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BEIJING, Aug. 15 (Xinhua) -- The Agricultural Bank of China (ABC), one of China's "big four" state-owned commercial banks, won the title for the world's largest initial public offering (IPO) after selling another 3.34 billion shares at its IPO price of 2.68 yuan per share.The ABC said in a statement at the Shanghai Stock Exchange Sunday that it raised an additional 8.94 billion yuan (1.31 billion U.S. dollars) after fully exercising the over-allotment option of its Shanghai share offering. The bank has now raised 22.1 billion U.S. dollars.The previous record was set by the Industrial and Commercial Bank of China, which raised a record 21.9 billion U.S. dollars in its IPO in 2006.ABC shares rose 0.37 percent to 2.69 yuan on the Shanghai bourse Friday.The ABC is the last of the "big four" state-owned commercial lenders to go public. The other three banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China, are listed on both Shanghai and Hong Kong bourses.The over-allotment, or so-called greenshoe option, allows the sale of additional shares to the public if demand is high.

BEIJING, Aug 5(Xinhunet) -- China's machinery industry has rebounded during the first half of this year, but the momentum is likely to slow as the country's economy cools.The machinery industry has grown by 37 percent during the first six months of 2010, with a total output value of 6.59 trillion yuan, according to the China Machinery Industry Federation, a quasi-governmental institution that oversees growth of China's machinery sector.The machinery industry, which has benefited from the government's 4 trillion yuan investment spending spree, enjoyed expansion in large-scale construction projects over the last year. The construction machinery sector reported 54 percent growth during the first half of this year, according to the federation.The strong growth of the industry is based on preliminary statements by several listed machinery companies submitted to the stock exchange.Shanghai-listed Zoomlion Heavy Industry Science and Technology Development Co, which is also planning to launch a listing in Hong Kong, predicted its profit would grow by 50 percent to 100 percent over the first half this year.Sany Heavy Industry Co is also expected to record 85 percent growth this year, according to Ping An Securities. The maker has already reported a growth rate of 170 percent in profit during the first quarter of this year.However, not all machinery industry sectors are reporting the same momentum as domestic demand has decreased this year. New orders in power generation equipment, transmission and substation equipment as well as heavy machinery, have rolled back this year."It is unlikely to see significant growth in the output of power equipment this year and it will probably stand around 117 million kW since the base figure is already huge," according to Cai Weici, vice-president of the federation, adding that China's output of power equipment already makes up half of the world's total."There is also less demand for heavy machinery used in steel production because the industry is eliminating outdated productivity, thus reducing market demand," Cai said.Fixed-assets investment in the machinery industry which has maintained a growth rate of over 40 percent since 2004 slowed down by 27 percent to 79.8 billion yuan, signaling less reserved strength for further growth.In term of exports, the machinery industry will be exposed to several uncertain factors including a more flexible yuan exchange rate as well as rising labor and raw material costs.The federation forecasts the industry's growth rate will be 20 percent in 2010.

BEIJING, July 13 (Xinhua) -- China Tuesday pledged to continue to promote the development of military relations with Singapore.Chinese Defense Minister Liang Guanglie made the remarks when meeting with Chiang Chie Foo, visiting Permanent Secretary of the Singaporean Defense Ministry.Recent years had witnessed a rapid development of China-Singapore relations, with political mutual trust, a reciprocal and mutually beneficial economic relationship and fruitful cooperation, Liang said.Bilateral military ties had undergone a healthy development, with sound exchanges and cooperation mechanisms, frequent high-level visits and good cooperation in personnel training, joint military training and escort missions, Liang said.China was willing to work with Singapore to continuously boost relations between the two countries and armed forces, so as to play an active role in jointly safeguarding regional security and stability, he said.Chiang said Singapore attached great importance to the development of its relations with China.The two armed forces were expected to maintain exchanges and cooperation and to strengthen understanding and mutual trust, he said.Ma Xiaotian, deputy chief of general staff of the Chinese People's Liberation Army, and Chiang co-chaired the third China-Singapore defense policy dialogue before the meeting.Both sides exchanged views in-depth on regional security, relations of the two countries and armed forces as well as other issues of common concern and reached consensus on further strengthening military ties.They agreed to continue to enhance China-Singapore military cooperation and promote the development of friendly and cooperative military relations.The two nations held the first defense policy dialogue in January 2008 in China and the second in March 2009 in Singapore.

TOKYO, July 23 (Xinhua) -- New Japanese Ambassador to China Uichiro Niwa on Friday called for deepening of Sino-Japanese mutually beneficial strategic relations."In recent years the leaders of the two countries have created a conducive environment for the development of bilateral ties. I am very glad to see that," Niwa told Chinese press in Tokyo.Upon his assignment to China, the Japanese ambassador said China and Japan, as close neighbors, should deal with each other for the upcoming 1,000 or 2,000 years rather than 10 or 20 years. In the long run, both countries share a lot of common interests, and a stable, friendly relationship is the ultimate goal.The former president of Itochu Corp. said that he aimed to boost communication, strengthen economic cooperation, and build on the mutual trust between the leaders of the two countries.Niwa also said in the age of multipolarization, no one can conduct diplomacy with knowledge of China alone. So the relations with South Korea, and the United States are also important.Niwa was appointed by Prime Minister Naoto Kan in June to the key diplomatic post, making him the first ambassador to China from outside the government sector since the two countries normalized ties in 1972. He will leave for Beijing on July 31.

BEIJING, June 30 (Xinhua) -- The Party School of the Communist Party of China (CPC) Central Committee, or the Central Party School, opened its door to more than 60 correspondents from domestic and overseas media on Wednesday, one day ahead of the 89th anniversary of the founding of the CPC, on July 1.It was the first time the country's highest institution for the training of high- and middle-level Party officials invited a large group of media workers from home and abroad to tour the mystery-shrouded campus in northwestern Beijing.Forty-two correspondents, photo journalists and TV reporters from major overseas media organizations - including the Associated Press, the Agence France-Presse, the Guardian, CNN and the Australian Broadcasting Corporation - participated.During the two-hour tour Wednesday afternoon, the group attended a press conference, a class and interviewed some teachers and students during their visit to the school's main teaching building, gymnasium, canteen and dormitory building."The Central Party School and the whole Party system haven't interacted much with the outside world -- this is something we are trying to change," said Li Baosheng, the school's vice president.The Party, founded July 1, 1921, is the world's largest political party. It had 78 million members as of last year."The Party system should open up to the outside world because the Party exists to serve the people and the Party has nothing to hide," Li said at the press conference.Some correspondents from overseas media interviewed by Xinhua said they had known nothing about the school before the tour. Other correspondents from domestic media said it was their first time to visit the school.The school's history dates back to the School of Marxism and Communism set up in March 1933. Late chairman Mao Zedong served as president of the school. President Hu Jintao also served as the school's president and its current president is Vice President Xi Jinping.The school has trained 60,00 high- and middle-level officials over three decades. Its curriculum includes Marxism masterpieces and Party principles, western political theory, economics, contemporary law, religion and military affairs.The school has academic cooperation agreements with government departments, research institutes and universities from nearly 30 countries.The media group found the tour interesting, and some even took photographs of the food menu in the canteen. Some walked around the huge campus decorated with trees and fountains like many other college campuses in the world."It's a beautiful campus. The environment here is a great place for study," said Stephen McDonell, the Australian Broadcasting Corporation's China correspondent.The tour of the school was welcomed by many correspondents. The school's spokesman, Luo Zongyi, made his debut at a press conference held Tuesday.Some correspondents from overseas media expressed their wish to know more about how the school plays its role as the highest institution."The tour was interesting and the school is probably less mysterious than people think. I hope we will have more opportunities of this kind to visit and see for ourselves and to have interactions with officials, teachers and students as we did today," Jaime A. Florcruz, CNN's Beijing Bureau Chief, said after the tour.Florcruz said that he wanted to interact with teachers and researchers at the school and know their views about international and domestic affairs because "whatever they are thinking and studying here is a reflection of what's going on in China."The school's vice president, Li Baosheng, pledged to organize more activities to help the media know more about the Party system."The Central Party School will not be a mysterious place in the future. Journalists will have fewer and fewer difficulties in contacting with people within the Party system," Li said.