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SHANGHAI, Feb. 19 (Xinhua) -- Shanghai and several other Chinese cities have moved to restrict home purchases in a bid to deflate bubbles in the real estate market.The rules, which were revealed by Shanghai's Housing Guarantee and Administration Bureau on Saturday, prohibits new home purchases from locally-registered families who have owned two or more homes and non-local registered families who have owned at least one home.Additionally, non-Shanghai registered families who have no documents certifying they have paid for social security or income tax in the city for one year are banned from buying property.Sales of commercial homes fell 42.4 percent year on year in Shanghai in 2010 as earlier measures to curb the speculative demand in the real estate market took effect.Despite the fall in sales volume, the average price of new commercial homes rose by 7.6 percent to 20,995 yuan (3,200 U.S. dollars) per square meter last year.On the same day, authorities in the eastern city of Nanjing and the northeastern city of Harbin rolled out similar purchase restrictions.On Wednesday, the Beijing municipal government unveiled even tougher measures to prohibit home purchases from non-local registered families who have no proof of social security or income tax payments in the Chinese capital for five straight years.The purchase limits came after the State Council, China's Cabinet, ordered late last month that cities where home prices are skyrocketing must implement strict measures to restrict home purchases over a period of time.The State Council also said that local governments will be responsible for the stable and healthy growth of property markets and are required to publicize, before the end of March, the annual "controlled" price targets for new homes.China has implemented a series of measures since last year, which includes higher down payment and lending rates, and bans on mortgage loans for third homes, to rein in the rapid rise in housing prices.Soaring prices have become a major concern for urban Chinese residents as more homes turn unaffordable. In fact, home prices in some major cities such as Beijing have more than doubled over the past two years.

BEIJING, Jan. 26 (Xinhua) -- China's top leaders Wednesday evening attended a gala held at the Great Hall of the People to celebrate the coming Chinese lunar new year, which falls on Feb. 3, with armymen and the common people.Chinese President Hu Jintao and other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, watched the artistic performance and extended their festival greetings to the audience.Chinese top leaders Hu Jintao, Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang pose with performers for a group photo after an evening party welcoming the upcoming Chinese traditional Spring Festival in Beijing, capital of China, Jan. 26, 2011. Military and civilian artists presented various programs at the gala ranging from Peking Opera, chorus to acrobatic shows, which were welcomed and hailed by the audience.

BEIJING, Jan. 31 (Xinhua) -- Chinese Vice Premier Wang Qishan met in Beijing Monday with a delegation from the Geneva Association (GA), an insurance economics group, headed by chairman Nikolaus Von Bomhard.Wang hoped the GA board would hold a successful board meeting in Beijing, praising the positive role the organization played in promoting reform of the international insurance industry.China's insurance industry was undergoing rapid and profound changes and development, said Wang. He hoped the GA could work with Chinese insurance companies to jointly push forward the global development of the industry.Chinese Vice Premier Wang Qishan (R) meets with Nikolaus Von Bomhard, chairman of the Geneva Association (GA), an insurance economics group, in Beijing, capital of China, Jan. 31, 2011.Von Bomhard pledged the GA's commitment to stepping up exchanges and cooperation with the Chinese insurance sector.The Geneva Association describes itself as an international insurance "think tank" for strategically important insurance and risk management issues. It is the first time that the association has hosted a board meeting in an Asian country.

DAVOS, Switzerland, Jan. 28 (Xinhua) -- China and Switzerland formally launched bilateral talks on a free trade agreement Friday.Speaking at the opening ceremony, Chinese Commerce Minister Cheng Deming said the agreement talks between China and Switzerland have attracted huge attention and interest from the countries' leadership and business communities.Cheng expected a successful conclusion of the FTA negotiations. Cheng said a free trade agreement would enhance mutual trust between the two sides and promote economic development and closer ties between China and Switzerland.Swiss Federal Councilor Johann Schneider-Ammann expressed similar aspirations for the agreement as did his Chinese counterpart."The free trade agreement would further enhance trade and investment relations on a mutually beneficial basis, but also create many new opportunities for close exchange and cooperation," Schneider-Ammann said.China and Switzerland have seen fast-growing bilateral trade and investments for decade. In the past 10 years, China's exports to Switzerland have grown by 18 percent while Switzerland registered an even stronger 25 percent surge in exports to China.Currently, China is the largest trading partner of Switzerland in Asia, while Switzerland ranks ninth among China's trading partners in Europe.The Chinese commerce minister is leading a delegation at Davos to attend the World Economic Forum, which started Wednesday.