China Trade Information

Baoshan Iron & Steel Co, the listed unit of China’s largest steel group, yesterday said it would cut most of its product prices by 200 yuan to 300 yuan (US$29.20-US$43.90) a ton for the fourth quarter to move closer to market prices that had been reduced by weaker demand.

The mill decided to lower prices for its cold-rolled steel products by 300 yuan a ton, or nearly 5 percent, and galvanized sheets by 200 yuan in its first cut this year, traders said yesterday. Analysts said the move followed cuts made by rivals after prices for iron ore, coking coal and energy fell over the past month which eased production costs.
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China Life Insurance Company Co., the country’s biggest insurer, said its first-half profit fell 36.16 percent, as a bearish stock market has squeezed investment return.

Its net profit was 10.77 billion yuan (1.54 billion U.S. dollars) by June under China accountant standards, or 0.38 yuan per share, the company said in its half-year report on Monday.

During January to June period, its investment income was 34.2 billion yuan, down 0.66 percent over the same period a year earlier.
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The first batch of wind power generators began operating in Shanxi province, marking a new era of renewable resources in the coal-rich province.

The operational wind power projects are located in Pinglu and Youyu wind farms with a total capacity of 75,000 kW. The project, one of Shanxi’s key projects in the 11th Five-Year Program (2006-2010), was funded by Shanxi International Electricity Group Limited Company with a total investment of 750 million yuan ($109.63 million).
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Chinatrust Financial Holding Co (CFHC), the top credit card issuer in Taiwan, will let Morgan Stanley to have a seat on its board, said CFHC’s chief investment officer Daniel Wu.

The U.S. investment bank, which is currently the second largest single shareholder of CFHC, will appoint a board member by the end of this year, according to Wu.
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China’s tax revenue was RMB 532.325 billion in July, a rise of 13.8% compared with the same period last year, but growth rate was down 19.3 percentage points lower than the same period last year, according to statistics released by the Ministry of Finance (MOF).

The slowdown in growth was mainly due to efforts to cool down the economy and curb inflation, said MOF.
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China’s yuan was little changed, pausing after the biggest decline in four weeks yesterday, amid speculation the government will use a stronger currency to narrow the trade gap.

The trade surplus unexpectedly widened 4 percent from a year earlier to $25.3 billion, the first increase in four months, according to China customs bureau figures released Aug. 11. U.S. Treasury Secretary Henry Paulson said Aug. 19 China must let its currency appreciate to curb domestic inflation and defuse tensions in Congress that may prompt trade penalties.
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