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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.

BONN, Germany, April 10 (Xinhua) -- The Copenhagen Accord should not act as "the third track" of climate talks and the urgent situation calls for all parties advance talks without delay in 2010.That's according to Su Wei, head of the Chinese delegation to the Bonn meeting held from April 9 to 11.Su told Xinhua on Friday that he expected that the ministerial-level U.N. conference to be held in Cancun, Mexico in December could achieve "three interdependent targets," as the 2009 Copenhagen summit failed to fulfill the task assigned by the Bali Roadmap."The first is to confirm quantified post-2012 emission-cut targets for the developed countries bound by the Kyoto Protocol," he said, "The second, the developed countries which haven't endorsed the Protocol should determine comparable emission-cut goals under the U.N. Framework Convention on Climate Change (UNFCCC).""Last but not least, developed countries should provide practical support to developing countries on climate funds and technology transfer," Su said.The Copenhagen Accord, which was put forward at the last minute after marathon talks in late 2009, reaffirmed the principle of "common but differentiated responsibilities" for developed and developing nations.It also upheld the dual-track negotiating mechanism of the UNFCCC and its Kyoto Protocol and reached important political consensus on several key issues, such as climate financing, long-term objectives and transparency of mitigation measures, Su told Xinhua."One of the prior tasks at present is that the political consensus achieved in Copenhagen should be reflected in the negotiating texts of the two working groups, so as to push the negotiations forward in 2010," he said.The two working groups, both under U.N. framework, are named as the Ad-hoc Working Group on Long-term Cooperative Action (AWG-LCA) and the Ad-Hoc Working Group on Further Commitments for Annex I Parties under the Kyoto Protocol (AWG-KP).Su also said that the Copenhagen Accord was an important political declaration on climate talks, but the deal itself could not substitute for the dual-track mechanism set by the Bali Roadmap in late 2007."The accord cannot be the third track, and all parties should continue the negotiating process under the existing dual-track mechanism, and focus on pending issues left by Copenhagen summit," he said.Su called for more climate meetings this year for both working groups, so that all parties could have plenty of time to "fully exchange their concerns and positions.""Developing countries, such as African nations, are the most vulnerable to global warming and in need of financial and technological support from developed countries when facing climate challenges," he said."The current process has lagged behind the schedule set by the Bali Roadmap, urging us to accelerate the negotiating process to prevent further damages," he added."Affected by internal economic crisis, some developed countries tend to strides back in climate issues, as the public's environmental enthusiasm diminished," Su warned. "Some rich nations emphasized their economic recovery while weakening efforts on climate aid and technological assistance for developing countries.""This backward gesture of rich countries sent strong negative signals to the ongoing climate talks," Su said.The Copenhagen Accord had pledged to offer 10 billion U.S. dollars per year to help poor countries combating climate change in the next three years, known as "the fast-track approach" and to boost the aid to 100 billion dollars annually by 2020."The amount of the money was apparently inadequate, compared with the tough mission of fighting climate change, but it was still far better than none," he said. "What we hope is that these promises can be converted into real actions, to fulfill the urgent demands of some poor countries on tackling climate change."He also noted that the United States, the main emitter and player in climate talks, remains "uncertain" on its actions of emission cutting, as the country's carbon-capping bill seemed stalled in the Senate."The international community expects the United States, the leading economy in the world, to make positive contributions on emission reduction and long-term climate financing mechanisms, which would weigh a lot for promoting the U.N. climate negotiations," he said.As for China, Su said his country would continue to play an active and constructive role, demonstrate utmost sincerity and make its best effort for reaching a widely accepted framework on combating climate change.The United Nations held a new session of formal climate change negotiation in the German city of Bonn from April 9 to 11, the first round this year, aimed at drawing up a calendar on climate talks for the whole 2010.Another session of U.N. climate talks will also take place in Bonn, headquarters of U.N. Climate Change Secretariat, from May 31 to June 11

BEIJING, May 18 (Xinhua) -- China and Russia Tuesday pledged to work together to take their strategic partnership of coordination to a new high."It serves the strategic interests and common aspiration of both countries to elevate the China-Russia strategic partnership of coordination," Chinese President Hu Jintao told the visiting Russian State Duma Chairman Boris Gryzlov Tuesday.Gryzlov is leading a delegation to Beijing for the fourth meeting of the cooperative committee between China's National People's Congress (NPC) and Russian State Duma.Hu visited Moscow ten days ago to attend the celebrations marking the 65th anniversary of the victory of the Great Patriotic War over Nazi Germany.Recalling the visit to Moscow, Hu said he was impressed by the commemorative events.Chinese President Hu Jintao (R) meets with Boris Gryzlov, chairman of Russia's State Duma, in Beijing, capital of China, May 18, 2010.Gryzlov appreciated Hu's attendance at the commemoration, stressing Russia and China share the same view of the war.While reviewing the bilateral relationship this year, Hu highlighted close contacts between leaders, strong, substantive cooperation, and frequent people-to-people exchanges.Hu said the complicated and capricious international situation posed important opportunities and challenges for China and Russia."China would like to work with Russia to boost the sound and fast growth of bilateral relationship," Hu said.On legislative front, Hu called for the legislative bodies of China and Russia to play out their advantages and contribute to the overall bilateral relationship.Earlier Tuesday, Wu Bangguo, chairman of the NPC Standing Committee, held talks with Gryzlov at the Great Hall of the People.

HONG KONG, April 23 (Xinhua) -- The Hong Kong Special Administrative Region held Friday a grand funeral ceremony to say goodbye to well-known businessman Tsui Tsin-tong, who was also a noted social activist, philanthropist and a close friend to the Communist Party of China.Tsui was also a member of the Standing Committee of the Chinese People's Political Consultative Conference (CPPCC) National Committee before he died of an illness on April 2 this year in the Chinese capital of Beijing at the age of 69.Jia Qinglin, chairman of the National Committee of the CPPCC, the country's top advisory body, and Chinese Vice President Xi Jinping had both sent messages of condolences to Tsui's family after Tsui's death.In their messages of condolences, Jia and Xi praised Tsui for his great contributions to Hong Kong's stable transition, smooth handover from Britain to China and Hong Kong's lasting prosperity, as well as Tsui's contributions to Chinese mainland's reform-and- opening-up drive and modernization.Tsui's funeral ceremony was held at Hong Kong's landmark Convention and Exhibition Center in the day. Tsui's cinerary casket was covered with a Chinese national flag.Tung Chee-hwa, vice chairman of the National Committee of the CPPCC, Chief Executive of the HKSAR Donald Tsang and Peng Qinghua, director of the Liaison Office of the Central People's Government in the HKSAR attended the funeral ceremony.Peng recalled in his memorial speech Tsui's life, his contributions to Chinese mainland's reform-and-opening-up drive and modernization as well as China's peaceful re-unification.Hundreds of representatives from the Liaison Office of the Central People's Government in the HKSAR, the HKSAR government, Hong Kong's Legislative Council and other government agencies, as well as Tsui's friends, also attended Tsui's funeral ceremony.

BEIJING, May 31 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, issued a circular Monday requiring banks to curb lending to energy-intensive industries, a move echoing government energy-saving and pollution-reduction measures.Banks must strictly review loan applications from companies in energy-consuming industries, the circular said, adding that only bank headquarters can extend loans to finance capacity expansion projects in energy-guzzling sectors.It also banned new credit to any projects not complying with government energy-saving policies.According to the circular, banks should conduct an overall review of loans to energy-intensive industries and report the results to the central bank by the end of June.The State Council, China's Cabinet, urged in early May all government departments make efforts to cut emissions and conserve energy to meet the country's target set in the 11th Five-Year Plan (2006-2010), according to which China will cut its per unit GDP energy consumption by 20 percent compared with 2005 levels by the end of 2010.