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BRATISLAVA, June 18 (Xinhua) -- Chinese President Hu Jintao and his Slovakian counterpart Ivan Gasparovic held talks here on Thursday and they agreed to take the 60th anniversary of diplomatic ties as an opportunity to consolidate their traditional friendship and enrich the contents of cooperation. Speaking highly of the longstanding friendship between the two countries, Hu noted in particular the substantial development of bilateral relations since the Central European country gained independence 16 years ago. Expressing satisfaction at the state of bilateral ties, Hu said there are no outstanding issues left over by history or conflict of interests between China and Slovakia, Hu said. It is the shared goal of the two countries to expand consensus and deepen cooperation, he added. Visiting Chinese President Hu Jintao (L) meets with Slovakian President Ivan Gasparovic for talks in Bratislava, capital of Slovakia June 18, 2009"This is in the fundamental interests of the two countries and the two peoples," Hu said. He made a four-point proposal for the further development of bilateral ties. Firstly, the traditional friendship should be consolidated and bilateral mutual political trust be enhanced, Hu said. The frequent contacts between leaders of the two countries is important to the development of bilateral ties and the Chinese side welcomes President Gasparovic to visit China again. The two sides should also promote exchanges and cooperation between the two governments, legislative bodies and political parties so as to consolidate the political foundation of bilateral relations. Visiting Chinese President Hu Jintao (R, front), accompanied by Slovakian President Ivan Gasparovic, inspect the honor guard during a welcoming ceremony in Bratislava, capital of Slovakia June 18, 2009.Second, both side should enhance economic and trade cooperation and join efforts to cope with the ongoing financial crisis, Hu said, adding that this is the focus of bilateral cooperation at present. They should expand trade links and achieve a balanced growth in two-way trade, increase mutual investments, expand areas of cooperation and oppose protectionism. Different forms of cooperation should be encouraged in such fields as infrastructural construction, new energy, agriculture and environmental protection. Chinese President Hu Jintao (L) and Slovakian President Ivan Gasparovic meet with journalists after their talks in Bratislava, capital of Slovakia June 18, 2009In responding to the impact of the international financial crisis, the two countries should also strengthen communication, share experiences and push for the reform of international financial systems. Third, cultural exchanges and cooperation should be expanded with more substance and the two sides should learn from each other for common development, he said. Fourth, there should be strengthened coordination and consultation between the two countries in international and regional organizations such as the United Nations, as well as closer multilateral cooperation in efforts to make joint contributions to world peace and stability, he said. Agreeing entirely with Hu's views, Gasparovic said the Chinese president's visit is of great significance to promoting bilateral cooperation in various fields and friendly relations between the two countries. Chinese President Hu Jintao and Slovakian President Ivan Gasparovic meet with journalists after their talks in Bratislava, capital of Slovakia June 18, 2009Slovakia will continue to adhere to the one-China policy, he said. Only through concered efforts of all countries in the world could the crisis be tackled in an effective way. The Slovakian president said his country welcomes more investments from China and is ready to promote reciprocal cooperation in the fields of science and technology, energy, new energy, infrastructure, machinery, tourism and agriculture. Hu, currently on a three-nation tour, arrived here earlier in the day after concluding a state visit to Russia. He will also visit Croatia. Earlier this week, the Chinese president attended the annual summit of the Shanghai Cooperation Organization and a meeting of the BRIC countries -- Brazil, Russia, India and China, in the Russian city of Yekaterinburg.
BEIJING, June 10 (Xinhua) -- China is ready to end a de facto suspension of initial public offerings (IPOs) on the Shanghai and Shenzhen stock exchanges, after the securities regulator unveiled Wednesday the final guidelines for new IPOs. The China Securities Regulatory Commission (CSRC) said the guidelines would take effect Thursday. An unidentified CSRC spokesman said the commission will give approvals to applying firms any time after the guidelines become effective. The commission announced draft guidelines on May 22 to solicit public opinions till June 5. The new guidelines aim to improve the price discovery function of the stock market, and help retail investors subscribe to newly issued stocks. The draft said the quotation system for new issues should be revised so that issue prices faithfully reflect market demand, and lead underwriters should take steps to avoid "unreasonably" high prices. Under the new rules, stock subscribers need to use either the online or off-line subscription system, but not both, to purchase new stocks. Institutional investors used to enjoy the privilege of subscribing through both systems, while retail investors could use only the off-line system. Three revisions were made to the draft to follow public advices that the commission deemed reasonable. The final version said a single investor is refined to use one account only to purchase new stocks, as some institutional investors have multiple accounts. The revision is aimed to help more smaller investors get access to new stocks. In addition, the commission said it would consider to increase the number of tradable stocks in response to suggestions the lock-down of too many stocks would do no good to curb speculation. However, the spokesperson said shares lock-down of large shareholders would remain in place, as it is aimed to prevent frequent changes in managerial staff that could jeopardize a firm's operation and create risks and the practice is followed on many overseas markets. The commission also added the content about improving the "clawback" and the offering suspension mechanisms upon requests of the public. The "clawback" mechanism is used in the event that the deal is subscribed by 100 times or more. The CSRC effectively suspended all new stock issues last September, as it halted approvals. Since then the stock market has plunged more than 50 percent from its peak 6124.04 in October 2007,compared to Wednesday's closing. The CSRC spokesman anticipated that the first few new IPOs may not be satisfactory (in boosting the market), but he believed that the goals of the new guidelines could be achieved over time, which would play a positive role in boosting the market in the long run. A total of 32 firms are on the waiting list to launch their IPOs on the A-share market, expecting to issue a combined more than 14 billion shares. China State Construction Engineering Corp. is expected to issue12 billion shares.

BEIJING, June 11 (Xinhua) -- China's Central Authorities have launched a new round of campaign to crack down on "small coffers" illegally held in the hands of Party and government organizations at different levels. This year, Party and government departments that completely rely on the budgetary funds are the first to carry out the work and later, the campaign will involve all nongovernmental organizations, state-run companies, and state-held companies, in a step-by-step way, says a document recently issued by the General Offices of the Communist Party of China (CPC) Central Committee and the State Council. The document, known as "Directions on Deepening the Crackdown of Small Exchequers", criticized the illegal phenomenon, emphasizing that in some areas and departments it has occurred frequently or even seriously. "The masses have responded to it strongly," it says. It calls these "small coffers" a "cancer" and says they must be eliminated. The illegal phenomenon has resulted in inaccuracy in accounting, disturbance in market order, losses in state income and property and corruption, according to the circular. It encourages all units concerned to check the problem by themselves and those that pretend to do so will be punished. It pledges to punish those who try to boycott the campaign or retaliate the tippers. Those that are involving huge sum of the illegal treasuries or criminal activities will be handed over to judicial departments in accordance with law, according to the document. The Central Authorities have set up a special leading group with members from the Central Commission for Discipline Inspection of the CPC Central Committee, the Ministry of Supervision, the Ministry of Finance, and the State Auditing Administration. In the late 1990s, the Chinese Authorities conducted the first round of auditing and cracking down on "small coffers" throughout the country.
BEIJING, July 4 (Xinhua) -- Chinese Vice Premier Li Keqiang Saturday urged efforts to better use geographic information so as to better serve the country's economic and social development. Li made the remarks when attending an exhibition on maps and the achievements of China's geographic information application. The exploration and application of geographic information and mapping since China launched its reform and opening-up policy in 1978 had played an important role in promoting the country's development, he said. It has benefited sectors including urban and rural planning, land resources administration, environmental protection, quake-relief and national defense, according to Li. He urged efforts to build a system of mapping and surveying in an information age and strengthen the capacity of mapping and surveying in providing service for the country's modernization drive. The industry of geographic information should be expanded and meet multi-level and diversified market demands so as to better serve society and the people, he said. Li also urged scientific researchers to embrace innovation in their work so as to produce more high-quality surveying and mapping instruments.
BEIJING, May 21 (Xinhua) -- China's top political advisory body on Thursday urged its members to make more proposals on how the Communist Party and government can maintain the country's economic growth. The statement was made at a meeting attended by the chairman and vice chairpersons of the National Committee of the Chinese People's Political Consultative Conference (CPPCC). Jia Qinglin (2nd R), chairman of the National Committee of the Chinese People's Political Consultative Conference, chairs the 15th chairpersons meeting of the 11th National Committee of the Chinese People's Political Consultative Conference in Beijing, May 21, 2009 The meeting, which was presided over by Jia Qinglin, the chairman, also decided that the Standing Committee of the 11th CPPCC National Committee will hold its sixth session from June 16 to 19.
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