The Ministry of Commerce spokesman Yao Jian said China’s impotency in the iron ore price negotiations with the international resources companies was a reflection of immaturity in the process of its market transition. He noted important resources of the world like minerals and grain are now in hands of a few multinational companies that could exert their influence by maneuvering such links of these industries as output, storage, financing and transportation. There are too few such multinational companies in China, and professional and financial services are still inadequate.