Renewable energy
(China Daily)
Updated: 2006-10-30 10:33
Securities sale
China plans to sell up to 60 billion yuan (US$7.6
billion) of asset-backed securities this year, letting the country's insurers
invest in the financial product.
The People's Bank of China issued rules
in April 2005 to let financial companies sell asset-backed securities, or bonds
based on an underlying pool of assets including mortgage loans and credit card
receivables.
Investors of the bonds gain the right to receive cash from
the assets.
"The regulator will push to broaden the use of securitization
and end the pilot programme as soon as possible," says Li Fu'an, product
director of the China Banking Regulatory Commission.
Iron ore
International iron ore prices are likely to drop next year as supply and
demand are reaching a balance, according to a senior Chinese commerce
official.
"The international iron ore prices will be more reasonable
because the supply keeps growing and demand is slowing down," says Lu Jianhua,
director of foreign trade at the Ministry of Commerce.
China imported 247
million tons of iron ore in the first three quarters of this year, up 24.2 per
cent year-on-year. Although the growth rate remains high, it is 7 percentage
points lower than last year.
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