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BEIJING, Dec. 22 (Xinhua) -- China unveiled a new asset-management company that aims to restructure and merge small, uncompetitive state-owned enterprises (SOEs) on Wednesday.The new firm, China Reform Holdings Corporation Ltd., will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission (SASAC), the SOE watchdog, said in a statement.The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (681 million U.S. dollars). SASAC has not yet revealed which companies will be involved in the reshuffling.Xie Qihua, former chairman of the Baosteel Group Corporation, China's largest steel maker, has been appointed board chairman of the new company.Liu Dongsheng, an SASAC official, will act as general manager, it said."The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launching ceremony.He noted because the assets of the reshuffled companies took up a considerable amount of the entire state assets, the restructuring plays an active role in improving asset quality.According to SASAC' s plan, the company will participate in the share-holding reform of the reshuffled enterprises, and will also invest in emerging industries with strategic importance.Also at the launching ceremony, Wang stressed that the company is an asset management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corporation (CIC).He noted the new company's mission is explorative and challenging, which needs to deal with it in a proactive and cautious way.In order to enhance the state company's efficiency and competitiveness, SASAC cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.However, SASAC officials said it remains difficult to meet the target in time."It takes time to meet the goal," said Shao Ning, deputy director of SASAC. He added that the restructuring should take place when the time is right, and should give priority to "quality" and "good results" to ensure stability of the enterprises.In order to help the uncompetitive companies withdraw from the market in a stable manner, SASAC promised to offer support for the employers in those companies.Zhou Fangsheng, an expert on SOE issues, said it is good news for the uncompetitive SOEs to be merged into the new company with their debt relieved.But it is still quite explorative, he added.The new company is the third oversight asset management company by SASAC, besides the China Chengtong Group and the State Development & Investment Corp.Shao Ning told Xinhua that the previous two companies have their own business scope, besides dealing with non-performing assets. But the new company will only focus on asset management.Profits of China' s SOEs rose by 43 percent year on year to hit 1.81 trillion yuan (271.92 billion U.S. dollars) in the first 11 months, according to the figures released by the Ministry of Finance on Dec. 17.However, profits were concentrated in a small number of companies, such as oil producers and refiners, telecom operators and power companies which enjoy monopolies and easy bank loans.Companies in the traditional sectors, such as textiles and light industries, reported meager profits.A stronger presence of the monopolistic SOEs aroused complaints by the nation's private businesses, which had no easy access to bank credit but provided more than 80 percent of the job opportunities in the nation.China's SOEs include SOEs directly controlled by the central government and SOEs supervised by local governments, but excludes state-owned financial enterprises.

BEIJING, Dec. 8 (Xinhua) -- China will work with the United States to enhance dialogue, exchanges and cooperation, properly handle differences and sensitive issues to push forward bilateral ties, Vice Premier Li Keqiang said here Wednesday.Li, during an hour-long meeting with a delegation of Chinese American elites, said current Chinese-U.S. relations were developing steadily."A sound Chinese-U.S. relationship is conducive to the fundamental interests of the two states, and to peace, stability and prosperity of the Asia-Pacific region and the world at large," Li told the Committee of 100, headed by Chairman John S. Chen.Chinese Vice Premier Li Keqiang (L) meets with John S. Chen, Chairman of the Committee of 100 from the United States, in Beijing, China, Dec. 8, 2010. Founded in 1990, the Committee of 100 now has some 140 members, who are both successful and well-known Chinese in the United States and are determined to bolster U.S.-China relations. Li hailed the booming Chinese-U.S. economic ties, labelling the relationship as mutually-beneficial.He urged the Committee of 100, which has many members from the business community, to further contribute to bilateral trade and economic ties.In his turn, Chen, also chairman, CEO and president of the software giant Sybase, applauded China's development achievements and vowed to make more efforts in promoting bilateral ties.Founded in 1990, the Committee of 100 now has some 140 members, who are both successful and well-known Chinese in the United States and are determined to bolster U.S.-China relations.

Amman, Nov. 10 (Xinhua) -- Jordanian King Abdullah II on Wednesday met with Xu Caihou, vice chairman of China's Central Military Commission, who is on his Middle East trip to boost ties with Arab countries. They discussed bilateral and regional matters of common concern during the meeting.The Jordanian king said China is an old friend of Jordan. The two countries have a lot of common interests and share similar views on various international issues. China and Jordan are cooperating well in large construction projects, industries and defense and securities.The king also conveyed his gratitude for China's economic and political supports to Jordan, and stressed that the two countries should further strengthen their exchanges and cooperation in all aspects. Jordanian King Abdullah II (R) meets with Xu Caihou, vice chairman of China's Central Military Commission, in Amman, Jordan, Nov. 10, 2010.For his part, Xu said that Jordan is China's important trade partner and thanked the king for his country's supports to China for issues related to Taiwan, Tibet and Xinjiang.On the other hand, China supports the just cause of the Arab states, and backs Jordan's role in the process of achieving fair and lasting peace in the Middle East, said the Chinese official.Xu arrived in Amman on Wednesday for a three-day visit. Jordan is the last leg

LONDON, Jan. 14 (Xinhua) -- The British business sector was pleased at the successful visit this week of Chinese Vice Premier Li Keqiang which concluded on Wednesday.During the four-day visit, Li signed business agreements with an estimated value of more than 4 billion U.S. dollars with the British government."China is vital to the UK economy. China is now the world's largest goods exporter and the UK's largest goods export market outside the U.S. and EU. We are keen to realize the immense potential for deepening and broadening areas of commercial cooperation," said British Minister of State for Trade and Investment Lord Green during the visit.The British coalition government was faced with a near-record public spending deficit of 149 billion pounds (about 236.5 billion dollars) and has chosen to tackle it immediately with the deepest set of cuts to public spending since the Second World War.In such an economic climate, Vice Premier Li's visit to Britain brought welcome contracts but it also brought wider agreements that will bear fruit over a longer period, and that has been hailed as a great success.In an interview with Xinhua after Li's visit, Andy Scott, director international of the Confederation of British Industry (CBI), hailed the visit's success, the achievements of the deal itself, and the longer-term prospects which were very positive.Commenting on the visit, and on the wider China-British relationship, he said, "in the long-term prospects are very positive. They are positive on the political front, they are positive on the business front. And from a political point of view I think it is very telling that this government here in the UK ... has made international trade investment one of the top priorities for Prime Minister David Cameron and right across his Cabinet."Scott said that Cameron's visit to China last November, when he headed the largest trade delegation from Britain to China and the largest ministerial delegation, was a sign of Britain's keenness to do business with China. Scott said he believed there were more ministerial visits planned."That's all extremely positive and I think it demonstrates that at a political level as well as at a business level, China is seen strategically as being a crucially important partner for the UK, and I think this visit -- this very successful visit this week -- will only further help to reinforce that relationship," he added.The headline-grabbing part of Li's visit, apart from the loan of the pandas, was the largest single deal announced this week, allowing the import of 40,000 Jaguar Landrover vehicles into the Chinese market.Scott hailed this as demonstrating "the continuing strengths and this continuing strengthening" of the Sino-British relationship.The monetary value of deals announced was important, but Scott stressed the importance of framework deals which were agreed upon during Li's visit."They weren't necessarily contracts that were being signed there and then, yesterday or today. They were setting the framework and they will themselves be providing further opportunities to develop on those frameworks," he said.In addition, he stressed "professional services, the retail sector, design, the creative area, and the whole engineering consultancy arena" where Britain has goods which China wants in its infrastructure development.Scott particularly welcomed Chinese investment into Britain, and hoped that it would continue the momentum achieved recently."We are increasingly seeing China now investing directly in UK companies and that we see as being very positive," he said.That was now "a further example of where the whole relationship with China is changing; it is not just about physical goods, it is about investment, it is about capital coming into the UK," he added.

BEIJING, Dec. 22 (Xinhua) -- China unveiled a new asset-management company that aims to restructure and merge small, uncompetitive state-owned enterprises (SOEs) on Wednesday.The new firm, China Reform Holdings Corporation Ltd., will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission (SASAC), the SOE watchdog, said in a statement.The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (681 million U.S. dollars). SASAC has not yet revealed which companies will be involved in the reshuffling.Xie Qihua, former chairman of the Baosteel Group Corporation, China's largest steel maker, has been appointed board chairman of the new company.Liu Dongsheng, an SASAC official, will act as general manager, it said."The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launching ceremony.He noted because the assets of the reshuffled companies took up a considerable amount of the entire state assets, the restructuring plays an active role in improving asset quality.According to SASAC' s plan, the company will participate in the share-holding reform of the reshuffled enterprises, and will also invest in emerging industries with strategic importance.Also at the launching ceremony, Wang stressed that the company is an asset management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corporation (CIC).He noted the new company's mission is explorative and challenging, which needs to deal with it in a proactive and cautious way.In order to enhance the state company's efficiency and competitiveness, SASAC cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.However, SASAC officials said it remains difficult to meet the target in time."It takes time to meet the goal," said Shao Ning, deputy director of SASAC. He added that the restructuring should take place when the time is right, and should give priority to "quality" and "good results" to ensure stability of the enterprises.In order to help the uncompetitive companies withdraw from the market in a stable manner, SASAC promised to offer support for the employers in those companies.Zhou Fangsheng, an expert on SOE issues, said it is good news for the uncompetitive SOEs to be merged into the new company with their debt relieved.But it is still quite explorative, he added.The new company is the third oversight asset management company by SASAC, besides the China Chengtong Group and the State Development & Investment Corp.Shao Ning told Xinhua that the previous two companies have their own business scope, besides dealing with non-performing assets. But the new company will only focus on asset management.Profits of China' s SOEs rose by 43 percent year on year to hit 1.81 trillion yuan (271.92 billion U.S. dollars) in the first 11 months, according to the figures released by the Ministry of Finance on Dec. 17.However, profits were concentrated in a small number of companies, such as oil producers and refiners, telecom operators and power companies which enjoy monopolies and easy bank loans.Companies in the traditional sectors, such as textiles and light industries, reported meager profits.A stronger presence of the monopolistic SOEs aroused complaints by the nation's private businesses, which had no easy access to bank credit but provided more than 80 percent of the job opportunities in the nation.China's SOEs include SOEs directly controlled by the central government and SOEs supervised by local governments, but excludes state-owned financial enterprises.