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President Hu Jintao will "elaborate on China's position and propositions on climate change" at the upcoming summit of industrialized nations which features a session on global warming. Assistant Foreign Minister Cui Tiankai told a news briefing yesterday: "China's population is one-fifth of the global population, which means one out of five of the world's people affected by climate change will be in China. "That is why the Chinese government takes this issue very seriously... We need to base our development on energy that is secure and sustainable." Hu will attend an expanded summit of the Group of Eight (G8) in Germany from tomorrow to Friday. The meeting at the Baltic Sea resort of Heiligendamm will bring together leaders of the United States, Britain, Canada, Germany, France, Italy, Russia, and Japan. German Chancellor Angela Merkel is pushing for countries to commit to concrete reductions in the emissions of greenhouse gases believed to cause global warming, and for a 2 C limit on further increases in average temperature. Efforts to stop uranium enrichment by Iran, aid to Africa, currency exchange rates and global growth are also on the agenda. Apart from China, the other developing countries attending the dialogue are India, Brazil, South Africa and Mexico. It will be the fourth time Hu is attending the G8 outreach session since 2003. The earlier three were in France, Britain and Russia. Coinciding with Hu's visit, the Chinese government yesterday released its position paper for the G8 meetings, outlining Beijing's policy on climate change, energy, IPR protection, investment liberalization and African development. Cui reiterated China's long-time and traditional friendship with African countries. "China and African countries have had a very friendly, brotherly partnership since the establishment of New China, since the 1950s, and that has continued up to now," he said. "It can be said that this has been widely praised around the globe," he added. "In this world, there will always be people willing to criticise others. If they want to say something, then that's their business. Whether or not it's true, is another matter." He said China also wants the United Nations to be more involved in preventing conflict. "China maintains that the United Nations has a bigger role to play in conflict prevention and settlement and post-conflict reconstruction in Africa," the paper said. UN Secretary-General Ban Ki-moon on Friday praised China's "helpful" role in Sudan. "The Chinese government has been exerting its utmost efforts (on Darfur), as I understand, and appreciate," he said. After Germany, Hu begins a three-day state visit to Sweden, the first by a Chinese head of state in 57 years since the two countries established diplomatic ties. Agencies contributed to the story

Investors monitor the movement of stock prices at a brokerage firm in Guangzhou, South China's Guangdong Province May 9, 2007. [newsphoto]China's main stock index hit a fresh all-time high after breaking a key barrier of 4,000 points due to the soaring blue chip stocks as investors shrugged off official warnings of a possible market bubble amid soaring corporate profits. The benchmark Shanghai Composite Index, the most widely watched indicator of the mainland's stock market, gained 1.60 percent to end at 4,013.08 points, breaching the psychologically important mark of 4,000 for the first time. That marks a gain of 50 percent so far this year on top of a 130 percent rally in 2006. Blue chip stocks showed strong performances. China Unicom, the nation's second largest wireless operator, jumped its daily limit of 10 percent to close at 6.35 yuan per share. Bank of China rose 7.77 percent to 6.10 yuan, while Industrial and Commercial Bank of China was up 5.47 percent to 5.78 yuan. The surge came after the Shanghai Composite Index was pushed to a new high in the previous session as new investor cash flooded in after the week-long May Day market recess and China's yuan broke the barrier of 7.70 against the US dollar. The consistent hitting of new highs since January was partly driven by the wave of money brought in by new investors. Some 4.787 million new A-share trading accounts were opened in April, more than the combined number of the previous two years, statistics from China Securities Depository and Clearing Corporation. The figures for the new accounts are considered a rough indicator for the number of new individual investors entering the market. Analysts said the market may undergo drastic fluctation after the index breaks the 4,000 point mark, as worries about stock overvaluations build up. The stocks in the Shanghai and Shenzhen markets are trading at more than 40 times  earnings per share on average, much higher than developed markets overseas. The growing bubble in the country's stock market is a concern, said central bank governor Zhou Xiaochuan last week, adding he would closely monitor asset prices, the consumer price index and producer price index. Zhou's remarks added to speculation there could be an interest rate hike as early as next month. Xie Guozhong, former chief China economist for Morgan Stanley, suggested regulators should come up with certain policies to put the brakes on the surging stock market for the good of long-term economic development and social stability. "China's equity market is starting to show signs of getting out of control," said Zuo Xiaolei, chief economist of China Galaxy Securities in China Securities Journal on Wednesday The market rose even after the interest rate was hiked in March, and the bank reserve ratio was raised in April, said Zuo. "The neglect of policy and blindly pushing up the equity market fosters a big market risk," he claimed.

BEIJING -- One in four Chinese Internet users has a blog, with the activity especially popular among students and young office staff, said a report on blog development in China released on Wednesday.China Internet Network Information Center (CNNIC) surveyed 1,862 Internet users in late November. Extrapolating from this group, CNNIC calculated that 47 million Chinese have blogged, more than one fourth of the 180 million people who have surfed the net in China. But many blogs have gone blank: only a persistent 36 percent kept their sites updated.Although small compared with the 1.3 billion population of China, the active blogger population has doubled almost every year. China's first blog appeared in 2002; registered blog spaces exceeded 33 million in 2006A large proportion of Chinese bloggers are assumed to be students, as the survey showed that more than 30 percent of them earned less than 500 yuan (US.5) each month or had no income at all. About 23 percent earned 1,500 to 3,000 yuan, which is the monthly entry-level salary of many white-collar employees in China.

The Bank of Communications (BoCom), China's fifth largest lender, said its net profit reached20.3 billion yuan (2.86 billion U.S. dollars) in 2007, up 65 percent from 2006.     By the end of 2007, total assets of BoCom stood at 2.1 trillion yuan, up 22.7 percent from a year earlier, according to its 2007 annual report released on Wednesday.     Net interest rate income rose 36 percent to 54.1 billion yuan and fee income from credit card sales and asset management products surged 137 percent to 7.1 billion yuan.     The Shanghai-based bank and HSBC Holdings Plc., which holds a roughly 19 percent stake in BoCom, are preparing to establish a credit card company and a pension fund company, according to the report.     BoCom, which listed on the Hong Kong stock market in 2005, returned to the mainland's A share market in April last year. Its shares rose 2.77 percent to 10.39 yuan in Shanghai on Wednesday.

来源：资阳报