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BEIJING, April 24 (Xinhua) -- The People's Liberation Army (PLA) Navy should comprehensively push forward its modernization to constantly enhance its capability to carry out its missions in the new century and new phase, Chinese President Hu Jintao said here Friday. Hu, also chairman of the Central Military Commission, made the remarks when meeting with veteran officers and model soldiers of the PLA Navy Friday night, a day after the 60th anniversary of the founding of the PLA naval force. Hu first paid respects to the veteran officers and model soldiers for their contributions to the development of the navy and extended regards to all members of the navy. Chinese President Hu Jintao (R Front) shakes hands with fighting hero Mai Xiande during his meeting with representatives of veterans, heroes and models of the Navy of the Chinese People's Liberation Army (PLA) in Beijing, capital of China, April 24, 2009, on the occasion of the 60th anniversary of the founding of the PLA Navy. He expressed his hope that these officers and soldiers would continue to play a leading role in contributing wisdom and strength to the navy's development. Through six decades of development, a relatively modern naval force consisting of combined arms had taken shape thanks to the leadership of the Communist Party of China Central Committee, the Central Military Commission, the support of the people, and unremitting efforts by naval officers and soldiers, Hu said. The navy had played an important role in protecting China's sovereignty, national security and territorial integrity, promoting the reform and opening up drive and socialist modernization, and safeguarding world peace and development, he said. The president expressed hope that the navy would achieve further development. Thursday morning, Hu reiterated that the country's military build-up was purely defense-oriented. In a meeting with heads of 29 foreign navy delegations gathered for the PLA Navy's anniversary celebration, Hu pledged that China's armed forces, including the navy, would never be a threat to other nations. China would always be an important force in safeguarding world peace and development, he said. "For now and in the future, China would never seek hegemony, nor would it turn to military expansion or arms races with other nations," he said.
CHENGDU, June 3 (Xinhua) -- Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. (Tengzhong), a private Chinese firm who has struck a preliminary deal with General Motors Corp. (GM) for the premium SUV brand Hummer, said Wednesday it has no plan to manufacture Hummer in a Chinese plant. "Rather than setting up a plant in China, Tengzhong will use the current facilities including their employees in the United States," said Zhao Xiaolu, spokesman for the ongoing transaction for Tengzhong, a leading manufacturer of road, construction and energy industry equipment based in southwest China's Sichuan Province, Zhao works for the Brunswick Group, which is handling the public relations matters for the Tengzhong deal. Tengzhong's managers were not available for comment on the transaction, which was disclosed Tuesday, a day after GM filed Chapter 11 bankruptcy. File photo taken on March 11, 2009 shows Hummer CEO James Taylor (R) presenting a Hummer model to a local official in Deyang, southwest China's Sichuan Province. U.S. automaker General Motors Corp., a day after filing Chapter 11 bankruptcy, has a tentative deal to sell its Hummer brand to Chinese-based Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd., the automaker said on June 2. According to an overall restructuring plan, the U.S. based automaker GM will shed off its none-core assets including Hummer, Saturn, Saab and Pontiac. The preliminary deal allows Tengzhong to keep the management and operational team along with the Hummer brand, and secure more than 3,000 jobs in the United States. The Chinese buyer will also assume existing dealer agreements relating to Hummer's dealership network. Tengzhong CEO Yang Yi said in a statement Tuesday that the company will "allow Hummer to innovate under the leadership and continuity of its current management team". James Taylor, Hummer chief executive officer, went to Chengdu City and Deyang City, Tengzhong's current base and new base under construction, to discuss project cooperation with local officials in March. "This transaction, if successful," said Taylor in a statement Tuesday," will allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners." According to Zhao, Tengzhong will use internal fund and bank loan to make the transaction, which will be a "strategic move for the company to expand into the premium off-road vehicle segment". Formed in 2005 through a series of mergers, Tengzhong currently has more than 4,800 employees. "It is probably more attractive for Chinese enterprise like Tengzhong to learn from the foreign brand's past successful experience in research, design, marketing and service," said Guo Guoqing, a professor with the School of Business, Renmin University of China. Xu Zhaohui, head of the Sichuan Provincial Department of Commerce, said the officials will "strive to serve the transaction", which is expected to close in the third quarter of this year and is subjected to customary closing conditions and regulatory approvals. In recent years, there have been several headline purchases of foreign auto brands by Chinese enterprises. A Hummer is on sale at a dealer in Flint, Michigan, the United States, May 30, 2009. General Motors Corp (GM) announced on June 2 that it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand, a day after it filed for bankruptcy protectionIn 2004, Shanghai Automotive Industry Corporation Group (SAIC)purchased 48.9 percent equity of Ssangyong Motor, the fourth largest automaker in the Republic of Korea (ROK). In 2005, Nanjing Automotive bought collapsed British brand MG. And this March, China's largest independent carmaker Geely Automobile acquired Drivetrain Systems International, the world's second largest auto transmission supplier. "Acquisition of overseas brands by Chinese enterprises could help these brands go over operational dead end, and expand in the vast Chinese market," said Guo. All the world's main auto markets are in decline except form China. In the first quarter, almost 2.68 million vehicles were sold in China, which marked a 3.88 percent increase year on year. However, not all foreign auto brands revived under Chinese management. In February, a Seoul court granted Ssangyong Motor bankruptcy protection. SAIC was deprived of management control despite its 51 percent ownership. "Declining asset prices amid the financial crisis do not always mean a good bargain for the buyer," said Zhang Zhiyong, the chief adviser on auto market with Mingyuan Consultancy in Beijing, "a Chinese automaker should choose a foreign brand with conforming strategy and similar culture for possible acquisition." The fuel-hungry brawny Hummer also pose new challenges for Tengzhong to control cost and boost competitiveness after takeover. Statistics from local vehicle management section showed that Hummer vehicles are only owned by about 10 people in Sichuan's capital Chengdu currently. "We will be investing in the Hummer brand and its research and development capabilities," said Yang Yi in a Tuesday statement, " which will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles." (Xinhua reporters Yan Sanjun, Guo Xin, Cheng Xie and Chen Kai also contributed to this story)
DAMASCUS, April 26 (Xinhua) -- During his Middle East tour, Chinese Foreign Minister Yang Jiechi on Sunday put out a five-point proposal to push forward the Middle East peace process and common development. Yang, who has visited Egypt, the Palestinian territories, Israel and Syria, said in an exclusive interview with Xinhua that China has been closely following the situation in the Middle East and he has made in-depth exchanges of views with concerned parties on various issues of the region during his Middle East visit. Syrian Foreign Minister Walid al-Moallem (R) and Chinese Foreign Minister Yang Jiechi hold a joint press conference after their meeting in Damascus, April 26, 2009. The Israeli attacks on the Gaza Strip at the end of 2008 has brought heavy casualties and instability to the region, which shows once again that if the Middle East issue is not been fundamentally solved, there will be no peace and security in this region, he said. Currently, Israel has formed a new government and the two main Palestinian factions have been holding talks under the mediation of Egypt. Under such circumstances, Yang put the five-point proposal, which includes: First, the concerned parties should adhere to the peace talks, and firmly promote the peace process on the basis of relevant UN resolutions, the "land for peace" principle, the "Road Map" plan, and the Arab peace initiative, Yang said. Second, the parties should take positive measures to restore stability and accumulate mutual trust, so as to create conditions for the development of peace process. Third, China believes the two-state solution should be maintained and calls for an early establishment of an independent Palestinian state and the two countries of Palestine and Israeli live in harmony. "This is the ultimate way out for the Palestinian issue, which can give guarantee to the Middle East peace and security," Yang said. Fourth, the international community should continue to pay due attention to the Middle East issue, and deliver its supports to the peace talks, the inner-Palestinian unity and economic growth. Fifth, the peace negotiations between Palestine and Israel, Syria and Israel, Lebanon and Israel should advance in a coordinated way in order to achieve comprehensive peace across the Middle East region, Yang said. "As a permanent member of the UN Security Council, China will continue to maintain close communication and coordination with parties concerned to play a constructive role in pushing for a comprehensive, just and lasting solution to the Middle East issue," Yang added. He said he has enunciated China's position on current Middle East issues during the trip. He hoped relevant parties could stick to the peaceful negotiation and accumulate mutual trust in a bid to advance the Middle East peace process. He said he believes his visits to the four Middle East nations will contribute to the peace process. Yang left the Syrian capital Damascus on Sunday after meeting with Syrian President Bashar al-Assad and Syrian Foreign Minister Walid Mualem.
SHANGHAI, June 3 (Xinhua) -- Standard Chartered Bank (China) Limited announced Wednesday that it plans to issue 3.5 billion yuan (512 million U.S.dollars) financial bonds in China, the first foreign bank to issue Renminbi bonds in the Chinese mainland. The announcement was made in the wake of a circular released by the State Council in April on building Shanghai into an international financial center and shipping hub. The municipal government of Shanghai convened a working meeting late last month on preparation for the financial center goal, promising to support foreign banks to issue yuan-denominated bonds. "As China's financial market continues to liberalize, Standard Chartered is seeing a number of opportunities for our business," said Peter Sands, Group Chief Executive of Standard Chartered Bank, during his visit to Beijing this week. The issuance is expected to help elevate the Renminbi's status as an international reserve currency, develop local capital markets, and contribute towards Shanghai's development as a global financial center, said Sands. Standard Chartered Group reported 26 percent income growth in 2008, or 13.97 billion U.S. dollars despite the difficult global economic environment. In China, the bank has grown by an average annual compounded growth rate of 80 percent over the past four years. Standard Chartered Bank is China's oldest foreign bank enjoying150 years of history. It is among the first batch of locally-incorporated foreign banks and has one of the largest foreign bank networks operating in China.
BEIJING, April 21 (Xinhua) -- China and Albania issued a joint statement here Tuesday in which they said they would boost their traditional friendship and bilateral cooperation in all fields. The statement was issued after official talks between Chinese Premier Wen Jiabao and his Albanian counterpart Sali Berisha in the Great Hall of the People during the afternoon. The two countries vowed to increase mutual investment, encourage more business contacts and promote a balanced development of trade ties, the statement said. China would support its competitive companies to invest in Albania and participate in the country's infrastructure construction, energy and mine exploitation, it said. Albania said it appreciated China's aid for its economic development. Chinese Premier Wen Jiabao (R) shakes hands with Albanian Prime Minister Sali Berisha during a welcoming ceremony in honor of Berisha at the Great Hall of the People in Beijing, capital of China, April 21, 2009 The two countries pledged to strengthen dialogue at various levels and increase exchanges and cooperation between governments, parliaments and political parties, according to the statement. They would expand cooperation in tourism, agriculture, public health, technology, culture and education, and encourage more exchanges among their local governments and non-governmental groups. According to the statement, Albania reiterated its adherence to the one-China policy. It acknowledged there is only one China in the world and the government of the People's Republic of China (PRC) is the sole legal government representing the whole China and Taiwan is an inalienable part of China. Chinese Premier Wen Jiabao (2nd L) holds talks with Albanian Prime Minister Sali Berisha (2nd R) at the Great Hall of the People in Beijing, capital of China, April 21, 2009. Albania opposes Taiwan joining international organizations that are only open to sovereign nations and is against "Taiwan independence" secessionist activities in any form, the statement said. Albania also promised not to establish official ties and not to have official contact with the Taiwan authority. China highly appreciated the stance of the country, the statement said. In face of the global financial crisis, the two countries called on the international community to enhance financial supervision cooperation, fight trade protectionism and reduce the damage of the crisis to developing countries. China respected the Albanian people's choice of a development path in line with their domestic situation and understood their efforts to join the European integration process, the statement said. The two countries agreed to abide by the principles of the UN Charter, and support the UN's leading role in safeguarding international security, promoting common development and peacefully solving international disputes. Both sides proposed to strengthen the function and authority of the UN and UN Security Council and agreed to increase cooperation in the United Nations and other international organizations, the statement said. The international community should work together to combat terrorism, and the two nations agreed to respect each other's security concerns. Albania spoke highly of China's achievements since the founding of the PRC 60 years ago and appreciated China's contributions to world peace and development. Both sides applauded their remarkable cooperation in various areas, and agreed to hold activities to celebrate the 60th anniversary of bilateral ties, the statement said.