**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**





**FORM
      10-QSB**





(MARK
      ONE)





x
            QUARTERLY
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2006





o
            TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934 FOR THE TRANSITION PERIOD FROM _________ TO
                __________





COMMISSION
      FILE NUMBER: 002-95836-NY











**CHINA
      INDUSTRIAL WASTE MANAGEMENT INC.**


(EXACT
      NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)





NEVADA
            13-3250816(STATE
                OR OTHER JURISDICTION OF
            (I.R.S.
                EMPLOYERINCORPORATION
                OR ORGANIZATION)
            IDENTIFICATION
                NO.)




c/o
                Dalian Dong Tai Industrial Waste
                Treatment Co., LtdNo.
                1 Huaihe West Road E-T-D-Zone, Dalian, China
            116600(ADDRESS
                OF PRINCIPAL EXECUTIVE OFFICES)
            (ZIP
                CODE)





ISSUER
      'S
      TELEPHONE NUMBER, INCLUDING AREA CODE: 011-86-411-9770-3333





American
      Union Securities, Inc.


Attention:
      China Industrial Waste Management, 15th Floor


100
      Wall Street, New York, NY 10005


Agent
      Contact Information


Agent
      Telephone number: 212-232-0120





Check
      whether the issuer (1) has filed all reports required to be filed by Section
      13
      or 15(d) of the Exchange Act during the past 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days. Yes x No o.





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).


Yes
o
      No x.





The
      number of shares of Common Stock of the Registrant, par value $.001 per share,
      outstanding at September 30, 2006 was 13,220,843.








CHINA
      INDUSTRIAL WASTE MANAGEMENT INC.


INDEX
      TO
      SEPTEMBER 30, 2006 FORM 10-QSB




PagePart
                I - Financial InformationItem
                1 - Financial StatementsConsolidated
                Balance Sheet as of December 31, 2005 (audited) and September 30,
                2006
                (unaudited)
            
            3Consolidated
                Statements of Operations and Comprehensive Income for the three and
                nine
                months ended September 30, 2006 and September 30, 2005
                (unaudited)
            
            4Consolidated
                Statements of Cash Flows for the nine months ended September 30,
                2006 and
                September 30, 2005 (unaudited)
            
            5Notes
                to the Consolidated Financial Statements (unaudited)
            
            6Item
                2 - Management's Discussion and Analysis of Results of Operations
                and
                Financial Condition
            
            16Item
                3 - Controls and ProceduresPart
                II - Other Information
            
            21Item
                1 - Legal Proceedings
            
            21Item
                5. - Other InformationItem
                6 - Exhibits
            
            21Signature
                Page
            
            22











**PART
      I.**  **FINANCIAL
      INFORMATION**





**Item
              1.**
            **Financial
                Statements**





**China
      Industrial Waste Management Inc.**


**CONSOLIDATED
      BALANCE SHEET AS OF DECEMBER 31, 2005 (AUDITED)**


**AND
      SEPTEMBER 30, 2006 (UNAUDITED)** ****


September
                  30,
              
              December
                  31,2006
              
              2005**ASSETS**
              
              (Unaudited)
              
              (Audited)Current
                  assetsCash
                  and cash equivalents
              
              $
              4,523,012
              
              $
              2,944,179Trade
                  accounts receivable
              
              
              288,654
              
              
              281,761Other
                  receivables
              
              
              439,031
              
              
              339,688Inventory
              
              
              603,768
              
              
              410,084Advances
                  to suppliers
              
              
              163,336
              
              
              8,240Prepaid
                  expenses and other assets
              
              
              34,977
              
              
              22,304Total
                  current assets
              
              
              6,052,778
              
              
              4,006,256Investment
              
              
              318,636
              
              
              -Property,
                  plant & equipment
              
              
              3,697,324
              
              
              3,330,854Less
                  Accumulated depreciation
              
              
              (1,428,645
              )
              
              (1,170,611
              )Net
                  property, plant and equipment
              
              
              2,268,679
              
              
              2,160,243Construction
                  in progress
              
              
              377,203
              
              
              220,474Land
                  usage right, net of accumulated amortization
              
              
              1,519,418
              
              
              1,509,159**Total
                  assets**
              
              $
              10,536,714
              
              $
              7,896,132**LIABILITIES
                  AND STOCKHOLDERS' EQUITY**Current
                  liabilitiesAccounts
                  payable
              
              $
              204,268
              
              $
              108,213Accrued
                  sales and income taxes
              
              
              374,929Other
                  payable
              
              
              155,271
              
              
              227,201Total
                  current liabilities
              
              
              734,468
              
              
              335,414Minority
                  interest in subsidiary
              
              
              992,998
              
              
              756,072Stockholders'
                  equityPreferred
                  stock: par value $.001; 20,000,000 shares authorized; none issued
                  and
                  outstanding
              
              
              -
              
              
              64Common
                  stock: par value $.001; 90,000,000 shares authorized; 13,220,843shares
                  issued and outstanding
              
              
              13,220
              
              
              13,141Stock
                  compensation
              
              
              (74,667
              )
              
              -Additional
                  paid-in capital
              
              
              2,244,780
              
              
              2,164,795Other
                  comprehensive income
              
              
              348,775
              
              
              171,950Retained
                  earnings
              
              
              6,277,140
              
              
              4,454,696Total
                  stockholders' equity
              
              
              8,809,248
              
              
              6,804,646**Total
                  liabilities and stockholders' equity**
              
              $
              10,536,714
              
              $
              7,896,132


See
        accompanying notes to unaudited consolidated financial
        statements




3


**China
      Industrial Waste Management Inc.**


**CONSOLIDATED
      STATEMENTS OF OPERATIONS AND COMPREHENSIVE**


**INCOME
      (UNAUDITED)**


Three
                  months ended
              
              Nine
                  months endedSeptember
                  30,
              
              September
                  30,2006
              
              2005
              
              2006
              
              2005Revenue
              
              $
              1,367,553
              
              $
              1,067,298
              
              $
              4,404,643
              
              $
              3,264,271Costs
                  of revenue(including depreciation)
              
              
              469,313
              
              
              220,680
              
              
              1,429,711
              
              
              642,240Gross
                  profit
              
              
              898,240
              
              
              846,618
              
              
              2,974,932
              
              
              2,622,031Operating
                  expensesSelling
                  expenses
              
              
              158,303
              
              
              82,264
              
              
              388,383
              
              
              215,666General
                  and administrative expenses
              
              
              315,194
              
              
              191,573
              
              
              858,558
              
              
              504,115Total
                  operating expenses
              
              
              473,497
              
              
              273,837
              
              
              1,246,941
              
              
              719,781Income
                  from operations
              
              
              424,743
              
              
              572,781
              
              
              1,727,991
              
              
              1,902,250Other
                  income (expense)Investment
                  income
              
              
              -
              
              
              158,588
              
              
              -
              
              
              158,588Other
                  income
              
              
              58,513
              
              
              6
              
              
              115,902
              
              
              562Other
                  expense
              
              
              (2,465
              )
              
              -
              
              
              (3,916
              )
              
              -Total
                  other income (expense)
              
              
              56,048
              
              
              158,594
              
              
              111,986
              
              
              159,150Net
                  income before minority interest and income tax
              
              
              480,791
              
              
              731,375
              
              
              1,839,977
              
              
              2,061,400Income
                  tax (benefit)
              
              
              -
              
              
              189,875
              
              
              -
              
              
              309,577Net
                  income after income tax
              
              
              480,791
              
              
              541,500
              
              
              1,839,977
              
              
              1,751,823Minority
                  interest
              
              
              54,698
              
              
              42,179
              
              
              189,483
              
              
              175,182Net
                  income
              
              $
              426,093
              
              $
              499,321
              
              $
              1,650,494
              
              $
              1,576,641Foreign
                  currency translation adjustment
              
              
              (25,343
              )
              
              -
              
              
              75,741
              
              
              -Comprehensive
                  income
              
              $
              400,750
              
              $
              499,321
              
              $
              1,726,235
              
              $
              1,576,641Basis
                  and diluted weighted average shares outstanding
              
              
              13,111,681
              
              
              13,111,681
              
              
              13,109,314
              
              
              13,109,314Basic
                  and diluted net earnings per share
              
              $
              0.03
              
              $
              0.04
              
              $
              0.13
              
              $
              0.12




See
      accompanying notes to unaudited consolidated financial statements




4





**China
      Industrial Waste Management Inc.**


**CONSOLIDATED
      STATEMENTS OF CASH FLOWS (UNAUDITED)**


Nine
                  months endedSeptember
                  30,2006
              
              2005Cash
                  flows from operating activities:Net
                  income
              
              $
              1,650,494
              
              $
              1,576,641Adjustments
                  to reconcile net income to net cashprovided
                  by operating activities:Minority
                  interest
              
              
              189,483
              
              
              175,182Depreciation
                  and amortization
              
              
              241,579
              
              
              213,903Changes
                  in operating assets and liabilities:Accounts
                  receivable
              
              
              (6,893
              )
              
              (183,853
              )Inventory
              
              
              (193,684
              )
              
              (271,558
              )Other
                  receivables
              
              
              304,628
              
              
              (83,351
              )Advances
                  to suppliers
              
              
              (155,096
              )
              
              102,319Prepaid
                  expense
              
              
              (23,340
              )
              
              (14,339
              )Accounts
                  payable
              
              
              96,055
              
              
              100,474Other
                  payables
              
              
              302,999
              
              
              515,739Net
                  cash provided by operating activities
              
              
              2,406,225
              
              
              2,131,157Cash
                  flows from investing activiiesPurchase
                  of property
              
              
              (474,429
              )
              
              (178,995
              )Other
                  investing activities
              
              
              (352,963
              )
              
              (62,516
              )Net
                  cash used in investing activities
              
              
              (827,392
              )
              
              (241,511
              )Cash
                  flows from financing activitiesCapital
                  contribution
              
              
              -
              
              
              (205,015
              )Net
                  cash provided by financing activities
              
              
              -
              
              
              (205,015
              )Effect
                  of exchange rate on cash
              
              
              -
              
              
              -Net
                  increase in cash and cash equivalents
              
              
              1,578,833
              
              
              1,684,631Cash
                  and cash equivalents, beginning of period
              
              
              2,944,179
              
              
              2,087,708Cash
                  and cash equivalents, end of period
              
              $
              4,523,012
              
              $
              3,772,339




See
      accompanying notes to unaudited consolidated financial statements




5




CHINA
      INDUSTRIAL WASTE MANAGEMENT, INC.


NOTES
      TO
      THE CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
      30, 2006




The
      accompanying unaudited consolidated financial statements have been prepared
      in
      accordance with accounting principles generally accepted in the United States
      of
      America for interim financial information and with the instructions to Form
      10-QSB and Item 310 of Regulation S-B. Accordingly, they do not include all
      of
      the information and footnotes required by accounting principles generally
      accepted in the United States of America for annual financial statements. In
      the
      opinion of management, all adjustments (consisting of normal recurring accruals)
      considered necessary for a fair presentation have been included. The accounts
      of
      the Company and all of its subsidiaries are included in the consolidated
      financial statements. All significant intercompany accounts and transactions
      have been eliminated in consolidation. The consolidated operating results for
      the nine months ended September 30, 2006 are not necessarily indicative of
      the
      results that may be expected for the year ending December 31, 2006. For further
      information, refer to the consolidated financial statements and footnotes
      thereto included in the Company's Form 10-KSB for the year ended December 31,
      2005.





**1.** **Nature
      of operations**





The
      unaudited consolidated financial statements are those of China Industrial Waste
      Management, Inc., a Nevada corporation formerly known as Goldtech Mining
      Corporation, (the “Company”) and its wholly and majority owned subsidiaries.
      Dalian Acquisition Corp., a Delaware corporation, was formed as a wholly owned
      subsidiary of the Company for the purpose of acquiring an operating subsidiary.
      Dalian Dongtai Industry Waste Treatment Co. Ltd. (“Dongtai”) was incorporated on
      January 9, 1991. As of September 30, 2006 Dongtai has one subsidiary - Liaoyang
      Dongtai Industry Waste Treatment Co. Ltd (“Liaoyang Dongtai”). Dongtai is
      located in Economic and Technology Development Zone, Dalian, People’s Republic
      of China (“PRC”). Dongtai is engaged in the collection, treatment, disposal and
      recycling of industrial waste in China. The Company recovers all types of
      industrial wastes which can be used as raw material to produce chemical and
      metallurgy products. Dongtai also provides incineration, burial, and water
      treatment services. Dongtai also provides service for environment protection,
      technology consultation, pollution treatment, and waste managing process
      design.




Liaoyang
      Dongtai was incorporated on March 22, 2006. Dongtai has a 60% interest in this
      subsidiary. Liaoyang Dongtai is located in Liaoyang, People’s Republic of China
      (PRC) and is engaged in the business of collecting, treating, disposing and
      recycling industrial wastes.





China
      Industrial Waste Management, Inc. (“CIWM”) was incorporated in the State of
      Delaware on August 16, 2005. On September 22, 2005, CIWM acquired 90% of the
      outstanding shares of Dongtai from its shareholders in exchange for 1,280,000
      shares of CIWM common stock, representing 100% of the issued and outstanding
      common stock of CIWM at the date of the acquisition.




6








The
      exchange of shares with Dongtai has been accounted for as a reverse acquisition
      under the purchase method of accounting since the shareholders of Dongtai
      obtained control of the combined company. Accordingly, the merger of the two
      companies has been recorded as a recapitalization of Dongtai, with Dongtai
      being
      treated as the continuing entity.




On
      November 11, 2005, the Company consummated a merger agreement with Dalian
      Acquisition Corp., CIWM, and all of the shareholders of CIWM. The shareholders
      of CIWM owned 1,280,000 shares of CIWM, representing all of the issued and
      outstanding shares of CIWM. Pursuant to the merger agreement, CIWM was merged
      with and into Dalian Acquisition Corp. CIWM ceased in existence and Dalian
      Acquisition Corp. was the surviving company. By operation of laws, all rights,
      properties and debts of CIWM were transferred to Dalian Acquisition Corp. and
      Dalian Acquisition Corp. is liable for all debts, liabilities, duties and
      obligations of CIWM and itself as a group. Each issued and outstanding share
      of
      Dalian Acquisition Corp. continued to be issued and outstanding. Each issued
      and
      outstanding share of CIWM was automatically cancelled, extinguished and was
      converted into the right to receive 0.05 share of the newly issued Series A
      Convertible Preferred Stock of the Company (the “Series A Stock”). As such, the
      1,280,000 shares of CIWM were converted into a total of 64,000 shares of the
      Series A Stock, and all shareholders of CIWM became the holders of the Series
      A
      Stock of the Company. Each share of the Series A Stock is convertible into
      10,000 shares of common stock before giving effect to a 100 for 1 reverse stock
      split (that is, 100 shares of common stock after giving effect to the reverse
      stock split).





The
        exchange of shares with the Company has been accounted for as a reverse
        acquisition under the purchase method of accounting since the previous
        shareholders of CIWM obtained control of the Company. Accordingly, the
        historical financial statements presented herein are those of Dongtai and
        its
        subsidiaries with the adopted capital structure of the Company. The financial
        statements of the legal acquiror (the Company) are not significant, therefore,
        no pro forma financial information is submitted


On
      May
      12, 2006, the Company changed its name to “China Industrial Waste Management,
      Inc.” and began trading under a new trading symbol (CIWT). In addition the
      Company effected a 1:100 reverse stock-split of its outstanding common shares.
      After the effectiveness of the reverse split, all the outstanding shares of
      the
      Company’s Series A Convertible Preferred Stock were converted into shares of the
      Company’s common stock.





On
      May
      15, 2006, the Company issued to 10 stockholders an aggregate of 6,400,000
      additional shares of the Company's Common Stock as an equitable adjustment
      of
      the number of shares which the Company had agreed to issue to such persons
      pursuant to a Share Exchange Agreement entered into on November 11,
      2005.




7





**2.
      Basis of Presentation**





The
      accompanying consolidated financial statements include the accounts of China
      Industrial Waste Management, Inc., a Nevada corporation, its 100% owned
      subsidiary Dalian Acquisition Corp., its 90% indirectly owned subsidiary Dalian
      Dongtai Industry Waste Treatment Co., Ltd, a PRC Company, and its 60% indirectly
      owned subsidiary Liaoyang Dantai Industry Waste Treatment Co. Ltd, a PRC
      Company. All material inter-company accounts and transactions have been
      eliminated in the consolidation.





The
      accompanying financial statements are prepared in accordance with accounting
      principles generally accepted in the United States of America (US GAAP). This
      basis differs from that used in the statutory accounts of the Company, which
      were prepared in accordance with the accounting principles and relevant
      financial regulations applicable to enterprises in the PRC. All necessary
      adjustments have been made to present the financial statements in accordance
      with US GAAP.





**3.
      Summary of Significant Accounting Policies**





Economic
      and Political Risks





The
      Company faces a number of risks and challenges as a result of having primary
      operations and markets in the PRC. Changing political climates in the PRC could
      have a significant effect on the Company’s business.





Foreign
      currency translation





As
      of
      September 30, 2006 and 2005, the accounts of the Company were maintained, and
      the consolidated financial statements were expressed in the Chinese Yuan
      Renminbi (“RMB”). Such consolidated financial statements were translated into
      U.S. dollars (“USD”) in accordance with Statement of Financial Accounting
      Standards (“SFAS”) No. 52, “Foreign Currency Translation,” with the RMB as the
      functional currency. According to the SFAS’, all assets and liabilities were
      translated at the exchange rate on the balance sheet date, stockholders’ equity
      was translated at the historical rates and the statement of operations items
      were translated at the weighted average exchange rate for the period. The
      resulting translation adjustments are reported under other comprehensive income
      in accordance with SFAS No. 130, “Reporting Comprehensive Income.”





Use
      of
      estimates





The
      preparation of financial statements in conformity with generally accepted
      accounting principles requires management to make estimates and assumptions
      that
      affect the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements and
      the reported amounts of revenues and expenses during the reporting period.
      Actual results could differ from those estimates.




8





Cash
      and cash equivalents





Cash
      and
      cash equivalents include cash on hand and cash in time deposits, certificates
      of
      deposit and all highly liquid debt instruments with original maturities of
      three
      months or less.





Accounts
      and other receivables





Accounts
      and other receivables are recorded at net realizable value consisting of the
      carrying amount less an allowance for uncollectible accounts, as needed.
      Allowance for uncollectible accounts as of September 30, 2006 is not
      significant.





The
      Company maintains reserves for potential credit losses on accounts receivable.
      Management reviews the composition of accounts receivable and analyzes
      historical bad debts, customer concentrations, customer credit worthiness,
      current economic trends and changes in customer payment patterns to evaluate
      the
      adequacy of these reserves. Terms of the sales vary from cash on delivery
      through a credit term of up to nine to twelve months. Reserves are recorded
      primarily on a specific identification basis.





Advances
      to suppliers





The
      Company makes advances to certain vendors for purchase of its material. The
      advances to suppliers are interest free and unsecured.





Inventory





Inventories
      are stated at the lower of cost, as determined on a first-in, first-out basis,
      or market. Management compares the cost of inventories with the market value,
      and allowance is made for writing down the inventories to their market value,
      if
      lower.





Property,
      equipment and construction in progress





Property
      and equipment are stated at cost. Expenditures for maintenance and repairs
      are
      charged to earnings as incurred; additions, renewals and betterments are
      capitalized. When property and equipment are required or otherwise disposed
      of,
      the related cost and accumulated depreciation are removed from the respective
      accounts, and any gain or loss is included in operations. Depreciation of
      property and equipment is provided using the straight-line method for
      substantially all assets with estimated lives as follows:




Buildings
            30
            YearsMachinery
            10
            YearsVehicles
            8
            YearsOffice
                equipment
            5
            Years






9




Construction
      in progress consists of the design expenses, architect fee and cost of the
      equipment to treat waste.





Long-lived
      assets





Effective
      January 1, 2002, the Company adopted Statement of Financial Accounting Standards
      No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS
      144”), which addresses financial accounting and reporting for the impairment or
      disposal of long-lived assets and supersedes SFAS No. 121, “Accounting for the
      Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,”
and the accounting and reporting provisions of APB Opinion No.30, “Reporting the
      Results of Operations for a Disposal of a Segment of a Business.” The Company
      periodically evaluates the carrying value of long-lived assets to be held and
      used in accordance with SFAS 144. SFAS 144 requires impairment losses to be
      recorded on long-lived assets used in operations when indicators of impairment
      are present and the undiscounted cash flows estimated to be generated by those
      assets are less than the assets’ carrying amounts. In that event, a loss is
      recognized based on the amount by which the carrying amount exceeds the fair
      market value of the long-lived assets. Loss on long-lived assets to be disposed
      of is determined in a similar manner, except that fair market values are reduced
      for the cost of disposal. Based on its review, the Company believes that, as
      of
      September 30, 2006 there were no significant impairments of its long-lived
      assets.





Intangible
      assets





Intangible
      assets consist of “Rights to use land and build a plant” for fifty years and
“Rights of use landfill” for twenty years. The methods to amortize intangible
      assets are a fifty year straight-line method and a twenty year straight-line
      method for landfill. The Company also evaluates intangible assets for
      impairment, at least on an annual basis and whenever events or changes in
      circumstances indicate that the carrying value may not be recoverable from
      its
      estimated future cash flows. Recoverability of intangible assets, other
      long-lived assets and, goodwill is measured by comparing their net book value
      to
      the related projected undiscounted cash flows from these assets, considering
      a
      number of factors, including past operating results, budgets, economic
      projections, market trends and product development cycles. If the net book
      value
      of the asset exceeds the related undiscounted cash flows, the asset is
      considered impaired, and a second test is performed to measure the amount of
      impairment loss.





Net
      intangible assets at September 30, 2006 were $1,519,418 which is right to use
      land of $1,570,621 less accumulated amortization of $51,203.




Amortization
      expense for the Company’s intangible assets for the nine months ended September
      30, 2006 and 2005 totaled $25,339 and $25,959 respectively.




10





Minority
      interest





Minority
      interest represents Dalian Dongtai’s 60% equity interest in Liaoyang Dongtai
      Industry Waste Treatment Co. Ltd. and the Company’s 90% equity interest in
      Dalian Dongtai.





Fair
      value of financial instruments





Statements
      of Financial Accounting Standards No. 107, “Disclosures About Fair Value of
      Financial Instruments, requires that the Company disclose estimated fair values
      of financial instruments. The carrying amounts reported in the statements of
      financial position for current assets and current liabilities qualifying as
      financial instruments are a reasonable estimate of fair value.





Revenue
      recognition





The
      Company’s revenue recognition policies are in compliance with Staff Accounting
      Bulletin (SAB) 104. Revenue is recognized when services are rendered to
      customers when a formal arrangement exists, the price is fixed or determinable,
      the delivery is completed, no other significant obligations of the Company
      exist
      and collectibility is reasonably assured. Payments received before all of the
      relevant criteria for revenue recognition are satisfied are recorded as unearned
      revenues.





Advertising
      costs





The
      Company expenses the cost of advertising as incurred or, as appropriate, the
      first time the advertising takes place. Advertising costs for the nine months
      ended September 30, 2006 and 2005 were insignificant.





Stock-based
      compensation





In
      December 2004, the FASB issued SFAS No.123(R) which prescribes accounting and
      reporting standards for all stock based compensation plans, including employee
      stock options, restricted stock, employee stock purchase plans and stock
      appreciation rights. SFAS No. 123(R) requires compensation expense to be
      recorded using the fair value method.




Income
      taxes





The
      Company utilizes SFAS No. 109, “Accounting for Income Taxes” which requires the
      recognition of deferred tax assets and liabilities for the expected future
      tax
      consequences of events that have been included in the financial statements
      or
      tax returns. Under this method, deferred income taxes are recognized for the
      tax
      consequences in future years of differences between the tax bases of assets
      and
      liabilities and their financial reporting amounts at each period end based
      on
      enacted tax laws and statutory tax rates, applicable to the periods in which
      the
      differences are expected to affect taxable income. Valuation allowances are
      established, when necessary, to reduce deferred tax assets to the amount
      expected to realized.




11





Local
      PRC income tax





The
      Company is subject to the Enterprise Income Tax of the PRC at a rate of fifteen
      percent on the net income. According to the relevant PRC tax rules, any joint
      venture with foreigner investment is eligible for special tax exempt treatment
      for the first two years. The Company received tax exempt treatment for the
      years
      ending December 31, 2005 and 2004, respectively.





Statement
      of cash flows





In
      accordance with Statement of Financial Accounting Standards No. 95, “Statement
      of Cash Flows,” cash flows from the Company’s operations are calculated based
      upon the local currencies. As a result, amounts related to assets and
      liabilities reported on the statement of cash flows will not necessarily agree
      with changes in the corresponding balances on the balance sheet.





Basic
      and diluted net earnings per share





Net
      earnings per share is calculated in accordance with Statement of Financial
      Accounting Standards No. 128 (“SFAS No. 128), “Earnings Per Share”. Basic net
      earnings per share is based upon the weighted average number of common shares
      outstanding. Diluted net earnings per share is based on the assumption that
      all
      dilutive convertible shares and stock options were converted or exercised.
      Dilution is computed by applying the treasury stock method. Under this method,
      options and warrants are assumed to be exercised at the beginning of the period
      (or at the time of issuance, if later), and as if funds obtained thereby were
      used to purchase common stock at the average market price during the
      period.





**3.
      Shareholders’ equity**





On
      May
      15, 2006, the Company issued to 10 stockholders an aggregate of 6,400,000
      additional shares of the Company's Common Stock as an equitable adjustment
      of
      the number of shares which the Company had agreed to issue to such persons
      pursuant to a Share Exchange Agreement entered into on November 11,
      2005.





On
      June
      8, 2006, 80,000 shares of its Common Stock, par value $.001 per share, were
      authorized for issuance in the aggregate to Ms. Mui Chiu Yeung and Mr. Chi
      Chuen
      Cheung pursuant to a Consulting Agreement. Management valued the transaction
      at
      $1.00 per share because the value of the consulting agreement was determined
      to
      be more reliable than the quoted price of the stock during a period with no
      trading activity. The Company recorded a prepaid asset for the value of the
      consulting services to be received and is amortizing that value as an expense
      over the five year requisite service period.




12





**4.
      Statutory Common Welfare Fund**





As
      stipulated by the Company Law of the People’s Republic of China as applicable to
      Chinese companies with foreign ownership, net income after taxation can only
      be
      distributed as dividends after appropriation has been made for the
      following:





a.
            Making up cumulative prior years’ losses,
              if any  b.
            Allocations
                to the “Statutory surplus reserve” of at least 10% of income after tax, as
                determined under PRC accounting rules and regulations, until the
                fund
                amounts to 50% of the Company’s registered capital;


c.
            Allocations
                of 5 -10% of income after tax, as determined under PRC accounting
                rules
                and regulations to the Company’s “Statutory common welfare fund”, which is
                established for the purpose of providing employee facilities and
                other
                collective benefits to the Company’s employees; and


d.
            Allocations
                to the discretionary surplus reserve, if approved in the shareholders’
                general meeting.





**5.
      Current vulnerability due to certain concentrations**





The
      Company’s operations are carried out in the PRC. Accordingly, the Company’s
      business, financial condition and results of operations may be influenced by
      the
      political, economic and legal environments in the PRC, and by the general state
      of the PRC’s economy. The Company’s business may be influenced by changes in
      governmental policies with respect to laws and regulations, anti-inflationary
      measures, currency conversions and remittance abroad, and rates and methods
      of
      taxation, among other things.





**6.
      Recently issued accounting pronouncements**





In
      May,
      2005, the FASB issued SFAS No. 154, “Accounting Changes and Error Corrections.”
This statement applies to all voluntary changes in accounting principles and
      requires retroactive application to prior periods’ financial statements of
      changes in accounting principle, unless this would be impracticable. This
      statement also makes a distinction between “retrospective application” of an
      accounting principle and the “restatement” of financial statements to reflect
      the correction of an error. This statement is effective for accounting changes
      and corrections of errors made in fiscal years beginning after December 15,
      2005. The Company believes that the adoption of this statement will have no
      material impact on its consolidated financial statements.




In
      February, 2006, FASB issued SFAS No. 155, “Accounting for Certain Hybrid
      Financial Instruments”. SFAS No. 155 amends SFAS No. 133, “Accounting for
      Derivative Instruments and Hedging Activities”, and SFAS No. 140, “Accounting
      for Transfers and Servicing of Financial Assets and Extinguishments of
      Liabilities”. SFAS No. 155, permits fair value re-measurement for any hybrid
      financial instrument that contains an embedded derivative that otherwise would
      require bifurcation, clarifies which interest-only strips and principal-only
      strips are not subject to the requirements of SFAS No. 133, establishes a
      requirement to evaluate interest in securitized financial assets to identify
      interests that are freestanding derivatives or that are hybrid financial
      instruments that contain an embedded derivative requiring bifurcation, clarifies
      that concentrations of credit risk in the form of subordination are not embedded
      derivatives, and amends SFAS No. 140 to eliminate the prohibition on the
      qualifying special-purpose entity from holding a derivative financial instrument
      that pertains to a beneficial interest other than another derivative financial
      instrument. This statement is effective for all financial instruments acquired
      or issued after the beginning of the Company’s first fiscal year that begins
      after September 15, 2006. The Company expects that the Statement will have
      no
      material impact on its consolidated financial statements.




13





In
      June,
      2005, the EITF reached consensus on Issue No. 05-6, Determining the Amortization
      Period for Leasehold Improvements (“EITF 05-6.) EITF 05-6 provides guidance on
      determining the amortization period for leasehold improvements acquired in
      a
      business combination or acquired subsequent to lease inception. The guidance
      in
      EITF 05-6 will be applied prospectively and is effective for periods beginning
      after June 29, 2005. EITF 05-6 is not expected to have a material effect on
      the
      Company’s consolidated financial position or results of operations.





In
      March
      2004, the FASB approved the consensus reached on the Emerging Issues Task Force
      (EITF) Issue No. 03-1, "The Meaning of Other-Than-Temporary Impairment and
      Its
      Application to Certain Investments." The objective of this Issue is to provide
      guidance for identifying impaired investments. EITF 03-1 also provides new
      disclosure requirements for investments that are deemed to be temporarily
      impaired. In September 2004, the FASB issued a FASB Staff Position (FSP) EITF
      03-1-1 that delays the effective date of the measurement and recognition
      guidance in EITF 03-1 until after further deliberations by the FASB. The
      disclosure requirements are effective only for annual periods ending after
      June
      15, 2004. The Company has evaluated the impact of the adoption of the disclosure
      requirements of EITF 03-1 and does not believe it will have an impact to the
      Company's overall combined results of operations or combined financial position.
      Once the FASB reaches a final decision on the measurement and recognition
      provisions, the Company will evaluate the impact of the adoption of EITF 03-1.





In
      November 2004, the FASB issued SFAS No. 151 "Inventory Costs, an amendment
      of
      ARB No. 43, Chapter 4”, (" SFAS No. 151"). The amendments made by SFAS 151
      clarify that abnormal amounts of idle facility expense, freight, handling costs,
      and wasted materials (spoilage) should be recognized as current-period charges
      and require the allocation of fixed production overheads to inventory based
      on
      the normal capacity of the production facilities. The guidance is effective
      for
      inventory costs incurred during fiscal years beginning after June 15, 2005.
      Earlier application is permitted for inventory costs incurred during fiscal
      years beginning after November 23, 2004. The Company has evaluated the impact
      of
      the adoption of SFAS 151, and does not believe the impact will be significant
      to
      the Company's overall results of operations or financial position.





In
      December 2004, the FASB issued SFAS No.152, "Accounting for Real Estate
      Time-Sharing Transactions-an amendment of FASB Statements No. 66 and 67" ("SFAS
      152") SFAS 152 amends SFAS No. 66, "Accounting for Sales of Real Estate", to
      reference the financial accounting and reporting guidance for real estate
      time-sharing transactions that is provided in AICPA Statement of Position (SOP)
      04-2, "Accounting for Real Estate Time-Sharing Transactions". SFAS 152 also
      amends SFAS No. 67, "Accounting for Costs and Initial Rental Operations of
      Real
      Estate Projects", to state that the guidance for (a) incidental operations
      and
      (b) costs incurred to sell real estate projects does not apply to real estate
      time-sharing transactions. The accounting for those operations and costs is
      subject to the guidance in SOP 04-2. SFAS 152 is effective for financial
      statements for fiscal years beginning after June 15, 2005, with earlier
      application encouraged. The Company has evaluated the impact of the adoption
      of
      SFAS 152, and does not believe the impact will be significant if any, to the
      Company's overall results of operations or financial position since the Company
      does not enter into such transactions.




14





In
      December 2004, the FASB issued SFAS No.153, "Exchanges of Nonmonetary Assets,
      an
      amendment of APB Opinion No. 29, Accounting for Nonmonetary Transactions."
      The
      amendments made by SFAS 153 are based on the principle that exchanges of
      nonmonetary assets should be measured based on the fair value of the assets
      exchanged. Further, the amendments eliminate the narrow exception for
      nonmonetary exchanges of similar productive assets and replace it with a broader
      exception for exchanges of nonmonetary assets that do not have commercial
      substance. Previously, Opinion 29 required that the accounting for an exchange
      of a productive asset for a similar productive asset or an equivalent interest
      in the same or similar productive asset should be based on the recorded amount
      of the asset relinquished. Opinion 29 provided an exception to its basic
      measurement principle (fair value) for exchanges of similar productive assets.
      That exception required that some nonmonetary exchanges, although commercially
      substantive, be recorded on a carryover basis. By focusing the exception on
      exchanges that lack commercial substance, the FASB believes SFAS No.153 produces
      financial reporting that more faithfully represents the economics of the
      transactions. SFAS No.153 is effective for nonmonetary asset exchanges occurring
      in fiscal periods beginning after June 15, 2005. Earlier application is
      permitted for nonmonetary asset exchanges occurring in fiscal periods beginning
      after the date of issuance. The provisions of SFAS No.153 shall be applied
      prospectively. The Company has evaluated the impact of the adoption of SFAS
      153,
      and does not believe the impact will be significant to the Company's overall
      results of operations or financial position.


15




**Item
              2.**
            **MANAGEMENT'S
                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
                OPERATIONS**





*FORWARD-LOOKING
      INFORMATION - Management's Discussion and Analysis of Financial Condition and
      Results of Operations ("MD&A") includes "forward-looking statements" within
      the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
      the
      Securities Exchange Act of 1934. All statements, other than statements of
      historical facts, included in this MD&A regarding the Company's financial
      position, business strategy and plans and objectives of management of the
      Company for future operations are forward-looking statements. These
      forward-looking statements rely on a number of assumptions concerning future
      events and are subject to a number of uncertainties and other factors, many
      of
      which are outside of the Company's control, that could cause actual results
      to
      materially differ from such statements. While the Company believes that the
      assumptions concerning future events are reasonable, it cautions that there
      are
      inherent difficulties in predicting certain important factors, especially the
      timing and magnitude of technological advances; the prospects for future
      acquisitions; the possibility that a current customer could be acquired or
      otherwise be affected by a future event that would diminish their information
      technology requirements; the competition in the information technology industry
      and the impact of such competition on pricing, revenues and margins; the degree
      to which business entities continue to outsource information technology and
      business processes; uncertainties surrounding budget reductions or changes
      in
      funding priorities of existing government programs and the cost of attracting
      and retaining highly skilled personnel.*





**OVERVIEW**





Historically,
      the Company engaged in two lines of business: 1) the exploration and development
      of potential mining properties, and 2) the development, marketing and support
      of
      computer software products and services. In September 2004, the Company sold
      its
      computer business. Since September 2005, the Company has no longer been in
      the
      mining business due to its loss of all its contractual rights in certain mining
      properties in Spain.





In
      November 2005, the Company, through its wholly-owned subsidiary, Dalian
      Acquisition Corp., a Delaware company (“Dailian Acqusition”), acquired 90% of
      the capital stock of Dalian Dongtai Industrial Waste Treatment Co., Ltd., a
      corporation located in Dalian, the People’s Republic of China, or PRC (“Dalian
      Dongtai”). As a result of the acquisition, the Company is now engaged in the
      waste management business, and Dongtai currently represents the primary
      operations and business of the Company.





Dailian
      Dong Tai is one of the earliest companies specializing in the centralized
      treatment of industrial waste in the People's Republic of China. Dalian Dong
      Tai
      is engaged in the collection, treatment, disposal and recycle of all types
      of
      industrial waste. Currently, industrial waste is either used as a raw material
      to produce chemical and metallurgy products or incinerated, buried, or treated.
      Dalian Dong Tai also provides waste disposal solutions and realty management
      services to its clients.




16





On
      March
      22, 2006, Dalian Dongtai and two other shareholders formed a subsidiary,
      Liaoyang Dongtai Industrial Waste Treatment Co., Ltd (“Liaoyang Dongtai”) in the
      PRC, in which Dalian Dongtai holds a 60% ownership interest. Liaoyang Dongtai
      is
      also engaged in the collection, treatment, disposal and recycle of industrial
      waste. It is located in Liaoyang, where there is a concentration of large-scale
      chemical industrial enterprises. Industrial waste generated by these enterprises
      are on the increase and have not, in our opinion, been properly been disposed.
      We believe that this presents a good business opportunity for the Company
      to meet this need.





The
      name
      change and the reverse stock-split were effective May 12, 2006.





**RESULTS
      OF OPERATIONS**





The
      following discussion should be read in conjunction with the consolidated
      financial statements and notes appearing elsewhere in this quarterly
      report.





**Three
      and nine months ended September 30, 2006 and 2005**





Revenue





We
      generate revenue primarily from fees charged to customers for waste collection,
      transfer, recycling and disposal services. We consider our core business to
      be
      our collection and disposal operations. We also generate revenue from the sale
      of recycled commodities.





Revenue
      for the nine months ended September 30, 2006, was $4,404,643, an increase of
      $1,140,372 or 34.93% from $3,264,271 for the same period in 2005. Revenue for
      the three months ended September 30, 2006, was $1,367,553, an increase of
      $300,255 or 28.13% from $1,067,298 for the same period in 2005. The increase
      in
      revenue is attributable to an increase in sales from recycled
      commodities.





**** Costs
      of revenue ****





Costs
      of
      revenue increased from $642,240 for the nine months ended September 30, 2005
      to
      $1,429,711 for the nine months ended September 30, 2006 or $787,471 or 122.6%.
      Costs of revenue increased from $220,680 for the three months ended September
      30, 2005 to $469,313 for the three months ended September 30, 2006 or $248,633
      or 112.67%. The increase is attributable to the increase in sales of our
      regenerated products.




17





Operating
      expenses ****





Total
      operating expenses for the nine months ended September 30, 2006 was $1,246,941,
      an increase of $527,160 or 73.24% from $719,781 for the same period ended
      September 30, 2005. Total operating expenses for the three months ended
      September 30, 2006 was $473,497, an increase of $199,660 or 72.91% from $273,837
      for the same period ended September 30, 2005. The primary reason for this
      increase is the increased expenses for employee beneficial plan and
      wages.




Foreign
      Currency Translation





The
      foreign currency translation adjustment for the three months ended September
      30
      2006 was ($25,343) and that for the nine months ended September 30 2005 was
      $75,741. Such a fluctuation is a result of the volatility in the foreign
      exchange rate between the US dollar and the RMB.





Operating
      Income/Loss





Operating
      income for the nine months ended September 30, 2006 was $1,727,991, a decrease
      of $174,259 or 9.16% from $1,902,250 for the same period in 2005. Operating
      income for the three months ended September 30, 2006 was $424,743, a decrease
      of
      $148,038 or 25.85% from $572,781 for the same period in 2005. This decrease
      is
      attributable to the increase in the Company’s operating expenses.




Income
      tax





The
      Company is not liable for income tax this year as a consequence of a tax
      exemption granted to it. The Company has accrued an income tax expenses of
      $189,875 for the three months ended September 30, 2005 and $309,577 for the
      nine
      months ended September 2005. The Company’s tax-exempt status will continue for
      two years from 2006 through 2007. Thereafter, the Company will only be liable
      to
      pay 50% of its income taxes for the next three years.




**Liquidity
      and Capital Resources**




We
      have
      financed our operation and met capital expenditure requirements primarily
      through cash provided by operating activities, trade credit and equity
      financing.





Cash
      and cash equivalents





The
      Company had cash and cash equivalents of $2,944,179 at the beginning of 2006
      and
      $4,523,012 at the end of September 30, 2006. The Company had cash and cash
      equivalents of $2,087,708 at the beginning of 2005 and $3,772,339 at the end
      of
      September 30, 2005.





18





Working
      Capital





As
      of
      September 30, 2006, the Company had working capital of $5,318,310, as compared
      to $3,670,842 as of September 30, 2005.





Cash
      used by Operating Activities




Cash
      used
      by operating activities totaled $2,406,225 for the nine months ended September
      30, 2006, as compared to cash provided by the operations of $2,131,157 for
      the
      nine months ended September 30, 2005




We
      intend
      to use our available funds as working capital and to develop our current lines
      of business. We believe that our available funds will provide us with sufficient
      capital for at least the next twelve months; however, to the extent that we
      make
      acquisitions, we may require additional capital for the acquisition or for
      the
      operation of the combined companies. We cannot assure that such funding will
      be
      available.





**Critical
      Accounting Policies**





We
      have
      disclosed in Note 3 to our financial statements those accounting policies that
      we consider to be significant in determining our results of operations and
      our
      financial position which are incorporated by reference herein.




The
      preparation of financial statements requires us to make estimates and judgments
      that affect the reported amounts of assets, liabilities, revenue and expenses.
      We evaluate our estimates, including those related to bad debts, inventories
      and
      warranty obligations, on an ongoing basis. We base our estimates on historical
      experience and on various assumptions that we believe to be reasonable under
      the
      circumstances. These estimates and assumptions affect the reported amounts
      of
      assets and liabilities at the date of the financial statements and the reported
      amounts of revenue and expenses during the periods presented. The actual results
      may differ from these estimates under different assumptions or conditions.




The
      significant accounting policies which we believe are the most critical to aid
      in
      fully understanding and evaluating our reported financial results include the
      following:




Revenue
      recognition





Revenue
      is recognized when services are rendered to customers when a formal arrangement
      exists, the price is fixed or determinable, the delivery is completed, no other
      significant obligations of the Company exist and collectibles is reasonably
      assured. Payments received before all of the relevant criteria for revenue
      recognition are satisfied are recorded as unearned revenues.




19





Property,
      Plant and Equipment





Property
      and equipment are stated at cost. Expenditures for maintenance and repairs
      are
      charged to earnings as incurred; additions, renewals and betterments are
      capitalized. When property and equipment are sold or otherwise disposed of,
      the
      related cost and accumulated depreciation are removed from the respective
      accounts, and any gain or loss is included in operations.





Bad
      debts




The
      Company maintains reserves for potential credit losses on accounts receivable.
      Management reviews the composition of accounts receivable and analyzes
      historical bad debts, customer concentrations, customer credit worthiness,
      current economic trends and changes in customer payment patterns to evaluate
      the
      adequacy of these reserves. Terms of the sales vary from COD through a credit
      term of up to nine to twelve months. Reserves are recorded primarily on a
      specific identification basis.





**OFF-BALANCE
      SHEET ARRANGEMENTS**





Neither
      the Company nor any of its subsidiaries have engaged in any off-balance sheet
      transactions since its inception.


20


**PART
      II**





**Item
      1.**  **Legal
      Proceedings.**





The
      following is a summary of recent developments in litigation involving the
      Company:




On
        September 14, 2006, the Alberta Securities Commission, Canada, citing Goldtech
        Mining Corporation, 2006 ABASC 1690, under Securities Act, R. S. A. 2000,
        c. S-4
        (the "Act"), provided notice to the Company, Glen Lochton Management Inc.,
        and
        certain other individuals (collectively, "Respondent s ")
        that a
        hearing will
        be
        held on
        certain allegations that Respondents breached subsection 75(1) and 110(1)
        of the
        Act by trading and distributing securities of the Company in Alberta without
        registration or a prospectus or had appropriate exemption from the prospectus
        requirement, wherein such failure was contrary to the public interest. On
        October 27, 2006, the hearing was scheduled for March, 2007. The
        Company intends to properly defend
        against these allegations or appropriately settle the
        matter.


On
        August
        9, 2006, the Company was served with a Summons and Complaint, in an action
        filed
        in the Superior Court of Washington, Kings County, entitled Don Moroz
        and
        Glen Lochton Management Inc., V. Tolan Furusho, Columbia State Bank, Goldtech
        Mining Corporation, a Nevada Corporation, Goldtech Mining Corporation, a
        Washington Corporation, Tracy Kroeker, Ralph Jordan, Jack Laskin, Nancy Egan, Richard
        Smith, and Beverlee Claydon AKA Beverlee Kamerling. The plaintiffs claim to
        be
        victims of a failed "pump and dump" penny stock scheme. The Company believes
        that the complaint against the Company is without merit and
        filed an answer, affirmative defenses and cross-claims on October 31,
        2006.
 On
          March
          6, 2006, a lawsuit was filed against the company entitled Tolan S. Furusho
          V.
          Goldtech Mining Corp., Case No.:  06-A-518343-B, in the District Court,
          Clark County, Nevada. The plaintiff alleges that he is the sole director
          of the
          Company. The Company filed an answer and affirmative defenses and believes
          that
          the complaint is without merit. On October 12, 2006, Plaintiff filed a
          summary
          judgment motion to declare he was improperly removed as a director and
          on
          November 1, 2006, the Company filed a cross-motion to declare that Plaintiff
          received proper notice of the board meeting where he was removed as director.
          A
          hearing is scheduled for November 30, 2006.
  On
          October 14, 2004, a small group of shareholders commenced a derivative
          action on
          behalf of the Company, entitled Steward, Pearce, Vizzard, Furusho and Robertson
          v. Kroeker, Jordan, Laskin, Egan, Smith, Bourgoin, Civil Action No. CV04-2130L,
          in the United States  District  Court for the Western  District
          of Washington at Seattle  alleging  conversion  and  breach
          of  specific  duties  against  former directors. The Court
          held that the claim against the defendant Kroeker may proceed. On August
          18,
          2006, the Court scheduled the trial for February 5,
          2007.





**Item
      6.**  **Exhibits**





(a)
            Exhibits31.1
                -
            Certification
                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
                Act of 2002.31.2
                -
            Certification
                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
                Act of 2002.32.1
                -
            Certification
                of Chief Executive Officer and Chief Financial Officer pursuant to
                Section
                906 of the Sarbanes-Oxley Act of
                2002.





21





SIGNATURES





Pursuant
      to the requirements of the Securities Act of 1934, the Registrant has duly
      caused this report to be signed on its behalf by the undersigned there unto
      duly
      authorized.


CHINA
              INDUSTRIAL
              WASTE MANAGEMENT INC.Date:
              November 20, 2006.
            By:
            /s/ Jinqing DongJinqing
              DongChief
              Executive Officer





By:
            /s/ Jinqing DongJinqing
              DongChief Financial
              Officer





22