China Economic ReviewFacing steep iron ore and energy price hikes that threaten the competitiveness of its steel industry, China announced a new industry roadmap. The plan calls for creating global Chinese steel giants through a series of mergers while restricting foreign investment in the industry.
China wants to be considered a full market economy, a label that would help fight dumping charges. But it’s also about politics.
To keep pace with China’s export boom, transport companies and port operators are expanding.
Taking stock of China’s textile trade in a post-quota era
Stakes in Chinese Internet companies are garnering top dollars, as Baidu raised US$101m in its IPO in a spectacular NASDAQ debut that saw its shares soar 354% to US$122.54 from its offer price of US$27. Investors were willing to tolerate the high valuations of a company with an estimated second quarter net income of US$1.5m, because Baidu, China’s no 1 search engine, is judged to be well-positioned to tap China’s growing Internet market.