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BEIJING, Sept. 17 (Xinhua) -- China's securities authority Thursday began reviewing applications of the the first seven IPOs for listing on the Growth Enterprise Market (GEM), a Nasdaq-style market in China. The seven enterprises covered fields of software, medical equipment and medicines. They planned to raise 2.27 billion yuan (332.65 million U.S. dollars). The review meeting was for the first time opened to journalists, who were allowed to watch the meeting for about ten minutes. The second batch of IPOs will be reviewed Friday and they plan to raise 1.13 billion yuan (165.30 million U.S. dollars), according to a report on the website of the China Securities Regulatory Commission (CSRC). IPO review meetings would be concentrated on these days, a CSRC official, who declined to be named, told Xinhua Monday. "IPO applications sent to the regulator were concentrated. The regulator had to take into consideration forming a block and guard against speculation that might push up IPO stocks prices," the official said. The CSRC started to accept applications of the GEM on July 26 and had received 155 applications for IPOs on the GEM as of Sept. 10. The CSRC has formally agreed to handle 149 enterprises' applications that aim to raise 33.61 billion yuan (4.92 billion U.S. dollars).
UNITED NATIONS, Sept. 24 (Xinhua) -- Chinese President Hu Jintao on Thursday made a five-point proposal for building a safer world for all through nuclear non-proliferation and disarmament. During an address at the U.N. Security Council nuclear summit, Hu said "nuclear proliferation remains a pressing issue and nuclear disarmament a long and arduous task." "To realize a safer world for all, we must first and foremost remove the threat of nuclear war," he said. The Chinese president called for efforts be made in the following five areas: Chinese President Hu Jintao (Front) addresses the Summit on Nuclear Non-Proliferation and Nuclear Disarmament at the United Nations headquarters in New York Sept. 24, 2009. The U.N. Security Council on Thursday unanimously adopted a resolution to stop the proliferation of nuclear weapons in a bid to seek a safer world for all, and to create conditions for a world without nuclear weapons First, to maintain global strategic balance and stability and vigorously advance nuclear disarmament: All nuclear-weapon states should fulfill in good faith obligations under Article VI of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), and publicly undertake to not seek permanent possession of nuclear weapons. "Countries with the largest nuclear arsenals should continue to take the lead in making drastic and substantive reductions in their nuclear weapons," he said. To attain the ultimate goal of complete and thorough nuclear disarmament, the international community should develop, at an appropriate time, a viable, long-term plan composed of phased actions, including the conclusion of a convention on the complete prohibition of nuclear weapons, he said. Second, to abandon the nuclear deterrence policy based on first use and take credible steps to reduce the threat of nuclear weapons: "All nuclear-weapon states should make an unequivocal commitment of unconditionally not using or threatening to use nuclear weapons against non-nuclear-weapon states or nuclear-weapon-free zones, and conclude a legally-binding international instrument in this regard," Hu said. In the meantime, nuclear states should negotiate and conclude a treaty on no-first-use of atomic weapons against one another. Third, to consolidate the international nuclear non-proliferation regime and prevent the proliferation of nuclear arms. "All countries should join the NPT and real efforts should be made to uphold and enhance its authority and effectiveness. The function of the International Atomic Energy Agency (IAEA) in safeguards should be strengthened," Hu said. All countries should strictly comply with non-proliferation obligations, refrain from double standards, and tighten and improve export controls to prevent proliferation. Fourth, to fully respect the right of all countries to the peaceful use of nuclear energy and carry out active international cooperation: "Developed countries should actively assist developing countries in developing and using nuclear energy for peaceful purposes. The IAEA should increase input to promote technical cooperation and assistance in nuclear power, nuclear safety and security, and nuclear technology application," Hu said. The IAEA should increase input to promote technical cooperation and assistance in nuclear power, nuclear safety and security, and nuclear technology application. And, fifth, to take strong measures to enhance nuclear security and reduce nuclear risks: "Countries should act in strict observance of all international legal instruments governing nuclear security, take credible steps to ensure the security of their nuclear facilities and materials, and prevent the diversion of nuclear materials with effective means," he said. The international community should intensify cooperation and combat nuclear terrorism through concerted efforts. The Chinese leader reiterated his country's firm commitment to a nuclear strategy of self-defense. "We have adhered to the policy of no-first-use of nuclear weapons at any time and under any circumstance, and made the unequivocal commitment that we will unconditionally not use or threaten to use nuclear weapons against non-nuclear-weapon states or nuclear-weapon-free zones," he said. Hu also urged the international community to do the following to build a safer world: -- Foster a peaceful and stable international environment, resolve international disputes through peaceful means, and increase the sense of security for all countries. Promote development, eradicate poverty, and remove the root causes of conflict and instability. -- Fully respect and accommodate the legitimate and reasonable security concerns of all countries, refrain from pursuing one's own security at the expense of others, and ensure security for all through win-win cooperation. -- Build state-to-state relations of mutual understanding and mutual trust, resolve differences and dispel misgivings, and conduct dialogues and cooperation on an equal footing. -- Adhere to multilateralism. Consolidate the collective security system with the United Nations at its core and make the system more just and reasonable so that it can play a robust role in international security cooperation. Hu was in New York for a series of U.N. meetings. He was scheduled to attend a financial summit of the Group of 20 in Pittsburgh on Thursday and Friday.
HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said. The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB. Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said. BOOSTING INTERNATIONAL USE OF RMB The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities. "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited. China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps. The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying. The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said. BOOSTING NASCENT BOND MARKET IN HONG KONG The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said. It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said. "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained. Hong Kong has been aspiring to be the leading international financial center in the Asian time zone. Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product. Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar. The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds. Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market. Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market. Vice Minister of Finance Li Yong also said he believed the bonds will be well received. "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.