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[quote=BOBERT,370609]But the arrests come against a backdrop of increasing resentment in China of the fact that it does not have a stronger hand in world ore negotiations, despite becoming the world's leading importer of iron ore, at a time when it is under increasing pressure from the world economic slowdown. Chinese steelmakers this year refused to accept a 33 per cent reduction in the iron ore price agreed with suppliers by Japanese steel mills in negotiations that are the traditional benchmark. Chinese steelmakers wanted a 40 per cent cut. A former Australian ambassador to South Korea, Richard Broinowski, said the Rio Tinto arrests could pose the most serious diplomatic challenge Mr Rudd has faced since taking office. "It looks pretty serious so I think it's got that potential. He's (Rudd) playing it cool at present and that's all he can do because he doesn't have any options. "If they're going to throw the book at him (Hu), if it seemed that this was punitive and related to the fact the Chinese didn't get their deal with Rio Tinto, there could be grounds for some sort of extraordinary action on the part of the Australian government." Mr Turnbull said the government needed to acknowledge the reality that Chinese companies seeking to acquire interests in Australian resources were in truth and in every respect wholly owned agencies of the Chinese government. [/quote]
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