in New York, the U.S., Jan. 7, 2009. He said stopping importing from China may result in an increase in the U.S. trade imbalance "If China will not export those type of labor-intensive products, U.S. will have to import from other middle income or lower income countries," he added. "And very likely, the cost of importing from other countries will be higher." Lin said U.S. companies always have a free choice to import from China or other countries, and they currently choose China is because the cost is lower. "If U.S. has to switch the source of the import from another country, (U.S.) people will have to pay for them no matter how high the price is because that is a definite necessity," Lin said," that means most likely the trade imbalance in U.S. may increase."
BEIJING, Nov. 12 (Xinhua) -- A new pricing mechanism of fuel surcharge that links it with airlines' jet fuel costs has been introduced to offset rising jet fuel costs, China's top economic planner announced here Thursday. The National Development and Reform Commission (NDRC), together with the Civil Aviation Administration of China (CAAC), said in a statement on its website that the fuel surcharge keep abreast with China's jet fuel comprehensive purchasing costs. The new mechanism, which would take effect on Nov. 14, aims to "help the airlines with fluctuating fuel prices", as jet fuel costs usually account for 40 percent of the total costs of China's airline companies, said the statement. Under the new mechanism, airline companies could decide themselves whether to charge fuel surcharge and how much to charge if jet fuel comprehensive purchasing cost, which is the weighted average of domestic factory-gate prices for jet fuel and prices of imported fuel, reaches certain level. Currently, the surcharge level was set uniformly by the government. According to the new mechanism, when jet fuel comprehensive purchasing cost is lower than 4140 yuan per tonne, the benchmark price of jet fuel, airline companies should not charge fuel surcharge. When jet fuel comprehensive purchasing cost exceeds the level, the companies should digest at least 20 percent of the rising cost and then charge appropriate surcharge, the statement said. Also, fuel surcharge should be reduced or canceled within five days after jet fuel comprehensive purchasing cost drops, it said. China raised gasoline and diesel prices both by 480 yuan (70.28U.S. dollars) per tonne Tuesday. The benchmark price of gasoline reached 7,100 yuan a tonne and that of diesel 6,360 yuan a tonne, according to the NDRC.

SHANGHAI, Nov. 23 (Xinhua) -- Baosteel Group, China's leading steelmaker, announced on Monday its acquisition of 15 percent stake in Aquila Resources, an Australian iron ore and coal company. The 286 million Australian dollar purchase (265 million U.S. dollars) has made Baosteel the second largest shareholder of Aquila, said the Chinese company based in Shanghai. The transaction is an important strategy for Baosteel's overseas expansion by securing long-term supply of critical raw materials for its steel making business, said the company. The deal will help the Australian company source low-cost financing from Chinese institutions to support its projects. Tony Poli, executive chairman of Aquila said on the company website, "The company now looks forward to developing its relations with Baosteel to the mutual benefit of both companies." The deal was approved on November 13 by China's top economic regulator, the National Development and Reform Commission (NDRC), and it was Baosteel's first large strategic investment in a foreign public company. The two companies signed an agreement on the acquisition in August this year and got nod in October by Australia's Foreign Investment Review Board (FIRB), which limited Baosteel's stake in the Australian company to the utmost 19.9 percent. Under the terms of the deal, Dai Zhihao, a vice president of Baosteel, will step in as a board member of the Australian coalminer.
WUHAN, Nov. 28 (Xinhua) -- A senior leader of the Communist Party of China (CPC) has urged officials and governments at all levels to serve the people by addressing their concerns. He Guoqiang, member of the Standing Committee of the CPC Central Committee, made the remarks during his visit in Chibi City of central China's Hubei Province on Saturday. He said officials and governments must solve well the problems that concern people's immediate interests to ensure social harmony and stability. When visiting a local village and urban community of the city, He urged local officials to help residents increase their incomes and answer the needs required by the people. He asked the officials to improve their ability of resolving practical problems to bring about more tangible benefits to local people. He, also secretary of the Central Commission for Discipline Inspection of the CPC, also called on local Party organs to improve their organizational construction, promote intra-party democracy and strengthen the struggle against corruption.
来源:资阳报