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Hong Kong' benchmark Hang Seng Index plunged 5.18 percent on Monday to close at its lowest level this year, drawn by growing troubles in the global credit markets and weakness in the Chinese mainland bourses.     The Hang Seng Index fell 1,152.50 points, or 5.18 percent, to close at 21,084.61 on Monday, its lowest level in nearly seven months, amid worries on the near collapse of U.S. investment bank Bear Stearns.     Over the weekend, the subprime mortgage crisis claimed another major victim -- Wall Street's fifth largest investment bank Bear Stearns. Wall Street fell sharply on Friday on the news, followed by Asian markets.     The benchmark Hang Seng Index opened at 21,318.03 and fluctuated between 21,041.26 and 21,473.40 during the session. Turnover was at 94.37 billion HK dollars (12.16 billion U.S. dollars), up from last Friday's 88.28 billion HK dollars (11.32 billion U.S. dollars).     Three of the four major categories lost ground. The Properties lost most at 5.73 percent, followed by the Commerce and Industry at 5.58 percent and the Finance at 5.32 percent. The Utilities, the only gainer, edged up 0.21 percent.     The biggest decliners in the local benchmark index were mainly China-based companies. Index heavyweight China Mobile fell 4.6 percent to 102.50 HK dollars. Smaller rival China Unicom slid 4.6 percent to 16.32 HK dollars.     Shenhua Energy fell 8.9 percent to 32.95 HK dollars, and Ping An Insurance was down 7.6 percent at 53.20 HK dollars.     The Chinese mainland's biggest insurer, China Life Insurance, slid 7.4 percent to 25.70 HK dollars. Non-life insurer PICC P&C tumbled 11.5 percent to 6.48 HK dollars.     Air China, Chinese mainland's biggest international carrier, lost 50 cents or 8.5 percent at 5.40 dollars as oil continued its relentless climb to a fresh high of 111.80 in Asian trade Monday on a weaker dollar. The company will report its 2007 results later Monday. The mainland's biggest airline by fleet size, China Southern Airlines skidded 73 cents or 12.5 percent to 5.13 dollars.     PetroChina, Asia's biggest oil and gas company, dropped 6.6 percent to 9.42 HK dollars. Major oil firm Sinopec fell 8.1 percent to 6.14 HK dollars on investor concerns about steep losses at its refining division given the recent surge in crude prices.     Property stocks tumbled, in line with the downward trend in the overall market, and on reports of softening housing prices in the city's new territories.     Sino Land Co, which has the highest exposure to the local residential market, fell 11 percent to 15.42 HK dollars.     Asian billionaire Li Ka-shing's property flagship Cheung Kong Holdings, fell 5.7 percent to 99.05 HK dollars.     Hong Kong's biggest property developer, Sun Hung Kai Properties Ltd (SHK Properties), slumped 4.8 percent to 112.60 HK dollars.     CLP Holdings and Hong Kong Electric were the only gainers in Monday's trade as CLP Holdings up 1.1 percent to 65.30 HK dollars and Hong Kong Electric rose 3.3 percent to 50.90 HK dollars.

DAVOS - China will endeavor to maintain steady and fairly fast economic growth and deepen the reform of the economic system, Chinese Vice-Premier Zeng Peiyan said here Thursday."To prevent overheating of the economy and inflation is our top priority for macro control this year. We will pursue a prudent fiscal policy and tight monetary policy to ensure general balance between demand and supply and make the economy better structured," said Zeng at a session of the five-day World Economic Forum (WEF) Annual Meeting.At the session of "special message and conversation" in his honor, Zeng said China will work on transforming the model of growth."In promoting economic growth, the focus of our efforts will be shifted from relying mainly on investment and export to stimulating consumption and steadily increasing the consumption rate; from relying mainly on manufacturing industry to promoting the growth of agriculture and services industries and increasing the share of the service sector in economic output," he said.Zeng said China will deepen economic structural reforms, encourage sectors of different ownership to compete as equals and develop together.He also made it clear that China seeks promotion of sustainable development.China has launched a campaign of energy conservation and emission reduction to meet the targets set for 2010 including a 10- percent reduction in the 2005 levels of (sulfur dioxide) SO2 emission and chemical oxygen demand (COD), he said."We are accelerating the pace to eliminate the backward production styles of factories with high energy consumption and pollutant emission, step up the construction of waster water and sewage processing facilities and vigorously develop energy-saving and land-saving housing, and fuel-efficient and environmentally friendly automobiles," he added.The air conditioning of buildings will be kept at an appropriate level, and energy-saving bulbs will be used throughout the country, he said.In his speech, Zeng noted that the world today needs to address many problems facing the growth of the world economy.These problems include greater uncertainties for global economic growth, the rising prices of primary products, resurfacing of trade protectionism, and growing concerns over global climate change, he said."The plummeting of stock markets throughout the world in the past few days speak eloquently of how much the market is worried about a possible slowdown or even recession of the US economy," he said.Financial risks spread faster than before, and one single financial and economic event in a country could cause chain reactions in other parts of the world, he said.The sub-prime mortgage crisis which broke out in the United States has hurt many transnational financial institutions and its adverse impact on countries concerned has start to be felt, he elaborated.He expressed his concerns that the prices of primary products are still rising and have raised production cost and consumer spending and led to more inflationary pressure in the world.Turning to trade protectionism, the Chinese vice-premier said that some countries have raised non-tariff trade barriers and imposed more restrictions on foreign investment.Such practices hurt the interests of exporters, producers, investors, importers and consumers alike and will ultimately harm the common interests of all countries, he said.He promised that China are ready to work with the international community to address these risks and meet the challenges and contribute to economic stability and sustainable development in the world.He noted that since joining the World Trade Organization, China has honored its commitments.China's average tariff level has dropped from 15.3 percent of the pre-accession years to the current 9.8 percent, and China has abolished non-tariff measures, he said."We will continue to promote trade and investment liberalization and facilitation," he said.While stressing that peace, development and cooperation represent the irresistible trend of the times, Zeng said China will pursue win-win cooperation with foreign nations and accommodate the legitimate concerns of other countries, especially the developing ones."We will work with all countries, international organizations and people from all walks of life to harness the power of collaborative innovation, pursue win-win cooperation, seize the opportunities together and share the benefits of development, meet challenges and work hard for global prosperity and progress," said the Chinese official.The five-day WEF annual meeting started in this Swiss ski resort on Wednesday under the principal theme of "the Power of Collaborative Innovation."The event drew the world's political and business elite, including 27 heads of state or government, and more than 110 government ministers.

Effective preparations and accurate weather forecasts greatly reduced the number of casualties caused by typhoon Wipha, Zheng Guoguang, head of the China Meteorological Administration (CMA), said on Thursday."Up to now only five people have died from landslides triggered by the heavy rain. The number of casualties is rare in history," said Zheng.The fact that the central government has paid great attention to natural disasters was one of the reasons for the few casualties, while meteorological authorities stepped up forecasts to allow local governments to have time to evacuate people, Zheng added.A total of 2.67 million people in Zhejiang, Fujian, Shanghai and Jiangsu had been relocated by Wednesday, said the Ministry of Civil Affairs. The typhoon destroyed more than 9,600 houses and damaged 42,000 others.In Zhejiang alone, 1.79 million people were evacuated before Wipha struck, the largest mass evacuation in the history of the province. More than half a million were evacuated because their houses were in poor condition.Typhoon Wipha hit Wenzhou, in Zhejiang Province, at 2:30 am Wednesday but was later downgraded to a tropical storm.It turned into a temperate depression at noon on Thursday in the Yellow Sea, and was still weakening, according to the Liaoning Meteorological Observatory.

The Employment Promotion Law is being revised to provide a firmer legal footing for efforts to combat the discrimination that Hepatitis B virus carriers have encountered while looking for work, a senior official said. If the revised law is passed, Hepatitis B carriers will have the tools they need to guard their right to secure fair employment and to have discriminating employers punished. Liu Danhua, deputy director of the Labor and Social Security Ministry's training and employment department, said the drafters planned to write a chapter called "fair employment" and to add an article that bans employers from refusing to hire applicants because they carry infectious viruses. She made the remarks during an online interview on www.gov.cn on Friday. At least 15,000 people participated in the online chat and left more than 600 messages for the official. Many spoke about their experiences of being rejected by employers because they are Hepatitis B virus carriers. They applauded the document released by the Labor and Social Security Ministry and the Ministry of Health in May, which called for the protection of virus carriers' employment rights. Still, some were disappointed that some employers seemed not to have heeded the call. According to the document, except for those industries barred to Hepatitis carriers because of the possibility they might spread the virus, such as food processing, employers are not to make Hepatitis screening a mandatory part of physical checkups. Medical organizations have been asked to protect carriers' privacy. But in many cities checks for theHepatitis B virus are more or less obligatory before securing employment. A college graduate from Changsha, Hubei Province, using the Web alias "jiushi3953", said he had been rejected three times by companies because he has Hepatitis B. He was worried he would never get a good job. "Almost every company in Shenzhen demands a Hepatitis virus check Please give me a chance to survive," he said. Hao Yang, deputy director of the Ministry of Health's disease control and prevention bureau, said discrimination was rooted in people's misconceptions about Hepatitis B. Many people and even some doctors think Hepatitis B virus can be transmitted while dining together or touching. Hao said this is wrong. The country is home to about 120 million chronic carriers of the Hepatitis B virus, which may lead to chronic inflammation of the liver. Carriers do not suffer, and do not pose a threat to other people.

Beijing has fined more than 50 people for spitting in the past week's holiday, a report said on Monday, as Beijing steps up a campaign to "civilize" the city before the 2008 Olympics. Officials also handed out more than 10,000 bags to tourists to try to keep them from littering as inspection teams fanned out across the city's tourist sites during the week-long Labor Day holiday, when hundreds of millions take to the roads. "The Olympics are coming, and we don't want to get disgraced," Xinhua news agency quoted travel guide Huang Xiaohui as saying. Guides had been instructed to remind tourists not to spit, litter or jump queues, and lead an "etiquette discussion" at the end of the tour, the report said, citing a circular issued by the China National Tourism Administration. China also has an official etiquette watchdog, the Spiritual Civilization Steering Committee of the Chinese Communist Party, which aims to curb uncivilized behavior. Chinese officials have expressed concern about rudeness and public spitting habits and launched campaigns to cultivate courtesy and civility, keen to ensure nothing mars Beijing's image during the Olympic Games. Among the initiatives, the 11th day of every month is now "voluntarily wait in line" day, designed to stamp out pushing and shoving in favor of orderly queues.