CONNECTING THE WORLD: A visitor takes a picture of model trains produced by China CNR Corp. Ltd. at the Metro China 2013 exhibition, held in Beijing from November 19-22. China CNR showcased its latest bullet train and subway vehicle models at the expo (LIU CHANGLONG)

China-Australia FTA

A Ministry of Commerce spokesman said on November 19 that China is willing to complete negotiations with Australia on the establishment of a China-Australia Free Trade Area (FTA) soon.

Shen Danyang made the remarks while responding to questions from journalists at the ministry's monthly press conference, and in the wake of Australia's minister for industry making positive comments on the subject earlier this month.

Minister Ian Macfarlane said while visiting Tianjin that Australia expects to sign the free trade pact with China in the first half of 2014. He expressed hope that a comprehensive deal would be on the table by the time Prime Minister Tony Abbott visits China next year.

There have so far been 19 rounds of talks on the FTA since they were initiated in Sydney in May 2005, with an aim to facilitate trade and investment between the two countries.

Fuel Price Cuts

The National Development and Reform Commission (NDRC) on November 15 slashed gasoline price by 160 yuan ($26.09) per ton and diesel price by 155 yuan ($25.44) per ton.

The adjustment lowered the benchmark retail prices of gasoline by 0.12 yuan ($0.019) per liter and that of diesel by 0.13 yuan ($0.021) per liter.

This marked the third consecutive drop of fuel prices since China adopted a new pricing regime in March stipulating that domestic fuel prices will be adjusted when international crude prices reflect a change of more than 50 yuan ($8.2) per ton over a period of 10 working days.

The NDRC cited the strengthening U.S. dollar and decreasing fuel demand as major refineries went on seasonal checks as the major reason for the plunge in global oil prices.