Saturday, October 4, 2008

Beijing pre-construction house sales dips 76 pct in September

Pre-construction sales of Beijing residential units dipped 76 percent in September from the same month last year, figures from an industry website show.

In total, 2,788 pre-construction units were sold last month, a daily average of 93 units, according to statistics from the Beijing Real Estate Trade Management website under the Beijing Municipal Construction Committee.

The figure was the lowest among publicized monthly figures in the past three years, the website said on Thursday. It represented declines of 29 percent from August and 42 percent from July.

"It was really worrisome," said Li Wenjie, general manager for north China business at the Beijing-based real estate broker Centaline China. Traditionally, September is usually the busiest season for Chinese developers.

Judging from the September figures, Li said Beijing property sales had entered a downward trend. As demand weakened, supply built up. Through September, residential buildings in the capital available for pre-construction sales rose 46 percent from January 1 to reach 113,185 units, said the website.

House prices in Beijing increased 8.9 percent in August from the same period last year but stayed at the same level as in July.It was the first time it didn't rise month on month this year, statistics show.

In Shanghai, about 290,000 square meters of housing were sold in the first 20 days of September, around 20 percent of the figure in the same period in 2007, according to the research institute under the property information provider Sofun.com.

Xue Jianxiong, director of the Shanghai Uwin real estate research center, said consumers were anticipating lower prices amid the market correction. Most developers, however, were reluctant to offer substantial discounts in hope of government stimulus for the cooling sector.

Housing prices in China's 70 big- and mid-size cities grew 5.3 percent year on year in August, slowing 1.7 percentage points from July, official data revealed.

Investment bank Goldman Sachs said in a report last month the country's developers would suffer further capital strain in the second half as the lending activity of banks might continue to shrink.

Inadequate liquidity had forced developers to slow price increases or even lower prices in some Chinese cities as the government tightened credit supply over property development to bring surging house prices in control.

Source: Xinhua

Hong Kong stocks end lower on U.S. economy worries

Hong Kong shares fell 2.90 percent on Friday, as investors are concerned about slowing economic growth and uncertainty pending the result of the U.S. lawmaker's vote on the banking bailout bill.

The blue chip Hang Seng Index fell 528.71 points, or 2.9 percent, to end at an intraday low of 17,682.40, down 5.4 percent from a week earlier. Turnover totaled 53.28 billion HK dollars , down from 69.66 billion HK dollars Thursday, and averaged 62.43 billion HK dollars this week.

The Hang Seng index gave up 4.9 percent this week on worries over a likely recession in the world's largest economy despite a 700 billion U.S. dollars financial bailout package that is awaiting approval from U.S. lawmakers.

Analysts said investors will remain cautious even if the U.S. House passes the amended bill later Friday, because corporate earnings in the near future look dim as global economies wither.

Analysts said 17,000 would be a good support for next week, as some people expect the Chinese mainland to further ease tightening measures on the property sector after the week-long national holiday.

Developers tumbled on expectations of falling home prices. Cheung Kong fell 3.1 percent to 84.20 HK dollars, Sun Hung Kai Properties was down 3.5 percent at 74.00 HK dollars, and Hang Lung Properties fell 5.6 percent to 17.00 HK dollars.

Weaker oil prices also dragged oil firms lower. PetroChina fell5.3 percent to 7.71 HK dollars, Sinopec was down 2.6 percent at 6.08 HK dollars, while CNOOC was off 5.9 percent at 8.33 HK dollars.

Hang Seng Bank extended its losses, ending 5.9 percent lower at 123.70 HK dollars. The stock lost 14 percent in two days, after the bank disclosed its exposure to Washington Mutual Bank debt. Hang Seng Bank described the loss as 'immaterial,' but it didn't disclose details.

Also among large caps, China Mobile lost 3.26 percent at 77.1 HK dollars, HSBC was down 0.40 HK dollars at 123.2 and China Life shed 3.22 percent to 28.55 HK dollars.

Bloomage Biotechnology, a Chinese pharmaceutical company, ended at 1.04 HK dollars on its debut, or 4 percent above its 1.00 HK dollars IPO price.

China Resources Logic soared nearly 30 percent to end at 2.85 HK dollars after it said it secured rights to buy more gas projects from its parent company.

Source: Xinhua

Hong Kong banks meet on Lehman Brothers bonds as risk-disclosure duty urged

Hong Kong's banks agreed on Friday to facilitate member banks in handling issues related to various Lehman Brothers investment products and increase their manpower to expedite the handling of specific complaints and inquiries arising from the Incident.

After their first meeting here on Friday, the task force formed by the Hong Kong Association of Banks to deal with the issues arising from local investors' holding of the Lehman Brothers mini-bonds also agreed to follow up with Lehman's liquidators and trustees, with a view to passing onto affected customers more information concerning the collateral and redemption arrangement.

Since various investment products are involved in Lehman's mini- bonds, the task force also consented to form subgroups to conduct detailed analysis on each category of investment products and promised to maintain close contact with the regulators on the development of the Incident, endeavoring to help the affected customers.

In view of widespread public concern over the marketing of retail structured products triggered by the collapse of Lehman Brothers Holdings Inc., the Securities and Futures Commission of Hong Kong issued a circular Friday requiring all issuers of retail investment products to review whether risk disclosure and product descriptions are adequate, given the current market conditions.

Directed at issuers of all retail investment products, including retail collective investment schemes and retail structured products, the circular said marketing materials issued "must be clear, fair and present a balanced picture with adequate and prominent risk disclosure" in compliance with all applicable regulations.

"Recent events show that investors need to be presented with a clearer picture of product risks they need to understand better how products will operate in extreme market conditions or in the face of bankruptcy," said SFC Chief Executive Officer Martin Wheatley.

"We are reminding issuers of retail investment products, therefore, that they must exercise their duty more diligently within the current regulatory framework to disclose risks and explain their products," he added.

The circular further reminds issuers to include in their marketing materials "upfront, prominent and adequate warnings" of all risks, including "new risks" emerging from prevailing market conditions.

Issuers seeking authorization from the SFC to market retail investment products also are advised to "revise their documents inlight of the recent market events."

According to SFC statistics, Lehman Brothers issued a total of mini-bonds worth 12.7 billion HK dollars and more than 10,000 citizens in Hong Kong were estimated to have bought them through banks or brokerages.

Source: Xinhua

Less trash around Tian'anmen Square during national day

Environmental sanitation workers cleared 8.52 tons of trash around Beijing's Tian'anmen Square on Wednesday during the Chinese National Day, one-third less than what was collected a year ago.

The drop was caused by three factors, said Zhang Zhiqiang, regulator-in-chief with the headquarters for the environmental hygiene guarantee on Tian'anmen Square under the Beijing Environmental Sanitation Engineering Group Co. Ltd.

As security checks were imposed when tourists entered the square, situated in the heart of the capital, many visitors wrongly thought they weren't allowed to bring liquids into the area. This was evident by a notable decrease in the number of bottles collected.

As a result of the publicity generated by the "green Olympics," visitors seem to have had developed better awareness when traveling in post-Olympic Beijing; many left garbage in trash bins, while an increasing number of people had learned to put trash inside plastic bags they had brought and subsequently took away.

Tian'anmen Square had fewer tourists on Wednesday, the very day when the country celebrated the 59th anniversary of the founding of the People's Republic of China. The area was cordoned off for four hours in the morning to make way for the holding of a grand floral wreath laying ceremony before the Monument to People's Heroes at the southern end of the square.

Before the ceremony, however, 190,000 people from different parts of China gathered to observe a special national flag raising ceremony taking place at 6:05 a.m..

"More than 500 environmental hygiene workers were working around the Tian'anmen area at 8 p.m. on Tuesday to keep the area tidy and clean," Zhang said. "They also combed the square in groups and used dustpans to collect trash such as newspapers, pieces of paper, playing cards and discarded food packages the next day."

In addition, portable toilets were installed around the square to maintain hygiene, according to Zhang.

Elsewhere, sanitation workers on Wednesday cleared more than 60tons of trash from the central district of the Olympic Park, home to the Birds' Nest Olympic Stadium and Water Cube National Aquatic Center.

On that day alone, 354,000 tourists toured the central district of the park, according to statistics released by the Office of the Beijing Municipal Leading Group for Holiday Tourism Work, which monitors 21 key sites around the city.

The national holiday, which marked the 1949 founding of the People's Republic of China on Wednesday, ends on Sunday.

Source: Xinhua

Ferry service suspends as Higos moves inland in south China

Ferry service on Qiongzhou Strait in south China was suspended as of 5 p.m. on Friday as Higos, the 17th tropical storm of the year, neared landfall.

Authorities in two airports in Hainan Province, Meilan International Airport in Haikou, the provincial capital, and Fenghuang International Airport in Sanya, a seaside resort on the southern tip of the island, however, said arrivals and departures at their respective airports were not affected for the time being.

In total, 24,115 fishing boats in the province had returned to port and coastal fisheries staff had gone home. All recreational sporting activities on the air or sea were also suspended on Friday, said Lin Mingzhong, Hainan Provincial Office for Flood, Wind and Drought Control deputy director.

He predicted Higos would have minor impact on the island as the rainfall was expected to be around 100 mm. It was likely to affect some small reservoirs as their current water level was high.

The local weather observatory issued a forecast for dangerous weather at 5 p.m., saying the eye of the storm was monitored at 18.4 degrees north latitude and 111.2 degrees east longitude at 3 p.m.. It was offshore about 130 km to the southeast of Wenchang City on the east coast of Hainan and packing wind of up to force 8.

The forecast said Higos was moving northwestward at a speed of 20 km per hour and would make landfall anywhere on the eastern coast from Wenchang, Qionghai to Wanning or shave the area and approach western Guangdong Provinces on Friday night.

Affected by Higos, the sea off the east coast of Hainan, the Qiongzhou Strait and Beibu Gulf, as well as off of Sanya, Ledong and Danzhou, plus ports in these places, would get strong wind beginning on Friday night through to Sunday.

In addition, all of Hainan would experience torrential rain from Friday night to Saturday daytime. The temperature there would hover around 22 degrees Celsius to 31 degrees.

The National Meteorological Center on Friday issued an orange alert, the second highest warning, warning vessels to take shelter in ports. It urged local authorities to prepare for emergencies with the upcoming strong wind and rainstorms.

The State Flood Control and Drought Relief Headquarters also activated a third degree emergency response on Friday to warn of possible flooding.

Higos was formed on Tuesday in the Pacific Ocean, coming on the heels of storms Jangmi and Hagupit, which combined had killed about 20 people in China.

Qiongzhou Strait separates Hainan from the Chinese mainland. Apart from flights, ferry services on Qiongzhou Strait are the only way to access Hainan Island.

Source: Xinhua

Tropical storm Higos lands in S China

Higos, the 17th tropical storm of the year, landed in China's southernmost Hainan Province Friday evening, local observatory said.

Higos landed at 10:15 p.m. in Longlou Town, Wenchang City, 19.6 degrees north latitude and 111.0 degrees east longitude. The wind speed at the eye of the storm was 18 meters per second, according to the Hainan Provincial Meteorological Observatory.


Passengers debark as two officials check at the Qinglan port in south China's Hainan Province Oct. 3, 2008.
It was forecast to weaken and move northwest towards the coastal areas of western Guangdong Province.


Delayed trucks are parked at the Xiuying port in Haikou, capital of south China's Hainan Province Oct. 3, 2008, due to the suspension of ferry service.
In total, 24,115 fishing boats in the province had returned to port and coastal fisheries staff had gone home. All recreational sporting activities on the air or sea were also suspended on Friday, said Lin Mingzhong, Hainan Provincial Office for Flood, Wind and Drought Control deputy director.


A rescue ship waits at a port in Haikou, capital of south China's Hainan Province Oct. 3, 2008. Higos, the 17th tropical storm this year, will drop heavy rain on parts of south China's Guangdong and Hainan provinces over the next two days, the country's National Meteorological Observatory said on Thursday.
He predicted Higos would have minor impact on the island as the rainfall was expected to be around 100 mm. It was likely to affect some small reservoirs as their current water level was high.

Higos was formed on Tuesday in the Pacific Ocean, coming on the heels of tropical storms Jangmi and Hagupit, which combined had killed about 20 people in China.


Vessels drive back to a port in Haikou, capital of south China's Hainan Province Oct. 3, 2008. Higos, the 17th tropical storm this year, will drop heavy rain on parts of south China's Guangdong and Hainan provinces over the next two days, the country's National Meteorological Observatory said on Thursday.
Source: Xinhua

Officials suspended from duty over boat capsizing in SW China

Two local officials were suspended from duty and another one was dismissed after a boat capsizing accident in southwest China's Guizhou Province on Wednesday evening left eight missing, local authorities on Friday.

Wu Guohong, deputy head of Puding County Government, who was in charge of work safety affairs, and Wu Wenlong, the county maritime department director, were suspended from work, according to a statement from the Communist Party of China Anshui Municipal Committee.

Yang Gang, head of Bulang Town, was dismissed.

The accident happened at about 9 p.m., when the fishing boat carrying eight people on their way back from a wedding ceremony in a neighboring village, capsized in the Yelang Lake, Puding County.

The victims, ranging from five to 64 years old, were all from Benjie Village, Bulang Town.

Rescue work is still going on.

The man-made Yelang Lake, which covers 21 square kilometers, is a famous scenic site in Guizhou.

Source: Xinhua

China regrets EU decision to launch sunset review of anti-dumping duties on Chinese shoes

China expressed regret over the European Union's decision to launch a sunset review of anti-dumping duties on leather shoes from the country, the Ministry of Commerce said on its website on Friday.

It opposed the extension of the anti-dumping measures inflicted on the made-in-China shoes by any means, the ministry said.

A split EU decided two years ago to levy anti-dumping duties up to 16.5 percent on imports of Chinese shoes from Oct. 7, 2006. The original measures should last two years and expire soon, but the review would decide whether to extend them.

The ministry said the measures were not based on legal foundation or fact. They were even controversial within the EU.

Considering the strong protests within the body, the EU slashed the years effective from five to two. The measures should be halted after the punitive duties have served for two years, the ministry said.

Long protected by import quotas, the EU has already completed its industry restructuring with the help of those anti-dumping measures. There is no need to extend the protection as the EU is quite competitive and enjoys sound prospects on shoe exports, according to MOC.

In addition, the EU is not in head-to-head competition with China as it excels in design and innovation with an eye on mid- and high-end markets. China, however, remained dedicated to manufacturing. That makes the anti-dumping measures meaningless, the ministry said.

The ministry noted the decision was opposed by many European importers and retailers. This reflected their strong desire to resume the normal trade of footwear.

The MOC hoped the EU could end the anti-dumping measures in response to the call of the public.

Sunset review is a system ruled by the World Trade Organization Anti-dumping Agreement and generally implemented by WTO members.

If the review confirms the cancellation of anti-dumping measures result in further dumping and damage, investigation institutions may decide to implement anti-dumping measures for another five years.

Source: Xinhua

UN, China to co-organize high-level event on climate change

The United Nations and China will co-organize a high-level meeting on climate change early next month, with a special focus on technology development and transfer, the world body announced Friday.

UN Undersecretary-General for Economic and Social Affairs Sha Zukang and China's Deputy Permanent Representative to the United Nations Liu Zhenmin briefed member states at the UN Headquarters on the Nov. 7-8 Beijing High-Level Conference on Climate Change: Technology Development and Technology.

"Technology transfer is of enormous importance in tackling climate change," Sha said. "Together with financing technology transfer, it is one of the means of achieving adaptation and mitigation action."

Effective international action on climate change will require progress on the question of technology transfer, which is addressed in the UN Framework Convention on Climate Change and also forms a core aspect of the Bali Action Plan, Sha noted.

"In this context, the conference will provide a forum for open, practical and pragmatic discussions on technology transfer and climate change," Sha said. "The conference will focus on practical options and solutions for overcoming barriers to technology development and transfer."

"We hope it will be an opportunity for member states and other stakeholders engage openly, away from the constraints of the negotiating setting," he said.

Sha said that the aim of the conference is to support the UNFCCC process, particularly the forthcoming UN Climate Change Conference in Poznan, Poland in December 2008.

Calling for "broad, high-level participation from member states," Sha said that the conference will be opened by Chinese Premier Wen Jiabao and that UNFCCC Executive Secretary Yvo de Boer and former British Prime Minister Tony Blair have confirmed their participation.

In his remarks, Liu said that over the years, the international efforts to develop and transfer clean technologies are lagged behind the needs, and the relevant mechanism and financial support are not yet put in place.

With many countries having divergent views on the issue, communication and dialogue will help countries deepen mutual understanding, find common ground and work together to promote technological development and transfer, Liu said.

"The purpose of the high-level conference is to provide a platform of dialogue for international cooperation in the relevant technological development and transfer," Liu said.

"We hope this conference will help countries form some consensus on development and transfer of technologies for addressing climate change so as to further promote the efforts to address climate change," Liu noted.

Source: Xinhua

China's road to energy security

It was a mid May night, and trucks queued up at a gas station by the East 5th Ring Road of Beijing. The line was several hundred meters long, blocking a lane of the main road. At the station, the oil nozzles were left idle -- the supply of diesel had run out and the new delivery wouldn't come until after midnight.

"We have no oil here. Don't wait any more. Please go to another place," clerks at the Sinopec station shouted to the drivers, someof whom responded that their vehicles were out of fuel and couldn't go any further.

When the delivery came, it would not be enough, a driver said. The limited stock would be sold on ration. Most vehicles would be partly filled and some would have waited in vain. The same situation was also seen at other stations, and it had been like that for days, the driver added.

The situation had a direct link with soaring oil prices on the international market. To the country's decision makers, it was a harsh reminder of a vital issue -- energy security.

Though the aggregated figure looks quite impressive, China is poor in energy resource reserves on per capita calculation. Proven reserves of fossil fuels have increased in recent years, but this cannot change the overall picture. Production of energy has continued to grow with the demand growing faster due to a rapid development of the economy, the quickening pace of urbanization and the rising living standard.

The country's coal reserves ranked third globally. Production was the greatest, accounting for about 40 percent of world output in 2007. Given the current speed of exploitation, the reserves would be exhausted in a little over 80 years. The comparatively small reserves of oil and gas would dwindle even faster, in 15 years and 30 years respectively.

The government announced an energy strategy that prioritized conservation to optimize consumption; it relies on domestic production and seeks diversified sources to secure supply and to develop new and renewable energies as alternatives for the future. "We will strive to establish a steady, economic and clean energy supply system," Zhang Guobao, minister in charge of the energy sector of the National Development and Reform Commission , said at an international conference in January.

It might be necessary for China to maintain a fast economic growth, but energy consumption may grow at a slower pace if a good job is done in conservation. The country's unit gross domestic product energy consumption was three to eight times as much as those in the United States and Japan. Adjusting the demand of industries is a way to reduce energy intensity. A government announcement made on Oct. 11, 2007 terminated preferential power rates for high energy consuming industries such as electrolytic aluminum, alloy and chloro-alkaline enterprises. Tightening management and upgrading technology also help reduce the energy consumption of suppliers as well as consumers. For example, thermal plants were required to adopt highly efficient new technologies for coal burning power generation.

By the end of 2010 China has set a target of cutting down energy consumption per 10,000 yuan of GDP by 20 percent, from 1.22 tons of coal equivalent in 2005 to 0.98 TCE. That means an annual average of 4 percent.

Performance in the first two years did not warrant optimism, but things were improving. Last year, while the overall reduction rate of 3.66 percent still fell short of expectations, more than two-thirds of the provinces met the annual goal. This was in sharp contrast to the first year when only Beijing managed to do so.

NDRC Energy Institute director Zhou Dadi said although the central government had shown a strong will and genuine commitment to the task, efforts by some local governments and companies were inadequate. "The high-rising oil prices may force domestic companies to a higher level of energy conservation."

In the 11th Five-year Energy Development Plan , an annual average growth of 3.5 percent was targeted in primary energy production to reach 2.446 billion TCE by 2010.

Coal energy would be developed in an orderly manner, the plan said, with digging operations moderately increasing in western China -- Shanxi, Shaanxi and Inner Mongolia. Coal mines in east China would be tapped in an optimal way.

Drilling would be accelerated in oil and gas fields in central and western regions and offshore areas. Onshore oil and gas resources would be tapped in an optimal way, the 11th FYEDP said.

To secure supply in emergency situations, China began to build up its strategic oil reserves in 2004. The first four bases, totaling 12 million tons of storage capacity, are located in the coastal regions. Construction of the Zhenhai facility in the eastern Zhejiang Province has been completed. The rest will be ready in 2010. The entire plan, including the second and third batches of projects to be completed before 2020, aimed at a combined capacity of 68 million tons.

The government has acknowledged the importance of clean and renewable energies. China has abundant resources in hydropower and wind, solar, biofuel, geothermal and tidal energies. Renewable energies and nuclear power accounted for 7.5 percent of total energy consumption last year. The State Renewable Energy Medium- and Long-term Planning aimed at raising the renewable share to 10 percent in 2010 and 15 percent in 2020.

China's hydro potential ranks first in the world. The country has a long history and rich experience in exploitation. Installations of hydropower reached 145,000 mw through 2007. The target is 190,000 mw for 2010.

Wind and solar are two promising renewable sources. The nation's total wind installation reached nearly 6,000 mw in capacity through 2007. The government lifted the wind target for 2010 from 5,000 mw to 10,000 mw. "The new target is still conservative. Actual installation may reach 20,000 mw by the time," China Wind Energy Association Vice President Shi Pengfei said.

The latest statistics available show the country's nuclear power capacity totaled 9,100 mw, with 11 reactors in operation. By2020, the State Nuclear Power Development Plan aims at a total installation of 40,000 mw, which would account for 4 percent of the nation's total power capacity. Compared with the world average of 14.8 percent and close to 80 percent in some leading countries, there was much room for China's nuclear development.

About a half of its oil supply now comes from abroad. Saudi Arabia is the biggest source. China diversifies its sources by purchasing from Angola, Iran, Oman, Venezuela, Sudan and Russia. The country has also started to develop oil drilling projects in other countries too.

As energy becomes a common, big problem worldwide, China joins other countries in seeking solutions. The country is part of a seven-party, 30-year international program aiming at exploiting nuclear energy via atomic fusions. It has reached bilateral agreements with governments of more than 30 countries for cooperation in new and clean energy development. In January it signed an accord with India for cooperation in civilian use of nuclear power.

The importance of energy had led to calls for reinstatement of the energy ministry. But the National People's Congress, the top legislature, in March endorsed a plan for reforming the existing Energy Bureau, which was given a bigger say on energy issues than the old bureau nestled in NDRC. The NDRC's Zhang Guobao was also appointed director general of the new institution.

In the case of the Sinopec gas station, government control of oil prices was another factor for the shortage. On June 19, the government announced an increase in petrol and diesel prices by 1,000 yuan per ton. The margins of the price hike were the biggest ever. As a result, retail price of No. zero diesel in Beijing went up to 6.23 yuan from 5.29 yuan a liter.

The line of waiting vehicles shortened at the gas station, where attendants were again busily refueling vehicles stopping by. Business was back to normal, at least for the time being.

Source: Xinhua

China central bank welcomes U.S. bailout plan, willing to cooperate on financial issue

A spokesman of the People's Bank of China , or the central bank, said here Saturday that China welcomed the passage of the massive U.S. rescue plan and hoped that it would be implemented as soon as possible and achieve positive results.

"We are glad to see the passage of the rescue bill by the House of Representatives and the Senate despite earlier twists and turns," the spokesman said.

"The Chinese government has been closely following the developments of the U.S. financial crisis and its impact. The U.S. financial rescue plan proposed by the U.S. government has been a global focus recently," he said.

The spokesman made the remarks after the U.S. House of Representatives approved overnight the revised bailout plan, which was immediately signed into law by President George W. Bush. The House on Monday rejected the original rescue legislation, sending global markets to plunge.

The spokesman said the PBOC expected the implementation of the U.S. 700-billion-dollar rescue plan to bail out troubled banks would stabilize the U.S. and global financial markets and restore investors' confidence.

He also said China was willing to enhance coordination and cooperation with the U.S. and other economies to overcome current difficulties and stabilize the international financial market.

"China and the United States of America share common interests in stabilizing a stable financial market," he said.

The spokesman also said the fundamentals of the Chinese economy remained unchanged and its financial market was safe and stable with generally adequate liquidity.

The Chinese economy was developing toward a direction guided by the government's macro-economic control polices and it had great potential for a sustainable growth, he noted.

"We have full confidence in the development of the Chinese economy and the stability of our financial market," he said.

According to the spokesman, the PBOC and other Chinese regulatory departments had worked out various response plans to avoid or reduce the impact of the U.S. financial crisis against the Chinese economy.

The PBOC would continue its close contact and cooperation with other central banks and international financial organizations to jointly deal with the financial crisis, he said.

"We are fully confident and capable of safeguarding China's economic development and the stability of its financial market to make contributions to stable development of the world economy," he added.

Source: Xinhua

Central bank: China willing to coordinate, cooperate with U.S. to stabilize int'l financial market

A spokesman of the People's Bank of China , or the central bank, said here on Saturday China was willing to enhance coordination and cooperation with the U.S. and other economies to overcome current difficulties and stabilize the international financial market.

The spokesman made the remarks after the U.S. House of Representatives approved overnight a revised 700 billion dollars bailout plan and President George W. Bush immediately signed the plan into law on the same day.

The spokesman also said the fundamentals of the Chinese economy remained unchanged and its financial market was safe and stable with generally adequate liquidity.

"We are full of confidence in the development of Chinese economy and the stability of our financial market," he said.

Source: Xinhua

South China region aims high in aluminum industry

South China's Guangxi Zhuang Autonomous Region plans to turn its Bose City into an aluminum industrial base in the country or even in Asia by 2010, according to regional government officials.

The region plans to realize an annual output value of 100 billion yuan from the aluminum industry in Bose by 2010, local officials said at a recent conference.

By then, Bose city will produce 5 million tons of alumina worth20 billion yuan a year, and 2 million tons of electrolytic aluminum and aluminum alloy with an output value of 40 billion yuan.

Meanwhile, the city will invest in a series of aluminum processing projects.

China's proven reserves of bauxite, the raw material to make aluminum, stand at 2.66 billion tons. More than 90 percent of the reserves are located in Shanxi, Guangxi, Henan and Guizhou.

The prospective reserves of bauxite in Guangxi were estimated to be 1 billion tons.

Source: Xinhua

Guinean PM meets Chinese President Hu's special envoy

Guinean Prime Minister Ahmed Tidiane Souar met here Friday with the special envoy of Chinese president Hu Jintao following a ceremony celebrating the 50th anniversary of Guinea's independence.

Souare thanked Xu for attending the ceremony as President Hu's special envoy, adding that the people of both countries have built profound ties of friendship since his country's independence and the Guinean people highly appreciate the sincere help China has offered to their country.

Guinea attaches great importance to bilateral relations with China and hopes to reinforce friendly cooperation in resource exploration and infrastructure construction, he added.

The prime minister also reaffirmed Guinea's adherence to the one-China policy.

Conveying greetings from Chinese Premier Wen Jiabao, Xu Shaoshi, also Land and Resources Minister, said bilateral political mutual trust has been growing since China and Guinea forged diplomatic ties 49 years ago and cooperation in various fields has yielded fruitful results.

The two nations have supported and cooperated with each other in international affairs, he said, adding that China appreciates Guinea's adherence to the one-China policy and hopes to strengthen friendly exchange, intensify cooperation for mutual benefit and promote bilateral ties.

Xu also met with Guinea's Minister of Mines and Geology Lounceng Nabe on Friday and signed a memorandum of understanding with him.

Source: Xinhua

First Pacific buys shares of Philippines' largest mining firm

Copper-gold producer Philex Mining Corp., the largest mining company of the Philippines, on Friday said it has agreed to sell 20.16 percent of its stake to the Hong Kong conglomerate First Pacific Co. Ltd..

First Pacific will buy 778.44 million shares of Philex Mining Corp. for 6.2 billion pesos in total, according to a disclosure of Philex to the Manila stock exchange.

The purchase is divided in two tranches, with the first 10.08 percent being bought on Oct. 13 and the second by Nov. 30 this year.

Philex said the deal will clearly strengthen the company's portfolio of mining assets and thus, cement its place as the largest and most profitable mining company in the Philippines.

First Pacific is the controlling shareholder of telecommunications giant Philippine Long Distance Telephone Co., and the parent company of local investment firm Metro Pacific Investments Corp.

The closing of the deal will give it two seats in the Philex board, the company said. Manuel V. Pangilinan, chairman of the Philippine Long Distance Telephone Co., will be nominated to take the first board seat, Philex said.

Source: Xinhua

First Pacific buys shares of Philippines' largest mining firm

Copper-gold producer Philex Mining Corp., the largest mining company of the Philippines, on Friday said it has agreed to sell 20.16 percent of its stake to the Hong Kong conglomerate First Pacific Co. Ltd..

First Pacific will buy 778.44 million shares of Philex Mining Corp. for 6.2 billion pesos in total, according to a disclosure of Philex to the Manila stock exchange.

The purchase is divided in two tranches, with the first 10.08 percent being bought on Oct. 13 and the second by Nov. 30 this year.

Philex said the deal will clearly strengthen the company's portfolio of mining assets and thus, cement its place as the largest and most profitable mining company in the Philippines.

First Pacific is the controlling shareholder of telecommunications giant Philippine Long Distance Telephone Co., and the parent company of local investment firm Metro Pacific Investments Corp.

The closing of the deal will give it two seats in the Philex board, the company said. Manuel V. Pangilinan, chairman of the Philippine Long Distance Telephone Co., will be nominated to take the first board seat, Philex said.

Source: Xinhua

EU launches review of anti-dumping duties on Chinese, Vietnamese shoes

The European Union has launched a review of the current anti-dumping duties on leather shoes from China and Vietnam.

The European Commission said in a statement on Thursday that it was obliged to open the review, which would have the practical effect of extending the duties while the review is processed.

A split EU decided two years ago to levy anti-dumping duties up to 16.5 percent on imports of Chinese shoes as from Oct. 7, 2006. The original measures should last two years and expire soon, but the review would decide whether to extend them.

Some European shoe makers had pressed the European Commission to start the review in order to prevent the more competitive Chinese shoes from entering the European market in a longer time.

But other European footwear companies that outsource manufacturing to China and retailers called for the measures to be dropped since the duties were actually hurting Europe itself and forced consumers to pay higher prices.

The European Commission acknowledged that it made the decision in spite of obvious opposition from EU governments. In a recent non-binding poll of 27 EU member states, 15 voted to end the measures with 12 in favor of retaining them.

The EU's executive arm said it would "work to complete the investigation as expeditiously as possible."

The review usually lasts 12 to 15 months.

Source: Xinhua

Myanmar leader Maung Aye to visit Bangladesh

Vice-Chairman of the Myanmar State Peace and Development Council Maung Aye will pay an official visit to Bangladesh in the near future, said an official announcement issued from Nay Pyi Taw Saturday without giving the date of his visit.

At the invitation of Dr. Fakhruddin Ahmed, Chief Adviser of the Bangladesh Caretaker Government, Maung Aye, who is also Deputy Commander-in-Chief of the Defense Services and Commander-in-Chief of the Army, will pay the visit.

Maung Aye's trip will be another one to Dhaka by a Myanmar leader in more than three years since September 2005 when SPDC member General Thura Shwe Mann toured the western neighbor.

Maung Aye's planned visit came after Myanmar and Bangladesh signed an agreement in Dhaka in July 2007 to establish a 25-kilometer direct road link between the two neighbors to boost trade and tourism.

The 20 million-U.S.-dollar "Friendship Road" from Gundhum in Cox's Bazaar of Bangladesh to Baulibazar in Myanmar was also designed to connect China's Kunming under tri-nation road connectivity which will give further access to Thailand, Malaysia and Singapore and to the Asian Highway.

Myanmar and Bangladesh have maintained exchange of high-level visits in recent years. In December 2002, Myanmar SPDC Chairman Senior-General Than Shwe visited Dhaka, while in 2003, Bangladesh Prime Minister Khaleda Zia came to Yangon, during which the two countries signed two memorandums of understanding on the establishment of a joint trade commission and an agreement on coastal and maritime shipping.

According to figures of the Ministry of Commerce, bilateral trade between Myanmar and Bangladesh stood over 60 million U.S. dollars annually with the balance of trade favoring Myanmar.

The two countries are striving to increase their bilateral trade to 100 million dollars, the sources said.

Source: Xinhua

Macao logs 380,000 visitor arrivals in first 4 days of "Golden Week"

A total of 380,374 visitor arrivals were recorded in Macao during the first four days of this year's National Day "Golden Week" holidays, an increase of 29,374 compared with the corresponding period of last year, The Macao Post Daily reported on Friday.

About 99,269 visitor arrivals were logged on the National Day alone, which was the highest number so far of the "Golden Week" holidays, according to the daily, which quoted statistics from Macao's Public Security Police .

The PSP were also quoted as saying that the figures of 380,374 visitor arrivals were recorded between Sept. 29, the first day of the holidays, and 10 p.m. local time Thursday. According to the PSP statistics, some 351,000 visitor arrivals were recorded during the corresponding period of last year's "Golden Week".

Source: Xinhua

World-famous ancient Mogao Grottoes to be lightened

Tourists to world-famous Mogao Grottoes in Dunhuang, in northwestern China's Gansu Province, might see ancient paintings and statues on interior walls more clearly as the management plans to introduce modern lights into the caves.

The Dunhuang Academy have begun an experiment by installing lights in some caves including No. 16 and No. 148 to see if the ancient paintings and other cultural relics would suffer damages from lights.

Before the experiment, tourists could only see the paintings with flashlights operated by tour guides.

If the results of the experiment proved to be positive, modern illumination will be installed next year in all the caves that were open to tourists, sources with the academy said.

The 1,600-year-old Mogao Grottoes, which became a World Heritage designation in 1987, have more than 2,000 colored sculptures and 45,000 square meters of frescoes.

The number of domestic and overseas tourists to the Dunhuang grottoes is estimated at 500,000 annually and continues to rise.

Early this year, China has approved a 36 million U.S. dollar protection scheme for the Dunhuang Mogao Grottoes, including construction of a digital display hall that can hold 800 visitors and facilities for consolidation, erosion prevention, security and visitor services.

Source: Xinhua

Rare herbal plants aboard Shenzhou-7 spacecraft studied

Several rare herbal plants aboard the recent Shenzhou-7 space mission have now been transferred to a Chinese nanobiotechnology lab for study.

The plants, including rauwolfia and salvia miltiorrhiza , were used to produce nanomedicines to treat cancerous tumors, Professor Zhang Yangde with China's Laboratory of Nanobiotechnology at the Central South University told the Changsha Daily newspaper in Hunnan Province on Thursday.

Anti-tumor nanomaterials can be obtained from extracts of the herbal plants, Zhang said, adding researchers hoped the microgravity environment in outer space could have spurred gene mutation of the plants and enabled them to grow and reproduce faster.

Rauwolfia is a genus of evergreen trees and shrubs of the Apocynaceae family. Rich in alkaloid, the plant is widely used to produce anti-hypertensive drugs.

The natural reserves of this plant are declining as a result of over-harvesting. The international Union for Conservation of Nature and Natural Resources has listed the plant as endangered.

Salvia miltiorrhiza is a shade-providing perennial flowering plant,highly valued for its roots in traditional Chinese medicine.

Other samples aboard the spacecraft included the seeds of 25 endangered plants and live samples of aquatic animals and plants.

The Shenzhou-7 space module carrying three taikonauts landed safely by parachute on Sept. 28 in China's northern grasslands after a 68-hour flight. The mission included the first ever spacewalk by a Chinese astronaut.

Source: Xinhua

Bonus for Omega Golf Championship in Beijing rising

Next week's Omega Golf Championship in Beijing, the Omega China Tour's season-ending event, will boast an increased purse of 1 million yuan , Tour promoter World Sport Group announced on Friday.

The winner's cheque for 187,500 yuan, up from 150,000 yuan, has also raised Li Chao's hopes of making a late bid to win his third Omega Order of Merit title in four seasons.

The 1-million-yuan purse represents an increase of 200,000 yuan from last year's event and a record for the Omega China Tour, which is sanctioned by the China Golf Association .

The third Omega Championship will be staged for the first time at the Beijing Longxi Hotspring Golf Club on Oct. 9-12 after two successful editions at the Tianan Golf Club, also in the capital, when Liang Wenchong and Zhang Lianwei emerged as champions.

"The increased purse of 1 million yuan reflects the season-ending status of the Omega Championship, which has been Omega China Tour's flagship event since they became title sponsor in 2006," said Nick Mould , President of World Sport Group .

"It means the players have more to aim for and gives them one final chance to make a big move on the Omega Order of Merit, which has already produced two great winners in the first three seasons and could welcome a third this year in Liao Guiming."

Liao currently leads with 360,750 yuan ahead of Zhang Lianwei , who won't be competing in Beijing , and Li .

The Beijing Longxi Hotspring Golf Club, which opened in April 2004, is attached to a five-star resort set in a region of natural underground hot springs in the Daxing District in the south of the capital.

The Omega China Tour players will compete over the club's new 18-hole championship layout, which was designed by Mark Hollinger of JMP Golf Design Group and features an array of water hazards.

Source: Xinhua

Omega Championship boasts prize money of 1 million yuan

Next week's Omega Championship in Beijing , the Omega China Tour's season-ending event, will boast an increased purse of 1 million , Tour promoter World Sport Group announced here on Saturday.

The one million yuan represents an increase of 200,000 from last year's event and a record for the Omega China Tour, which is sanctioned by the China Golf Association .

The third Omega Championship, which will be held from October 9-12, will be staged for the first time at the Beijing Longxi Hotspring Golf Club after two successful editions at the Tianan Golf Club, also in the capital, when Liang Wenchong and Zhang Lianwei emerged as champions.

Source: Xinhua

Tokyo to learn from Beijing in its 2016 Olympic bid

Tokyo is to get some technical experience from Beijing in its bid for the 2016 Summer Games, said Ichiro Kono, chairman of the city's Olympic bidding committee, on Friday.

Though specifics of technical learning is to be put into the Candidature File for the IOC in February 2009 and cannot be released prior to that, he was impressed by many ways of Beijing's organization, Kono told Xinhua.

"The extreme dedication of volunteers in Beijing left us strong impression," Kono said. "So many Chinese volunteered with the BOCOG to create a wonderful atmosphere and extremely successful Games."

"Tokyo 2016 will work to infuse that same sense of volunteerism among people from all over the country to demonstrate the warm hospitality of the Japanese and the devotion and passion that they hold for the Games," he added.

As one of the four candidate cities, Tokyo joined the Observer Program during both the Beijing Olympics and Paralympics.

"It was a precious experience for us. We were able to see BOCOG's exceptional operation first hand."

"For example, the whole transition on technical equipments and wheelchair seating arrangement from the Olympic phase to the Paralympics Games was absolutely excellent."

Other aspects that were extremely impressive to Kono and his group included the transportation provided for the press and the great care that went into making sure all the venues and facilities were complete and in the most pristine of conditions.

"The learning that we have gathered in Beijing are now being assessed by our own technical team," he said. "We will unite best practice of past Games with our excellent concept in order to provide the best possible conditions in Tokyo to Paralympians and Olympians alike."

Tokyo has mapped out a compact Olympic plan in the center of the city. All the venues, with the exception of shooting and football are within an eight-kilometer radius of the Olympic Stadium, which is located on the waterfront of Tokyo Bay.

Venues used for 1964 Games will also be refurnished for the 2016 Games. Of the 31 venues planned, 21 already exist, signifying a fine example of sustainability in Olympic history.

Tokyo also aims to avail the Olympics to carry out large-scale transformation of the city's environment. It already has a 10-yearaction plan laid out in 2006 to tackle growing environmental concerns, including regenerating reclaimed land and positioning Tokyo as a Carbon Minus city, etc.

"Being awarded the 2016 Olympic and Paralympics Games would provide an even greater catalyst for Tokyo, for Japan and for the world to make a real difference," Kono said.

In a recent IOC report, Tokyo ranked highest in six categories of seven Applicant Cities, including general infrastructure and accommodation. It was selected a Candidate City together with Madrid, Chicago and Rio de Janeiro.

The Host City of the Games will be announced at the 121st IOC Session to be held in Copenhagen in Denmark on October 2, 2009.

Source: Xinhua