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BEIJING, March 31 -- The shifting of a 40-year-old system of setting annual iron ore prices to a short-term pricing mechanism may shake up the Chinese steel industry by creating an even playing field for all steel mills - large and small - in terms of raw material costs.BHP Billiton said on Tuesday that it had concluded agreements with a significant number of Asian customers to shift pricing for the majority of its iron ore to short-term contracts, which are based on market prices.A worker at Liaoyang Iron and Steel Company, Liaoning province. There are 1,200 steel mills in China, but only 112 have licenses to import iron ore at long-term prices. Unlicensed firms have to buy iron ore from the spot market.Vale wants a new pricing system every quarter, said Pedro Gutemberg, director of marketing and research at Vale in Beijing on Tuesday, speaking at an industry conference"A more time-adjusted pricing mechanism is needed in order to better reflect real market prices," he said. "Benchmark prices are over. This is a market-oriented industry."That shift may be of some value to smaller steel mills."Vale has offered quarterly priced iron ore to us, which means we could buy iron ore at the same prices that large steel mills pay," said a sales manager at a small, private steel mill that doesn't have an iron ore import license.

BEIJING, May 19 (Xinhua) -- China's centrally-administered state-owned enterprises (SOEs) raked in a combined profit of 325.99 billion yuan (47.7 billion U.S. dollars) in the first four months of the year, the industry authorities announced here Wednesday.The profit figure in the January-April period represents 81.7 percent growth year on year, the State-Owned Assets Supervision and Administration Commission (SASAC) said in a statement on its website.Centrally controlled SOE's combined operating revenue hit 4.89 trillion yuan in the period, up 50.4 percent year on year, the statement said.While the statement did not specify the reasons for the profit and revenue increases, experts from the SASAC research center attributed the surge to last year's low comparison basis when Chinese firms were hit hard by the global economic downturn.There are currently 126 centrally-administered SOEs under the SASAC.

WUHAN, April 16 (Xinhua) -- China's top political advisor Jia Qinglin underlined building of "an environment-friendly and resource-saving society" when paying an inspection tour to central China's Hubei Province from Monday to Friday.Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference, went to several of Hubei's cities including Wuhan, Huanggang and Xianning, visiting enterprises, scientific institutes. He also visited villages and counties in the province.He urged more efforts to be made for adjustment and optimization of the industrial structure and for the country's economic growth pattern transformation to be accelerated. Jia Qinglin (2nd R Front), chairman of the National Committee of the Chinese People's Political Consultative Conference, visits FiberHome Technologies company in central China's Hubei Province, April 14, 2010. Jia made an inspection tour in Hubei on April 12-16.He stressed the importance of energy saving and environment protection, particularly in the fields of new and renewable energy development, ecological construction and promotion of a low carbon life style.He also expressed much concern for the victims of the Yushu earthquake in Qinghai Province, and urged government at all levels to help in whatever way possible to save lives.  Jia Qinglin (R Front), chairman of the National Committee of the Chinese People's Political Consultative Conference, visits residents at Yijiadi Village of Chibi City, central China's Hubei Province, April 16, 2010. Jia made an inspection tour in Hubei on April 12-16.

BEIJING, May 7 (Xinhua) -- Hu Jintao, general secretary of the Central Committee of the Communist Party of China (CPC) and Chinese president, held talks in Beijing with Kim Jong Il, general secretary of the Workers' Party of Korea (WPK) and chairman of the National Defense Commission of the Democratic People's Republic of Korea (DPRK).Kim paid an unofficial visit to China from May 3 to 7 as Hu's guest.During their talks, Hu expressed warm welcome to Kim on behalf of the CPC, Chinese government and people.Hu also expressed gratitude for the condolence from the DPRK to earthquake-hit Yushu in northwest China, as well as the DPRK's active participation in the World Expo in Shanghai.During Kim's stay in Beijing, Hu hosted a welcoming banquet in honor of Kim and accompanied Kim in a visit to a biological company.Hu Jintao (R), general secretary of the Central Committee of the Communist Party of China and Chinese president, meets with Kim Jong Il, general secretary of the Workers' Party of Korea and chairman of the National Defense Commission of the Democratic People's Republic of Korea (DPRK), at the Great Hall of the People in Beijing, capital of China, May 5, 2010.Wu Bangguo, member of the Political Bureau Standing Committee of the CPC Central Committee and chairman of the Standing Committee of the National People's Congress, and Wen Jiabao, member of the Political Bureau Standing Committee of the CPC Central Committee and Chinese premier, met with Kim respectively.Other members of the Political Bureau Standing Committee of the CPC Central Committee Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, respectively accompanied Kim for the visiting tour.Hu said the traditional friendship between China and the DPRK is the common treasures of the two governments, parties and peoples, and it is the historical responsibility of the two sides to push forward their friendship with the progress of the times and from generation to generation.He said in recent years, Sino-DPRK relations have made continuous achievements, and last year in particular, the two countries celebrated the 60th anniversary of Sino-DPRK diplomatic ties and successfully held the Year of Friendship, and the political contacts and cooperation in all areas have been fruitful.Strengthening Sino-DPRK friendly and cooperative relations is the consistent policy of the Chinese party and government, he said.Hu said China always handles, maintains and pushes forward the relations with the DPRK in a strategic and long-term perspective, and will make joint efforts with the DPRK to upgrade the relationship to benefit the two peoples and to contribute to lasting regional peace and common prosperity.Hu said boosting Sino-DPRK cooperation helps the two countries promote their own socialist construction, and safeguard and develop the common interests as well as regional peace, stability and prosperity.

TASHKENT, May 22 (Xinhua) -- Chinese Foreign Minister Yang Jiechi on Saturday called for efforts to increase cooperation in regional security and economic matters among the member states of the Shanghai Cooperation Organization (SCO).Speaking at a meeting of the Council of Foreign Ministers of the SCO in the Uzbek capital of Tashkent, Yang said that uncertainty and instability have been increasing and it would still take time for the world economy to fully recover.He suggested that the SCO member states make efforts in line with the consensus reached by their heads of state to further enhance coordination of their policies and strategies on affairs of common interest. Chinese Foreign Minister Yang Jiechi attends a meeting of the foreign ministers of the Shanghai Cooperation Organization (SCO) in Tashkent, capital of Uzbekistan, May 22, 2010.The member states should boost security cooperation to safeguard reigonal stability, including stepping up the fight against extremism, separatism and terrorism, optimizing the model for cooperation in ensuring security for major international events and carrying on joint anti-terrorism exercises, Yang said.Yang also called for bettering links among the SCO member states, boosting infrastructural construction, further facilitating trade and investment and expanding cooperation in sectors such as finance, transport, energy, telecommunications and agriculture amid the economic downturn.China will try to make sure that the 10 billion U.S. dollars credit it extended to other SCO member states, a commitment made by President Hu Jintao last year at the Yekaterinburg summit, is used for the best, Yang said.Yang and his counterparts from the SCO member states exchanged views and reached consensus on important regional affairs, including Central Asia security and stability, the international role of the SCO and its links with other multilateral organizations.They signed the Joint Declaration on SCO/U.N. Secretariat Cooperation after the meeting of the Council of Foreign Ministers.The foreign ministers also met with Uzbek President Islam Karimov.