Protectionism concerns

    CHINA is greatly concerned about the European Union’s protectionist measures against Chinese steel products, the commerce ministry said Saturday.

    “The Chinese side has expressed great concerns and worries about the EU’s trade protectionist tendency over steel,” the ministry said in a statement on its website. The ministry was responding to the EU’s latest decision to take temporary anti-dumping measures against imports of Chinese seamless steel pipes, based on preliminary investigations, it said.

    Former finance minister

    CHINA’S former finance minister Lou Jiwei will take charge of the national social security fund, financial magazine Caixin reported Saturday.

    Lou has been appointed as chairman of the National Council for Social Security Fund, Caixin reported on its website but did not give further details. Last Monday, China named Xiao Jie as new finance minister and he is expected to maintain an expansionary fiscal policy and push reforms to put a lid on rising debt levels in the economy.

    Long-term contracts

    THE country’s two largest coal producers Shenhua Energy Co. and ChinaCoal agreed more long-term contracts at a discount price to current spot market rates, the Securities Times reported Friday.

    Shenhua and ChinaCoal inked agreements with China Datang Corp., Huaneng Group and China Guodian at 535 yuan (US$78.60) per ton, the Securities Times reported citing unnamed sources.

    The contract price would be a reference point that could fluctuate depending on physical settlement prices at the end of each month, according to the newspaper. Buyers and sellers will equally share risks of price moves, the newspaper said.