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Hong Kong' benchmark Hang Seng Index plunged 5.18 percent on Monday to close at its lowest level this year, drawn by growing troubles in the global credit markets and weakness in the Chinese mainland bourses.     The Hang Seng Index fell 1,152.50 points, or 5.18 percent, to close at 21,084.61 on Monday, its lowest level in nearly seven months, amid worries on the near collapse of U.S. investment bank Bear Stearns.     Over the weekend, the subprime mortgage crisis claimed another major victim -- Wall Street's fifth largest investment bank Bear Stearns. Wall Street fell sharply on Friday on the news, followed by Asian markets.     The benchmark Hang Seng Index opened at 21,318.03 and fluctuated between 21,041.26 and 21,473.40 during the session. Turnover was at 94.37 billion HK dollars (12.16 billion U.S. dollars), up from last Friday's 88.28 billion HK dollars (11.32 billion U.S. dollars).     Three of the four major categories lost ground. The Properties lost most at 5.73 percent, followed by the Commerce and Industry at 5.58 percent and the Finance at 5.32 percent. The Utilities, the only gainer, edged up 0.21 percent.     The biggest decliners in the local benchmark index were mainly China-based companies. Index heavyweight China Mobile fell 4.6 percent to 102.50 HK dollars. Smaller rival China Unicom slid 4.6 percent to 16.32 HK dollars.     Shenhua Energy fell 8.9 percent to 32.95 HK dollars, and Ping An Insurance was down 7.6 percent at 53.20 HK dollars.     The Chinese mainland's biggest insurer, China Life Insurance, slid 7.4 percent to 25.70 HK dollars. Non-life insurer PICC P&C tumbled 11.5 percent to 6.48 HK dollars.     Air China, Chinese mainland's biggest international carrier, lost 50 cents or 8.5 percent at 5.40 dollars as oil continued its relentless climb to a fresh high of 111.80 in Asian trade Monday on a weaker dollar. The company will report its 2007 results later Monday. The mainland's biggest airline by fleet size, China Southern Airlines skidded 73 cents or 12.5 percent to 5.13 dollars.     PetroChina, Asia's biggest oil and gas company, dropped 6.6 percent to 9.42 HK dollars. Major oil firm Sinopec fell 8.1 percent to 6.14 HK dollars on investor concerns about steep losses at its refining division given the recent surge in crude prices.     Property stocks tumbled, in line with the downward trend in the overall market, and on reports of softening housing prices in the city's new territories.     Sino Land Co, which has the highest exposure to the local residential market, fell 11 percent to 15.42 HK dollars.     Asian billionaire Li Ka-shing's property flagship Cheung Kong Holdings, fell 5.7 percent to 99.05 HK dollars.     Hong Kong's biggest property developer, Sun Hung Kai Properties Ltd (SHK Properties), slumped 4.8 percent to 112.60 HK dollars.     CLP Holdings and Hong Kong Electric were the only gainers in Monday's trade as CLP Holdings up 1.1 percent to 65.30 HK dollars and Hong Kong Electric rose 3.3 percent to 50.90 HK dollars.

WUXI: Premier Wen Jiabao has demanded a thorough investigation of the Taihu Lake crisis, which has affected the drinking water supply of about 2 million people. Efforts to protect the lake from further pollution are also to be scrutinized. "The pollution of Taihu Lake has sounded the alarm for us," Wen said in a directive to a symposium held by the State Council here yesterday. Taihu Lake, which was once a scenic attraction famous for its aquatic life, including shrimp, lily and water chestnuts, has been heavily polluted by industrial, agricultural and domestic waste. Wen said efforts had been made to reduce pollution in Taihu Lake in recent years. "But the problem has never been tackled at the root," he added. He asked participants in the symposium, including officials from central and local governments, environmental workers, scholars and researchers, to thoroughly investigate the Taihu Lake crisis so that concrete measures could be drawn up in response. Vice-Premier Zeng Peiyan, who attended the symposium, told governments at all levels to work to prevent algae blooms and ensure the safety of drinking water. Zeng asked local governments to continue collecting the blue-green algae, intensify monitoring of water quality, ensure the water supply and divert more water from the Yangtze River to flush out the pollution. He also asked environmental watchdogs to strengthen supervision and punish factories that discharge pollutants into Taihu Lake. At the meeting, all towns around Taihu were ordered to establish sewage treatment plants. Chemical factories will have to meet a new water emissions standard by the end of June next year. Towns must set up sewage treatment plants and are forbidden from discharging untreated sewage into Taihu Lake or rivers in the Taihu valley. Existing plants must install nitrogen and phosphorus removal facilities before the deadline, according to the plan announced at the meeting. Chemical factories that fail to meet the new water emissions standard risk suspension. They will be shut down permanently if they fail to meet the standard by the end of next June. The new water emission standard for the Taihu area will raise the bar for sulfur dioxide emissions and chemical oxygen demand. China Daily-Xinhua

Chengdu - The mention of twice-cooked pork, pickled vegetables and hot pot is guaranteed to whet the appetite of any gourmet visiting Sichuan Province.But a report released by the Sichuan provincial disease control and prevention center may make them think twice before tucking into such delicacies.According to the Report on Sichuan Residents' Nutrition and Health, around 10 million of the 87 million Sichuanese suffer from hypertension.Deng Ying, a leading official at the center, said that the problem is a result of the high levels of cholesterol in the hot pot dishes popular with local people.In addition, the average Sichuan resident's salt intake is 10 g a day, 4 g more than the amount recommended by doctors, Deng said.Li Ping, a doctor at the Sichuan No 5 Hospital in Chengdu, added: "Sichuan people like salty food. For example, pickled vegetables are a regular accompaniment to many families' meals."The latest investigation into the causes of death of Sichuan people, conducted two years ago, showed that chronic lung, cerebrovascular and heart diseases are the biggest culprits."Cerebrovascular and heart diseases are related to hypertension. If high blood pressure is not effectively controlled, it can result in cerebrovascular and heart problems," Deng said.The center's investigation also found that about 2.5 million people in Sichuan are diabetic."The higher a family's income, the higher the incidence of diabetes," Deng said.She attributed the problem to a change in diet. "Most people like eating meat rather than potatoes," she said.According to an investigation in 1992, the average Sichuan person ate 186 g of potatoes a day. But the daily intake has now dropped to 73.9 g, while the daily intake of meat has risen from 63.8 g in 1992 to 91.6 g.The average national meat intake is 78.6 g a day, Deng said.Many hypertension and diabetes sufferers are elderly urban residents."Older people know less about the right way to eat. They usually consider meat as good food," said Huang Suzhen, a chef in Chengdu.But the provincial disease control and prevention center found that most people below 40 are indifferent to the idea of changing their eating habits to prevent chronic diseases. Almost all those who consider chronic diseases problematic are above 50 and have already contracted such diseases."Many young people do not care about the right diet. They think they will be healthier if they eat more meat," Huang said.According to Deng, many young people did not know they were suffering from hypertension when the center conducted the investigation.Deng suggested people eat more potatoes, fruit and vegetables, take a proper amount of meat, milk and eggs, take less salt and quit smoking. "Taking more exercise is also important," she said.The investigation by Deng's center is the largest probe into the province's nutrition and health situation.The study, launched five years ago, is part of the fourth national nutrition and health investigation sponsored by the Ministry of Health, the Ministry of Science and Technology and the National Bureau of Statistics.

A senior central bank official has rejected calls for a quicker increase in the flexibility of the renminbi exchange rate, saying the currency's role in rectifying global economic imbalances should not be exaggerated. Hu Xiaolian, deputy governor of the People's Bank of China, said more attention should instead be paid to growing protectionism to safeguard the health of the world economy, according to a central bank statement and Xinhua. She was speaking in Washington on Saturday at a conference during the semi-annual meetings of the International Monetary Fund (IMF) and the World Bank. The meetings are a venue for key financial officials of the two institutions' member countries to discuss global economic issues. Officials and economists at the IMF, which has a mandate to safeguard the global economy and render advice to member countries, said that Beijing should pursue a more flexible exchange rate, for the sake of both the Chinese economy and a more balanced global economy. However, China did not seem to see the advice as being appropriate. "The fund... should respect its member countries' core interests and actual economic fundamentals," Hu was quoted as saying. "Biased advice would damage the fund's role in safeguarding global economic and financial stability." In July 2005, China abandoned the renminbi's decade-old peg to the US dollar and let the currency appreciate by 2.1 per cent. Since then, it has gained almost another 5 percent against the dollar. However, there has been a persistent international chorus, led by the United States, arguing that China has not been moving quick enough in letting its currency rise. US lawmakers have said that the country's trade deficit was partly caused by what they believed an undervalued Chinese currency. Chinese officials say the yuan's flexibility would gradually increase but argue that radical steps would generate shocks in the Chinese economy which could spread to the rest of the world. "The IMF... should attach significance to stability of domestic economies (of member countries) when observing their contribution to outside stability," Hu said. She said the IMF should strengthen surveillance over the soundness of economic policies of countries whose currencies are used as major instruments in other countries' foreign exchange reserves. She was clearly referring to the US, whose low savings rate, and fiscal and trade deficits are agreed to be a key cause for global economic imbalances. Hu also called attention to what is seen as a rising protectionist sentiment, which has been causing troubles for China's exporters. "We call on all countries to harness the opportunities created by globalization... and resolutely oppose protectionism," she said.

China Railway Construction Corp. (CRCC), the country's leading rail builder, may raise as much as 22.25 billion yuan (3.1 billion U.S. dollars) in its initial public offering (IPO) in Shanghai.     In a statement to the Shanghai Stock Exchange late Sunday, the state-owned company said it has cut the number of A shares it is offering to 2.45 billion from 2.8 billion after reconsidering its capital demand.     The 2.45 billion shares represent 23.44 percent of CRCC's outstanding capital. The firm had built nearly 34,000 kilometers of rails by the end of 2006, more than half of all the rail links built nationwide since 1949.     On Feb. 14, CRCC was given green light by the China Securities Regulatory Commission to issue no more than 2.8 billion A shares on the Shanghai Stock Exchange.     The IPO price range was set between 8 to 9.08 yuan and it translated into 26.92 to 30.56 earnings multiples after the domestic share sale, according to the statement.     The company would start to receive from institutional investors orders for its 612.5 million shares, or 25 percent of the offering, on Feb. 25 and 26. The retail investors would be able to subscribe for the remaining shares on Feb. 26, the statement noted.     CRCC also planned to sell no more than 1.71 billion H shares in Hong Kong.     The company established its name by building the Qinghai-Tibet railroad, Shanghai maglev rail line and the Beijing-Kowloon railway. It also took the largest share in the bidding for the construction of the express railway linking Beijing and Shanghai.     Its total assets amounted to 155 billion yuan (21.7 billion U.S. dollars) by the end of November 2007, with net profit reaching 2.8 billion yuan (391.8 million U.S. dollars).