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NEW YORK, Aug. 31 (Xinhua) -- Oil prices plummeted to below 70 U.S. dollars a barrel on Monday as investors were rattled by the sharp decline in China's equities market.     Light, sweet crude for October delivery lost 2.78 dollars, or 3.8 percent, to settle at 69.96 dollars a barrel on the New York Mercantile Exchange. The contract fell to the intraday low of 69.13 dollars a barrel. Global stock markets dropped broadly after China's Shanghai Composite Index dived almost 7 percent, spurring concerns about the pace of world economic recovery.     Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high of 75 dollars a barrel. However, oil failed to break the 75-dollar psychological barrier and fell back to around 70 dollars a barrel as investors were worried that the market might have gotten too far ahead of the economy.     In London, Brent Crude for October delivery tumbled 3.52 dollars, or 4.8 percent, to 69.27 dollars a barrel on the ICE Futures exchange.

BEIJING, Aug. 14 (Xinhua) -- China would cement friendship and cooperation with the Islamic countries based on the Five Principles of Peaceful Co-existence, President Hu Jintao said Friday afternoon.     China and the Islamic countries have long maintained mutual respect and trust and have shown understanding and support to each other on issues concerning the core interest of the other side, Hu told visiting Abu Dhabi's Crown Prince Mohammed bin Zayed al-Nahayan.     Hu said China would like to promote dialogues and exchanges with different cultures and civilizations on the basis of the Five Principles of Peaceful Co-existence. China would cement friendship and cooperation with the Islamic countries based on the Five Principles of Peaceful Co-existence, President Hu Jintao told visiting Abu Dhabi's Crown Prince Mohammed bin Zayedal-Nahayanon, Aug. 14, 2009    Abu Dhabi is the capital of the United Arab Emirates (UAE), which is now China's second largest trading partner and important supplier of energy resources in the Arab world.     China and the UAE have enjoyed political trust, mutual support and reciprocal trade cooperation since they forged diplomatic ties25 years ago, said Hu, adding they have also maintained consultations on international and regional issues.     "We appreciate the UAE government for its adherence to the one-China policy, as well as its support on the Taiwan issue and the issues concerning Tibet and Xinjiang," Hu said.     The president said the two countries were facing new opportunities for furthering relations, and China would work with the UAE to enhance cooperation to benefit the two countries and peoples. Chinese Premier Wen Jiabao meets with Abu Dhabi's Crown Prince Mohammed bin Zayedal-Nahayan, Aug. 14, 2009.Chinese Premier Wen Jiabao also met with the crown prince on Friday.     Wen said common ground has increased between China and the UAE in coping with the global financial crisis, and both sides should take effective measures to expand cooperation in energy, trade, investment and financial fields.     He said China would like to actively consult with the Gulf Cooperation Council (GCC) for early consensus on signing a free trade pact.     The guest, who is making his first China tour since he became crown prince, said the UAE hoped to establish strategic cooperation with China in trade, oil and petrochemical fields.     He said the July 5 riot in Xinjiang was China's internal affairs, and his country supported the Chinese government's efforts to safeguard national unity, security and stability.     Friday evening, Chinese Vice President Xi Jinping and Bin Zayedal-Nahayan witnessed the signing of several cooperative agreements including one on setting up a bilateral political consultation mechanism.     During their hour-long talks, Xi proposed to establish China-UAE strategic partnership in the energy field, and expand cooperation in trade, investment and infrastructure construction.     "China is willing to cooperate with the UAE in gas and petrol exploration and the utilization of recycling energy," Xi said.     He urged the two countries to further consolidate political trust, boost cultural and educational cooperation and facilitate the China-GCC free trade area negotiation.     In response, Bin Zayed al-Nahayan told Xi his country firmly backed every measure China took to safeguard national stability and unity, and was ready to cement trade and energy cooperation with the country.     Xi also thanked the UAE for its firm support on issues concerning China's core interests, and for its aid to China after the 8.0-magnitude quake last year.

BEIJING, Sept. 4 (Xinhua) -- The People's Liberation Army (PLA) should study and practice the Scientific Outlook on Development in a practical way, Chinese President Hu Jintao said in an written instruction to the PLA recently.     Hu, also General Secretary of the Communist Party of China (CPC) Central Committee and Chairman of the Central Military Commission (CMC), made the instruction as PLA held a meeting here from Wednesday to Friday on its third stage of in-depth study and practice of the Scientific Outlook on Development.     It should be based on the grassroots situation and provide specific guidance; it should give prominence to practice and focus on solving real problems, the instruction said.     It should obtain actual effects and ensure all tasks of the army be completed, the instruction said.     CMC vice-chairmen Guo Boxiong and Xu Caihong and other senior military officials attended the meeting.

XIAMEN, Sept. 9 (Xinhua) -- China remains the most attractive country for foreign capital, despite that the country's foreign direct investment declined for ten straight months, a commerce official said Wednesday.     "China has been the top destination for foreign capital for 17 consecutive years," Wang Chao, assistant commerce minister, said at the World Capital Forum in Xiamen, east China's Fujian Province.     A report released by the United Nations Conference on Trade and Development (UNCTAD) on July 22 showed that China stands first on the list of five most attractive destinations for foreign capital, followed by the United States, India, Brazil, and Russia.     The country has received 48.3 billion U.S. dollars of foreign direct investment (FDI) from January to July this year, down 20.3 percent over the same time last year amid a global economic downturn, Wang said.     Wang said the country's prospects for overseas investment remains optimistic as it would simplify examination and approval procedures toward foreign investors.     It will also guide foreign investment to go to high technology industry, advanced manufacturing industry, energy saving and environment protection industries, in a bid to optimize investment structures.

BEIJING, Sept. 17 (Xinhua) -- The first seven companies applying for listing on the Growth Enterprise Market (GEM), a Nasdaq-alike market in China, have got green lights from the country's securities regulator on Thursday.     They are in the fields of software, medical equipment and medicines. They planned to raise 2.27 billion yuan (332.65 million U.S. dollars), from the IPOs, according to China Securities Regulatory Commission (CSRC).     "This means the seven enterprises are eligible to list on the market, but they still have some flaws in information issuance, which need to be improved," said Jiang Xinhong, a member of the review commission.     The flaws don't hinder the listings, but these enterprises should go through some necessary procedures before getting listed, said the CSRC.     The CSRC had received 155 applications for IPOs on the GEM as of Sept. 10, since it started to accept applications of the GEM on July 26.

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