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BEIJING, July 1 (Xinhua) -- China's latest fuel price hike from Tuesday would certainly pinch the pockets of consumers, but may not leave a lasting impact on the nation's economic recovery, analysts said. Gasoline, diesel and jet fuel prices in the country were raised by as much as 11 percent from Tuesday, the third increase this year and the second in June, to reflect recent price changes in the global oil market. For many like the 24-year-old fashion writer He Yi, it is time to tighten their purse strings, Wednesday's China Daily reported. He said she is determined to use less air-conditioning when driving, despite the scorching heat in Beijing. According to a survey by the Chinese web portal Sina.com, more than 90 percent of the 180,000 respondents said they had decided to drive less in response to the price hike, and more than 94 percent thought fuel prices are too high now. Pump prices for 90 octane gasoline in Beijing was set at roughly 5.71 yuan a liter, or about 3.16 U.S. dollars a gallon, the National Development and Reform Commission, the nation's top economic planning agency, said in a statement on its website late Monday. That compares to an average of 2.69 U.S. dollars a gallon in the United States, according to Bloomberg. China's retail fuel prices are controlled by the government under a mechanism introduced in December that takes into account of crude prices, taxes and a profit margin for refiners. The country may adjust fuel prices when crude prices change more than 4 percent over 22 straight working days. Crude oil futures have risen 60 percent to more than 70 dollars a barrel this year from a July record on signs of a global recovery. However, economists and analysts believe this round of price hike will not have any direct and obvious impact on the Chinese economy, which is largely fueled by coal. "As China only needs oil to supply 20 percent of its energy consumption, costlier oil will not make things as bad as costlier coal," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University. "However, the economy will be hurt if higher crude prices drive up coal prices," Lin said. In addition, China's consumer prices fell for a fourth month in May, making it easier for the government to raise oil prices, said Niu Li, senior researcher at the State Information Center. The price hike comes amid a surge in demand for automobiles in the world's third-largest economy. Passenger car sales rose 47 percent in May to 829,100 units, the biggest jump since February 2006. Chen Zheng, an auto industry analyst with China Securities Co, believed that consumer demand would not be seriously dampened by this round of price hikes, as China's car owners are largely social elites, who can afford the moderate increases in gasoline prices. "But if oil prices continue to surge, I'm sure many people will stop buying new vehicles, especially the high-emission cars," Chen said. PetroChina and Sinopec, two major oil producers, went high shortly after opening, but closed with smaller gains, up 0.28 percent and 0.66 percent to 14.48 yuan and 10.66 yuan respectively in Shanghai Tuesday.
WASHINGTON, April 22 (Xinhua) -- A senior official of the U.S. mortgage giant company was found dead as a result of an apparent suicide incident, said police on Wednesday. According to police, David Kellermann, the Freddie Mac's acting chief financial officer and senior vice president, was found hanging himself at the basement of his house in Vienna, Virginia, early in the morning. Fairfax County Police control access to the home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Virginia, April 22, 2009. Kellermann, acting chief financial officer of troubled U.S. mortgage giant Freddie Mac, was found dead on Wednesday in his suburban Virginia home after apparently committing suicide, a local police source said Police said that they arrived at the scene after receiving an alert from Kellermann's wife, Donna, but did not provide more details. David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, is pictured in this undated photograph, released on April 22, 2009The incident was considered as another blow to the company that owns or guarantees about 13 million mortgages but lost more than 50 billion U.S. dollars last year. The 41-year-old man was appointed to the post in September last year after the Treasury Department took over the company and its sibling Frannie Mae, both of which were criticized for financing risky loans that led to lots of foreclosure. Fairfax County Police stand on the front step of the home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Virginia, April 22, 2009. Kellermann, acting chief financial officer of troubled U.S. mortgage giant Freddie Mac, was found dead on Wednesday in his suburban Virginia home after apparently committing suicide, a local police source said. Quoted by U.S. local media, neighbors said that Kellermann, who worked for Freddie Mac for the past 16 years, lost an amount of weight after he took the new job. Despite persuasion by neighbors that he should quit his job to release the pressure, Kellermann insisted that he would stay and help the company through its problems. After Kellermann's death, John Koskinen, the company's interim chief executive, said in a statement that Kellermann is "a man of great talents," and "his extraordinary work ethic and integrity inspired all who worked with him." Treasury Secretary Timothy Geithner said in a statement "our deepest sympathies are with his family and his colleagues at Freddie Mac during this difficult time." According to a report from the New York Times, Kellermann had received a bonus of about 800,000 dollars since the government take-over, which, as a part of totaled 210 million dollars for executives at Freddie Mac and Fannie Mae, has prompted scrutiny from lawmakers who have questioned bonuses for executives of firms receiving government bailouts.

BEIJING, May 6 (Xinhua) -- China and Portugal agreed here Wednesday to enhance friendly exchanges and cooperation. Top Chinese legislator Wu Bangguo and top Chinese political advisor Jia Qinglin met with Portuguese parliament speaker Jaime Gama on Wednesday. Wu, chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, spoke highly of China-Portugal relations and noted that China always conducted its ties with Portugal from a strategic, long-term perspective and is ready to advance their comprehensive strategic partnership. Wu Bangguo (R), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Jaime Gama, speaker of Portugal's Assembly of the Republic (Parliament), at the Great Hall of the People in Beijing, capital of China, May 6, 2009 He called on the two countries to maintain the momentum of high-level contacts, forge stronger economic and trade ties, intensify personnel exchanges and strengthen consultation and coordination in international organizations. Gama, who is visiting China from May 5 to May 9 at the invitation of Wu, said that Portugal highly appreciated China's responsible attitude and effective policies adopted in tackling the world financial crisis and expressed the hope of furthering Portugal-China cooperation. Earlier Wednesday, Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body, also met with Gama. Jia said the CPPCC hoped to enhance friendly relations with the Portuguese parliament and play an active role in promoting the development of bilateral relations. Gama said Portugal is willing to strengthen Portugal-China cooperation and exchanges in the fields of politics, economy, culture and science and technology.Jia Qinglin (R Front), chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with Jaime Gama (L Front), speaker of Portugal's Assembly of the Republic (Parliament), at the Great Hall of the People in Beijing, capital of China, May 6, 2009.
ROME, May 20 (Xinhua) -- China's top legislator Wu Bangguo met here Wednesday evening with Italian Premier Silvio Berlusconi. Wu is the first chairman of the Standing Committee of the National People's Congress (NPC) who has visited Italy since 1997. Before meeting with Berlusconi, Wu also met with Italian Senate President Renato Schifani Wednesday morning and signed an agreement on establishing a mechanism of regular exchanges between the Chinese NPC and the Italian Senate. During his meetings with Italian leaders in Rome, Wu expressed the willingness of strengthening economic cooperation with Italy as a way to counter the impact of international financial crisis. In an earlier meeting with Chinese entrepreneurs who are doing business in Italy, Wu said the financial crisis has brought about new opportunities for cooperation between Chinese and Italian companies. The Italian leaders expressed the willingness to expand cooperation with China in various fields, saying China's economic growth will hopefully provide new energy for the recovery and rally of world economy. Both sides agreed that the two countries should coordinate their stance on reform of the international financial system and work for an early recovery of global economy from the financial crisis. China saw an economic growth of 6.1 percent in the first quarter of this year, the lowest quarterly figure in years. Meanwhile, the European Union economy dropped 4.6 percent in the same period. China and Italy have maintained a sound momentum in bilateral links. The two sides have consolidated political trust and maintained close communication and coordination on major international issues. Leaders of the two countries have maintained contact on a regular basis. Italian Premier Silvio Berlusconi visited China last October and met with Chinese President Hu Jintao. During the meeting, he said Italy places importance on China's role in international affairs and wish to cooperation with China to counter the impact of international financial crisis. In recent years, the two countries have kept optimizing structure of trade and expanded investment. Bilateral cooperation in science, technology and environment protection have achieved good results. China held a Year of Italian Culture last year. In a gesture of embracing China as a huge market and potential source of investment, Italy is to hold a "Year of China" in 2010. Italy has decided to participate in the 2010 Shanghai World Expo, while it has won the host of the 2015 World Expo. The Italian side expressed strong interest in learning from the experience of China as the latter staged successfully the 2008 Olympic Games
SEOUL, May 17 (Xinhua) -- South Korean President Lee Myung-bak met Sunday with a group of 20 quake-affected children from China's Sichuan Province, encouraging them to make unremitting efforts to improve and fulfill themselves so as to become useful talented persons in the future. Under the invitation of the President Lee, 20 children from the earth-quake hit areas visited the presidential office, Cheong Wa DAE, with their 20 friends coming from a South Korean nursery school. Lee encouraged the quake-affected children to overcome the shock and difficulties. "We can never loose hope. I hope you will grow up healthy and become talented persons for your country", said President Lee. For her part, Li Xiaolin, vice-president of the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), thanked President Lee's invitation, saying that they felt true love from South Korean people. Cheng Yonghua, China's Ambassador to South Korea said "South Korea is a good neighbor that can help when China is in need." South Korean President Lee Myung-bak (R C), his wife Kim Yoon-ok (L C) and Chinese Ambassador to South Korea Cheng Yonghua (1st L) pose for a photo with Chinese youngsters at the presidential palace Cheong Wa Dae in Seoul May 17, 2009. Lee Myung-bak on Sunday met with a delegation of 20 youngsters from southwest China's Sichuan Province, which was seriously hit in the Wenchuan earthquake on May 12, 2008. The children also performed traditional Chinese dances for Lee while officials from the Sichuan provincial government presented him with a folk painting during the meeting. Lee was in China in May last year for a summit with Chinese President Hu Jintao three months after he took office in Seoul. South Korea doled out millions of dollars and sent dozens of workers to aid the region's recovery from the 8.0-magnitude quake. The May 12 earthquake, the deadliest in China in decades, razed large portions of Sichuan and surrounding provinces, leaving nearly 90,000 people dead or missing.
来源:资阳报