Chinese equities edge down at midday with renamed steelmaker＇s tumble

Crude steel production in China, the world＇s largest steel maker, rose 14 percent to a record last year, further complicating this year＇s iron ore negotiations. Steel output rose to 568 million tons in 2009 from 500 million tons in 2008, the National Bureau of Statistics said in a statement on January 21.     

Chinese equities edge down at midday with renamed steelmaker＇s tumble

Crude steel production in China, the world＇s largest steel maker, rose 14 percent to a record last year, further complicating this year＇s iron ore negotiations. Steel output rose to 568 million tons in 2009 from 500 million tons in 2008, the National Bureau of Statistics said in a statement on Januarv 21.     

Net profit of China＇s largest property developer up 30% in first nine months

China Vanke, the country＇s largest property developer by market value, said on October 25 that it raked in a net profit of RMB 2.96 billion （US$433.38 million） in the first three quarters of this year, up 29.9 percent year on year.     

Rio Tinto arrests an “isolated”case

China＇s steel industry association said on July 31 that it plans this year to unify the spot and long-contract prices for the country＇s iron ore imports. It will also set a ceiling for charges levied by import trading firms, as part of an effort to regulate the market. The proposal was the top item of discussion at the steel industry body＇s twoday semiannual meeting, said Luo Bingsheng, deputy chairman of the China Iron and Steel Association （CISA）, at a press conference.     

China a major target of trade protectionism： Official

China is expected to overtake Germany as the world＇s top merchandise exporter this year due to a weak performance of the European economy, an official with the World Trade Organization said on July 23. WTO chief economist Patrick Low made the remarks at a two-day gathering of trade ministers from APEC economies in Singapore.     

China likely to be world＇s largest beer producer for eighth straight year

The China Alcoholic Drinks Industry Association said on August 23 that the country is hopefully to become the world＇s largest beer producer for the eighth straight year this year with the production of 20.5 million tons for the first half.     

China issues larger cotton import quotas for 2010

China, the world＇s largest cotton consumer, has issued the first batch of 1.89 million tonnes of cotton import quotas for 2010, as it aims to ease supplies ahead of an expected low domestic harvest. Of the total amount, a quota of 1 million tonnes of cotton could be imported according to a sliding tariff rate, while imports of 894,000 tonnes would be taxed at a fixed 1 percent, said the China Cotton Association on its website （www.china-cotton.org）.     

China Telecom＇s net profit down 27.5% in H1

China Telecom Corp, Ltd., China＇s largest fixed line service provider, said on August 27 that net profits fell 27.5 percent from a year earlier in the first half of this year on losses of fixed-line subscribers and increased costs on mobile services. Net profits stood at RMB 8.41 billion （US$1.23 billion U.S. dollars） in the first half, excluding gains from fees collected from installation of fixed lines. Earning per share was RMB 0.1, the company said in its statement to the Hong Kong Stock Exchange. Revenue rose 14.8 percent year on year to RMB 102.55 billion from January to June. The company said it didn＇t plan to pay an interim dividend, but would consider the matter at the end of the year.     

Retail sales： 17.9% ↑ in Q1

China＇s retail sales, the main gauge of consumer spending in the world＇s fastest-growing economy, rose 17.9 percent year on year to RMB 3.64 trillion （US$532.56 billion） in the first quarter this year, the National Bureau of Statistics （NBS） said on April 15.     

ROK, China Strive for Mutual Economic and Trade Benefits

The President of the Republic of Korea （ROK） Roh Moo-hyun announced that Korea fully recognized China＇s market economy status. Roh＇s announcement was made during a joint press conference with Chinese President Hu Jintao, who was on a state visit to ROK in November. China is now the largest trading partnet of ROK, with trade volume between the two countries expected to reach 100 billion US dollars this year. The two leaders agreed that the bilateral trade volume should be doubled to 200 billion US dollars by 2012. A significant milestone having been reached between the two countries, what kind of impact can be expected to follow from the events in regards to the bilateral economic and trade relations between China and ROK？ With such questions in mind, China＇s Foreign Trade reporters interviewed Kim Ha-joong, Ambassador of ROK to China.