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BEIJING, Nov. 24 (Xinhua) -- Chinese Vice Premier Li Keqiang on Tuesday called for more efforts to optimize land use in order to save resources and further economic restructuring. Li made the remarks during an inspection to the Ministry of Land and Resources (MLR). As the most populous country in the world, China has been faced with shortages of land, water, energy and minerals, and the shortages were worsened by rapid economic growth, he said. Chinese Vice Premier Li Keqiang (2nd R) inspects the Ministry of Land and Resources in Beijing, Nov. 24, 2009. Li stressed strict control on land use for the construction of high energy consuming and polluting projects, projects with excessive capacity as well as duplication of similar projects. China started its second nationwide land census in June, 2007. The MLR said the census was going smoothly and had collected preliminary data from local authorities. Chinese Vice Premier Li Keqiang inspects the Ministry of Land and Resources in Beijing, Nov. 24, 2009.
BEIJING, Nov. 17 (Xinhua) -- China and the United States issued a joint statement in Beijing Tuesday, promising that the two countries would "take concrete steps" to advance "sustained and reliable" military-to-military relations in the future. "The two sides will actively implement various exchange and cooperation programs agreed between the two militaries, including by increasing the level and frequency of exchanges," according to the joint statement issued after Chinese President Hu Jintao met with visiting U.S. President Barack Obama. The two sides commended the outcomes of the visit to the U.S. by General Xu Caihou, vice chairman of the Chinese Central Military Commission, in October this year. Preparations would be made for the visit to the U.S. by General Chen Bingde, chief of the General Staff of China's People's Liberation Army, and the visits to China by Robert Gates, the U.S. Secretary of Defense, and Admiral Michael Mullen, chairman of the U.S. Joint Chiefs of Staff, the statement showed. The goal of these efforts, according to the statement, is to improve the Chinese and U.S. militaries' capabilities for practical cooperation and foster greater understanding of each other's intentions and of the international security environment. Obama is in Beijing for a four-day state visit to China that started in Shanghai Sunday night.

BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day. Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits. About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market. The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively. The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price. Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months. Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback. China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan. It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later. China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States. Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007. The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then. By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu. Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction. The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride. Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses. "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled." The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent. Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations. The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.
SHANGHAI, Nov. 16 (Xinhua) -- U.S. President Barack Obama on Monday called on the Chinese and U.S. governments to strengthen cooperation in dealing with such global challenges as climate change. "There are very few global challenges that can be solved unless China and the United States agree," he stressed while answering a question at a town hall with Chinese students in Shanghai, the first stop of his four-day China tour. As the world's two largest greenhouse gas emitters, the United States and China should assume the responsibility to curb greenhouse gas emissions, he said. "Unless both of our countries are willing to take critical steps in dealing with this issue, we will not be able to resolve it," Obama said. The president called on world leaders to strike a deal at the December Copenhagen conference during which they would make differentiated commitments to reducing greenhouse gas emissions. China should not take the same obligations as the United States since it has a much larger population living in poverty, he said. Climate change is expected to be one of the main topics at the upcoming meeting between Obama and Chinese President Hu Jintao. President Hu promised at a September UN climate summit in New York that China would cut carbon dioxide emissions per unit of gross domestic product by "a notable margin" by 2020 from the 2005level. Obama has said he wants to cut U.S. emissions back to 1990 levels by 2020 and 80 percent further by 2050, but the U.S. Congress was unlikely to complete climate legislation by the time of Copenhagen, due to great political challenges in the midst of a recession with high unemployment and other domestic priorities. According to U.S. top negotiator Jonathan Pershing, it would be difficult for the U.S. to pledge an emissions target without legislation by Congress, therefore a new pact to combat global warming is a forlorn hope for Copenhagen. The Dec. 7-18 Copenhagen meeting, which is expected to bring together leaders from 190 countries, aims to renew greenhouse gas emissions reduction targets set by the Kyoto Protocol, due to expire in 2012.
BEIJING, Nov. 18 (Xinhua) -- China disagrees to the suggestion of a "Group of Two" (G2), Chinese Premier Wen Jiabao said at a meeting with visiting U.S. President Barack Obama here on Wednesday. China is still a developing country with a huge population and has a long way to go before it becomes modernized, Wen said, stressing "We must always keep sober-minded over it".Chinese Premier Wen Jiabao meets visiting U.S. President Barack Obama in Beijing on Nov. 18, 2009. China pursues the independent foreign policy of peace and will not align with any country or country blocks, Wen said. Global issues should decided by all nations in the world, rather than one or two countries, he added. "Meanwhile, we believe Sino-U.S. cooperation can play a unique role in advancing the establishment of the new international political and economic order, as well as promoting world peace, stability and prosperity," Wen said. Wen noted that the bilateral trade volume between China and the United States has increased greatly since the two countries established diplomatic ties 30 years ago. Chinese Premier Wen Jiabao meets visiting U.S. President Barack Obama in Beijing on Nov. 18, 2009 "This is in the fundamental interests of both countries and their people," Wen said. "We do not pursue trade surplus and I hope the United States would lift its policy of restricting high-tech products exports to China and increase their proportion in the U.S. exports to China. "Meanwhile, our two countries should strengthen mutual investment and cooperation in such fields as energy, environmental protection and high technology for a more balanced bilateral trade," Wen said. The revival of world trade and investment is beneficial to the global effort to cope with the financial crisis and help accelerate the recovery of the world economy, he said. "China and the United States should work together to fight against protectionism in trade and investment," Wen said. Obama, who described U.S.-China relations as of global significance, said U.S.-China cooperation is crucial as far as major global issues such as economic recovery, climate change and regional and global peace are concerned. He hoped the two countries would abandon distrust and misunderstanding, strengthen exchange and cooperation, so as to push U.S.-China relations forward. The United States appreciates and supports the Chinese government's efforts in developing the economy and reducing poverty, said Obama, adding that the development of China is beneficial to the world. The United States and China are important trade partners for each other, which has brought huge benefits to both countries, while trade protectionism does no good to either side, Obama said. He said the United States appreciates China's efforts to adjustthe economic structure, expand domestic demand, protect intellectual property rights and reform the Renminbi exchange rateregime. The United States would properly handle bilateral trade frictions so that they would not harm the interests of the two countries, Obama said. The United States has noted China's concern over the export control to China and is willing to take measures and increase high-tech product exports to China, he added. Before their formal meeting in the State Guesthouse Wednesday morning, Wen said Obama's fruitful visit, the first state visit to China since he took office in January, would be of far-reaching significance. He expressed his "sincere hope" that Obama's China visit would lift the comprehensive and cooperative China-US relations to a new level. "The history of Sino-US relations has made it clear that cooperation benefits both sides while confrontation results in harms, and mutual trust brings progress while suspicion causes setbacks," Wen said. Cooperation is better than containment, dialogue is better than confrontation, and partnership is better than rival ship, he added. Wen and Obama also exchanged views on global climate change, the Korean Peninsula situation, the Middle East issue and Doha round of world trade talks. Obama arrived in Shanghai on Sunday night to kick off his four-day visit to China, where on Monday he met with municipal officials and college students and then flied to Beijing in the afternoon. On Tuesday in Beijing, Chinese President Hu Jintao held talks with Obama, and they reached a wide range of agreements on furthering strategic mutual trust, maintaining exchanges at all levels and meeting global and regional challenges together. A joint statement was issued after the talks. Obama also met with China' top legislator Wu Bangguo during his stay in Beijing.
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