Word: baoshan
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...Companies that are majority owned by the government include some familiar names, among them China Mobile, the world's largest mobile phone company by subscribers, Baoshan Steel and China National Petroleum Corp. The role they play in China's hybridized economy appears to be expanding due to the global slump. As Beijing fights recession with a $586 billion stimulus package and as banks boost lending at the behest of the government, the private sector looks to be getting squeezed out. Loans to private firms in January totaled $61.7 billion, down $102.5 million from the previous month, even as total lending...
...contradictions and paradoxes bewilder any one who tries to chart China's future. Chinese have synthesized insulin, flung satellites into space, made nuclear bombs ? yet do not supply their villages with adequate common matches. Baoshan, the huge new steel complex near Shanghai, is a state-of-the-art operation. But steel production requires heavy cargo of both coking coal and ore, and the river creek on which the Baoshan plant was built could not take heavy-laden ships. So iron ore must be shipped to the Philippines and then transshipped in small boats to Baoshan...
Phase 1 of a $5 billion iron-and steelworks at Baoshan, near Shanghai, and- a huge petrochemical complex at the Daqing oilfield in Heilongjiang province...
Both sides clearly benefit from the deal. For China, it means a return to work on two showpieces of the modernization drive. The Baoshan complex, to be built by Nippon Steel, was planned as an industrial cornerstone for the country. The Daqing petrochemical project, for which Peking had already imported most of the machinery, is intended to help make China a world-class producer of products ranging from ethylene to synthetic fibers...
...penance, the Chinese agreed to pay some $40 million in compensation to Mitsubishi Heavy Industries for the cancellation of a $420 million hot-rolling steel mill that was to form part of a second phase at Baoshan. Peking also belatedly agreed to import and pay for all of the petrochemical equipment and technology that it had originally signed for with Japanese and West German firms, a commitment that could total as much as $1.5 billion. Industrial development in the People's Republic still faces serious obstacles. Not only must the country be able to train the millions of skilled...