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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.

SINGAPORE, Nov. 14 (Xinhua) -- In celebration of the 20th anniversary of diplomatic relations between Singapore and China, a dedicated marker to commemorate late Chinese leader Deng Xiaoping was unveiled here on Sunday.The marker, which sits beside the Singapore River, was unveiled by Singapore Minister Mentor Lee Kuan Yew and Chinese Vice President Xi Jinping, who is here on a three-day official visit.The marker comprises a text panel and a bronze bust of Deng commissioned by the Chinese Embassy to Singapore. It also features Deng's signature etched below the bust, and a famous quote by Deng, "Development is of overriding importance," inscribed at the back of the marker.Chinese Vice President Xi Jinping (L) and Minister Mentor of Singapore Lee Kuan Yew attend the unveiling ceremony of the commemorative marker of late Chinese leader Deng Xiaoping beside the Singapore River, in Singapore, Nov. 14, 2010. The marker sets in stone the accomplishments of this visionary - detailing Deng's early life, political activities, his visit to Singapore in 1978, and his role in Singapore-China relations.Deng was the first senior Chinese leader to visit Singapore. His visit in 1978 spurred subsequent interactions in various fields between the two countries.

MANILA, Dec. 4 (Xinhua) -- A cargo ship with 24 Chinese crew aboard sank off the waters of the Philippines' Batanes province on Friday afternoon, the Philippine National Police (PNP) said Saturday.Quoting a report from the Batanes provincial police office, PNP spokesman Chief Supt. Agrimero Cruz said Saturday the Panama cargo vessel MV Hong Wei met the incident about 120 nautical miles (222 kilometers) off Itbayat island around 3:22 p.m. Friday.Cruz could not immediately say what caused the vessel to sink or the vessel's destination.A passing vessel, MV Shun Tong, and a ship from China's Taiwan region's coast guard rescued 12 crew and two passengers, respectively, said Cruz, adding that at least three ships from Taiwan region's coast guard are currently at the scene to conduct search and rescue operations for the 10 still missing crew members.A rescue vessel from the Chinese mainland is expected to arrive at the site anytime Saturday to join the search and rescue operations, said Cruz.Wang Ben, police attache of the Embassy of the People's Republic of China in the Philippines, told Xinhua that the embassy has confirmed the incident with China's Ministry of Transport. The ministry said that rescuing vessels from the Chinese mainland and Taiwan are conducting joint search and rescue operations, said Wang.The Philippines, a Southeast Asian archipelago country, is located to the south of China.

BEIJING, Nov. 24 (Xinhua) -- Senior Communist Party of China (CPC) official Liu Yunshan met in Beijing Wednesday with a delegation of the Peruvian political party Fuerza 2011, led by Ex-President Alberto Fujimori's daughter Keiko Fujimori.Liu spoke positively of the development of Sino-Peruvian ties in recent years, noting that the establishment of the bilateral strategic partnership in 2008 signalled bilateral relations had entered a new phase.Liu, who is a member of the political bureau of the CPC Central Committee and also chief of the Publicity Department of the CPC Central Committee, said the CPC was willing to develop friendly relations and cooperation with Fuerza 2011 on the basis of independence, equality, mutual respect and the principle of non-interference in each other's internal affairs. Liu Yunshan (R), a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the Publicity Department of the CPC Central Committee, meets with Keiko Fujimori, chairwoman of the Peruvian political party "Fuerza 2011", in Beijing, capital of China, Nov. 24, 2010.He hoped exchanges between the CPC and Fuerza 2011 would boost the development of the bilateral relations.Fujimori, who is chairwoman of the Peruvian party, Fuerza 2011, said her party hoped to forge and develop friendly relations with the CPC.She also hoped Fuerza 2011 would share experiences with the CPC in state-governing and administration, and jointly push forward the bilateral strategic partnership.

TIANJIN, Dec. 31 (Xinhua) -- A subway train of six cars being assembled rolled off a production line Friday at a production base in north China's Tianjin Municipality, according to China South Locomotive & Rolling Stock Corporation (CSR).The subway train is the first of the kind ever produced at the CSR Tianjin Industrial Park, said CSR's chairman, Zhao Xiaogang.The train, designed to run at a speed of 80 km per hour, has a holding capacity of 1,800 passengers. It will will be used in Tianjin's Subway Line 3, which will begin service in 2011.The production base, with an initial investment of 3 billion yuan (455 million U.S. dollars), can produce 100 to 200 trains a year. It will attain a capacity of producing 500 trains annually in the next five years, according to Zhao.Analysts say the base's first product marked Tianjin's efforts to encourage the development of modern and more advanced industries in the city.The production base will boost the development of emerging industries in Tianjin and contribute to China's economic transformation, Zhao said.CSR, a state-owned company with more than 80,000 employees, produces about 70 percent of all high-speed trains China.