BIZCHINA / Weekly Roundup

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.   1 2 3 4 5   (For more biz stories, please visit Industry Updates)

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