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BEIJING, Sept. 12 (Xinhua) -- The government has cut back on import taxes on spare parts of large equipment and canceled the import tariff exemption on some complete sets.     The adjustments were made to support the domestic manufacturing of large equipment, said the Ministry of Finance.     Taxes levied on domestic enterprises for importing key spare parts of large equipment, including ultra- and extra-high voltage transmission equipment and transformers, large petro-chemical equipment and large coal-chemical equipment, would be refunded and injected into the enterprises as investment from the nation, it said.     The policy applied to imports after Jan. 1, 2008, depending on the date of declaration of imports.     In the meantime, the import of some complete sets of equipment by enterprises approved after Sept. 1, 2008 would no longer enjoy the tax exemption. Both domestic and foreign-funded projects are subject to the new policy, the ministry said.     Imports of such equipment by enterprises approved before Sept. 1 would continue to enjoy the previous tax policies until March 1,2009.

BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday.     Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent.     "Currently the impact on domestic financial institutions is still limited," he said.     The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars).     The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year.     However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars.     "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report.     Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner."     Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis.     China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18.     The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001.     Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market.     However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence.     Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt.     From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics.     In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation.     Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation.     Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.     Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.

JIUQUAN, Gansu, Sept. 25 (Xinhua) -- Chinese President Hu Jintao congratulated the country's space scientists and taikonauts on the successful launch of the manned spacecraft Shenzhou-7 at the Jiuquan Satellite Launch Center on Thursday.     "The successful launch marked the first victory of the Shenzhou-7 mission," Hu told Chinese experts and other work staff at the center after officials declared the spacecraft entered the preset orbit.     "On behalf of the (Communist) Party Central Committee, the State Council and the Central Military Commission, I'd like to extend warm congratulations to all work staff and army forces participating in the mission," said Hu. Chinese President Hu Jintao (front R) shakes hands with the ground crew members after he viewed the launching of the Shenzhou-7 spaceship at the Jiuquan Satellite Launch Center in the northwestern Gansu Province on Sept. 25, 2008. "The Shenzhou-7 mission is the most representative and influential scientific and research practice of our country this year," said Hu. "It's another feat on the Chinese people's journey to ascend the peak of science and technology."     He noted the country's first attempt of extra-vehicular activity entailed greater technical difficulty and urged the staff to continue their efforts.     "I hope you carry on your work unremittingly and focus on the following jobs to achieve a full-scale triumph," said Hu.     The Shenzhou-7 blasted off on a Long March II-F carrier rocket from the launch center in the northwestern Gansu Province at 9:10 p.m..

BEIJING, April 10 (Xinhua) -- Chinese Premier Wen Jiabao met with visiting Qatar Prime Minister and Minister of Foreign Affairs Sheikh Hamad Bin Jasim Bin Jabir Al-Thani here on Thursday. The two sides agreed to step up bilateral friendly and cooperative relations.     Wen hailed the development of bilateral ties on the basis of respect, equality and mutual benefits over the past 20 years since the two countries established diplomatic ties. He expressed China's appreciation of Qatar's adherence to the one-China policy. Chinese Premier Wen Jiabao (front, L) and Qatari Prime Minister and Minister of Foreign Affairs Sheikh Hamad Bin Jasim Bin Jabir Al-Thani (front, R) inspect the guard of honor at the welcoming ceremony in Beijing, capital of China, April 10, 2008.     Wen noted that breakthroughs had been made in energy cooperation between China and Qatar, which also brought along collaboration in relevant industries.     The advantages of economic complementarity of both countries were transforming into real results, he added.     Wen said all countries, regardless of size, could make contributions to world peace and development.     China attached great importance to developing relations with Qatar and was ready to maintain high-level exchanges and promote mutual trust with the country.     He proposed the two countries focus on cooperation in energy and infrastructure, encourage bilateral investments and expand trade scale, strengthen exchanges and cooperation in the areas of culture, education, aviation and tourism, as well as increase coordination in international and regional affairs.     Sheikh Hamad said Qatar had always adhered to the one-China policy and believed the country would host a successful Olympic Games.     Qatar was willing to make joint efforts with China to develop strategic friendly and cooperative relations, he said, adding Qatar would promote cooperation with China in energy, aviation and investment.     Qatar also supported China's efforts in its collective cooperation with the Gulf Cooperation Council (GCC), the prime minister said.     After the meeting, the two leaders attended a signing ceremony of a series agreements concerning energy, culture and education.     The Qatari prime minister arrived in Beijing on April 6, kicking off his visit to China. He will also attend the Boao Forum for Asia on April 12.

BEIJING, May 28 -- China's economy can maintain a steady growth above 8 percent for a relatively long period because of a stable society, a vast market and ample capital, said Cheng Siwei, an economist and former vice chairman of the Standing Committee of the National People's Congress.    "China's economy can stay in the fast developing track if we work hard and pay enough attention to existing problems," Cheng said at a three-day forum with the theme of "Economic globalization and the choice of Asia: transition, growth and welfare" Wednesday in Shanghai.     "Social stability is crucial to economic development while China has a market of 1.3 billion people, which creates a huge consumption power," said Cheng. "Meanwhile, China's foreign reserves have reached US.68 trillion, and it has built up an ample capital pool."     China also beefed up its efforts to improve education and expand its coverage, which paved the way for sustainable economic development, he said, but added that there were problems China could not afford to ignore. File photo of Cheng Siwei    One of them was the yawning gap between the rich and the poor. The income of urban residents has tripled that of rural households while the purchasing power in cities was four times larger than that in rural areas.     China faced increasing pressure to protect the environment and in securing raw materials and resources for its economy. It also lacks a large pool of senior professionals in finance and management.     "For example, we buy a lot of the United States treasury bonds. It means appointing them (US bond managers) to manage our assets and we only gained a little bit of interest," said Cheng. "We are trying to work on such problems."     Cheng estimated China's per capita GDP can reach US,000 by 2010, US,000 by 2020 and US,000 by 2049, given its economic expansion and a stronger yuan.