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BEIJING, March 28 (Xinhuanet) -- Google Inc. is working with MasterCard Inc. and Citigroup Inc to develop a technology that could make mobile payments, according to media reports Monday.The new technology named "Nexus S Android" is embedded in Android mobile devices and allows customers to make purchases by waving their smartphones in front of a small reader at the checkout counter.Credit-card reader producer VeriFone Systems Inc, also involved in the new payment service, is developing contact-less devices that could allow people to pay with a wave or tap of credit card or a tap of smartphone.To use the service, holders of Citigroup-issued debit and credit cards must activate a mobile-payment application developed for one current model of Android phones. More models will be coming as the technology advances.Besides mobile payment, consumers would also be able to get targeted ads or discount offers, manage credit-card accounts and track spending through an application on their smartphones.Due to the deliberate design of the technology, customers have no need to worry about the security of their payment information. Nick Holland, a mobile-transactions analyst at Yankee Group, said the new technology is more sophisticated than credit cards with a magnetic stripe.With the coming service, Google is aiming to boost its advertising business by offering retailers more data about their customers and help them target ads and discount offers to mobile-device users near their stores.An insider told that Google was not expected to get a cut of the transaction fees.The service is expected to be released this year. Once released, it will broaden the uses of smartphones for everyday activities—from chatting to emailing to shopping.

BEIJING, Apirl 1 (Xinhuanet) -- An Ariane rocket launch of two communications satellites was aborted Wednesday after a technical hitch at the scheduled moment of liftoff in French Guiana on Wednesday.According to Arianespace, the Ariane 5 rocket's Vulcain main engine ignited as scheduled at 5:45 pm EDT (21:45 GMT), but the checkout process during ignition detected an unspecified anomaly, shutting down the engine before the two solid-rocket boosters ignited.The 165-foot (50-meter) tall Ariane 5 rocket's main engine's checkout process "was not completed successfully, preventing the boosters' ignition and thereby aborting the mission," Arianespace officials said. "The Ariane 5 and its two payloads remain in a safe mode on the launch pad."The Ariane 5 rocket uses a Vulcain 2 first stage engine assisted by two solid rocket boosters to launch satellite payloads into orbit. The Vulcain 2 engine is fueled by cryogenic liquid hydrogen and liquid oxygen and is designed to burn for about 600 seconds to boost payloads into space.Jean-Yves Le Gall, Arianespace president, said it would return the rocket to the final assembly building to prepare it for another launch attempt while investigating the cause of the problem. No new launch date was immediately announced.The Ariane 5 was to launch the Yahsat Y1A and Intelsat New Dawn communications satellites.

BEIJING, Jan. 23 (Xinhua) -- Chinese President Hu Jintao's state visit to the United States, during which he reached important consensus with U.S. President Barack Obama on building a cooperative China-U.S. partnership based on mutual respect and mutual benefit, has been closely followed by world media.The visit has drawn "unprecedented" world attention, said Gu Xuewu, director of the Center for Global Studies at the University of Bonn.NEW CHAPTER IN DEVELOPMENT OF CHINA-U.S. TIESCommenting on Hu's visit, which occurred at the beginning of the second decade of the 21st century, Professor Severino Cabral, director of Brazil's China and Asia-Pacific Research Institute, said the visit opened a new epoch for China-U.S. relations.The resumption of dialogue between the world's two major economies, which itself is a significant event, would exert great influence on the new world agenda, and hopefully help eliminate the residual cold war mentality and take bilateral relations to a new era, he said.Chen Kang, professor at Lee Kuan Yew School of Public Policy at the National University of Singapore, said that the joint statement issued by the two sides during Hu's stay -- built upon bilateral efforts to establish a cooperative partnership based on mutual respect and mutual benefit -- is a clear reflection of the two countries' resolution and pragmatic attitude in jointly meeting global challenges.China Press USA, a New York-based Chinese language newspaper, said in an editorial that the two countries' commitment to building an all-round and mutually beneficial, win-win economic partnership, as put in their joint statement, is the greatest achievement that comes out of the meeting between the leaders of the two countries in the economic sphere.Nouvelles D'Europe, a major Chinese language newspaper in France, said in an editorial that Hu's visit yielded fruitful results which are indispensable to world peace and development.In their joint statement, the two countries for the first time defined that China-U.S. partnership is based on mutual respect and mutual benefit. Stable China-U.S. relations contribute to world stability, and a win-win scenario between China and the United States is conducive to a scenario of multi-party-win in a multipolar world, it said.International Daily News, an Indonesian newspaper, said that Hu's visit achieved a historic breakthrough. Their joint statement signaled a new chapter in their "cooperative partnership based on mutual respect and mutual benefit," and Asia is hailing the new orientation of bilateral ties and achievement set up by the leaders of the two countries.

BEIJING, Jan. 22 (Xinhua) -- Chinese President Hu Jintao's latest state visit to the United States bore rich fruit and opened a new chapter of cooperation between the two countries, Foreign Minister Yang Jiechi said Saturday.The tour, from Tuesday through Friday, came at the beginning of the second decade of the 21st century, on the 40th anniversary of the resumption of contact between the two countries and on the opening year of China's 12th five-year plan for national socioeconomic development, Yang noted.Meanwhile, the international situation was witnessing deep and complicated changes, and the China-U.S. relationship was forging ahead with increasing momentum while inevitably encountering some differences and disputes, he said.Against such a backdrop, the Chinese president held frank and in-depth talks with his U.S. counterpart, Barack Obama, and many other senior political figures, and reached important consensus on bilateral relations and a host of major regional and global affairs, Yang said.During the tightly scheduled trip, which saw Hu attend nearly 20 events in Washington and Chicago within 68 hours, the Chinese leader also reached out to the U.S. public, conveying China's resolution to advance China-U.S. ties, highlighting China's commitment to peaceful development and presenting China's image of peace, development, opening-up and progress, Yang said.The U.S. and international media, he added, attached great importance to and spoke highly of Hu's trip, hailing it as a historic visit at a crucial moment and whose significance was manifested partly in the top level reception with full pomp and ceremony given by the U.S. government.In summary, the latest step in China-U.S. diplomacy achieved rich results and cast a far-reaching influence not only upon the two countries themselves but upon the whole world, the Chinese foreign minister said.

BEIJING, Feb. 5 (Xinhua) -- Lending to China's small and medium-sized enterprises (SMEs) rose faster than loans to large enterprises last year, according to the People's Bank of China (PBOC), the central bank.Outstanding loans to small enterprises by banks and financial institutions jumped 29.3 percent year on year to 7.55 trillion yuan (1.15 trillion U.S. dollars) in 2010, while loans to medium-sized enterprises stood at 10.13 trillion yuan, up 17.8 percent, said the PBOC.Outstanding loans to large enterprises rose 13.3 percent to 13.42 trillion yuan, highlighting the government's efforts to optimize the loan structure, the PBOC said.About 99 percent of Chinese enterprises are SMEs which contribute 60 percent of the country's gross domestic product.Financing has long been difficult for Chinese SMEs as banks prefer to lend to big companies, particularly reputable state-owned enterprises.The government has moved to help SMEs get finance by differentiating the reserve requirement ratio for the Rural Credit Cooperative, the major lender to SMEs, and encouraging innovation in SME bond issuance.In July last year, the PBOC asked financial institutions to establish independent criteria for approving loans to SMEs and to improve efficiency in processing SME loan applications.The PBOC said SME loan growth would continue to accelerate this year.

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