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NANJING, Dec. 31 (Xinhua) -- A court in east China's Jiangsu Province sentenced a man to death and another to life in prison Friday for illegally raising up to 4 billion yuan (606 million U.S. dollars) in a fraudulent investment scheme.Another 11 suspects were given jail terms ranging from two-and-a-half to 10 years for collusion in the fraud, which caused losses of 650 million yuan (98 million dollars) to 14,822 investors, the Intermediate People's Court in the provincial capital, Nanjing, said in a statement.According to the statement, Sun Haiyu and Hu Zhen jointly set up a company, Nanjing Runzai Biology Co., Ltd. in January 2004 and began soliciting investments from the public in the name of planting glossy ganoderma, or reishi mushrooms, which are widely used in traditional Chinese medicine.The judge said the company exaggerated its profits in planting glossy ganoderma and fraudulently claimed that the investment was risk free.The duo, together with 11 accomplices, raised more than 4 billion yuan from April 2004 to July 2008.Sun was sentenced to death for the crime of illegal fund-raising by fraudulent means, while Hu was sentenced to life imprisonment.
MOSCOW, Nov. 24 (Xinhua) -- Representatives and financial institutions from China and Russia on Wednesday signed 13 agreements worth eight billion U.S. dollars.Chinese Vice Premier Wang Qishan and Russian Deputy Prime Minister Alexander Zhukov, the two chairmen from each side of the Joint Commission for China-Russia Regular Meetings of Heads of Government, attended the signing ceremony held at the fifth China-Russia economic and trade summit forum.Among the deals were two financial agreements worth 236 million dollars, 10 cooperative agreements on economy and technology totalling 5.3 billion dollars, and one trade agreement worth around 320 million dollars.The agreements covered a wide range of areas including commercial trade, investment, mining, manufacturing, construction and telecommunications equipment.The signing of the 13 agreements has fully demonstrated the continuous deepening and broadening economic cooperation between the enterprises of China and Russia, thanks to the efforts of the governments of the two countries.

TIANJIN, Dec. 31 (Xinhua) -- A subway train of six cars being assembled rolled off a production line Friday at a production base in north China's Tianjin Municipality, according to China South Locomotive & Rolling Stock Corporation (CSR).The subway train is the first of the kind ever produced at the CSR Tianjin Industrial Park, said CSR's chairman, Zhao Xiaogang.The train, designed to run at a speed of 80 km per hour, has a holding capacity of 1,800 passengers. It will will be used in Tianjin's Subway Line 3, which will begin service in 2011.The production base, with an initial investment of 3 billion yuan (455 million U.S. dollars), can produce 100 to 200 trains a year. It will attain a capacity of producing 500 trains annually in the next five years, according to Zhao.Analysts say the base's first product marked Tianjin's efforts to encourage the development of modern and more advanced industries in the city.The production base will boost the development of emerging industries in Tianjin and contribute to China's economic transformation, Zhao said.CSR, a state-owned company with more than 80,000 employees, produces about 70 percent of all high-speed trains China.
BEIJING, Dec. 17 (Xinhua) -- Chinese Vice President Xi Jinping Friday stressed efforts to promote outstanding officials at the grassroots who had tirelessly performed official duties honestly and diligently for the people.Xi, also a Standing Committee member of the Political Bureau of the Communist Part of China (CPC) Central Committee, made the remarks while addressing a meeting of officials at CPC organization departments across the country.CPC's organization departments are responsible for work concerning the selection of party cadres.From 2011 to the first half of 2012, the current leadership of the CPC's provincial, municipal, county, and township level committees will be re-elected.Stressing the importance of the re-election, Xi said the year 2011 also marks the 90th anniversary of CPC's founding and the inaugural year for implementation of the 12th Five Year Plan, China's development blueprint covering the coming five years from 2011-2015.He urged party authorities to select and promote only those cadres who have both political integrity and professional competence.Further, Xi called for improved supervision over officials, especially those in key positions including heads of party committees or governments, chiefs of law enforcement agencies, and those in charge of personnel changes, money and materials, and other critical areas.He said he hoped that the re-election would further strengthen the leadership of the CPC in China and help contribute to the country's social and economic development in the coming five years.
来源:资阳报