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NEW YORK, Aug. 31 (Xinhua) -- Oil prices plummeted to below 70 U.S. dollars a barrel on Monday as investors were rattled by the sharp decline in China's equities market.     Light, sweet crude for October delivery lost 2.78 dollars, or 3.8 percent, to settle at 69.96 dollars a barrel on the New York Mercantile Exchange. The contract fell to the intraday low of 69.13 dollars a barrel. Global stock markets dropped broadly after China's Shanghai Composite Index dived almost 7 percent, spurring concerns about the pace of world economic recovery.     Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high of 75 dollars a barrel. However, oil failed to break the 75-dollar psychological barrier and fell back to around 70 dollars a barrel as investors were worried that the market might have gotten too far ahead of the economy.     In London, Brent Crude for October delivery tumbled 3.52 dollars, or 4.8 percent, to 69.27 dollars a barrel on the ICE Futures exchange.

MOSCOW, July 28 (Xinhua) -- China and Russia have reached broad consensus on the proper handling of the sudden closure of the Cherkizovsky Market through friendly negotiations, said Chinese Vice Minister of Commerce Gao Hucheng here Saturday.     Gao, who arrived here Wednesday, heads a Chinese delegation for talks on the impact of the June 29 closing of the market, where tens of thousands of Chinese vendors had been operating.     Local analysts said the shutdown has marked an inevitable transformation of the nongovernmental trade between China and Russia and necessitated a change in mindset and operation mode among Chinese businessmen in Russia. 　　REASONS BEHIND THE ABRUPT SHUTDOWN     Cherkizovsky is Russia's biggest wholesale market. Police abruptly shut down the nearly 300-hectare market in northeastern Moscow on June 29 after disclosure by .Russian Federal Supervision Service for Consumer Rights Protection and People Welfare of various illegal and irregular operation in the markets Russian Prosecutor General's Office said the shutdown was due to bad sanitary and fire control conditions, but local media believe many factors have prompted the closure.     A June report tendered by Minister of Industry and Trade Victor Khristenko stated that contraband goods not only cost the government great loss in taxation, but also undermine the development of the country's light industry.     The report suggested promoting legal, standardized chainstores and cracking down on terminal markets notorious for the sales of counterfeited and shoddy products and goods entered the country through "grey customs clearance".     Russian Federal Supervision Service for Consumer Rights Protection and People Welfare, Prosecutor General's Office, Federal Migration Service , Moscow municipal government and other government agencies even proposed shutting down the market for good.     The latest poll conducted by research group Levada Center also showed that among 94 percent of Moscow citizens who know about the closure, 67 percent support the move. Another online poll conducted by newspaper Izvestia also showed that over 80 percent of netizens are in favor of the shutdown. 　　"GREY CUSTOMS CLEARANCE" HAMPERS SINO-RUSSIAN TRADE     Over the past 20 years, the people-to-people trade between China and Russia has undoubtedly made great contribution to bilateral economic and trade cooperation, said Gao Xiyun, Economic Minister Counselor of Chinese Embassy in Russia.     However, it is also an undeniable fact that problems such as "grey customs clearance" had seriously hampered the health development the bilateral people-to-people trade, he said.     The so-called "grey customs clearance" is a long-standing practice that involves intermediaries handling customs clearance for bulk commodities loaded in planes or containers trucks.     After paying the so-called "customs clearance companies," the consignors of the goods do not have to deal with Russian customs authorities in person. Consequently they receive no official customs declaration documents.     In recent years, the Russian government has strived to rectify its domestic market order. For a time, goods that entered the country through "grey customs clearance" were regarded as contraband, and their owners would face penalties, including fines or even outright confiscation.     Prior to the market closure, on Sep. 11, 2008, the Investigation Committee at the Russian Prosecutor General's Office sealed up a large part of Chinese merchants' container storehouse in the Cherkizovsky market. 　　CHINESE BUSINESSMEN NEED TO CHANGE MODES OF OPERATION     Some 60,000 Chinese are doing business in Cherkizovsky Market, making the market the biggest Chinese business community in Moscow and even the whole Russia, according to figures from the Chinese Chamber of Commerce in Russia.     The abrupt closure of the market, in addition to the closedown of the container storehouse, has caused great economic loss to Chinese merchants and their domestic enterprises.     Gennady Gudkov, Deputy Chairman of the Security Committee of the Russian State Duma said though the closure of the market is justified, the vendors there should be given advance notice of the closure.     Gao Hucheng said China has no objections to Russia's crackdown on smuggling, but the Russian side should protect the personal and property safety of the Chinese citizens without hurting their dignity. While enforcing the law, the Russian side should try its best to keep the economic losses of the Chinese business people to the minimum.     Some Chinese analysts noted that Russia's cracking down on smuggling and rectifying domestic markets would help regulate trade channels, improve trade environment, therefore conducive to sustained and sound development of bilateral trade in the long run.     Li Huilai, Charge d'Affaires of the Chinese Embassy in Russia, said the only way out for Chinese merchants is to transform their operation mode and do their business in accordance with law and regulations. 　　JOINT EFFORTS URGED TO EXPAND NORMAL TRADE CHANNELS     In recent years, China has strengthened export supervision and instructed Chinese enterprises and businessmen in Russia to operate honestly and abide by the laws and regulations there.     China and Russia share a common goal in creating a trade environment that is standardized, transparent and convenient.     In June, China and Russia established a customs cooperation committee and set up a long-term mechanism to normalize bilateral trade order in a bid to raise the level of customs clearance facilitation and create favorable conditions for the crackdown and eventual eradication of the "grey customs clearance."     Gao's delegation, comprising officials from the ministries of commerce and foreign affairs, the General Administration of Customs and trade officials from Zhejiang, Fujian and Hebei provinces reached three consensus with the Russian side on the closure issue.     The two sides agreed to further develop the Sino-Russian strategic cooperative partnership, deepen bilateral trade cooperation and properly settle the closure issue through friendly negotiations.     The governments of China and Russia attached great importance to their strategic cooperative partnership and had agreed that the sudden closure of the market should not hurt their friendly cooperation, Gao said.     The two sides should promptly initiate a customs cooperation mechanism, and develop a work plan to stop illegal activities including "grey customs clearance," regulate customs declaration channels and raise customs clearance efficiency.     Analysts believe that with the constant improvement and development of Sino-Russian trade and economic cooperation, the issue of "grey customs clearance" could be fully resolved.

BEIJING, Aug. 2 (Xinhua) -- China's economy would continue to recover from the world financial crisis in the latter half and expand at the rate of 8.5 percent for the whole year, said a report from the Bank of Communications on Sunday.     The country's economic development was expected to accelerate the pace and expand at 9 percent in the third quarter and 9.8 percent in the fourth quarter, according to the report.     The report indicated that the country would achieve the set goal of 8 percent economic growth for the full year，contributed by a robust domestic investment and consumption.     In the latter half, investment would represent fast increase, boosted by development from infrastructure construction, real estate, and the industrial sector, said the report.     China saw its economy growth slowed down amid the world financial crisis. Its gross domestic product grew 7.9 percent in the second quarter after sinking to 6.1 percent in the first three months.

URUMQI, Aug. 13 (Xinhua) -- A delegation of foreign diplomats in China on Thursday visited Shihezi city in northwest China' s Xinjiang Uygur Autonomous Region, voicing their appreciation to the development model of the city.     Shihezi city, some 150 km northwest of Urumqi, is a young city which was established in the 1950s in the gobi of Xinjiang. With the development of some 60 years, the city has become one of the most developed cities in the autonomous region.     In the early phase of the city' s development, Shihezi focused on reclaiming land in the desert for agriculture. Meanwhile, the city began to establish its industry system and high-tech in recent years in order to reach a comprehensive development. Bangladeshi Ambassador to China Munshi Faiz Ahmad takes photoes for peaches at a modern agricultural garden in Shihezi, northwest China's Xinjiang Uygur Autonomous Region, Aug. 13, 2009.Mohamed Abd El Aziz, general manager of Xinjiang Alzeeh Textile Co. Ltd, a Saudi-invested private company, said that the local government has launched a series of preferable measures to attract investments.     After visiting the workshop of the textile company, which has an investment of 50 million U.S. dollars and covers an area of 200,000 square meters, Kuwaiti ambassador Faisal Rashed J. Al-Ghais said he has the plan to introduce Kuwaiti companies to invest here to boost bilateral cooperation of the two sides.     At present, textile products of the company are exported to European and Asian markets.     Besides industry development, the city has also paid much attention to the development of agricultural technology, particularly the irrigation system in the water-shortage area. Diplomats visit a workshop of a textile company in Shihezi, northwest China's Xinjiang Uygur Autonomous Region, Aug. 13, 2009The diplomats also visited Xinjiang Tianye Group Co. Ltd, a leading company of water-saving technology and recycle economy based in Shihezi.     Syrian ambassador Khalaf Al-Jarad said there is no waste and pollution by introducing the technology of the company, which realizes the aim of fully making use of resources.     Kuwaiti ambassador Faisal Rashed J. Al-Ghais said it' s a good method to develop this kind of technology in the area and set a good example for other countries and regions in water-shortage areas to develop agriculture and recycle economy.     Togolese ambassador to China Nolama Ta Ama, also head of the diplomatic delegation, voiced his appreciation to the achievements of the reclamation projects in Shihezi.     "We appreciate your efforts of reclamation to build such a beautiful and livable city in the desert," said Ama, adding that the people here live harmoniously with each other and with the nature.     The foreign diplomats, who will leave for Beijing on Friday, also visited a museum on Xinjiang' s reclamation and Shihezi University in the city.

BEIJING, July 31 -- China can expect to be a major target of rising trade protectionism - particularly from the United States and India - as the world struggles to recover from the global financial crisis, the Ministry of Commerce (MOFCOM) said Thursday.    The crisis has pushed trade protectionist cases to a historical high.     "The US is abusing trade protectionist tools to help its own industries tide over the economic slowdown. The loss for Chinese businesses is huge," said Zhou Xiaoyan, deputy director of the China Bureau of Fair Trade for Imports & Exports.     As a consequence, China will have an even harder time than it does now, encountering anti-dumping, anti-subsidy and special protection cases, officials said.     From last September to this June, the main World Trade Organization members, including the US and European nations, launched 77 cases worth .8 billion against China, increasing the number by 112 percent from a year earlier.     Zhou said, moreover, that due to the sharp competitiveness of Chinese products and to the advantage it has of cheap labor costs, sufficient funds and high-quality technology, the country will be targeted for some time.     The fair trade bureau, which is under MOFCOM, is responsible for dealing with trade protectionist cases.     Cases centering on green barriers, such as a carbon tariff measure that the US might launch against developing nations to protect its businesses, will be another hot trend.     China has especially been facing trade protectionist measures related to labor-intensive categories.     The US and India have been among the most aggressive in the rising wave of protectionism, officials said.     In April, for example, the US launched an anti-dumping and anti-subsidy investigation of oil-well steel tubing worth .2 billion, one of the largest ever for China.     And also in April, the US launched a case against Chinese tire makers valued at about .2 billion, also the largest such case for China.     The tire case, if approved by President Barack Obama in the fall, could spark a series of such cases by other nations.     "The US has been a leader in launching measures against China," said Wang Rongjun, a professor at the Institute of American Studies of the Chinese Academy of Social Sciences.     "The US," Wang said, "expects to transfer part of its economic slowdown to China, which is believed to be the quickest to recover."     China and the US are each other's second-largest trade partner. The two nations have stressed since late 2008 that they have been fighting trade protectionism, including at the China-US Strategic and Economic Dialogue held in Washington this week.     And in the case of India, it now has the most cases pending against China - from last September to June, it accounted for about 40 percent of the total. The cases cover a wide range of products, including textile, steel and chemicals.     "As newly emerging nations are being brought directly into competing against China, the upward trend will continue," Zhou said.     Despite falling exports, China still holds the largest share of labor-intensive products in the American and European markets, which threatens Indian businesses.     "Compared with the US, India is far from reasonable," said Fu Donghui, managing director of the Beijing Allbright Law Firm, which deals with anti-dumping and anti-subsidy cases.     "The Indians find any opportunity to challenge the Chinese. As long as there is any call from an Indian enterprise, the Indian government will launch an investigation, even without research."     The MOFCOM plans to focus on cases involving the US and India. "We expect to find out the reasons behind that growth and learn how to avoid them in the future," Zhou said.     For years, the Chinese government shied away from appealing to the WTO for help in battling trade protectionist measures.     "The government should have actively appealed to the WTO to prevent foreign nations from abusing its rights," Fu said.     China will now use the WTO tools to prevent its businesses from being hurt by foreign counterparts, but, nonetheless, it will be prudent, Zhou said.