China to use clout to set commodity prices
1 September 2006
China intents to unify negotiations for imported commodities such as crude oil, aluminium and copper, a government official said. But tough talk of unity among Chinese commodity importers has not translated into action, the Wall Street Journal reported. China failed this year to set preferential prices for iron-ore, despite leading the negotiations. In a commentary published in state media Thursday, Wei Jianguo, a vice minister at the Ministry of Commerce, said the experience will be used as a guide for a new negotiation system. "In terms of imports, we are big buyers, but we lack the ability to set international prices," he said.
