Significant steps achieved in debt

Obama: Significant steps achieved in debt talks between Democrats, Republicans

U.S. President Barack Obama says talks between Democrats and Republicans on the debt ceiling and deficit reduction have achieved a "significant step." But, he also warned that there isn't much time left as the August 2nd debt ceiling deadline approaches.

Speaking at a White House briefing, Obama praised a deficit reduction plan by a group of bipartisan senators as a very significant step. The plan aims to cut the deficit by more than 4 trillion US dollars over the coming decade and suggests some tax increases.

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Obama said that plan is broadly consistent with his approach and shows "shared sacrifice" by the two parties. But a broader agreement is still needed.,timberland boots sale, The U.S. borrowing limit, currently 14.29 trillion dollars,,steeler jerseys cheap, was reached on May 16 this year. The U.S. Treasury Department says the country would default without an agreement to lift the limit by August 2nd.

These moves have meant an unprecedented amount of Chinese investment into Argentina

As of last month,,polo ralph Lauren, China had become the second-largest trading partner for Argentina, while Argentina was China's fourth-largest trading partner in Latin America, the ministry said.

The South American country has also benefited from China's emergence as a major global investor. The country attracted Chinese investments totaling $13 billion during the January-June period this year, Argentine official data showed.

Chinese investment has created more than 5,800 jobs in Argentina so far and will provide the Argentine people with 4,000 to 5,000 jobs in the next three years, said Wang Chao, Chinese vice-minister of commerce.

In the meantime,Do you want the best wedding dresses? Do you want the best cheap wedding dress, but don't want to pay expensive prices? In this article, we will look at how to find cheap wedding dresses, and whether it is a wise option to go with. Chinese businesses are becoming increasingly active in Argentina. They are bidding to build nuclear power stations, natural gas plants and rail projects.

In some cases, they simply buy Argentine companies. Last May, China National Offshore Oil Corp Ltd bought 50 percent of Bridas Corp for $3.1 billion. Bridas is a major oil and natural gas holding company.

These moves have meant an unprecedented amount of Chinese investment into Argentina. Projects under discussion between the two governments are valued at $15 billion, Wang said.

China's auto industry

Due to the removal of government incentives, purchase limits in some cities and rising oil prices, auto sales registered a 3.25-percent year-on-year growth rate in the first half of the year after surging 30 percent in 2010 and 50 percent in 2009. Home-grown brands were badly hit as consumers turned to foreign brands for better quality and performances.

Beijing created a car-quota system to combat traffic woes in January, allowing only 240,000 new cars to be registered in the city this year, compared with the 800,000 new automobiles that took to the streets in 2010.

"It is a certain stage that the sector has to go through, though a difficult one," Zhang said.

Guan Xin, dean of Auto Engineering School of Jilin University, was positive about the future of home-grown brands.

"The country's auto market still fosters huge potentials as the demand is strong," said Guan, adding that the cause behind the drop is the backward technologies and the problem will be resolved as the sector makes technological advances.

Meanwhile, Zhang suggested that home-grown brands should not rely on policies for growth as the country's auto market is a quite open one.

"Industry restructuring is inevitable. Products and enterprises that fail to withstand the test of the market should be weeded out," Zhang said, adding that policy support should only be limited to technological research such as in the component sector.