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Saving the Sino Iron Project

Although CITIC Pacific and its partners ultimately uncovered the technical bottlenecks, this typical "Chinese-style" approach to construction, design, and modification which was meant to cut costs ultimately resulted in inestimable time and money costs in an environment like Australia with particularly strict requirements on engineering quality, environmental protection, and labor protection.

With Australia's labor shortage, the average salary for a miner in Western Australia is well over AU$ 100,000. The Australian Government requires all workers to earn at least a grade six on the International English Language Testing System, and a large number of Chinese workers were prevented from working on the project due to Australia's labor visa regulations. This caused actual costs of the project to mushroom far beyond CITIC Pacific's previous optimistic estimates.

Issue 382
Print:2014-01-20
By staff reporter Wang Kai
Reform initiatives taken by local governments, unless legitimized by the central government, are at best makeshift policy measures that hardly constitute a complete system.
By staff reporter Wang Peicheng
Document No. 107 defines the shadow banking system in China for the first time. However, the accuracy of the definition has been widely questioned.
By staff reporter Wang Yanchun
Antagonism and political tensions caused by disputes over historical issues have intensified in the region in recent years. Asia will have no future if the nations in the region remain short-sighted.
By staff reporter Xu Qianchuan
Pocket crimes are able to occur not only due to vague legislation, but also because of the nationalistic stance of the judicature.

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