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BEIJING, May 8 (Xinhua) -- China's top economic planner Friday announced details of the country's new oil pricing mechanism, for the first time after the new pricing system kicked in at the beginning of this year.     In a statement on its website, the National Development and Reform Commission (NDRC) said China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row.     The commission said refiners would enjoy "normal" profit when global crude prices are below 80 U.S. dollars per barrel, but would face narrower profit margins when the crude prices rise above 80 U.S. dollars per barrel.     However, fuel prices would not go further up, or only be raised by a small margin, when crude prices rise above 130 U.S. dollars per barrel, and fiscal and tax tools would be used to ensure supplies, the NDRC said.     Light, sweet crude for June delivery rose 37 cents a barrel to settle at 56.71 U.S. dollars on the New York Mercantile Exchange Thursday after reaching a six-month high of 58.57 dollars.     Crude prices staged strong rally on news of upbeat economic data in the United States, rising more than 10 percent in two weeks.     The NDRC statement also came a day after it denied an online report claiming imminent price hike.     C1 Energy, an energy information website, Thursday reported that the Chinese government would raise fuel prices as of midnight Thursday, but said later the price adjustment had been canceled, with reasons unknown.     Xu Kunlin, deputy head of NDRC's pricing department, said the new oil pricing mechanism is not to be followed "word by word" without any flexibility, when asked whether the commission would soon adjust fuel prices at a press conference held in Beijing.     "There has been pressure to raise domestic fuel prices as crude prices continued to rise," Xu said, "however, the final decision will depend on developments in crude prices in coming days."     Friday's statement did not say how the global crude prices would be measured.     Xu declined to reveal details on the basket of crude prices for evaluating international price changes, and said such details would remain a secret in a bid to prevent speculation.     The NDRC said in the statement that the government would continue to control fuel prices at the current stage, because of insufficient market competition and imperfect market mechanisms.     However, fuel prices would eventually be determined by market forces only in the long run under the new pricing mechanism, which is aimed to bring in more market forces, said the NDRC.     China's fuel prices, with taxes included, are at a relatively lower level among major oil importers, said the NDRC.     Domestic fuel prices are lower than in Japan, the Republic of Korea, India, Mongolia, and many European countries, but higher than in oil exporters in the Middle East and than some cities in the United States, according to surveys by the NDRC.     China's retail fuel prices vary in different regions. Currently, gasoline 93, the most commonly used type of gas, sells for 5.56 yuan (81.8 U.S. cents) per liter in Beijing.

UNITED NATIONS, May 15 (Xinhua) -- China voiced its willingness to further strengthen cooperation with the United Nations on Friday and support the world body to play a bigger role in addressing the global issues.     Chinese Vice Foreign Minister He Yafei made the statement while meeting with UN Secretary-General Ban Ki-moon at the United Nations Headquarters in New York. UN Secretary-General Ban Ki- moon (R) shakes hands with Chinese Vice Foreign Minister He Yafei during their meeting at the UN headquarters in New York, the U.S., May 15, 2009. He also spoke highly of the efforts by the secretary-general to promote all the works of the United Nations.     China backs the efforts to promote the reform of the UN Security Council in order to further improve the UN's ability to deal with all kinds of global threats and challenges in order to enable the United Nations to carry out its obligations under the UN Charter more effectively, He said.     Comprehensive and patient consultations should be made on the reform of the United Nations, and an extensive consensus on the issue should be reached on the basis of taking the interests and concerns of all parties concerned into consideration, he said.     Against a backdrop of the international financial crisis, the United Nations should increase its attention to and investment into the field of development and try its best to mitigate the negative impact of such a crisis on the development countries, He said.     Meanwhile, Ban said that he appreciates China's important role in maintaining the peace and promoting common development in the world.     The world today is facing all kinds of complicated and grave challenges, such as the financial crisis and the climate change, these challenges should be jointly tackled by all countries, Ban said.     The United Nations hopes to see China's bigger role in the world in the future, the secretary-general said. 

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, July 2 (Xinhua) -- More than 900 scholars, experts and representatives from business circle from around the world have gathered in Beijing to discuss remedies for the global financial crisis and the future development of the world economy.     They are attending the Global Think Tank Summit, which opened here Thursday evening.     Attendees to the summit included former President of the European Commission Romano Prodi, former Secretary of State of the United States Henry Kissinger, and Muhammad Yunus, laureate of the Nobel Peace Prize. Former U.S. Secretary of State Henry Kissinger delivers a keynote speech in Beijing, capital of China, July 2, 2009. The global think-tank summit opened here Thursday.    Scholars, experts and business leaders attending the summit will discuss issues including global consumption, savings and the financial security, trade and investment liberalization, as well as sustained development and macro-economic policies in the coming two days.     The summit is organized by China Center for International Economic Exchanges (CCIEE), a non-governmental research and consulting organization created in this March and headed by former Chinese Vice Premier Zeng Peiyan

BEIJING, June 2 (Xinhua) -- China and the United States are ratcheting up efforts to prepare for strategic and economic talks this summer as U.S. Treasury Secretary Timothy Geithner continues his visit to Beijing.     "China-U.S. relations show a good momentum of development as both sides have kept close contacts since the new U.S. administration took office," President Hu Jintao told Geithner at the start of their meeting Tuesday afternoon. Chinese President Hu Jintao (R FRONT) meets with visiting U.S. Treasury Secretary Timothy Geithner (L FRONT) in Beijing, capital of China, June 2, 2009Hu reviewed his first meeting with U.S. President Barack Obama in London in April when both agreed on building a "positive, cooperative and comprehensive relationship for the 21st century" and launching China-U.S. Strategic and Economic Dialogue.     "As both sides agreed to hold the first round of dialogue in Washington D.C. in July, I hope both will work closely, step up preparation so as to make the dialogue a success," Hu said in a statement issued by the Chinese Foreign Ministry.     Hu characterized the dialogue mechanism as "an important platform for both nations to deepen understanding, mutual trust and cooperation."     The strategic track of the dialogue will be chaired by Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while the economic track will be chaired by Vice Premier Wang Qishan and Geithner.     "As influential nations in the world, China and the United States share extensive common interests and shoulder important responsibilities in tackling global economic challenges and resolving the world hot-button issues," Hu said.     He said China would like to work with the United States to strengthen dialogues at all levels, expand exchanges and cooperation for fresh progress in bilateral relations in the new era.     Geithner, on first visit to China as Treasury chief, said his visit was "a good start" of building bilateral ties and "looked forward to holding the dialogue in Washington D.C."     He hailed bilateral "capacity to work together in global stage" and said he saw "early signs of stabilization of the economies."     Earlier afternoon, Premier Wen Jiabao also met with Geithner in Zhongnanhai, the central leadership's compound near the Forbidden City in Beijing. Chinese Premier Wen Jiabao (R) meets with visiting U.S. Treasury Secretary Timothy Geithner in Beijing, capital of China, June 2, 2009"The foremost task for both countries is to work more closely to address the global economic downturn, oppose protectionism in trade and investment, promote reform in international financial system, tighten oversight of international reserve currency so as to ensure the stability and growth of China, the United States andthe world," Wen said.     During his three-day visit, Geithner had a flurry of meetings with China's top economic team, including Vice Premier Wang Qishanand chiefs of commerce, finance, banking and securities, among others. Chinese Premier Wen Jiabao (1st R) meets with visiting U.S. Treasury Secretary Timothy Geithner (1st L) in Beijing, capital of China, June 2, 2009In an hour-long meeting with Geithner Monday, Wang said, "The major task of our economic dialogue is to address the global economic slowdown.     "We will send a message that China and the United States are cooperating substantively to get over the difficult times, which will help boost confidence, promote global financial stability and economic recovery," Wang said.     Geithner told Wang, "The world is going through an exceptionally challenging period now and I think the world has a huge stake in our two countries working closely together to lay a foundation for recovery."     On Monday in a speech to students at China's Peking University, Geithner said that China's investments in the United States "are very safe. ... We have the deepest, most liquid financial markets in the world."     Geithner also struck a positive note on the global economy, citing the initial signs of improvement. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009Earlier Tuesday, Geithner visited Beijing's Capital Museum, which is partly powered by solar energy, generated by panels manufactured by Michigan-based Uni-Solar Company.     Geithner also met with representatives of eight U.S. clean energy companies with branches in China at the museum, pledging to learn from China and other countries to improve energy efficiency.     "The core part of the U.S.-China cooperation will be on the energy part. We expected it to be the central part of the new strategic and economic dialogue we just put in place," Geithner said.     "The world is gonna be watching what we do together as countries in this area, as they are watching us cooperate to help resolve the global recession of financial crisis," he said. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009.At the end of Geithner's visit, Clinton and Geithner issued a joint statement on the Strategic and Economic Dialogue, saying the first meeting of the dialogue will be held in Washington D.C. "during the last week of July 2009."     They said, "The dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest."     Geithner left Beijing on Tuesday evening.