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MOSCOW, July 30 (Xinhua) -- Chinese merchants will be allowed to retrieve their goods in a closed Moscow market, the head of a Chinese coordination group said on Thursday. A Chinese coordination group on Thursday discussed with Moscow's consumer department the clearing up of Chinese merchants' stalls in the Cherkizovsky market as well as the transferring of their goods. The Russian side agreed to take further steps to safeguard the market's order and to work with the Chinese side to crack down on the illegal activities, said Cai Guiru, head of the temporary Chinese coordination group and chairperson of the Chinese Chamber of Commerce in Russia. It is agreed that Chinese merchants will be allowed to clean up their stalls and ship out their merchandise during a specific period of time every day, Cai said. The Russian side took "sincere and earnest" attitudes towards the handling of the market closure, in the hope that most of the Chinese merchants will be able to retrieve their goods safely, she said. This meeting is helpful and the Russian side heard positive opinions from Chinese vendors, said Georgy Smoleyevcky, first deputy head of the Moscow Consumer Market and Services Department. The Russian side will make conclusions accordingly and give instructions to relevant departments, he said, expressing the hope that complaints from Chinese traders will be less and less in future. The official also dismissed the speculation that a Chinese shopping mall will be built in the place of the closed Cherkizovsky, Russia's biggest wholesale market. The coordination group, formed under the auspices of the Chinese embassy in Russia in July, involves heads of China's provincial chambers of commerce. Russian police abruptly shut down the nearly 300-hectare market in northeastern Moscow on June 29, after the disclosure of various illegal and irregular operations in the market by the Russian Federal Supervision Service for Consumer Rights Protection and People Welfare. A Chinese senior delegation, led by Vice Minister of Commerce Gao Hucheng, reached broad consensus with the Russian side on the closure issue.
HONG KONG, Aug. 27 (Xinhua) -- Bank of China (Hong Kong) said Thursday its half-year profit fell by 5.6 percent from a year earlier, dragged lower by falling interest income amid the deepening economic downturn. The bank's net profit for the six months ending June 30 amounted to 6.69 billion Hong Kong dollars, down from 7.09 billion Hong Kong dollars in the same period last year. However, the bank said it represented a major improvement against the net loss of 3.75 billion Hong Kong dollars in the second half of 2008, which can be attributed to the increase in operating income as well as the decrease in impairment charges on securities investments. Net interest income decreased by 11 percent to 8.93 billion Hong Kong dollars as net interest margin narrowed by 27 basis points to 1.76 percent. But the net fees and commission income grew by 1.7 percent year-on-year to 2.95 billion Hong Kong dollars driven by the rebound of the local stock market in the first half of this year. The bank's vice chairman and chief executive He Guangbei said the performance in the first half of this year reflected the progress the bank had made in regaining its growth momentum. As the turbulence and its knocks-on effects began to subside, the bank would pursue a prudent yet flexible development strategy in an environment of change and challenge. He also said BOC (HK) would actively expand the RMB-related banking business as the sole Clearing Bank for Renminbi business in Hong Kong.
BEIJING, Sept. 28 (Xinhua) -- China's Ministry of Commerce (MOC) issued a statement late Monday saying it would approve U.S. automaker General Motors Co.'s (GM) plan to buy part of parts supplier Delphi Corp, but set conditions on the deal to avoid restricting competition. The approval came after an anti-monopoly probe by the MOC into the deal last week and negotiations with the two companies over the deal conditions, aimed to avoid exclusion or restriction of competition, according to the statement. The conditions include a ban on GM and Delphi exchanging trade secrets on Delphi's other Chinese customers, to prevent GM from getting confidential and competitive information. Delphi should also maintain the timeliness and quality of supplies indiscriminately to the other domestic automakers, at market prices. The ministry said it had discussed with the two companies its concerns on competition, and GM and Delphi had come up with solutions. According to a Dow Jones report Monday night, authorities in the U.S. and E.U. had earlier given their approval for the deal, after Delphi, GM's former parts division, received approval from a U.S. court to sell assets to its lender and GM. The report said this would clear the way for the auto-parts supplier, which operates 17 wholly-owned entities and joint ventures in China and 21 manufacturing sites, to end its four-year stay in bankruptcy. Under China's anti-monopoly law, mergers and acquisitions that could impact the domestic market must undergo an anti-monopoly review.
LAS VEGAS, the United States, Aug. 10 (Xinhua) -- A record number of Chinese businesses and manufacturers are participating in the annual exhibition of Chinese products in the United States, in a way to show their confidence in the U.S. market and American consumers, a senior Chinese official said here on Monday. Inaugurating the "China Brand Show 2009" in the Las Vegas International Convention Center, Vice Minister of Commerce Zhong Shan said the Chinese government pays much attention to the difficulties its economy is facing amid the global financial crisis. "Ever since November last year, the Chinese foreign trade has been going down for a consecutive nine months, which complies with the world trade situation in general," said the official. Stressing that both China and the United States are each other's essential trading partner, Zhong said that the two countries had committed to open more to trade and investment and fight protectionism at the recent China-U.S. Strategic and Economic Dialogue, held in Washington, D.C. in July. On China's domestic efforts to tackle the global economic recession, Zhong said the government has rolled out a huge economic stimulus package, and China's stabilizing and promising economic trend has contributed to the global confidence in an early economic recovery. "China's GDP enjoyed a 7.1-percent growth in the first half of 2009, bringing the economic slump starting from the fourth quarter last year to an end," said the vice minister. According to organizers of the annual show, more than 200 enterprises from China are participating this year, to showcase their products during the three-day event that ends on Wednesday. The show also serves as a promotion event for the 106th China Import and Exports Fair, to be held in Guangzhou from Oct. 12 to Nov. 4 this year, officials said. The China Import and Export Fair, the country's number one trade fair, has become a platform for enterprises from different countries to do business and one of the key channels for foreign companies to enter the Chinese market.
URUMQI, Sept. 5 (Xinhua) -- The party chief of Urumqi and police chief of northwest China's Xinjiang Uygur Autonomous Region were removed from their posts Saturday. The removal came after the July 5 riot in Urumqi which left 197people dead and following syringe attacks in the city that caused panic among the public. Li Zhi, 59, secretary of the Urumqi Municipal Committee of the Communist Party of China (CPC), was replaced by Zhu Hailun, 51, secretary of the CPC Xinjiang Autonomous Regional Political and Legislative Affairs Committee, according to a decision by the CPC Xinjiang Autonomous Regional Committee and approved by the CPC Central Committee. Li was appointed the Urumqi party chief in November, 2006. Also on Saturday, Xinjiang's police chief Liu Yaohua was replaced by Zhu Changjie, party chief of Xinjiang's Aksu Prefecture. Deputy Mayor of Urumqi Zhang Hong speaks during a news conference in Urumqi, capital city of northwest China's Xinjiang Uygur Autonomous Region, Sept. 4, 2009. Zhang Hong said on Friday the situation was basically under control in the city. SYRINGE ATTACKS Fresh protests broke out this week after hundreds of Urumqi residents reported that they were stabbed by syringes. Five people were dead and at least 14 people hospitalized over injuries in the protests. Tens of thousands of people took to the streets to protest against the syringe attacks and demand security guarantees. By Thursday, local hospitals had dealt with 531 victims of hypodermic syringe stabbings, 106 of whom showed obvious signs of needle attacks. Chinese military medical experts on Saturday ruled out the possibility that radioactive substance, anthrax and toxic chemical were used in recent syringe attacks in Urumqi City. "According to the preliminary test results, such possibilities can be ruled out," said Qian Jun, director of Disease Control and Biological Security Office with China's Academy of Military Medical Sciences. Qian said he, along with other five medical experts from the military, had examined medical records of more than 200 victims since Friday. Samples had been sent to Beijing for further test, Qian added. Xinjiang police has captured 25 suspects amid the syringe scare, of whom seven are in police custody, four were arrested and four others were referred for criminal prosecution. Four suspects, three men and one woman, have been prosecuted for endangering public security, said Wutkur Abdurahman, procurator general of the city's procuratorate Saturday. The four, all from the Uygur ethnic group, were involved in three cases. Two suspects threatened a taxi driver with a syringe and robbed him, one suspect allegedly inserted a pin into a woman's buttock at a roadside fruit stall, and the other injured police when resisting arrest with a syringe that contained drug. SOCIAL ORDER BACK TO NORMAL Xinhua reporters witnessed Saturday that most of the buses in Urumqi had resumed operation. People could be seen on buses, some of which were even a bit crowded. Many were waiting at bus stops. A large number of customers could be seen at the Carrefour Supermarket at Nanhunanlu Road. Long queues were seen in front of the cashiers at noon. In Hepingnanlu Road and Xinhuananlu Road, areas mainly inhabited by people of Uygur ethnic group, shops on both sides of the roads have resumed operation. Situation in Urumqi came under control Friday, as there were no major protests in the city. Small crowds, which gathered "in a fewlocations," were soon dispersed, said Executive Deputy Mayor ZhangHong. E(Xinhua correspondents Zhang Zongtang, Cao Kai, Liu Hongpeng, Huang Yan, Ding Jiangang contributed to the story.)