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BEIJING, Aug. 14 (Xinhua) -- China and Switzerland Saturday marked the 60th anniversary of their diplomatic ties at a reception in Beijing.Addressing the occasion, senior Chinese official Liu Qi said China hopes to take the opportunity of the 60th anniversary to enhance mutual political trust and cooperation with Switzerland in various fields.Liu, member of the Political Bureau of the Communist Party of China (CPC) Central Committee, said China attaches great importance to developing friendly relations with Switzerland, one of the first Western countries to recognize the People's Republic of China.Currently China is Switzerland's second largest trading partner in Asia, and Switzerland is a major partner of China in Europe, said Liu.Doris Leuthard, President of the Swiss Confederation and Head of Federal Department of Economic Affairs, said Swiss-China relationship has deeply developed since the establishment of the diplomatic ties on Sept. 14, 1950.Leuthard said the two economies are complementary and can achieve win-win results in fields such as environment, machinery and financial services.Leuthard is paying a working visit to China from Aug. 10 to 15, at the invitation of Chinese President Hu Jintao.

HAIKOU, Aug. 23 (Xinhua) -- China is bracing for a strong tropical storm named "Mindelle", which is expected to skim the southernmost island province of Hainan between Monday midnight and Tuesday morning.At 8 a.m. Monday, a tropical low pressure system across the South China Sea intensified into the fifth tropical storm of the year, after being upgraded to a strong tropical storm eight hours later.The storm, by the name of "Mindellu", which means dandelion in Korean, is expected to approach the Beibu Gulf off the southern Guangxi Zhuang Autonomous Region after skipping Hainan, the Hainan provincial meteorological bureau said.Local authorities in Hainan have halted railway, shipping services and tourism programs and called fishing boats to return to ports as they braced for the storm.Both cargo and passenger shipping services were halted at 5 p.m., according to the ban issued by the provincial maritime affairs bureau.Also, passenger and cargo train services through Qiongzhou strait between the mainland and Hainan were halted at 5 p.m.Meanwhile, more than 26,000 fishing boats have returned to their ports.Tourism activities, such as diving and water-motorbike-driving in Sanya, the famous tourist city in southern Hannan, have also been halted as residents prepared for the storm.The Hainan provincial government said they would spare no efforts in protecting the safety of fishermen and tourists, as well as strengthening the monitoring of reservoirs.

BEIJING, Aug. 22 (Xinhua) -- Wuhan Iron and Steel Company Ltd., the listed subsidiary of China's third largest steel maker, said Sunday that its net profit rose 90.43 percent year on year to 963.53 million yuan (141.7 million U.S. dollars) during the first half of the year as strong economic growth boosted steel demand and prices.The company's first-half-year sales reached 34.36 billion yuan, up 50.72 percent from one year earlier, it said in a statement delivered to the Shanghai Stock Exchange.However, costs also climbed in the first six months compared with a year earlier because of increases in raw material prices, it said.Production costs for steel products gained 47.12 percent year on year to 31.18 billion yuan. Further, the company's steel output in the first half of the year gained 29.75 percent year on year to 8.04 million tonnes.China's producer price index, a major gauge of inflation at the wholesale level, rose 6 percent in the January-June period, according to statistics released by the National Bureau of Statistics.However, the company was likely to face a "difficult time" in the second half of 2010 and meeting its full-year profit target would become a "challenging task" as demand from auto, home appliance and real estate sectors experienced "drastic changes" since July, leading to more restrained sales and falling prices, it said.Company officials also worried that high prices of iron ore, coal and electricity would further push up production costs and squeeze profit margins.On Friday, the price of its shares fell 2.87 percent to 4.73 yuan on the Shanghai bourse.

BEIJING, July 7 (Xinhua) -- Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced Wednesday that it has set its A-share initial public offering (IPO) price at 2.68 yuan per share, hitting the high end of its IPO price range.The pricing of the shares means the bank could raise up to 10.12 billion U.S. dollars via the Shanghai portion of the IPO, as a greenshoe option has been exercised to expand the deal by 15 percent to 25.57 billion shares, ABC said in a statement filed with the Shanghai Stock Exchange.ABC plans a dual listing in Shanghai and Hong Kong in mid-July to replenish its capital base after a lending spree last year.It has yet to set the final IPO price for its Hong Kong portion, where it plans to sell 25.41 billion shares, excluding an over-allotment option.ABC set the price range for the Hong Kong portion at 2.88 to 3.48 HK dollars in late June.

ZHOUQU, Gansu, Aug. 9 (Xinhua) -- The death toll from rain-triggered mudslides in Zhouqu County of northwest China's Gansu Province has risen to 337, with 1,148 others still missing, Chen Jianhua, official sources said Monday night.Another 1,242 people were rescued, Chen, Party chief of Gannan Tibetan Autonomous Prefecture, which administers the county, said at a press conference.Chen said 218 injured survivors had received treatment in local hospitals, and 41 severely injured ones had been transferred to hospitals in the provincial capital, Lanzhou, as of 4:30 p.m.