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BEIJING, July 2 (Xinhua) -- China senior political advisors gathered here Wednesday, to learn about the country's economic situation and developments in the earthquake relief and reconstruction campaign.     Jia Qinglin, chairman of the CPPCC National Committee and member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, presided over the inaugural session of the second meeting of the Standing Committee of the 11th CPPCC National Committee.     Jia praised CPPCC members for their participation in the earthquake relief campaign.     The relief situation remained serious and the tasks were still very heavy, Jia said. The CPPCC was responsible and duty-bound to contribute to the relief and reconstruction work. Jia Qinglin (C), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), presides over the second session of the Standing Committe of the 11th CPPCC national committee in Beijing July 2, 2008.    He encouraged the senior advisors to speak their views at the meeting, to provide the Party Central Committee and the State Council with more valuable comments and proposals. Chinese Vice Premier Zhang Dejiang (C) speaks in the second session of the Standing Committe of the 11th national committee of the Chinese People's Political Consultative Conference (CPPCC) in Beijing July 2, 2008.Vice Premier Zhang Dejiang, in a report on the economic situation, said China had experienced the most austere economic and social challenges.     China had maintained stable and relatively fast economic development, thanks to the timely decisions and arrangements by the Party Central Committee and the State Council, as well as the work by local Party committees and governments, said Zhang, also a member of the Political Bureau of the CPC Central Committee.     The country would continue earthquake relief and reconstruction while firmly adhering to promoting economic and social development, so as to achieve social harmony and stability.     Zhang hailed the reform of state-owned enterprises in the past 30 years, and pledged to speed up the reform.     He said China had entered into a crucial stage in developing its social security system, which required increased investment to "allow everyone enjoy fundamental living security, while trying hard to reach the goal of enabling everyone to enjoy schooling, find paid jobs, get medical services, retire on a pension, and live in decent housing".     The meeting is scheduled to last for four days.

MOSCOW, July 30 (Xinhua) -- As the special guests of Russian President Dmitry Medvedev, 50 students from China's quake-hit Sichuan province Wednesday visited the glittering Andrew Hall of the Kremlin, and had a joyous time with the Russian president.     "I hope that you will make friends with more Russian children during your rehabilitation in our country," Medvedev said in his speech, describing the students as "little heroes" in the relief work following the devastating earthquake.     These middle and primary school students, who were recuperating in a rehabilitation center in southwest Russia's coastal city of Tuapse before coming to Moscow, are the representatives of some 1,000 children who would arrive in Russia for further recovery in 2008. Russian President Dmitry Medvedev (front R) embraces Ma Xiaobo, 9, a student from China's quake-hit Sichuan Province, at the Kremlin Palace in Moscow, capital of Russia, on July 30, 2008. A group of 50 students from China's Sichuan Province are interviewed with Russian President Dmitry Medvedev on Wednesday after they paid a visit to the Kremlin Palace, the Red Square, and the Lenin Tomb in Moscow."How do you feel about Russia?" Medvedev asked as he walked in the crowd with a smile on his face.     "Beautiful!" "Enthusiastic!" "Hospitable!" the children strived to answer.     "Have you swum in the Black Sea? Is the water cold?" the president went on to ask.     "It's not cold!" they consented with one voice. A boy student from China's quake-hit Sichuan Province takes photos at the Kremlin Palace in Moscow, capital of Russia, on July 30, 2008. A group of 50 students from China's Sichuan Province are interviewed with Russian President Dmitry Medvedev on Wednesday after they paid a visit to the Kremlin Palace, the Red Square, and the Lenin Tomb in MoscowA girl handed over to Medvedev a letter from her fellows who are still in Tuapse. "It is filled with our best wishes for you and our gratitude," she said.     "Please send my regards to your friends. I will certainly read it, with the help of a translator," he said.     The children presented Medvedev with some Chinese calligraphy works and embroidery as gifts. Medvedev expressed thanks in Chinese when he accepted the presents.     The president took the initiative to be a guide for the children and showed them around the Andrew Hall of the Kremlin. In his introduction, Medvedev compared the Kremlin to China's Forbidden City. Students from China's quake-hit Sichuan Province are led to visit the Red Square in Moscow, capital of Russia, on July 30, 2008. A group of 50 students from China's Sichuan Province are interviewed with Russian President Dmitry Medvedev on Wednesday after they paid a visit to the Kremlin Palace, the Red Square, and the Lenin Tomb in MoscowMedvedev took photos with the children and gave them goodbye hugs when the half an hour meeting concluded.     While the president held Ma Xiaobo, a grade-three student from Pengzhou city, close in his arms, everybody cheered.     "You're welcome to visit China after the reconstruction of our hometowns," the children said in a loud voice.     "I know China is faced with the difficult task of reconstruction. I believe that the reconstruction will be achieved soon with the involvement of you little guys," Medvedev said.

BEIJING, Sept. 12 (Xinhua) -- The government has cut back on import taxes on spare parts of large equipment and canceled the import tariff exemption on some complete sets.     The adjustments were made to support the domestic manufacturing of large equipment, said the Ministry of Finance.     Taxes levied on domestic enterprises for importing key spare parts of large equipment, including ultra- and extra-high voltage transmission equipment and transformers, large petro-chemical equipment and large coal-chemical equipment, would be refunded and injected into the enterprises as investment from the nation, it said.     The policy applied to imports after Jan. 1, 2008, depending on the date of declaration of imports.     In the meantime, the import of some complete sets of equipment by enterprises approved after Sept. 1, 2008 would no longer enjoy the tax exemption. Both domestic and foreign-funded projects are subject to the new policy, the ministry said.     Imports of such equipment by enterprises approved before Sept. 1 would continue to enjoy the previous tax policies until March 1,2009.

BEIJING, Sept. 5 (Xinhua) -- Chinese equities tumbled on Friday following a heavy slump overnight on Wall Street as concerns about the U.S. economic slump worsened.     The Shanghai Composite Index sank 3.29 percent, or 74.97 points, to 2,202.45. The key index has declined more than 58 percent this year and more than 63 percent from its peak in October.     In Shenzhen, the market fell 2.8 percent, or 209.4 points, to 7,264.2. Aggregate turnover expanded to 42.55 billion yuan (6.22 billion U.S. dollars) from 38.99 billion yuan on the previous trading day.     Losses outnumbered gains by 827-47 in Shanghai and 702-32 in Shenzhen.     Wall Street fell on Thursday with the Dow Jones down more than 340 points as disappointing jobless and retail data left investors doubtful of a U.S. economy recovery. The downturn partly contributed to a fall in China equities, analysts said.     Tracking the Wall Street loss, both the Hong Kong and Tokyo exchanges plunged more than 2 percent on Friday. A resident walks past an electronic board showing the fall of Hang Sang index in Hong Kong, south China, Sept. 5, 2008. Hong Kong's benchmark Hang Seng Index closed at 19,933.28 points Friday, breaching the key psychological supporting mark of 20,000The key Shanghai index fell through the 2,245 points, which was labeled as a psychological mark by analysts. The mark was the peak of the market's last bullish period that ended in 2001.     The breach increased market panic and the weak sentiment would remain until the authority could come up with detailed market-boosting measures instead of just vague market talks, a Shanghai Shiji Investment Consultant Company analyst said.     Continuous retreats in the world crude oil price and other commodities heightened worries that a global slowdown would cut demand and would dent corporate profits, analysts said.     Crude oil for October delivery dropped 1.46 U.S. dollars overnight to 107.89 U.S. dollars per barrel on the New York Mercantile Exchange, falling for a fifth straight day to a five-month low.     In response, China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil explorer, fell 4.24 percent to 13.76 yuan. China Shenhua, the country's top coal producer, shed 3.16 percent to 24.54 yuan and Yanzhou Coal Mining Company lost 4.29 percent to 12.71 yuan.     Investor confidence was also dampened by news of China Merchants Securities plan to launch an initial public offering (IPO), Guosen Securities senior analyst Tang Xiaosheng said.     Brokerage shares declined across the board. CITIC Securities sank 3.18 percent to 18.56 yuan, Guojin Securities slumped 7.3 percent to 27.94 yuan, while Hongyuan Securities lost 4.79 percent to 13.92 yuan.     China Merchants Securities Co. Ltd. said in a prospectus released late on Thursday that it planned to issue 358.55 million A-shares on the Shanghai bourse. The application would be decided by market regulators on Monday.     If approved, it would become the second domestic brokerage IPO following Everbright Securities after a five-year suspension.