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BEIJING, Feb. 9 (Xinhua) -- Chinese equities continued gains on Monday from last week's trading and advanced to a four-month high since late September as signs of an economic recovery, a raft of stimulus plans and a rally in the U.S. stock market boosted confidence, said analysts. The government rolled out plans to revive the textile industry and machinery manufacturing industry last week after auto and steel stimulus packages. Measures to support the shipping industry, the non-ferrous metal industry and others are yet to come. These efforts helped buoyed market confidence, said analysts. The country's economy was resilient and posted signs of recovery, partially because of the economic stimulus plans as the Purchasing Managers' Index (PMI) of the manufacturing sector released on Feb.4 rose to 45.3 in January from 41.2 in December. The Shanghai A-share index rose 43.47 points, or 1.99 percent, to close at 2,224.71, and the Shenzhen Component Index posted a bigger rise of 4.06 percent, or 315.79 points, to 8,087.69. Combined turnover climbed to a nearly nine-month high at 235.5 billion yuan (34.5 billion U.S. dollars), up from the 189.6 billion yuan from the previous trading day. Gains outnumber losses by 841 to 29 in Shanghai and 713 to 34 in Shenzhen. Non-ferrous metal rose across the board boosted by rising metal prices. Shanghai copper surged by its daily limit of 5 percent, or1,400 yuan per tonne to 29,510 yuan per tonne. Shanghai aluminum rose 3.56 percent to 12,225 yuan per tonne. Their gains also lifted other base metals. Aluminum Corporation of China, the country's largest aluminum producer, advanced by the daily limit of 10 percent to end at 9.56yuan. Yunnan copper, China's third largest smelter of the metal, rose by the daily limit of 10 percent to 13.07 yuan. Liaoning-based Huludao Zinc Industry also gained by the daily limit of 10 percent to 4.16 yuan. China Cosco Holdings Co. surged by the daily limit of 10 percent to 10.74 yuan after the Baltic Dry Index, a gauge of commodity shipping costs, posted a strong rise of 53 percent over last week. China Shipping Container Lines Company moved up 6.49 percent to 3.34 yuan.
TOKYO, March 30 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), urged Japan to properly view China's development and continuously enhance strategic trust between the two countries here Monday. Li, member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remarks when meeting with Japanese Prime Minister Taro Aso Monday. Li Changchun (L), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, meets with Japanese Prime Minister Taro Aso in Tokyo, on March 30, 2009. Li Changchun arrived in Tokyo to kick off his official goodwill visit Sunday. Li conveyed greetings from Chinese President Hu Jintao and Premier Wen Jiabao to Aso. Aso said he expected to meet with Hu in the upcoming Group of 20 Financial Summit, due to be held in London on April 2, and asked Li to transfer his greetings to Wen. Li Changchun (L), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, meets with Japanese Prime Minister and chief of the ruling Liberal Democratic Party (LDP) Taro Aso in Tokyo, Japan, on March 30, 2009.Leaders of China and Japan had six meetings on bilateral and multi-lateral occasions last year, during which the two sides have reached broad agreement on promoting China-Japan strategic relations of mutual benefits in an all-round way, Li said. "Sino-Japanese relations now stands in a new historic point and faces an important opportunity to go further ahead," Li said. To further push forward such good growth momentum, Li called on both sides to maintain the political basis of bilateral ties. "The four political documents guiding the bilateral ties have crystallized the important consensus of leaders in the past decades and should be strictly observed and earnestly cherished," he said. Both should concretely push forward economic cooperation, in particular in energy, energy-saving, environmental protection and finance areas for giving new impetus to the growth of China-Japan ties, he said. He also urged Japan to properly handle the major sensitive issues and accidental events between China and Japan so that these won't interfere in the overall situation of bilateral ties. People-to-people communication, Li said, should also be strengthened to lay solid foundation of mutual friendship. Political parties of China and Japan, ruling parties in particular, should contribute more to the growth of China-Japan relations, he said. Financial crisis and measures to combat its adverse effects was an important topic during the meeting. "The Chinese economy is inter-linked with the global economy. The measures taken by the Chinese government to ensure economic growth also provide new opportunities for other countries, including Japan," Li said. He hoped China and Japan to open a new cooperative era by jointly overcoming the current difficulties and contributing to the recovery of the world economy. The spreading financial crisis has offered new chances for Japan and China to carry out higher-level cooperation, the Japanese Prime Minister said. The active measures adopted by China to stimulate its domestic demand are of significance for the recovery of the world economy, he said, adding that Japan was willing to enhance cooperation with China on the reform of international financial system and other regional and global issues. Aso said the frequent high-level exchanges have quickened the paces for the improvement of bilateral ties and promoted the mutually beneficial cooperation. He also highly spoke of the various events held last year to commemorate the 30th anniversary of China-Japan Treaty of Peace and Friendship. Li is the highest-ranking official who visits Japan this year. Besides Prime Minister Aso, he also met with leaders of political parties and senior executives of the Japanese business community.
BEIJING, April 11 (Xinhua) -- Credit extended by China's banks in the first quarter hit 4.58 trillion yuan (670 billion U.S. dollars), the People's Bank of China (PBOC) said Saturday. In March alone, new yuan-denominated loans increased 1.89 trillion yuan. It was the third straight month that new loans exceeded 1 trillion yuan. "It is not beyond market expectations. The increase was boosted by the 4-trillion-yuan stimulus plan and showed the possibility of a faster economic recovery in China compared with other countries," said Zhang Qizuo, vice director of China International Economy Society. Premier Wen Jiabao said on March 5 at the opening of the annual session of the National People's Congress, China's legislature, that new yuan-denominated loans this year were expected to reach 5 trillion yuan. Historical data show the first-quarter bank credit usually accounts for more than 60 percent of the year's total. "There is a time lag between the credit increase and actual use of capital, but the big increase will surely lay a solid foundation for the recovery of the real economy," said Zhang. In the first quarter, the central bank withdrew 47.3 billion yuan from circulation, 78.5 billion yuan more than the same period of last year. "The increase in currency withdrawal from circulation showed the central bank was carefully watching the credit growth," said Yuan Gangming, an economist with Tsinghua University. Zhuang Jian, an economist at the Asian Development Bank, said the regulators should pay attention to the quality of new loans and prevent bad loans. By the end of February, non-performing loans by Chinese banks totaled 1.53 trillion yuan, 17.5 billion yuan less than the start of the year. The structure of credit growth was also improving. The proportion of bill financing fell to about 22 percent in March from 47 percent in February, though still much higher than the average of 5 percent. "The decline in bill financing is a good sign. It means company activities are increasing and the credit's impact on the economy is strengthening," said Zhuang. Through March, the M2 figure -- a broad measure of money supply,which covers cash in circulation and all deposits -- grew 25.5 percent from a year earlier to 53.06 trillion yuan. The narrow measure of money supply, M1 (cash in circulation pluscorporate current deposits), was up 17.04 percent year on year to 17.65 trillion yuan. "The fast rebound of M2 indicates China's liquidity is abundant. This is very important to the economic recovery. The sharp rise of M1 shows companies are increasing spending on investment and management." said Zhang Bin, an economist with Chinese Academy of Social Sciences.
SANMEN, Zhejiang, April 19 (Xinhua) -- China on Sunday started the construction of its first third-generation pressurized water reactors using AP 1000 technologies developed by U.S.-based Westinghouse. The reactors, located in Sanmen of east China's Zhejiang Province, will also be the first in the world using such technologies. The Sanmen Nuclear Power Plant will be built in three phases, with an investment of more than 40 billion yuan (5.88 billion U.S. dollars) injected in the first phase. The first phase project will include two units each with a generating capacity of 1.25 million kw. Photo taken on April 18, 2009 shows the foundational construction site of the No.1 unit of the first phase of the Sanmen nuclear plant in Zhejiang Province. The Sanmen nuclear plant, with the world's first nuclear plant using the AP1000 technologies, a type of third generation nuclear power reactor introduced by America's Westinghouse company, started the construction recently The first generating unit will be put into operation in 2013, and the second, in 2014. The plant will eventually have six such units. "It is the biggest energy cooperation project between China andthe United States," said Zhang Guobao, vice minister in charge of the National Development and Reform Commission and also head of the National Energy Administration. "It will contribute to the human kind's peaceful use of nuclear power," he said. China launched bidding in 2003 for its nuclear power stations of the third generation. Foreign companies including Westinghouse, France's Areva and Russia's AtomStroy Export are major bidders. Photo taken on April 18, 2009 shows the foundational construction site of the No.1 unit of the first phase of the Sanmen nuclear plant in Zhejiang Province. The Sanmen nuclear plant, with the world's first nuclear plant using the AP1000 technologies, a type of third generation nuclear power reactor introduced by America's Westinghouse company, started the construction recentlyWestinghouse became the winner after China signed a memo with the United States on the introduction and transfer of third-generation nuclear power technologies in December 2006. The final agreement was inked between China's State Nuclear Power Technology Corporation and Westinghouse in July 2007, according to which China will buy four third-generation pressurized water reactors from Westinghouse. The agreement also involves technology transfer to China. Two of the four pressurized water reactors will be installed in Sanmen of Zhejiang Province and two in Haiyang City, eastern Shandong Province. William Poirier, vice president of Nuclear Power Plants China of Westinghouse Electric Company, said China has a sound nuclear power security system with a strict supervision work. He said he believed China can replicate the experiences of the third-generation nuclear power technologies and build more such stations. China's mainland has 11 nuclear reactors at six plants, all on the east coast, with a combined installed capacity of 9.07 million kw. To meet its fast economic growth, China plans to develop more nuclear power. The country plans to have 40 million kw of installed nuclear capacity on its mainland by 2020, which would be4 percent of projected electricity supply capacity, or double the current level. Of the 11 reactors, three use domestic technologies, two are equipped with Russian technology and four with French technologies, and two are Canadian designed. All the 11 reactors employ second-generation nuclear power technologies. Speaking at Sunday's inauguration ceremony of the first-phase project of the Sanmen Nuclear Power Plant, Chinese Vice Premier Li Keqiang urged making more efforts to develop new energy to ensure the country's energy security and boost economic growth. He underscored innovation as the key to nuclear power development, calling for enterprises to adopt advanced technology and enhance self-innovation. He said it was inevitable that China would need to improve energy structure and enhance energy conservation and emission cuts when resources and environment issues took their toll on economic development.
SYDNEY, March 22 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), praised the role of New South Wales, the most developed state in Australia, in pushing forward the development of Sino-Australian relationship here on Sunday. While meeting Australian acting Governor-General and New South Wales State governor Marie Bashir, Li, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, said he was pleased to see the expansion of mutual benefits and cooperation in all fields between China and NSW following the all-round development of bilateral ties between both countries. Marie Bashir (L), Australian acting governor-general and New South Wales State governor, meets with Li Changchun, a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, in Sydney, Australia, March 22, 2009. "NSW is characterized with rich resources, developed economy, advanced science and technology and multi-culture, and is the state in the country in which Chinese companies have invested most," said Li, who is in Australia on a five-day visit. He also said that the friendly exchange, mutual benefits and cooperation are the important basis and driving force of the all-around development of the two countries and he hoped to see the further development of bilateral economic and trade cooperation, cultural exchange and people-to-people friendship which help to push forward the friendly relations of the two countries. Bashir told Li that she has visited China many times since 1974and witnessed the profound changes in China over the past 30 years. She said she always believed that the friendly cooperation in all sectors is the major factor in enhancing the peaceful development in the Asia-Pacific region. Marie Bashir (L), Australian acting governor-general and New South Wales State governor, meets with Li Changchun, a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, in Sydney, Australia, March 22, 2009.On the same day, Li also visited the Australian office of China's Huawei Technologies Co. Ltd in Sydney and encouraged the Chinese companies like Huawei which are marching towards the global market to overcome the difficulties caused by the global financial crisis, strengthen cooperation with foreign countries, expand market sales and make faster development. Li arrived in Australia on Friday. Australia is the first-leg of Li's four-nation tour which will also take him to Myanmar, the Republic of Korea and Japan.