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BEIJING, Sept. 4 (Xinhua) -- China's government is adjusting its policies on imported technological equipment with the purpose of boosting domestic innovation and greater industrial restructuring and upgrading.     Key components and raw materials imported by domestic enterprises for manufacturing major technological equipment and products are exempted from import tariffs and value-added tax (VAT) as of July 1 this year, according to a joint communique issued by the Ministry of Finance and five other ministries Friday.     Tariff exemption for imported complete set of machinery and equipment will be revoked, according to the communique.     To ensure smooth transition, preferential policies for items which currently can not be wholly supplied domestically, if it is proved so after examination, will be phased out gradually.     Major State-backed key technological equipment includes clean energy power generating systems and nuclear power generating units of above a million kilowatts.     China's central government in March announced expenditure of 20 billion yuan (2.94 billion U.S. dollars) for this year, from a 908 billion yuan public sector budget, to help enterprises upgrade technology, energy efficiency and innovation.     It also unveiled a three-year plan in May to stimulate equipment-manufacturing industry, which lacks ability to innovate and had underdeveloped technology.     But experts said lack of funding and cooperation among research institutes still restrain China's technological transition.

NEW YORK, Sept. 23 (Xinhua) -- Chinese President Hu Jintao met with his South Korean counterpart Lee Myung-bak here on Wednesday morning on the sidelines of the UN meetings to discuss bilateral ties and other issues of common interests.     Hu said thanks to their joint efforts the two countries have seen steady progress of exchanges and cooperation in various fields in recent years.     All consensus reached between them have been implemented smoothly, with some already bringing about remarkable results, Hu said.     Hu noted that the two countries have maintained fine communication and coordination in regional and international affairs, adding that China is ready to join hands with South Korea to strengthen strategic communication and expand mutually beneficial cooperation, so as to bring concrete benefits to both peoples and contribute to peace, stability and prosperity in Northeast Asia. Chinese President Hu Jintao (R) meets with South Korean President Lee Myung-bak in New York Sept. 23, 2009    This year marks the 10th anniversary of launching of a trilateral cooperative scheme among China, South Korea and Japan, Hu said.     Over the past decade, the three countries have established a future-oriented, all-dimensional cooperative partnership that has led to the promotion of development and stability in their countries and the region at large, said the Chinese president.     During the meeting, Hu announced that leaders from China, South Korea and Japan will hold their second meeting in Beijing on Oct. 10, 2009.     China is ready to work with South Korea and Japan to push for the success of the October tripartite summit and bring trilateral cooperation to a higher level, Hu said.     As situation in Northeast Asia shows signs of thawing, Hu called on all concerned parties to seize the opportunity to further improve the regional situation and bring the Korean Peninsula nuclear issue back on the track of dialogues and negotiations.     China is willing to work with South Korea to play a constructive role in realizing the denuclearization of the Korean Peninsula and maintaining peace and stability in the peninsula and Northeast Asia, the Chinese president said.     During the meeting, Hu also called for strengthened cooperation between the two countries to boost the common development of their economies.     Lee congratulated China on the 60th anniversary of the founding of the People's Republic of China.     He said he fully agreed with President Hu's view on bilateral ties and expressed his willingness to bring the strategic and cooperative partnership between the two countries to a higher level.     Lee said the stabilization and rally of the Chinese economy play a significant role in promoting trade and economic cooperation between China and South Korea, as well as in world economic recovery.     Hu's speech at the UN climate change summit on Tuesday showed clearly China's active stance on climate change and won applause from countries around the world, Lee said.     South Korea is ready to strengthen coordination and cooperation with China on regional and global issues, he said.     He also spoke highly of China's important role in the six-party talks on nuclear issue of the Korean Peninsula and pledged South Korea's efforts to keep contact and cooperation with China in this regard.     Lee said, along with the rising status and influence of Asia on the world stage, South Korea, China and Japan should have even closer cooperation.     Thanks to their joint efforts, China and South Korea have seen a rapid growth of bilateral links since they established diplomatic relations 17 years ago.     The heads of state of the two countries exchanged visits last year. They agreed on establishing a strategic partnership of cooperation in May 2008, opening up a new era in bilateral ties. They met again on the sidelines of the financial summit of the Group of 20 (G20) in London in April this year.     China and South Korea are both important neighbors and cooperative partners. Now China is the top trade partner, export market and source of imports of South Korea.     Hu is in New York for the UN climate change summit, the general debate of the 64th Session of the UN General Assembly and a Security Council summit on nuclear non-proliferation and disarmament.     After the UN meetings, President Hu will fly to Pittsburgh to attend the G20 financial summit.

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.

BEIJING, Sept. 7 -- Automobile sales in China may accelerate 28 percent from a year ago to reach 12 million vehicles this year and overtake the number of autos sold in the United States, according to a regulatory official.    The remark was made by Chen Bin, chief director of the industry coordination department of the National Development and Reform Commission, at a conference in Tianjin on Saturday.     In contrast, General Motors Co and Ford Motor Co forecast sales in US will be about 10.5 million units this year, Bloomberg News said.     Auto sales in China in the first half reached 6.09 million units, a rise of 17.7 percent from a year ago, according to the China Association of Automobile Manufacturers.     The government's stimulus measures have boosted the auto industry and demand which is set to stay robust, Chen said. The measures included a 50 percent cut in the purchase tax to 5 percent on vehicles equipped with engines of less than 1.6 liters.

BEIJING, Oct. 10 (Xinhua) -- China appreciates India's decision to terminate a trade investigation into Chinese-made passenger car tires, the Ministry of Commerce (MOC) said Saturday.     The decision would not only help boost the steady development of bilateral trade ties, but also benefit the downstream businesses of India, the MOC said in a statement on its website.     China hoped to increase exchanges and cooperation on trade issues with the Indian government and encouraged dialogue and cooperation among industries for mutual benefit, it said.     The Directorate General of Safeguards under India's Ministry of Finance initiated a safeguard investigation on passenger car tire imports from China in May, according to the statement.     A safeguard duty, a temporary relief, usually takes the form of increased duties to higher than bound rate or standard rates or quantitative restrictions on imports.     According to Indian government statistics, from April to December last year, India imported 20 million U.S. dollars worth of tires involved in the case from China.