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BEIJING, Dec. 17 (Xinhua) -- Premium of China's insurance companies hit 1.02 trillion yuan (149.6 billion U.S. dollars) in the first 11 months of this year, up 11.65 percent from a year earlier, according to the China Insurance Regulatory Commission Thursday.     The year would be the first year that China's insurance premiums exceeded 1 trillion yuan, data from the commission showed.     From January to November, premium of property insurance rose 22.28 percent year on year to 264.02 billion yuan, and that of life insurance was 757.66 billion yuan, an annual increase of 8.37percent.     The commission said the country's insurance firms were expected to eye combined profits at 46.09 billion yuan in the first 11 months, an increase of 57.45 billion yuan over the same period of last year.     Profits of the country's insurers nationwide was about 26.1 billion yuan in the first half, up 98 percent, the commission said in July.

WASHINGTON, Dec. 30 (Xinhua) -- The U.S. International Trade Commission (ITC) on Wednesday slapped punitive penalties to imports of some 2.6 billion dollar oil country tubular goods (OCTG) from China, a move might escalate trade disputes between the two countries.     The ITC "has made affirmative determination in its final phase countervailing duty (CVD) investigation" concerning the oil pipes from China, said the ITC in a statement.     The trade agency has determined that "a U.S. industry is materially injured or threatened with material injury by reason of imports of certain oil country tubular goods from China that the U.S. Department Commerce has determined are subsidized," according to the statementThe U.S. Commerce Department made a final determination last month to impose duties between 10.36 percent and 15.78 percent on the pipes, which are mostly used in the oil and gas industries.     The ITC ruling paved the way for the imposition of duties.     The Commerce Department made its preliminary determination of CVD in September.     On Nov. 4, the Commerce also set preliminary antidumping (AD) duties on such imports from China, which is the biggest U.S. trade action against China.     Under that preliminary determination, Commerce set a 36.53 percent antidumping levy on OCTG from 37 Chinese companies, while some other Chinese companies will receive a preliminary dumping rate of 99.14 percent.     Commerce will make its final determination of antidumping duties early next year.     If Commerce makes an affirmative final determination, and the ITC makes an affirmative final determination that imports of oil tubular goods from China materially injures, or threaten material injury to, the domestic industry, Commerce will issue an antidumping duty order.     The antidumping and countervailing petition case was filed in April this year.     From 2006 to 2008, imports of OCTG from China increased 203 percent by value and amounted to an estimated 2.7 billion dollars in 2008, said the U.S. Commerce Department.     China strongly opposed the U.S. decision, saying that it is a protectionist move.     "China expressed strong dissatisfaction and is resolutely opposed to this," said China's Ministry of Commerce (MOC) spokesman Yao Jian in a statement in September.     "This does not comply with WTO agreements on subsidies. The U.S. used an incorrect method to define and calculate the subsidies, which has resulted in an artificially high subsidy rate, hurting Chinese firms' interests," said Yao.     "We hope the United States can get rid of the bias and admit China's market economy status soon to tackle the double standards thoroughly and give Chinese enterprises equal and fair treatment," Yao also said last month.     The U.S. industries also expressed strong dissatisfaction with the trade case, saying such a protectionist move would hurt U.S. companies.     The trade restrictions would "hurt U.S. using industries by raising their costs and making sources of supply uncertain," Eugene Patrone, executive director of the Consuming Industries Trade Action Coalition (CITAC) told Xinhua in September.     He noted that the tariffs would make oil and gas exploration and production be more expensive, projects be delayed, "which is against our national goal of being less dependent on imported energy."     The onset of the global recession appears to have set off an increase in trade disputes around the world.     Globally, new requests for protection from imports in the first half of 2009 are up 18.5 percent over the first half of 2008, according to the World Bank-sponsored Global Anti-dumping Database organized by Chad P. Bown, a Brandeis University economics professor.     That increase follows a 44 percent increase in new investigations in 2008.     And China has become the main target of the rising protectionism.     In another steel dispute, the U.S. Commerce Department said on Tuesday that it will impose antidumping tariffs of 14 percent to 145 percent on imports of 91 million dollar steel grating from China. A final determination will be made by the department in April 2010.

BEIJING, Dec. 25 (Xinhua) -- Chinese Vice President Xi Jinping on Friday called for continued efforts to further study and practice the Scientific Outlook on Development.     Xi made the remarks at a meeting on further studying and practicing the Scientific Outlook on Development, which emphasizes the well-being of people and comprehensive, coordinated and sustainable development.     The CPC launched an 18-month campaign to study and implement the outlook in September last year.     The campaign had so far yielded positive results, Xi said.     The Vice President urged relevant authorities to focus on improving social harmony and stability as well as party building at grassroots levels.     They should also focus on speeding up the transformation of the country's economic development mode, and should make meticulous plans for next year's work, in order to push forward reforms and development and maintain stability, he said.

MANILA, Nov. 19 (Xinhua) -- China's top political adviser, Jia Qinglin, and Philippines Senate President Juan Ponce Enrile pledged to boost cooperation between the Chinese People's Political Consultative Conference (CPPCC) and the Philippine Senate when they met here Thursday.     Jia, chairman of the CPPCC National Committee, said China-Philipines ties had witnessed healthy development since the two countries established diplomatic ties in 1975.     "China and the Philippines share broad common interests," Jia said, highlighting the enhanced mutual political trust, booming economic and trade ties, frequent humanitarian and cultural exchanges and close coordination on international and regional issues. Jia Qinglin (R Front), chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with Juan Ponce Enrile, president of the Philippine Senate, in Manila on Nov. 19, 2009. Jia Qinglin arrived in Manila on Nov. 19 for a two-day official goodwill visit to the Philippines    China appreciated the Philippine parliament's firm adherence to the one-China policy on the Taiwan issue, Jia noted.     He said China and the Philippines could further cooperate in fighting the global economic crisis and China would like to enhance cooperation with the Philippines in such sectors as trade, two-way investment, tourism, education and culture with the principle of equality and mutual benefit, he said.     Jia spoke highly of the close contact and exchange between the CPPCC and the Philippines Senate, pledging to step up exchanges and learn from each other to promote the social development of the two countries.     Enrile said the Philippines enjoyed great benefits from the friendly and cooperative ties with China.     He appreciated China's aid to the typhoon-hit areas of the Philippines and vowed to unswervingly stick to the one-China policy.     After their talks, Jia and Enrile witnessed the signing of several agreements on economic, education and disaster relief cooperation.     Jia arrived in Malina Thursday afternoon for a two-day official visit as guest of Enrile. He will also visit Peru, Ecuador and Brazil.

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.