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BEIJING, May 14 (Xinhua) -- Two revised rules involving a planned Nasdaq-style stock market, the Growth Enterprise Market (GEM), will take effect on June 14, according to the China Securities Regulatory Commission (CSRC) Thursday. The two rules involve establishing an independent committee to approve listings for the GEM and the management of sponsors of IPOs. The two rules are taken as a key step closer toward introducing the much-anticipated GEM, a board intended to nurture innovation-driven start-ups as the government tries to help smaller companies get financing and encourage technological advances. The rules are the same as the drafts issued on April 17 to solicit public opinions, said the CSRC. Under the rules, the new panel will have 35 members. Five will come from the CSRC and the others from the accounting, law and other sectors. The panel won't include members of the review panel for IPO application on the main board. Under the rules, the sponsors of IPOs on the GEM are required to monitor the companies' performance for three years, up from two for companies on the main board.
BEIJING, June 29 (Xinhua) -- Chinese State Councilor Liu Yandong met here Monday with Henry Kissinger, the former U.S. secretary of state. Liu highlighted the robust growth of the China-U.S. ties since the two forged diplomatic relations 30 years ago, noting that the bilateral relations scored a good beginning and maintains positive momentum since the Obama administration took office. China is committed to work with the United States to further promote the bilateral dialogue and cooperation at various levels and in national development, education, science and technology and culture, Liu said. Chinese State Councilor Liu Yandong (R) meets with Henry Kissinger, former U.S. secretary of state, in Beijing, June 29, 2009. Echoing on Liu's views, Kissinger defined relations between the United States and China as one of the most important bilateral relations in the world, saying that the two nations play vital roles in promoting world prosperity and safeguarding the international peace and stability. Kissinger was here at the invitation of the Chinese People's Institute of Foreign Affairs.
TASHKENT, June 27 (Xinhua) -- Visiting Chinese Vice Premier Li Keqiang on Saturday called for closer economic ties between China and Uzbekistan while meeting with Uzbek First Deputy Prime Minister Rustam Azimov. Li said China and Uzbekistan have deepened their pragmatic cooperation and achieved a lot in this regard in recent years. Besides growing trade, bilateral cooperation in areas like investment and projects outsourcing also made rapid progress, he noted, adding the two sides have improved the quality and increased the level of bilateral, pragmatic cooperation with joint projects being carried out in energy, mining, transportation, agriculture, telecom, machinery, petrochemical and other sectors. Chinese Vice Premier Li Keqiang (R) meets with Uzbekistan First Deputy Prime Minister Rustam Azimov in Tashkent, Uzbekistan, on June 27, 2009 The Chinese leader called on the two sides to capitalize on the progress of bilateral cooperation, and take full advantage of the fact that the two economies are highly complementary to each other and the two countries enjoy geographical closeness. Chinese Vice Premier Li Keqiang (5th L, rear) and Uzbekistan First Deputy Prime Minister Rustam Azimov (6th L, rear) attend the signing ceremony of cooperation agreements between the two countries, in Tashkent, Uzbekistan, on June 27, 2009He specifically said the two countries should continue to expand bilateral trade and two-way investment and spare no effort to carry out major joint infrastructure projects. Meanwhile, the two sides should enhance cooperation in other areas and move faster on carrying out aid and loans initiatives to achieve mutually-beneficial and steady development of both economies, he added. On broader bilateral relations, Li said the relationship between China and Uzbekistan has been developing smoothly as political trust between the two sides continues to deepen and cooperation in specific areas like economy, energy, transportation and security grows stronger day by day. He noted China and Uzbekistan have supported each other on critical issues and worked closely within multilateral frameworks like the United Nations and the Shanghai Cooperation Organization, which has helped both sides safeguard their common interests and has had a positive impact on regional and world peace and stability. Chinese President Hu Jintao met with his Uzbek counterpart Islam Karimov during the 2008 Summer Olympic Games in Beijing, and also on the sidelines of the summit of the Shanghai Cooperation Organization countries held in the Russian city of Yekaterinburg earlier this month. Chinese Premier Wen Jiabao paid his first official visit to Uzbekistan in November 2007 after attending a meeting of the prime ministers of the Shanghai Cooperation Organization countries held in the Uzbek capital Tashkent. Li said Chinese and Uzbek leaders had an in-depth exchange of views on deepening pragmatic bilateral cooperation and reached a lot of important agreements during their meetings. He said the primary goal of his current visit is to carry out specific programs of pragmatic cooperation between China and Uzbekistan according to the consensus reached by the top leaders of the two sides with the aim of bringing more concrete benefits to the two peoples. On his part, Azimov said the leaders and senior officials of Uzbekistan and China have met on a regular basis to build a solid base for further developing bilateral relations. He described Li's visit to the country as an important step toward putting into practice the consensus reached by the leaders of the two countries. He said Uzbekistan and China have made remarkable progress on energy cooperation in recent years, which reflects a new dimension of bilateral economic cooperation and will benefit both economies. The Uzbek official said his country has been closely watching the economic development of China and would like to learn from China's successful experience. He also praised the measures taken by the Chinese government to tackle the global financial crisis. After the meeting, the two attended the signing ceremony of 11 government or corporate bilateral agreements on cooperation in such areas as economy, tourism and health
BEIJING, July 5 (Xinhua) -- The Chinese government has allocated more than 126 million yuan (about 18.4 U.S. dollars) for disaster relief in six worst rainstorm-hit provinces, autonomous regions or municipalities in south China, the Ministry of Civil Affairs said here Sunday. The six provinces, autonomous regions and municipalities include Guangxi, Jiangxi, Hunan, Hubei, Guizhou and Chongqing. A total of 5,200 tents were also sent to Guangxi, Jiangxi and Hunan to provide shelter for the people displaced there, the ministry said. While Beijing and neighboring provinces are fighting heat waves, the southern half of the country has been drenched in rain or flood since late June. The latest round of rainstorms and flood, also this year's worst according to the ministry, had battered 12 provinces, killing 75 people and leaving another 13 missing and 938,000 homeless as of 4 p.m. Sunday. Close to 40 million people were affected by the rainstorms and the flood, it said, adding that a total of 101,000 houses were toppled in the flood, causing over 13 billion yuan (about 1.9 billion U.S. dollars) in direct economic losses, it said.
BEIJING, June 14 (Xinhua) -- Chinese Premier Wen Jiabao stressed the importance of promoting domestic consumption and independent research and development during a three-day inspection tour of the central Hunan Province, which ended Sunday. Wen said the key to a sound economic future lay in continuing to "unswervingly" implement the government's policies to deal with the international economic downturn. Companies should increase investment in research and development and better utilize science and technologies to "foster new economic growth points," he said. Local governments, meanwhile, should develop energy-efficient and environment-friendly industries and put priority on a recycling and green economy, he said. Chinese Premier Wen Jiabao (C), also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, talks with employees of Geely Automobile Parts Co.,Ltd in central China's Hunan Province, on June 13, 2009. Premier Wen made an inspection tour in Hunan Province from June 12 to June 14.During his trip in Hunan, Wen visited companies, Hunan University, job markets and farmlands. He said the enhanced economic power of central and western regions, whose economies profited from central government support policies, added vigor to the country's economic development and should continue to be supported. The central region, a link between the east and the west, should speed up industrial restructuring with a focus on local characteristics and advantages while tapping emerging industries, such as IT and bioengineering, said Wen. He also called for more attention to education and talent in China's future reform and opening, and the building of a social welfare system that values the improvement of living standards. Visiting farms, Wen said wheat production this summer was sure to grow over last year and that the country should focus on a more balanced economic development between urban and rural areas. "Stable agricultural output makes a stable economy and stable lives for the people," Wen said.