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BEIJING, Dec. 8 (Xinhua) -- Chinese President Hu Jintao Tuesday spoke highly of the strategic security talks with Russia that helped to promote bilateral ties, pledging to further the bilateral strategic partnership of cooperation in the coming year.     The security talks, initiated in February 2005, served as a platform for the two states to enhance political trust and cooperation in various fields, especially in law-enforcement and security aspects. Chinese President Hu Jintao (R) meets with Russian Security Council Secretary Nikolai Patrushev in Beijing, capital of China, Dec. 8, 2009Chinese State Councilor Dai Bingguo and Russian Security Council Secretary Nikolai Patrushev attended the fourth round of talks in Beijing early Tuesday.     They discussed bilateral ties, saying it witnessed a balanced, smooth and quality development this year, which marks the 60th anniversary of the establishment of diplomatic relations between the People's Republic of China and Russia.     They applauded the frequent high-level visits, improved strategic coordination, enhanced strategic mutual trust, and the expanding economic and humanitarian cooperation. China and Russia hold the fourth round of strategic security consultations in Beijing, capital of China, Dec. 8, 2009. "The two sides believed that the strategic coordination between China and Russia played an important role in safeguarding the two states' strategic security interest, development, and the world peace and stability," the Chinese Foreign Ministry said in a press release.     The two sides pledged to further strengthen coordination in their strive to promote the reform on global governance mechanism, maintain close cooperation on major international and regional issues, enhance regional cooperation and preserve their common interest. Chinese State Councilor Dai Bingguo (R Front) shakes hands with Russian Security Council Secretary Nikolai Patrushev after they signed the China-Russia strategic security consultations mechanism cooperation protocol following the fourth round of strategic security consultations in Beijing, capital of China, Dec. 8, 2009. They also discussed the nuclear issue on the Korean Peninsula, Iran's nuclear program, the Group of 20, the reform of the United Nations, climate change, nuclear disarmament, the BRIC and the Shanghai Cooperation Organization, Chinese diplomatic sources said.     "The world is experiencing dramatic change and adjustment, which will offer new opportunities and challenges for the development of both China and Russia," Hu said during a 40-min meeting with Patrushev in the Great Hall of the People in central Beijing.     It will also raise new task and requirements for the development of the China-Russia strategic partnership of cooperation, Hu told the senior Russian security official.     China will work along with Russia, take the opportunities and enhance the all-round strategic coordination and substantial cooperation in various fields in a bid to lift bilateral ties into a new phase, Hu noted.     Hu proposed the two sides to tap the full potential of the strategic security talks so as to make further contribution to the development of bilateral ties.     Patrushev echoed Hu's remarks on world situation, adding that it is of great significance for Russia and China to speed up strategic coordination under the context of the global financial crisis.     The frequent exchange of high-level visits and cooperation in various fields fueled the development of bilateral ties, he said, vowing to further enhance cooperation with China in a bid to bolster bilateral ties.

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. 1 (Xinhua)-- HSBC has raised its forecast of China's GDP growth this year to 8.1 percent, said HSBC Group Chairman Stephen Green here Sunday.     The bank's previous forecast was 7.8 percent.     While attending the annual International Business Leaders' Advisory Council (IBLAC), Green said the world financial crisis has not derailed either of the two most noteworthy and transformative trends in global finance: "the rise of China and the shift from west to east."     He also expected effects of China's stimulus packages would further lift the country's GDP growth and sustain the recovery momentum into 2010.     Green said Shanghai, as China's largest city, had kept a relatively stable growth during the crisis, which suggested it had the potential to become one of the world's financial centers comparable to New York or London.

Editor's note: Xinhua correspondents Zhao Cheng and Tian Fan, who accompanied and covered Premier Wen Jiabao's tour to the Copenhagen climate talks last week, recall in this following special report what they witnessed at the summit in the Danish capital. With close-in observations of Premier Wen's tight schedule and meetings with world leaders, their account is expected to shed light on some queries concerning the conference.     * What did Premier Wen tell world leaders?     * Why was Premier Wen missing from a mysterious small group meeting called by the United States?     * How was Copenhagen Accord finally reached after long, tough negotiations?          BEIJING, Dec. 25 (Xinhua) -- Chinese Premier Wen Jiabao left Beijing for the climate summit in Copenhagen, Denmark on Dec. 16, when pessimism and disappointment were simmering among negotiators, who, after about 10 days' bargaining, found a bridge to span their rift seemed a mission impossible.     "It will be a tough task. Now I can feel how heavy my duty is to attend the meeting on behalf of the Chinese government," Wen told reporters aboard his plane en route to Copenhagen. Chinese Premier Wen Jiabao speaks at the leaders' meeting of the United Nations Climate Change Conference in Copenhagen, Denmark, Dec. 18, 2009Nevertheless, Wen said he was confident that the talks would bear fruit. "As so many world leaders are gathered there, I believe there should come some achievements," he said. "No matter what the result is, China's action plan will not change, its voluntary reduction target will always be non-negotiable, and its determination in hitting the target will never waver."

BARCELONA, Nov. 3 (Xinhua) -- The top Chinese negotiator for the United Nations climate change talks being held here said Tuesday that the Kyoto Protocol must be followed.     "China's position is quite clear: the Kyoto Protocol must be adhered to, since it best illustrates the principal of 'common but differentiated' responsibilities," said Su Wei, head of the Chinese delegation to the talks.     Su told Xinhua that during earlier negotiations, some countries had proposed discarding the Kyoto Protocol and adopting a totally new document at December's Copenhagen climate change meeting.     "This demand is strongly rejected by the Group of 77 and China, and other developing countries," Su said.     Su stressed that the Kyoto Protocol must be the legal basis for further negotiations at Copenhagen, and developed countries must fulfill their obligations under the protocol, which regulates that they should clarify their reduction targets in the second phase of the protocol.     "If this basic arrangement is changed, the future of the Copenhagen meeting would be greatly shadowed," Su said.     The deal to be reached at the Copenhagen conference, Su said, should have two basic elements.     One element is to set the mid-term emission reduction targets for developed countries under the Kyoto Protocol. That is, developed countries as a whole should commit to making 25-40 percent cuts below 1990 levels by 2020.     The second element is to make substantial arrangements for the implementation of the UN Framework Convention on Climate Change in accordance with the Bali Roadmap.     "We hope we could lay a good foundation for the Copenhagen conference through negotiations at this meeting," Su said.