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Joseph Li Shan was ordained on Friday as the new Catholic bishop of Beijing, filling the vacancy left by the late Bishop Michael Fu Tieshan who passed away in April.Father Li Shan, the new Catholic bishop of Beijing, walks out of the Southern Catholic Church following the appointment ceremony in Beijing, September 21, 2007. [Reuters]Li, 42, was appointed to the influential post at a ceremony in the city's 400-year-old Cathedral of the Immaculate Conception at Xuanwumen, Xicheng District in Beijing.The ceremony began with a procession of seminarians, nuns, priests and bishops, including ordaining prelate John Fang Xingyao from Linyi Diocese in East China's Shandong Province, and bishops from other major dioceses in China, who were serving as coordinating prelates.During the ceremony, Li took a traditional oath of service to the church, which has 50,000 followers in Beijing.He also promised to "lead all the priests, seminarians and nuns of this diocese in adhering to the nation's Constitution and maintaining national unification and social stability".Representatives from the Chinese Catholic Patriotic Association and the Bishops' Conference of the Chinese Catholic Church, as well as more than 70 priests and more than 1,000 worshippers attended the ceremony.Proceedings were broadcast to those outside via loudspeaker and closed-circuit television.Overseas media reported earlier that Vatican Secretary of State Cardinal Tarcisio Bertone described Father Li as a "good and qualified" candidate after his election by the Beijing diocese in July."We welcome the attitude of the Vatican. It signals progress in our relationship," Liu Bainian, vice-president of the Chinese Catholic Patriotic Association, said.Li was elected bishop-designate by an overwhelming majority over three competitors by priests and nuns of the Beijing diocese and representatives of Church followers on July 16, after his predecessor Michael Fu Tieshan passed away on April 20.Born in 1965, Li, who used to be a priest at Beijing's St Joseph's Church in the capital's Wangfujing commercial area, graduated from the Chinese Catholic Academy of Theology and Philosophy.He was ordained as a priest by Bishop Fu 1989.You Suzhen, a 75-year-old Catholic, said the new bishop was well liked in the diocese, and had rich experience as an administrator, academic and parish priest."I am confident he will be a good successor to Bishop Fu," You said."I'm sure he'll do a great job in uniting and leading us," Sun Xiang'en, a Beijing priest who helped train Li as a seminarian, said.Li was the second bishop ordained this year, after 40-year-old Paul Xiao Zejiang was ordained as coadjutor - the designated successor to the current Bishop Anicetus Wang Chongyi - in Guizhou Diocese earlier this month.Liu said the Catholic body has so far received six applications to fill vacant bishoprics in Guizhou, Guangzhou, Yichang, Beijing, Ningxia and Hohhot. The Chinese mainland has 5 million Catholics under 97 dioceses.

China kicked off an annual rural work conference in Beijing on Saturday to map out the country's strategies and policies for agricultural and rural development in 2008.China's rural development will continue to be one of the areas that top the government's agenda in the coming year, as stressed at the 17th National Congress of the Communist Party of China (CPC) concluded in October.A recent CPC meeting urged continuing to modernize the agricultural sector to close the gap between urban areas and relatively underdeveloped rural regions in the coming year.The meeting called on to boost infrastructure constructions in rural areas, promote the steady development of agriculture, increase the income of farmers, ensure the basic supply of farm produce and improve the livelihood of rural population.It asked to establish a long-term mechanism for boosting the agriculture sector, continue to increase government investment on agriculture, give more support to the agricultural sector and boost grain production in 2008.Experts believed balancing inflation curbs and steady price hikes of farm produce for the good of farmers would be a key challenge for the Chinese government next year.Farm produce such as grain, meat and cooking oil, were major factors behind this year's soaring inflation.The Chinese government had pledged to modernize the agricultural industry and invest more money in the country's vast rural areas at the annual conference last year.The Party and government had annually devoted its first work document to rural development four times since 2004 to draw up a variety of preferential policies to support the rural sector. The move indicated that rural development was a top concern of the central government.This year's rural work conference is scheduled to last two days.

SHANGHAI: In a fresh sign of China¡¯s financial strength, a leap in the shares of Industrial & Commercial Bank of China Monday made it the world¡¯s biggest bank by market capitalisation, overtaking US giant Citigroup. ICBC¡¯s Shanghai-listed A shares surged 2.68% to 5.75 yuan, giving it a market capitalisation of 4bn, according to Reuters calculations. That exceeded the 1bn capitalisation of Citigroup, previously the world¡¯s biggest bank, when its shares closed at .73 in New York on Friday. HSBC Holdings was in third place with 5bn. Shares in ICBC, which listed in Shanghai and Hong Kong last October, have gained 15% this month on the back of a rally in China¡¯s booming stock market as well as strong growth in the bank¡¯s own earnings. Weakness in Citigroup¡¯s share price, and appreciation of the yuan against the dollar have also shifted market values in favour of ICBC. But some analysts believe ICBC¡¯s ballooning capitalisation may also be a sign of a dangerously overheated Shanghai stock market as speculating Chinese investors pour money into shares. ICBC, a state-controlled behemoth which is trying to modernise a creaky branch network operating almost entirely inside China, reported income of bn last year. Citigroup, one of the world¡¯s most sophisticated financial institutions with operations around the globe, reported income almost four times as large, at bn. ICBC¡¯s share price yesterday valued it at 28 times analysts¡¯ forecasts for its earnings per share in 2007, far above 11 times for Citigroup and an average of 16 times for major global banks, according to Reuters Estimates. ¨C Reuters

China Railway Construction Corp. (CRCC), the country's leading rail builder, may raise as much as 22.25 billion yuan (3.1 billion U.S. dollars) in its initial public offering (IPO) in Shanghai.     In a statement to the Shanghai Stock Exchange late Sunday, the state-owned company said it has cut the number of A shares it is offering to 2.45 billion from 2.8 billion after reconsidering its capital demand.     The 2.45 billion shares represent 23.44 percent of CRCC's outstanding capital. The firm had built nearly 34,000 kilometers of rails by the end of 2006, more than half of all the rail links built nationwide since 1949.     On Feb. 14, CRCC was given green light by the China Securities Regulatory Commission to issue no more than 2.8 billion A shares on the Shanghai Stock Exchange.     The IPO price range was set between 8 to 9.08 yuan and it translated into 26.92 to 30.56 earnings multiples after the domestic share sale, according to the statement.     The company would start to receive from institutional investors orders for its 612.5 million shares, or 25 percent of the offering, on Feb. 25 and 26. The retail investors would be able to subscribe for the remaining shares on Feb. 26, the statement noted.     CRCC also planned to sell no more than 1.71 billion H shares in Hong Kong.     The company established its name by building the Qinghai-Tibet railroad, Shanghai maglev rail line and the Beijing-Kowloon railway. It also took the largest share in the bidding for the construction of the express railway linking Beijing and Shanghai.     Its total assets amounted to 155 billion yuan (21.7 billion U.S. dollars) by the end of November 2007, with net profit reaching 2.8 billion yuan (391.8 million U.S. dollars).

BEIJING - China expressed grave concern over Kosovo's unilateral declaration of independence, said Chinese Foreign Ministry spokesman Liu Jianchao on Monday."Kosovo's unilateral act can produce a series of results that will lead to seriously negative influence on peace and stability in the Balkan region and on the realization of building a multi-ethnic society in Kosovo, which China is deeply concerned about," said Liu.He said the settlement of the Kosovo issue concerns the peace and stability in the Balkan region, the basic norms governing international relations and the authority and role of the United Nations Security Council. He added that China has always held that the best way to resolve the Kosovo issue is that Serbia and Kosovo reach a plan acceptable for both sides through negotiation."China calls on the two sides of Serbia and Kosovo to continue to seek a proper solution through negotiation within the framework of international law, and the international community should create favorable conditions for this," said Liu.Kosovo's parliament voted Sunday to adopt a declaration of independence at an extraordinary session on its independence from Serbia.Kosovo now is "an independent, sovereign and democratic state," Parliament Speaker Jakup Krasniqi announced after lawmakers voted 109-0 through a show of hands to approve the declaration.But Serbian President Boris Tadic said that Serbia will never recognize the independence of Kosovo.He urged international organizations "to immediately annul this act, which violates the basic principles of international law."Kosovo was a southern autonomous province within Serbia before the breakup of the Federal Republic of Yugoslavia. Among its population of 2 million, over 90 percent are ethnic Albanians and Serbs make up about 7 percent.Kosovo has been under UN administration since mid-1999, after NATO air-strikes drove out Serbian forces from the province.

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