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SHANGHAI, July 12 (Xinhua) -- China Eastern Airlines on late Sunday announced that it will merge Shanghai Airlines through a shares swap and the two will resume stock trading in Shanghai Monday. Shanghai Airlines will exchange one of its A shares for 1.3 shares of China Eastern after the former's shareholders are given a 25 percent risk premium, the latter said in a statement filed to the Shanghai Stock Exchange. Shanghai Airlines Chairman Zhou Chi said on June 30 that the transfer of shares will take about four to five months. Liu Jiangbo, spokesman of the working team overseeing tie-up affairs, said Shanghai Airlines will become a wholly-owned subsidiary of China Eastern and retain its brand and independent operation. Liu told Xinhua that the merger has entered a concrete stage after the announcement of the detailed merger plan. This is a major step to promote the consolidation of regional airlines and to facilitate building Shanghai into an international air and shipping hub, he said. The merger will give China Eastern, one of China's three state-owned airlines, about 50 percent market share in Shanghai. China Eastern reported a net loss of 13.9 billion yuan in 2008 because of weak travel demand in the economic downturn and wrong-way bets on fuel prices. China Eastern and Shanghai Airlines shares have been suspended from trading since June 8 while waiting for the merger talks. China Eastern last closed at 5.33 yuan and Shanghai Airlines closed at 5.92 yuan. China Eastern is listed in Hong Kong and Shanghai and Shanghai Airlines is listed in Shanghai.
BEIJING, June 16 (Xinhua) -- China's political advisors were urged to brainstorm on economic development and offer suggestions as the nation copes with the impact of the global downturn. Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), a political advisory body, made the call as the standing committee of the 11thCPPCC National Committee kicked off its sixth meeting Tuesday. Jia said maintaining steady, relatively fast economic development and safeguarding social stability and harmony were the foremost tasks facing the government. He called on the participants to focus their four-day discussions on these themes and make valuable suggestions. The sixth meeting of the Standing Committee of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opens in Beijing, capital of China, on March 16, 2009. Vice Premier Li Keqiang briefed the meeting on the economic situation and China's economic and social development. He said with the central authority's decisive coping policies and the concerted efforts nationwide, China's economy was turning for the better. He nevertheless warned of a "complicated and zigzag" recovery process and difficulties ahead, citing the unpredictable world economy. Li also called for full implementation of the central authority's deployment in the next step of the economic work, and laid out directions including boosting domestic demand, accelerating industrial restructuring, developing new energy sources, furthering reform and opening up and raising living standards.

BEIJING, June 28 (Xinhua) -- Chinese President Hu Jintao has called for more confidence in the country's stable economic growth and gaining more strength to better people's livelihood. He made the calls during an inspection tour in northeastern China's Heilongjiang Province from June 26 to 28, one of the country's old industrial bases and important granaries. Hu encouraged people in Heilongjiang to seize the opportunity as China moved to revitalize its old industrial bases, to overcome the difficulties and maintain a steady economic growth and ensure people's livelihood. Chinese President Hu Jintao (C) talks with residents at Dongsheng Village in Wuliming Town of Zhaodong City, northeast China's Heilongjiang Province. President Hu Jintao made an inspection tour in Heilongjiang Province on June 26-28, 2009. During his three-day inspection tour, Hu visited Harbin Measuring and Cutting Tool Group and Harbin Aircraft Industry Group, two of the province's major industrial enterprises, and pointed out that independent innovations are key to high competitiveness and further development. "Crisis creates opportunities, and we shall put more efforts in technological upgrading, and build up technology reserves for the future," he said. Hu also visited rural areas and inspected crop growth. He encouraged farmers to increase grain production and boost agricultural modernization, so as to ensure the country's grain security. More supportive policies for farmers are on the way, he said, hoping that farmers could increase their incomes with improved policies and technologies. Hu also visited an oil field, a military camp, a school for intellectually challenged children, a human resources market, and a residential community which houses people who formerly lived in shanties.
BEIJING, June 25 (Xinhua) -- Chinese President Hu Jintao raised a five-point proposal Thursday to advance the Sino-Turkish friendly and cooperative relationship to a higher level. Hu put forward the proposal on promoting the Sino-Turkish partnership on the basis of mutual respect, mutual trust, equality and mutual benefit as well as common development, when talking with visiting Turkish President Abdullah Gul at the Great Hall of the People in Beijing. China was willing to work with Turkey to strengthen political ties, said Hu, adding that the two governments should strengthen communication and coordination and support each other on important issues concerning their core interests. Their legislatures and parties should continue to conduct multi-level exchanges, so as to promote understanding and friendship. Chinese President Hu Jintao (R) shakes hands with visiting Turkish President Abdullah Gul during a welcoming ceremony for Gul at the Great Hall of the People in Beijing, capital of China, on June 25, 2009. According to Hu, the other four points include expanding bilateral trade and economic cooperation, boosting cooperation to combat the "three evil forces" of terrorism, separatism and extremism and cross-border crimes, intensifying exchanges and cooperation in the fields of culture, education, tourism, mass media and public health, and maintaining multilateral cooperation to promote world harmony. China is ready to strengthen communication and coordination with Turkey on the Middle East issue and combating pirates in the waters off Somalia and the Gulf of Aden, said Hu, noting that China also hoped to support and cooperate with Turkey in sustainable development and jointly dealing with the global challenges. Hailing the long history of friendship between the Chinese and Turkish peoples, Hu said bilateral relations had made considerable achievements since the two countries forged diplomatic ties in 1971. Hu said recent years had witnessed frequent high-level exchanges, increased mutual political trust, continuously enhanced cooperation and close coordination and collaboration in international and multilateral affairs. China appreciated Turkey's adherence to the one-China policy and its support to China on the issues of Taiwan and Tibet, the president noted. Gul said Turkey attached great importance to Turkish-Sino relations and spoke highly of China's achievements in its social and economic development and the significant role China played in international affairs. Turkey was willing to strengthen political relations with China and boost cooperation related to finance, tourism, culture, infrastructure construction and science and technology, said Gul. There was great promise for bilateral economic and trade cooperation, said Gul, stressing that Turkey seeks to further strengthen trade exchanges with China and expects more Chinese enterprises to make investments there. Sino-Turkish trade was 12.6 billion U.S. dollars in 2008, up 6.8 percent year on year, and 8.6 billion U.S. dollars in China's favor, according to the Ministry of Commerce. Gul also reiterated Turkey's adherence to the one-China policy and expressed the hope that it could enhance coordination with China in the United Nations and other multilateral organizations and cement cooperation in combating terrorism. After the meeting, the two leaders witnessed the signing of seven bilateral documents on cooperation in foreign affairs, energy, cultural heritage, mass media and trade finance. Gul arrived here on Wednesday, kicking off a six-day state visit to China as Hu's guest.
BEIJING, April 29 (Xinhua)-- China has allocated 23 billion yuan (3.37billion U.S. dollars) for energy saving, anti-pollution, ecological and environmental protection projects since the fourth quarter of last year, a senior official told Xinhua Wednesday. Han Yongwen, secretary-general of the National Development and Reform Commission, said investment in these sectors accounted for 10 percent of the 230 billion yuan government spending to date on infrastructure, ecological and environmental sectors, quake relief and other areas. China unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years with 1.18 trillion yuan spending from the central government, to cope with the adverse effects of the global financial crisis and shore up the domestic economy. "This ratio of 10 percent was not low. It shows that the central government not only focuses on stimulating domestic demand and keeping stable economic growth, but also stresses laying a good foundation for the economy's sustainable development in the long run," Han said. Of the 23 billion yuan spending, 13 billion went to improving urban water treatment facilities, 4 billion yuan to pollution prevention projects on the Huaihe and other big rivers, 3.5 billion yuan to forest planting projects and the other 2.5 billion yuan to key energy saving projects across the country.
来源:资阳报