Get ready for the new

Be still our beating hearts! The National People’s Congress (NPC) is set to convene on March 5, and China Economic Review is getting ready for some serious rubber stamping. The first NPC teaser came out over the weekend when the NPC Standing Committee adopted China’s first food safety law. A cabinet-level commission also will be formed, with the thrilling task of reducing regulatory overlap and boosting legal liabilities for food producers. While on the topic of both the new and nothing new, the new president of Chinalco, Xiong Weiping, has spoken and he pretty much said what we all expected him to say. He said Chinalco would continue to pursue a US$19.5 billion bid to increase its stake in Rio Tinto to 18%, despite shareholder opposition and possible Aussie efforts to block the deal. Finally, Chery and Israel Corp have come to a new understanding for their auto JV. The Israeli firm will cut the size of its planned investment in Chery Quantum Auto Co to US$500 million from US$900 million for 2009-2010. The two firms also renegotiated the terms of the JV so that they both hold stakes of 50%.