1. Iron ore costs may increase by 65%
Japanese and South Korean steel manufacturers have agreed to a 65% jump in iron ore prices under term contracts for the 12 months from April. Although Baosteel, which represents Chinese steelmakers in the negotiations, declined to comment, industry sources said going on past performance, it is expected to accept the terms, which exceeded previous expectations of a 30%-40% rise. As a result, Baosteel and other Chinese iron producers could raise steel product prices for the second quarter as early as this week, they said. [www.xinhuanet.com, 2008.02.19]
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2. Coal exploration in West China has broken ground badly; groundwater in Shanxi province will run out
Zhang Lianlian, a researcher of the Shanxi Provincial Academy of Social Sciences, writes an article about Shanxi's ecological environment. About 2.48 cubic meter of water will be wasted per ton of coal explored in Shanxi province. By 2005, about 8.77b tons of coal had been explored in Shanxi province. Shanxi's groundwater level is going down. Coal mining has caused very serious damage to water resources. [www.tom.com, 2008.02.19]
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3. China will control the foreign investment in water supply enterprises
The China Water Supply Association has delivered a report to the State Council. This report concerns the State Council, so the Ministry of Construction and the National Development and Reform Commission (NDRC) have launched a survey on foreign investment in water supply enterprises. The survey was launched from Oct. 2007 to Jan. 2008. They have finished a report based on this survey and have delivered it to the State Council. Li Zhendong president of China Water Supply Association, is interviewed. China will control the foreign investment in water supply enterprises. [www.sina.com.cn, 2008.02.19]
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4. China to levy higher export tariffs on certain fertilizer products through the end of Sept.
Feb. 18, the Ministry of Finance issues a series of tariff policies. The finance ministry said it will levy higher export tariffs on ammonium dibasic phosphate and ammonium biphosphate through the end of Sept. It said the tariff will be raised to 35% from 20%. The hike will be retroactive from Feb. 15 and will last until Sept. 30, the ministry said. After that, the government will continue to implement a 20% tariff for the products from Oct. 1 to Dec. 31. [www.p5w.net, 2008.02.19]
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5. China's Ministry of Commerce hopes EU will approach this issue with caution
The European Commission says it has launched investigations into anti-dumping allegations concerning candles and certain steel products imported from China. An earlier response from China's Ministry of Commerce expressed hopes that the EU would approach the issue with caution, and avoid resorting to measures as drastic as anti-dumping legislation. [www.jrj.com.cn, 2008.02.19]
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6. China's investors are buying companies in global market
China's investors are buying companies on the global market. In Feb., the Chinese aluminum giant Chinalco bought a 12% of Rio's London-listed shares. Jiangxi Copper Co. Ltd. said Canadian miner Northern Peru Copper Corp.'s shareholders have approved a joint takeover by Jiangxi Copper and China Minmetals Nonferrous Metals Co. Huawei could acquire 3Com Corp. [www.jrj.com.cn, 2008.02.19]
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7. In 2007, the balance of payments data in Shanghai increased near three times over the volume in 2003
Feb. 19, the People's Bank of China holds a working conference about its foreign exchange management in Shanghai. In 2007, the balance of payments data in Shanghai increased near three times over the volume in 2003. Shanghai's total volume of imports and exports hit $283b in 2007. It was $112.4b in 2003. [www.eastday.com, 2008.02.19]
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8. China's tire industry faces anti-dumping decision by the US
The US Commerce Department has decided to impose antidumping duties on imports of new pneumatic off-the-road (OTR) tires from China. Feb. 18, Tan Yukun, vice secretary general of the Tire Chapter of the China Rubber Industry Association, is interviewed. [Shanghai Securities News , 2008.02.19]
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9. SASAC to collect statistics from state-owned enterprises
The State-owned Assets Supervision and Administration Commission's (SASAC) has issued a circular about collecting statistics from state-owned enterprises. This will help SASAC launch new adjustment policies in the future. This work should be finished before June 30. [Shanghai Securities News , 2008.02.19]
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10. China launches second national economic census
China will conduct its second national economic census in 2008 to gather accurate data for the formation of scientific policy. The State Council has held a meeting for its leading group in Beijing recently. The results will facilitate more effective macro-economic controls and more scientific mid- and long-term economic planning, the notice on the central government's website said. The census aims to gather information on the plans and energy consumption of all industrial and service-sector entities in 2008. Statisticians will also collect data on ownership, financial results, production capacity, staff and research and development activities, the notice stated. The State Council ordered local governments to clamp down on potential irregularities, including providing fake data, forging census results and interfering in the census process. [China Securities, 2008.02.19]
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11. China to issue 4G research and development plan for possible investment of RMB70b
China is expected to issue a research plan to develop the country's fourth-generation (4G) mobile technology after the National People's Congress in March. The Ministry of Information Industry will open an office to oversee the plan, which will have a total investment of over RMB70b. The expected plan will also promote the commercialization of 3G technology and develop mature 3G technology. It will focus mainly on 4G mobile technology based on China's self-developed TD-SCDMA 3G technology, but which will also be compatible with other 3G technology standards. [China Business News, 2008.02.19]
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