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GOTEBORG, Sweden, March 28 (Xinhua) -- China's Zhejiang Geely Holding Group signed a deal worth 1.8 billion U.S. dollars with Ford Motor Co. here Sunday to acquire the U.S. auto giant's Volvo car unit.Under the definitive stock purchase deal, Geely will own 100 percent of Volvo Cars and its related assets.The agreement was inked by Li Shufu, founder and chairman of Geely, and Lewis Booth, chief financial officer of Ford, at a ceremony at the headquarters of Volvo in Goteborg, the second largest city of Sweden. Geely Chairman Li Shufu attends a press conference after the signing ceremony in Goteborg of Sweden, March 28, 2010. China's Zhejiang Geely Holding Group signed a deal with Ford Motor Co. here on Sunday on the takeover of Sweden's Volvo Cars.The ceremony was witnessed by Li Yizhong, China's minister of industry and information technology, and Maud Olofsson, Swedish deputy prime minister and minister for enterprise and energy.The agreement provides a solid foundation for Volvo to continue to build its business under Geely's ownership, said Booth at the ceremony."China, the largest car market in the world, will become Volvo's second home market. Volvo will be uniquely-positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market," said Li.Geely has secured all necessary financing to complete the transaction, he said, adding that Geely intends to preserve Volvo Cars'existing manufacturing facilities in Sweden and Belgium, and explore opportunities to manufacture Volvo vehicles in China for the local market. Geely Chairman Li Shufu (FRONT L) shakes hands with CFO of Ford Motor Company, Lewis Booth (FRONT R) after signing a deal in Goteborg of Sweden, March 28, 2010. China's Zhejiang Geely Holding Group signed a deal with Ford Motor Co. here on Sunday on the takeover of Sweden's Volvo Cars.Li promised that Geely will maintain the strong collaborative relations that Volvo has built with employees, unions, suppliers, dealers and above all, customers.Volvo Cars will eventually become a separate company with its own management team based in Goteborg and a new board of directors, he told reporters after the ceremony.Volvo, which has about 22,000 workers around the world including 16,000 in Sweden, was purchased by Ford in 1999 for about 6.4 billion dollars.But Ford has been attempting to sell Volvo since late 2008, due to its poor market performance. Geely was named as the preferred bidder for the Swedish subsidiary in October 2009.Geely, which started to manufacture cars in 1998, is a major private automaker in China, with its headquarters based in southeast China's Zhejiang province. Geely Holding Group is the parent company of Geely Automobile Holdings.Besides Ford, some other Western auto giants are also seeking buyers in China. Beijing Automotive Industry Holdings has agreed to buy some powertrain technology from General Motors Co.'s Swedish Saab unit. 

GUANGZHOU, April 18 (Xinhua) -- A research report of China's foreign trade sector Sunday predicted the world's largest exporter would more than double its foreign trade volume by 2020.It also called on China to improve the quality of foreign trade sector and to lower import tariffs to promote the nation's trade balance.The report, launched by the Ministry of Commerce (MOC) Sunday at the ongoing 107th China Import and Export Fair, the country's largest trade fair held in the southern city of Guangzhou, predicted the China's foreign trade volume would hit 5.3 trillion U.S. dollars by 2020.Merchandise exports will top other countries and be 2.4 trillion U.S. dollars in 2020, 10.1 percent of the world total, while imports will reach 1.9 trillion U.S. dollars and rank second largest, accounting for 8.2 percent of the world total, according to the report, jointly compiled by researchers with think-tanks under the MOC, the Ministry of Finance, and the Chinese Academy of Social Sciences.The report was seen by analysts and officials as a "road map" which lays out a theoretical basis for the reforms in China's trade policies and mechanisms over the next decade.The transformation of the foreign trade growth pattern has become an urgent requirement for China in the post-crisis era, said Vice Minister of Commerce Zhong Shan.Weighed on by the global downturn, China's foreign trade contracted to a three-decade low in 2009, with total volume down 13.9 percent year on year to 2.2 trillion U.S. dollars.Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation (CAITEC) under the MOC, said the financial crisis has revealed a series of substantial problems hidden behind rosy figures, as the nation's foreign trade has been expanded in an ineffective and imbalanced way, or at the cost of environment pollution.Analysts said the downturn had prompted China to adjust its exports structure, and shift focus on high-end manufacturing, energy-saving and environment-friendly industries and developing modern service industries.Li Gang, a research fellow with the CAITEC and leading writer of the report, said the global downturn has phased out a number of backward and less competitive enterprises while offering great opportunities for innovative enterprises to improve growth structure and strengthen their anti-risk capabilities.Although China reported a a deficit of 7.24 billion U.S. dollars in March, the first time over the past six years, analysts suggested decision makers to further expand imports by lowering tariffs, as a way to ease the nation's trade imbalance.Zhang Peng, a researcher with the Chinese Academy of Social Sciences, said China should increase imports of high-tech equipments, energy and resource products, and some agriculture and consumption goods in an attempt to address the trade imbalance.The nation's trade surplus has reached 1.3 trillion U.S. dollars over the last three decades, with foreign exchange reserves hitting 2.45 trillion U.S. dollars by the end of March, according to Zhang.Propping up world's economy recovery, China's foreign trade began to grow again in the first quarter, jumping 44.1 percent to 617.85 billion U.S. dollars, according to customs data.China would consolidate its position as a big trade power and make efforts to develop into a strong trader, and it would play a more active role in international trade arena, according to Zhong Shan.

BEIJING, May 11 (Xinhua) -- China and Denmark had forged good cooperation and friendship in the past six decades, bringing "real and tremendous" benefits to both peoples, a senior Chinese diplomat said Tuesday.Chinese Vice Foreign Minister Fu Ying made the remarks in Beijing at a reception held by the Danish embassy to China celebrating the 60 years of China-Denmark diplomatic relations.Working as an interpreter and accompanying the Queen Mother of Denmark on her visit to China in the mid-1980s, Fu said nobody expected the trade volume between the two countries would grow the way it had."For many years now China has been the largest trade partner of Denmark in Asia."Even in the most remote areas of China, the Danish beer, Carlsberg, could be seen and many garment brands from Denmark were very popular among Chinese young people, she said.In 2008, China and Denmark established an all-around strategic partnership to expand bilateral relations, as evidenced by closer cooperation in clean energy technologies, research and education and growing people-to-people exchanges."On clean technology, Denmark has been a first mover. And China is certainly a fast mover. Eventually, we will become the leading clean-tech economies of tomorrow," Danish Permanent Secretary of State Claus Grube said at the event.One in every 1,000 Danes were studying, working or traveling in China and Chinese businesses were establishing themselves in Denmark, which increased mutual understanding, said Grube.

BEIJING, March 28 (Xinhua) -- China will step up efforts to crack major corruption cases, especially those with collusion between leading officials and business people, according to the full text of a speech delivered by Premier Wen Jiabao.The document was released on Sunday. Wen delivered the speech at a State Council meeting on this year's anti-corruption work on Tuesday.In the speech, Wen said efforts should be made to investigate those who trade power for money, and those who take advantage of power to do illegal things in areas including urban planning, approving construction programs, mineral resources exploration and bidding and tendering.Negligence and misconduct behind major work safety incidents and food safety scandals would also be probed.In the speech, Wen outlined key areas of the government's anti-corruption fight this year, including government funded projects, state-owned enterprises and financial institutions.He called for intensified efforts to trace the fugitives and their illicit money and property, and vowed "not to let those who commit corruption to go unpunished or get a penny out of their illicit gain."Government officials should strictly follow a code of ethics issued earlier this year by the Communist Party of China (CPC) to ensure clean practice in their work and to prevent corruptionThe guidelines specify 52 unacceptable practices, including officials accepting cash or financial instruments as gifts, or officials using their influence to benefit their spouses and children with regards to their employment, stock trading or business.And leaders of the State Council or central government departments should refrain from attending ceremonies or forums sponsored by companies, he added.Expenses on central government organs would be cut by 5 percent this year and government funded overseas trips, vehicle purchase, and reception expenditure should be reduced consequently, he said.

JINAN, May 3 (Xinhua) -- A pipeline owned by China Petroleum and Chemical Corporation (Sinopec) resumed operation Monday afternoon after it leaked 240 tonnes of oil in east China's Shandong Province.The company immediately shut down the cracked pipeline and blocked the leakage site after the leakage was spotted, said a spokesman with Sinopec.It recovered 220 tonnes of oil, which had leaked to nearby farmland and roads, the spokesman said.The leakage, which was discovered at 6:12 p.m. Sunday, occurred at a section of the Dongying-Huangdao pipeline near Jiulong Township in Jiaozhou City."The influence of the leakage on the farmland could be controlled within the minimum level," he said.Testing results from the local environmental protection authorities showed the leakage didn't contaminate the nearby water sources.An initial investigation showed the pipeline crack was caused by a digger driver who unauthorizedly excavated the earth above the pipeline to bury the waste at a construction site in Jiulong Township.Police are searching for the driver, who fled after the accident.