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Visiting US Chief of Naval Operations Mike Mullen reaffirmed in Beijing on Tuesday that the United States will not support Taiwan independence and will adhere to the one-China policy."The United States will not support Taiwan independence or any unilateral move toward that direction on the part of Taiwan," Mullen told reporters at a press conference.As a guest of Chinese People's Liberation Army Navy commander Wu Shengli, Mullen arrived in China on August 17 for a friendly visit. He delivered a speech at a Chinese naval academy and observed naval exercises from on board a Chinese warship.During the visit, Mullen also met with Chinese Defense Minister Cao Gangchuan and Guo Boxiong, vice chairmen of China's Central Military Commission.China-US relations are one of the most important bilateral relations in the world, Cao told Mullen, noting that flourishing bilateral ties will not only serve the fundamental interests of the two countries and two peoples, but will also be conducive to the peace, stability and prosperity of the region and world as well.Agreeing with Cao's view on bilateral relations, Mullen said that US-China relations are very important and the dialogue between the two nations as well as the two militaries is "critical".Mullen, who has been nominated by US President George W. Bush to become the next chairman of the Joint Chiefs of Staff, promised to Cao that he would continue to nurture the bilateral ties no matter whether he serves in his current position or as Bush's major military adviser and leader of the US Army, Navy, Air Force and Marines, according to a press release provided by the Chinese Ministry of Defense.Mullen also expressed his hope that exchanges and cooperation in such fields as military academic education and exchange visits of warships, could be further boosted in an effort to increase mutual understanding and trust, said the press release.

BEIJING - The National Grid of China said power could be restored partially within the day in the worst-hit region in central China's Hunan Province, ending the eight-day blackout caused by snow.Local residents buy candies for the upcoming Spring Festival in Chenzhou, Central China's Hunan Province, February 1, 2008. Power supply in Chenzhou City has been cut off during the past eight days, leaving thousands of households in dark and coldness. [Xinhua] "Many power facilities in Hunan were damaged due to repeated extreme weather changes," said Yin Jijun, deputy director of the international liaison department of the National Grid. "As the weather deteriorated again, the regional power grid, in particular the southern grid in the province, is facing acute challenges."A new round of snow started to hit central, south and east China regions on Friday, adding to the woes caused by previous snowfalls.Hunan is one of the hardest-hit areas for the past three weeks. Power supply in Chenzhou City has been cut off during the past eight days, leaving thousands of households in dark and coldness. Hengyang and Yongzhou cities also experienced blackouts in some areas.To address the situation, Yin said the National Grid is working all out to ensure security of the main power network in southern Hunan, especially in Chenzhou."We will strive to partially restore electricity supply in Chenzhou on Saturday," Yin said.

An increasing amount of investment capital is flowing from the Chinese stock market to the relatively stable real estate markets in major cities like Shanghai, Beijing and Shenzhen, according to several banks and property consultancies. Low- and medium-level residential properties have been attracting the bulk of the funds diverted from stocks, while luxury residential houses and office buildings are taking in a much smaller share, according to a recent survey by Shenzhen-based Worldunion Properties Consultancy (China) Limited. The survey, which covers 16 real estate projects in Shenzhen, Beijing and Tianjin, estimates that funds diverted from stocks accounted for around 50 percent of the total transactions in low- to medium-priced residential properties from October 2006 to June 2007, 10 to 20 percent in luxury apartments and about the same percentage in office premises. "The volatility of the stock market after the stamp tax hike in late May has also increased the potential risks and reduced the returns of stock investment, prompting many risk-averse investors to shift their focus to the property market," the Worldunion report said. "It can be seen from the weak and uncertain performance of the stock market and the strong performance of property prices in various major cities," the report said. Housing prices in 70 large-and medium-sized cities in China continued to rise in June, up 7.1 percent over the same period last year, while the Shanghai Composite Index dropped 7 percent that month. "From my experience in other markets, the risks of investment in real estate are relatively lower than that in the stock market," said Mao Zhi, a professor at China Real Estate Index Research Academy. Some are even selling their stocks to pay for house loans before the recent lending rate hike of 27 basis points. These funds have indirectly flowed into the real estate market, analysts said. "The interest rate hike is not expected to have a negative impact on the property market. The gap between long-term deposit and lending rates narrowed only 9 basis points after the rate adjustment, showing that the measure is not targeting the real estate market," said Li Maoyu, an analyst at Changjiang Securities. At the macro level, the fund flow trend from stocks to real estate is reflected in the sharp increase in bank loans, economists and market analysts said. According to statistics from the People's Bank of China, the increase of loans outstanding in June alone was 451.5 billion yuan, while it's only 247.3 billion in May. Of the additional increase of 56.6 billion yuan loans from the same time a year ago, 79.9 percent were household loans. "Since the majority of household loans were mortgage loans, it's clear that more funds have been relocated to the property market lately," said Shen Minggao, an economist at Citigroup. "Investments in luxury residential properties also shot up as many investors cashed out of the Shanghai stock market and turned to luxury properties as long-term investments," said Lina Wong, managing director of Colliers, an international real estate service provider. In line with the increased transaction volume, selling price for luxury properties grew 2.7 percent in the first half, compared with 3.5 percent in the past 12 months. The rents also grew 2.9 percent, while it rose 3.8 percent from last June. Worldunion said it's like the two markets are on a seesaw, when "one goes up, the other comes down." The National Bureau of Statistics has announced that China's real estate investment rose 28.5 percent from a year earlier to 988.7 billion yuan in the first half of 2007. "Anticipation of further renminbi appreciation should secure a continuous inflow of foreign capital and help fuel the property market," said Wong of Colliers.

The U.S. National Academy of Sciences announced on Tuesday the election of 72 new members and 18 foreign associates in recognition of their distinguished and continuing achievements in original research. The election was held this morning during the business session of the 144th annual meeting of the academy, and brought the organization's total number of active members to 2,025. Foreign associates are non-voting members of the academy. The 18 newly elected, from 12 different countries, brought the total number of foreign associates to 387. Two Chinese scientists, Zhang Qifa and Li Aizhen, were among the new foreign associates. Professor Zhang is the director of National Key Laboratory of Crop Genetic Improvement, Huazhong Agricultural University, in central China's Wuhan. Li is from the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences. The U.S. National Academy of Sciences is a private organization of scientists and engineers dedicated to the advance of science and its use for the general welfare. It was established in 1863 by a congressional act signed by Abraham Lincoln. The act calls on the academy to act as an official adviser to the federal government, upon request, in any matter of science or technology

BEIJING -- China regrets that the United States requested the World Trade Organization (WTO) to set up a dispute settlement panel to solve the intellectual property rights (IPR) disputes between the two sides.Wang Xinpei, spokesperson of the Ministry of Commerce, made the remarks in a news conference here Thursday.The Chinese government has always been firm in protecting IPR and tried to solve IPR protection problems through dialogues, Wang said.China has detailed and clarified problems raised by the US and showed great sincerity, Wang said.China's laws regarding IPR protection completely meet WTO requirements, Wang said, adding China is opposed to any WTO member's move of making developing members shoulder extra obligations through dispute settlement system, Wang said.China is studying the US request and will act actively, Wang said.The United States on Monday requested the WTO to establish a dispute settlement panel regarding so-called China's deficiencies in intellectual property protection.The US initiated the dispute over the issue by requesting consultations with China on April 10, 2007.Under WTO rules, the WTO Dispute Settlement Body (DSB) will consider the US request for the establishment of a panel at its next meeting on August 31.