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ROME, May 20 (Xinhua) -- China's top legislator Wu Bangguo met here Wednesday evening with Italian Premier Silvio Berlusconi. Wu is the first chairman of the Standing Committee of the National People's Congress (NPC) who has visited Italy since 1997. Before meeting with Berlusconi, Wu also met with Italian Senate President Renato Schifani Wednesday morning and signed an agreement on establishing a mechanism of regular exchanges between the Chinese NPC and the Italian Senate. During his meetings with Italian leaders in Rome, Wu expressed the willingness of strengthening economic cooperation with Italy as a way to counter the impact of international financial crisis. In an earlier meeting with Chinese entrepreneurs who are doing business in Italy, Wu said the financial crisis has brought about new opportunities for cooperation between Chinese and Italian companies. The Italian leaders expressed the willingness to expand cooperation with China in various fields, saying China's economic growth will hopefully provide new energy for the recovery and rally of world economy. Both sides agreed that the two countries should coordinate their stance on reform of the international financial system and work for an early recovery of global economy from the financial crisis. China saw an economic growth of 6.1 percent in the first quarter of this year, the lowest quarterly figure in years. Meanwhile, the European Union economy dropped 4.6 percent in the same period. China and Italy have maintained a sound momentum in bilateral links. The two sides have consolidated political trust and maintained close communication and coordination on major international issues. Leaders of the two countries have maintained contact on a regular basis. Italian Premier Silvio Berlusconi visited China last October and met with Chinese President Hu Jintao. During the meeting, he said Italy places importance on China's role in international affairs and wish to cooperation with China to counter the impact of international financial crisis. In recent years, the two countries have kept optimizing structure of trade and expanded investment. Bilateral cooperation in science, technology and environment protection have achieved good results. China held a Year of Italian Culture last year. In a gesture of embracing China as a huge market and potential source of investment, Italy is to hold a "Year of China" in 2010. Italy has decided to participate in the 2010 Shanghai World Expo, while it has won the host of the 2015 World Expo. The Italian side expressed strong interest in learning from the experience of China as the latter staged successfully the 2008 Olympic Games
BEIJING, June 17 (Xinhua) -- China's political advisors brainstormed Wednesday on the country's economic development and offered suggestions about coping with the impact of the global downturn. They gave their advice as the standing committee of the 11th Chinese People's Political Consultative Conference (CPPCC) National Committee continued its sixth meeting, which started Tuesday. Li Yining, a renowned economist and one of the members of the standing committee, said restructuring and innovation were pivotal for an economic recovery. Once the problems of fair play and difficulty in financing were solved for private companies, their potential for innovation would emerge. Other proposals ranged from fostering new growth poles to solving social disputes. Jia Qinglin, chairman of the National Committee of the CPPCC, was present at the meeting. He said Tuesday that maintaining steady, relatively fast economic development and safeguarding social stability and harmony were the foremost tasks facing China, and he asked the participants to focus their discussions on these themes and make valuable suggestions.
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, July 15 (Xinhua) -- Chinese shares continued Tuesday's rising momentum to hit a new high with Shanghai Composite Index closing at 3,188.55 on Wednesday, setting the highest close since June 2008 as coal, nonferrous metal and auto shares bolstered the rise. The benchmark Shanghai Composite Index gained 1.38 percent, or 43.39 points, to 3,188.55. The Shenzhen Component Index advanced 0.68 percent, or 88.19 points, to 13,079.26. Two investors talk at a stock trading hall in Guangzhou, capital of south China's Guangdong Province, July 15, 2009. The benchmark Shanghai Composite Index on the Shanghai bourse closed on Wednesday at 3,188 points, up 43 points, or 1.38 percent, from the previous close. The Shenzhen Component Index closed at 13,079 points, up 88.2 points, or 0.68 percent Total turnover jumped to 333.4 billion yuan (48.81 billion U.S. dollars) from 280.53 billion yuan on the previous trading day. Winners outnumbered losers by 537 to 302 in Shanghai and 427 to 304 in Shenzhen. Coal shares led the gains in the afternoon trading session with Jingyuan Coal Industry and Electricity Power Company Co. Ltd. and Shenhuo Coal and Power Co. Ltd. reaching the daily limit of 10 percent to close at 18.43 yuan and 28.27 yuan, respectively. Nonferrous metal shares gained as the industry forecasts a rebound in the second half of the year based on the recovery expectation of China's economy. Yuannan Copper Co. Ltd. and Jiaozuo Wanfang Aluminum Manufacturing rose by the daily limit of 10 percent to close at 24.68 yuan and 15.99 yuan, respectively. Auto shares performed well as the Chinese government unveiled details on Tuesday night of a subsidy program for auto replacement, a fresh measure to stimulate private spending and curb pollution. Chang'an Auto rose 8.67 percent to 11.15 yuan, and Guizhou Tyre advanced 6.41 percent to 13.29 yuan. Steel shares posted a widespread gain on the anticipation of increased demand from automobile, manufacturing and construction industries. Hangzhou Iron and Steel Co. Ltd. rose by the daily limit. Baosteel, the country's biggest steel maker, gained 1.46 percent to close at 8.36 yuan, setting its highest close in about a year. An old woman smiles in front of a share price screen at a stock trading hall in Shanghai, east China, July 15, 2009. The benchmark Shanghai Composite Index on the Shanghai bourse closed on Wednesday at 3,188 points, up 43 points, or 1.38 percent, from the previous close. The Shenzhen Component Index closed at 13,079 points, up 88.2 points, or 0.68 percent
BEIJING, June 18 (Xinhua) -- China's political advisors Thursday underlined the importance of a proactive fiscal policy and a more active employment policy to cope with the global downturn. They offered their advice as the standing committee of the 11th Chinese People's Political Consultative Conference (CPPCC) National Committee continued its sixth meeting, which started here Tuesday. The committee members warned of difficulties ahead, citing the worsening impact of the global slowdown, and called for more efforts from all sides to combat the situation. They also stressed the importance of a moderately easy monetary policy, increased investment in improving living standards, and expanded coverage of social security. Jia Qinglin, chairman of the National Committee of the CPPCC, was present at the meeting.