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BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday.     Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent.     "Currently the impact on domestic financial institutions is still limited," he said.     The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars).     The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year.     However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars.     "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report.     Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner."     Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis.     China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18.     The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001.     Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market.     However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence.     Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt.     From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics.     In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation.     Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation.     Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.     Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.

NEW DELHI, Sept. 9 (Xinhua) -- China-India relationship stands at a new starting point, the two should view and approach relations from a strategic and long-term perspective and keep moving forward their partnership to benefit the two countries and peoples, visiting Chinese Foreign Minister Yang Jiechi said here Tuesday.     He made the remarks in his speech titled "For Peace and Friendship, Win-Win Cooperation and Common Development" at a meeting held by the Indian Council of World Affairs and the Institute of Chinese Studies. Chinese Foreign Minister Yang Jiechi delivers a speech titled "For Peace and Friendship, Win-Win Cooperation and Common Development" at a meeting held by the Indian Council of World Affairs and the Institute of Chinese Studies in New Delhi, India, Sept. 9, 2008Yang said China and India are the two biggest developing countries in the world. He quoted Chinese President Hu Jintao as saying that China-India friendship not only serves the interest of both countries but also benefits Asia and the world at large.     He said there is no conflict of fundamental interests between China and India. "What we have are broad common interests. We are partners, not rivals. There is a lot that we can do together to further our friendship and cooperation. We should view and approach our relations from a strategic and long-term perspective and keep moving forward our partnership in the new century to the benefit of our two countries and peoples."     To this end, he proposed that efforts are needed to be step up in the five areas between the two countries: increase exchanges and enhance strategic mutual trust, boost economic cooperation and trade for win-win progress, expand people-to-people and cultural exchanges, strengthen cooperation in multilateral for a to uphold common interests, address each other's concerns and properly handle differences.     "Today, our relations stand at a new starting point. Without friendly relations and mutually beneficial cooperation between China and India, there would be no development and prosperity of our respective countries, no harmony and rejuvenation of Asia, and no peace and progress of the world," he said.     Yang arrived in India last Sunday. He attended the inauguration ceremony of China's consulate-general in Kolkata, the capital of West Bengal, met and reached agreement with the West Bengal's Governor and Chief Minister on ways to deepen friendly and multi-faceted cooperation between China and West Bengal.     He called upon Indian Prime Minister Manmohan Singh and held talks with Indian External Affairs Minister Pranab Mukherjee in Delhi Monday. The two sides had an in-depth exchange of views and reached broad agreement on ways to further implement the common understanding reached by leaders of both countries and deepen the China-India strategic and cooperative partnership as well as issues of mutual interest.

BEIJING, Aug. 13 (Xinhua) -- Jia Qinglin, a senior official of the Communist Party of China (CPC), watched a baseball preliminary match here Wednesday together with Taiwan's Kuomintang Chairman Wu Poh-hsiung and People First Party Chairman James Soong.    The preliminary involved two teams from Chinese Taipei and the Netherlands. Despite a working day, the stands of the Wukesong Baseball Field were full.Jia Qinglin (C), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, and Taiwan's Kuomintang Chairman Wu Poh-hsiung (R front) and People First Party Chairman James Soong (L front) pose on the stand while watching the baseball preliminary match between Chinese Taipei and the Netherlands in Beijing, China, Aug. 13, 2008.Jia is a member of the Standing Committee of the Political Bureau of the CPC Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference.    Before the match began, Jia stepped onto the stand with Wu and Soong, and they waved to the spectators. During the match, roaring spectators from both sides of the Taiwan Strait enthusiastically cheered for the Chinese Taipei athletes, who finally beat the Dutch 5-0.    Baseball is one of the most popular sports event in Taiwan. The Chinese Taipei baseball team finished fifth at the 2004 Athens Olympic Games.

BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday.     The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate.    The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games.     "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders."     Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games."     The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said.     "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank.     The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time.     The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks.     It will restart inviting strategic investors after its Shanghai listing, the bank said.     The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.

KIEV, Sept 19 (Xinhua) -- The Seventh Euro-China Forum ended Friday in Kiev, the capital of Ukraine, as participants called for further dialogue and cooperation between China and Europe.     In the three-day forum entitled "Silk Road of the 21st century," nearly 200 politicians, academicians, economists from Europe and Asia discussed Sino-Europe relations and economic cooperation.     Ukrainian President Viktor Yushchenko said China has made great achievements in its economic development and "Ukraine is willing to learn China's successful experiences and strengthen exchanges and cooperation with China."     China has just successfully hosted the 2008 Olympic Games and its scale and level was impressive, the president said in a message to the forum.     Addressing the forum, former French Prime Minister Laurent Fabius said that apart from economic cooperation, the Europeans and Chinese should enhance their cultural exchanges to know each other even better.     "The economic and trade relations is the core of the Europe- China cooperation. We, Europeans and Chinese, should seize every opportunity to smoothen out potential frictions and to bridge the gap between the intensification of our commercial relationship and the weakness of our intellectual exchanges. In this respect, the Euro-China Forum plays a crucial part. And its influence keeps growing." he said.     Fabius also noted that Europe in the past called China "a sleeping giant" and the giant is now waking up.     "The success of the Beijing Olympic Games showed China's vigor and enthusiasm," he said.     Chinese ambassador to Ukraine Zhou Li said that Ukraine is an important country in Europe and the Chinese government attaches great importance to developing relations with Ukraine and Europe.     The bilateral economic and trade relations between China and Ukraine have developed steadily in recent years, he said.     "I believe the friendly cooperative relations between China and Ukraine will see a more brilliant future thanks to bilateral joint efforts," Zhou Li said.     The non-governmental forum was initiated by China Europe International Business School to foster unofficial exchanges between the two sides of the Eurasian continent. The forum was first held in 2002 in Barcelona, Spain.

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