China aims for balance by boosting imports
CHINA would strive to achieve a trade balance over time by boosting imports, Zhong Shan, a vice Commerce Minister said in remarks published yesterday.
Zhong said the trade balance would not be achieved by suppressing exports. As the world s manufacturing powerhouse, China, runs a hefty trade account surplus with the United States.
Liu Tienan to be next energy chief
CHINA S energy chief Zhang Guobao would retire and be succeeded by 56-year-old Liu Tienan, a deputy chairman of the National Development and Reform Commission, Caixin Media reported on its Web site yesterday.
Zhang, 66, is also a deputy chief of the commission. Zhang has been head of the National Energy Administration since 2008 when the agency was established, overseeing a reform of China s fuel pricing system and a big push into renewable and low-emission energy sources.
Top legislature appoints new minister
CHINA S top legislature Saturday approved the Cabinet nomination of Miao Wei as the new minister of industry and information technology.
The National People s Congress (NPC) Standing Committee voted to approve the nomination at the end of a six-day bimonthly meeting. Miao, 55, replaced Li Yizhong, 65.
Miao was Party chief of Wuhan City, capital of central Hubei Province, and general manager of Dongfeng Motor Corporation, China s third largest State-run automobile company. He was appointed vice minister of the Ministry of Industry and Information Technology in 2008.
Hon Hai to buy Hitachi, Canon LCD venture
HON Hai Precision Industry Co. of Taiwan planned to acquire control of a liquid-crystal display (LCD) venture between Japan s Hitachi Ltd. and Canon Inc. for 100 billion yen (US$1.2 billion), the Nikkei newspaper reported.
The companies were in final negotiations for Hon Hai to acquire 50 billion yen in each of two private offerings from the venture over the next two years, dropping Hitachi s stake by 30 percent from 75.1 percent, according to the report. The unit, Hitachi Displays, would use the funds to build a plant in Japan that would start operations in 2012, doubling the unit s capacity, the report said.
