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MOSCOW, Oct. 15 (Xinhua) -- The future of Russia-China relations is looking bright following Russian Prime Minister Vladimir Putin's three-day visit to China, which included the 14th Chinese-Russian prime ministers' meeting with Chinese Premier Wen Jiabao. Chinese President Hu Jintao, who met with Putin on Wednesday, the last day of his visit, spoke highly of the development of the China-Russia strategic partnership of coordination and the results of the 14th regular meeting between Putin and his Chinese counterpart. Hu said China was willing to exert joint efforts with Russia and take the opportunities to further enhance political mutual trust, deepen pragmatic cooperation, especially cooperation on energy, high technology and culture, to elevate the China-Russia strategic partnership of coordination to a new high. Chinese President Hu Jintao (R) meets with Russian Prime Minister Vladimir Putin in Beijing, capital of China, Oct. 14, 2009 USHER IN A NEW STAGE IN BILATERAL TIES China-Russia ties have become mature and stable since the forging of bilateral diplomatic ties 60 yeas ago, particularly since the establishment of the China-Russia strategic partnership of coordination in 1996. The partnership has reached an unprecedented high level and maintains a sound momentum of rapid development. The development of China-Russia relations has not only brought tangible benefits to both peoples, but has gone far beyond the relationship between the two countries and become a significant factor in facilitating world peace and stability. Wen, during talks with Putin, stressed that China was ready to work with Russia to take the China-Russia strategic partnership of coordination to a new phase. Putin, in an interview with Xinhua and other major Chinese media, said Russia-China cooperation is one of the most important cornerstones of world stability. Chinese Premier Wen Jiabao (R Front) shakes hands with Russian Prime Minister Vladimir Putin (L Front) after signing the joint communique of the 14th regular prime ministers' talks between China and Russia, at the Great Hall of the People in Beijing, capital of China, Oct. 13, 2009The joint communique, signed after the regular meeting between Wen and Putin, reiterated that the China-Russia strategic partnership of coordination was the priority of both countries' foreign polices. The two sides would observe the principle and spirit of the treaty on good-neighborly and friendly cooperation, firmly reinforce strategic coordination and pragmatic cooperation, jointly tackle new threats and challenges, and push for a multi-polar world and the democratization of international relations. During Putin's stay in Beijing, the two countries inked an agreement on mutual notification of ballistic missiles and launch of carrier rockets, demonstrating the extraordinary level of strategic mutual trust. BOOSTING BILATERAL TRADE & ECONOMIC COOPERATION High on Putin's agenda for his trip was to widen cooperation fields and move forward pragmatic trade and economic cooperation. An enhanced China-Russia strategic partnership of coordination has greatly boosted bilateral trade and economic cooperation, with the two-way trade volume soaring to 56.8 billion U.S. dollars last year from barely several billion dollars in early 1990s. Chinese Premier Wen Jiabao (R Front) and Russian Prime Minister Vladimir Putin (L Front) meet the entrepreneurs' delegates who are here to attend the Fourth China-Russia Economic and Trade Summit Forum at the Great Hall of the People in Beijing, capital of China, Oct. 13, 2009However, bilateral trade was hit hard by the international financial crisis. The regular meeting between prime ministers agreed that the two countries would use tough measures to jointly handle the economic downturn and ensure the general trend of constantly broadening and deepening trade and economic ties. During the visit, Putin was accompanied by a group of Russian business people, who signed with their Chinese counterparts deals worth 4 billion U.S. dollars. The two countries clinched an array of cooperation documents, including agreements and memorandums on natural gas, oil, an express railway, the space industry and nuclear energy. Although the bilateral trade volume shrank, both sides' position in each other's foreign trade ties became more prominent and the trade structure is improving gradually. Progress has been made on investment cooperation and more joint projects such as lumber processing, resource exploitation and infrastructure construction have been carried out on Russian territories. In particular, the two countries are pushing forward large-scale oil and gas projects in a steady manner. The launch of the China-Russia oil pipeline project marked a new stage of long-term and strategic cooperation in the oil sector. The two sides will also advance gas cooperation in accordance with a memorandum of understanding on gas cooperation reached in June. Meanwhile, the two states are fulfilling an outline of regional cooperation between Northeast China and the Russian Far East Area and Eastern Siberia, which envisions prosperous cooperation between border regions. The economies of China and Russia are mutually complementary and in a critical phase in development. As long as they plan from a long-term perspective, display their strengths and cooperate closely, they will overcome the current difficulties and realize a win-win situation. BEEFED UP CULTURAL COOPERATION On Tuesday, Putin and Wen attended an evening gala to mark the 60th anniversary of bilateral diplomatic ties at the Great Hall of the People in Beijing. They also celebrated the success of the Year of Russian Language in China. Russian performers dance during an evening gala to celebrate the 60th anniversary of the establishment of diplomatic relations between China and Russia at the Great Hall of the People in Beijing, capital of China, Oct. 13, 2009. Chinese Premier Wen Jiabao and his Russian counterpart Vladimir Putin attended the evening gala. The evening gala also marked the end of a half-year-long program, "Year of Russian Language" in ChinaThe reciprocal language years, Year of Russian Language in China in 2009 and Year of Chinese Language in Russia in 2010, is an important step to enhancing bilateral cultural cooperation under current conditions. Leaders of both countries have always attached great importance to exchanges between the two peoples, especially the youth, which would promote the understanding and friendship between the them and thus consolidate the social foundation of the China-Russia strategic partnership of coordination. More than 200 events, which involved tens of thousands of people, were staged during Year of Russian Language in China. Putin said that Year of Chinese Language in Russia would see a series of activities that would interest the young, experts and scholars, and fans of the Chinese culture. During Putin's visit, the two countries also signed a deal on forming culture centers reciprocally, and agreed to further exchanges between students, youth and education circles, as well as stepping up cooperation on tourism, health and care, sports, media and the film industry. There is reason to believe that, with the efforts by both sides, China-Russia cultural cooperation will yield more fruitful results and lay a solid foundation for the Sino-Russian strategic partnership of coordination.
BEIJING, July 23 (Xinhua) -- Chinese President Hu Jintao vowed to stick to the proactive fiscal policy and moderately easy monetary policy in the second half year to sustain stable and relatively fast economic growth. Hu, who is also general secretary of the Central Committee of the Communist Party of China (CPC), made the remarks at a conference with leaders of the country's leading non-Communist Parties on Thursday in Beijing. Chinese Premier Wen Jiabao and other senior leaders including top political advisor Jia Qinglin, Vice President Xi Jinping and Vice Premier Li Keqiang, attended the meeting. Hu said the Chinese economy is generally improving because of the stimulus packages the Chinese government rolled out to weather the global economic downturn, but caution against risks should be strengthened. The macroeconomic policies should be maintained to consolidate the current recovery to achieve the goal of eight-percent economic growth for this year, Hu said. China's annual economic growth quickened to 7.9 percent in the second quarter of this year, mainly boosted by a 33.5 percent surge in fixed-asset investment driven by powerful fiscal and monetary stimulus. The figure was compared with the 6.1 percent economic growth in the first quarter and 6.8 percent in the fourth quarter of last year. Hu called for thorough implementation of stimulus measures to expand domestic demand. The government tried to boost domestic demand to offset falling exports because of a slump of global demand. The measures included programs of rural home appliance subsidy and home appliance replacement and purchase tax cuts on autos. Economic restructuring and innovation should be enhanced to ensure economic recovery, Hu said. In rural development, Hu called for efforts to boost grain production and increase farmers' income through various channels. More investment should go to ethnic, border and poor regions, Hu added.

BEIJING, Aug. 6 (Xinhua) -- As typhoon Morakot gains momentum and churns toward China's mainland, provinces in coastal regions are busy bracing for its impact. By 5 p.m. Thursday, the typhoon was located at 23.3 degrees north and 126.7 degrees east, about 780 kilometers away from Wenzhou, a major city in Zhejiang Province, meteorological authorities said. It was expected to land in the eastern Zhejiang or Fujian provinces between Saturday noon and Sunday morning. Soldiers help fishermen go to safe zone in the rain in Taizhou City, east China's Zhejiang Province, Aug. 6, 2009. It is predicted that the typhoon Morakot will land off the seashore in east China's Zhejiang Province and southeast China's Fujian Province from Saturday noon to Sunday morning.In Zhejiang province 2,076 ships had returned to harbor by 3 p.m. while passenger liner services in Wenzhou and Taizhou cities were suspended. More than 900 Chinese and foreign tourists have been evacuated from from the resort Nanji Island, and measures taken in scenic areas near the coast to assist tourists. Seventeen teams comprising 138 soldiers are preparing for emergencies, and working with local officials to ascertain potentially hazardous areas. In adjacent Fujian province, nearly 8.4 million short messages had been sent to mobile phone users by 5:30 p.m., warning them to prepare for the typhoon. Soldiers help fishermen transport cases of fish in Putian City of southeast China's Fujian Province, Aug. 6, 2009. Provincial flood control and drought relief headquarters ordered fishing boats and construction vessels to seek shelter in harbors before 6 p.m. Thursday. As of 6 p.m., more than 1,200 vessels had returned to harbors and 5,242 people had been evacuated in Fujian's Ningde, Putian and Fuzhou. Sea waves as high as six meters battered fish farms. Weather forecasters said the most severe typhoon this year would push sea waves in the coastal areas to up to nine meters high when it approaches. Fishing vessels are seen in the Shenjiamen Port to avoid typhoon in Zhoushan City, east China's Zhejiang Province, Aug. 6, 2009Local authorities have warned the public to pay attention to weather forecasts and be aware of the rainstorms and other typhoon-related disasters. More than 180 policemen are on duty in Quanzhou city, helping those in danger areas to evacuate. Morakot, which strengthened into typhoon Wednesday afternoon, is also expected to whip up gales in Shanghai from Saturday to Monday. Meteorological stations in the city have cautioned relevant departments to brace for emergencies. Soldiers help fishermen strengthen rafts in Wenzhou City, east China's Zhejiang Province, Aug. 6, 2009.Experts in Guangdong Province say although the typhoon won't land there its impact could be great. Bilis, a 2006 typhoon landed in Fujian but tens of thousands of people in Guangdong were affected. The experts considered Morakot might have a big influence in the eastern part of Guangdong, and soak the province in torrential rains. The eighth tropical storm this year, Morakot was formed on the heels of Goni, which unleashed downpours in Guangdong destroying 732 houses. "The two storms could influence each other," said Wang Zhenming, vice head of the Zhejiang provincial meteorological station. "As a result, the route of Morakot is not fully predictable." He warned Morakot was likely to continue growing in strength and become a super typhoon. China is frequently affected by tropical storms in summer. The most destructive one recently occurred in 2006, when super typhoon Saomai claimed more than 400 lives.
BEIJING, June 29 -- Chinese listed banks, which have lent record high amounts in the first half, are likely to report lower profit growth in the period due to narrowing interest spreads and higher provisioning requirements, industry analysts said. "We are expecting a 7 to 8 percent year-on-year profit fall among the 14 listed banks in the first half-year," said Wang Liwen, banking analyst with Shanghai-based Guotai Junan Securities Co, citing stretched interest spreads as the major reason. In 2008, the net interest rate spread for banks ranged from 2.45 percentage points to 3.62 percentage points, with the average figure hovering around 3 percentage points. This year, as the government cut interest rates several times to spur economic growth amid the global financial crisis, the net interest rate spread is expected to be lower, at around 2.36 percentage points. Clients walk into the Suzhou branch of Bank of Ningbo in Suzhou, east China's Jiangsu Province, March 27, 2009.The bank, the first listed lender to file a mid-term report, said its first-half profits would drop nearly 5 percent from a year earlier "A drop of 0.7 percentage points in the average net interest rate spread could mean some 7-billion-yuan decrease in the interest yield for each trillion yuan of new loans," said Wang. Chinese banks extended a record 7.37 trillion yuan of new loans in the first half, triple the amount offered in the same period a year earlier and 47 percent more than the government's full-year target, after lending restrictions were eased in November to stem an economic slowdown. However, most securities firms' reports said the country's 14 listed banks might post an average profit decrease ranging from 6 percent to 10 percent year-on-year in the first six months. According to Wind Info, a financial data provider, the 14 listed banks reported a net profit of 232.7 billion yuan in the first half of 2008, an increase of 73 percent year-on-year. But this year, the net profit could probably stand at 210 billion yuan, down 10 percent on a yearly basis. Bank of Ningbo, for instance, on July 14 announced no more than a 5-percent decease in net profit in its pre-released semi-annual report to the Shenzhen bourse. It is the first Chinese listed bank to report a profit fall in the first half. Wang Yifeng, an analyst at TX Investment Consulting, said the improved provision coverage ratio requirement might also cripple profits at listed banks. To prevent potential risks arising from the lending spree, China Banking Regulatory Commission raised the minimum provision coverage ratio requirement to 150 percent from 130 percent earlier this year. "The increase will mainly eat into the profits of several large State-controlled banks as they are still not up to the new requirements," said Wang. But as the squeezed spreads bottom out in the second half, most analysts said listed banks would still post positive growth for the whole year. "Thanks to the widened interest rate spreads and lower loan cost in the following months, we are expecting a 10-percent growth in profits overall this year," said Liu Yinghua, an analyst with Shenzhen-based Ping An Securities.
WUHAN, Aug. 27 (Xinhua) -- East Star Airlines, the debt-laden private airline based in central China's Wuhan City, officially went bankrupt after its restructuring application was rejected Thursday. The Intermediate People's Court in Wuhan City said the plan submitted by the East Star Group and ChinaEquity was unfeasible and failed to meet the conditions for a legal restructuring. ChinaEquity, an investment company founded in 1999 in Beijing, had promised to invest 200 million to 300 million yuan (29 million to 44 million U.S. dollars) for the restructuring plan. However, it did not specify the source of the funding and failed to provide certificates and documents, and lacked measures to protect creditors, the court said. The court said East Star Airlines had no operating income in 2008, while ChinaEquity recorded 470,000 yuan in main business income and a 187,477-yuan deficit last year. File photo taken on May 19, 2006 shows the aircrew boarding on the Airbus 319 jumbo jet of the Dongxing Group Co. Ltd for its maiden flight at the Tianhe International Airport in Wuhan, central China's Hubei ProvinceThe East Star Group and ChinaEquity agreed the restructuring plan earlier this month. The Intermediate People's Court in Wuhan heard the plan Tuesday. East Star was founded in May 2005, making it China's fourth private carrier after Okay Airways, United Eagle Airlines and Spring Airlines. It operated more than 20 domestic passenger routes between key cities with a fleet of nine aircraft and held about 10 percent of the market share in Wuhan. The airline, with a registered capital of 80 million yuan, was jointly owned by a tourist agency, a tourist investment company and a real estate firm, which all belonged to the East Star Group. On March 13, the airline rejected a government-initiated take-over by the parent group of national flag carrier Air China. Its operations were suspended by the industry regulator as of March 15, due to prolonged financial and management problems. File photo taken on March 27, 2009 shows a jumbo jet of the Dongxing Group Co. Ltd lying on the tarmac, as a plane of another airway taking off overhead, at the Tianhe International Airport in Wuhan, central China's Hubei ProvinceThe order was issued by General Administration of Civil Aviation of China (CAAC)'s branch in charge of the country's central and southern areas after the Wuhan municipal government submitted an application for the suspension. The bankruptcy proceedings were launched on March 30 at the request of six creditors, according to the Communications Commission of Wuhan City. East Star Airlines announced last month that its total debt surpassed 752 million yuan. General Electric's aircraft leasing arm, GE Commercial Aviation Services, one of the creditors, has taken back all nine aircraft it had leased to the airline. State-owned Air China has recruited about 600 out of the more than 1,000 staff of East Star Airlines. The global economic downturn reduced air travel severely, making last year a hard time for the airline industry. The Chinese government injected billions of yuan into Air China, China Southern Airlines and China Eastern Airlines, the three major state-owned carriers, to help them ride out the downturn. Wang Chaoyong, chairman of ChinaEquity, said private airlines had no access to bailouts. Zhao Changbing, spokesman of East Star Airlines, said the government should protect the brand of the private business. Zhao said the airline rejected the takeover by the parent of Air China because the offer was too low and it only covered the debts.
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