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HONG KONG, June 2 (Xinhua) -- Mainland-based telecommunications giants China Unicom and China Netcom, both listed on the Hong Kong stock exchange, announced Monday that each share of Netcom will be exchanged for 1.508 Unicom shares in a proposed merger. The rate was based on the price of China Netcom shares on the Hong Kong mainboard before their suspension from trading on May 23, with a 3 percent premium, said Tong Jilu, executive director and chief financial officer of China Unicom.     Chang Xiaobing, chairman and chief executive officer of China Unicom, also said each American depository share of China Netcom will be exchanged for 3.016 American depository shares of the new China Unicom, subject to shareholders' approval. (L-R) China Netcom CFO Li Fushen, China Netcom Chairman and CEO Zuo Xunsheng, China Unicom Chairman and CEO Chang Xiaobing and China Unicom CFO Tong Jilu join hands after announcing the merger of China Netcom and China Unicom in Hong Kong, South China, June 2, 2008. China Unicom also said it reached a framework agreement with China Telecom under which China Telecom will buy CDMA business and CDMA network from China Unicom Group.     The merger is expected to be completed in October this year after the shareholders' conferences in September if everything went ahead smoothly, Tong said.     The merged group, possibly bearing the name of China Unicom, will have an enlarged capital of 23.76 billion shares, worth a total of 439.17 billion yuan (63.28 billion U.S. dollars). It is expected to be a provider of integrated services including mobile and fixed-line telecommunications, broadband, data and value-added services.     "The merger is in line with the trend of convergence of fixed- line and mobile networks, and is expected to enable the merged group to set clear strategy," Chang said, referring to the direction for the company to pursue 3G strength.     China Unicom, currently one of the telecommunications giants in the Chinese mainland, is a far second to the largest mobile carrier China Mobile, while China Netcom is a provider of fixed line telecommunications and broadband services.     The merger was currently between the Hong Kong-listed China Unicom Limited and the China Netcom Group Corporation (Hong Kong) Limited, but not a merger between their mother companies, Chang told a press conference held in Hong Kong.     China Netcom will cease to exist as a listed firm after the merger, subject to approval from the shareholders at the company's annual conference, which is expected in September, said Zuo Xunsheng, chairman and chief executive officer of China Netcom.     Shares of both companies will resume trading on Hong Kong exchange on Tuesday.     The merger was part of a major regrouping in the Chinese telecom industry aimed at more competition by forming three providers of integrated services after regrouping.     State authorities issued an announcement on May 24, saying that they "encouraged" a regrouping of the telecom corporations to form three providers of integrated services to increase market competition. China Mobile has recently announced a proposal to buy fixed-line operator China Tietong, or Railway Telecommunications.     At a separate press conference in Hong Kong on Monday, the HongKong listed China Telecom announced that it has reached an agreement to buy the CDMA services of China Unicom, thus making it one of the three integrated services providers, too.     China Unicom also announced at the conference that it will sell its CDMA services at 43.8 billion yuan (6.31 billion U.S. dollars)and that its mother firm China Unicom Group will sell its CDMA network at 66.2 billion yuan (9.54 billion U.S. dollars) to China Telecommunications Corporation, the mother firm of China Telecom.     Speaking at a separate press conference in Hong Kong, Wang Xiaochu, chairman and chief executive officer of China Telecom, said that the deal is expected to be completed in October, subject to shareholder approval at annual conferences in September.     China Telecom will pay for the transaction in cash, Wang said, adding that he expected the CDMA part to contribute net profit as early as 2012, although the deal could impact the earnings record of the company in short term.     The regrouping will result in three separate providers of integrated services, with most of the analysts saying that they expected China Unicom to benefit the most from the regrouping whereas the strength of China Mobile could be reduced.     Others, however, said they expected China Mobile to remain the giant among the giants and retain most of its power in the mainland telecom industry.     Chang, head of China Unicom, also warned against "over optimism" about the increased strength of the merged company, saying it required long-term effort.

BEIJING, June 19 (Xinhua) -- China's top economic planner announced Thursday night the country will raise the prices of gasoline, diesel oil, aviation kerosene and electricity, revealing an unprecedented broad plan to raise energy prices.     Beginning Friday, the benchmark gasoline and diesel oil retail prices will be marked up by 1,000 yuan (144.9 U.S. dollars) per tonne, with the price of aviation kerosene up by 1,500 yuan per tonne.     The prices of natural gas and liquefied petroleum gas, however, would be left unchanged, according to the National Development and Reform Commission (NDRC).     The benchmark retail prices of gasoline and diesel oil would be lifted to 6,980 yuan and 6,520 yuan per tonne, up more than 16 percent and 18 percent respectively.     The price rises also translate into mark-ups of 0.8 yuan and 0.92 yuan per liter, the measurement used at service stations in China, for gasoline and diesel oil respectively.     The commission said the oil price adjustment was made to ensure supplies in the country by diminishing the gap between continuously rising international crude prices, especially since February, and state-set domestic oil prices.     Crude oil price on the international market reached above 136 U.S. dollars per barrel on Wednesday, up more than 45 percent from the price when the country raised oil prices in November last year. An employee changes the cards showing the prices of refined oil at a gas station in Beijing on the early morning of June 20, 2008The government-controlled oil prices on domestic market should be blamed for a shortfall of supplies, as some refineries stopped or cut back on processing to avoid losses, said an unidentified NDRC official.     The commission said more subsidies would be offered to farmers, public transport, low-income families and taxi drivers to cushion the crunch of price rises.     For instance, farmers would get five yuan per mu (1/15 hectare)of farmland in extra subsidy; low-income families in cities would get an extra 15 yuan for each person every month starting from July, 10 yuan for such rural families.     The commission said fares for passenger travel by rail, urban and rural public transport and taxis would remain unchanged after the rise.     The official did not comment on the impact of oil price rises on the inflation rate, which eased to 7.7 percent in May. In April, it rose 8.5 percent after a 12-year high of 8.7 percent in February.     The commission also said the average electricity tariff will be raised by 2.5 cents per kwh starting from July 1, up 4.7 percent on average.     It said the price rise was made in response to rising costs of the country's power plants, including rising power-coal prices, increased costs on desulphuration facilities and investment in grid upgrading.     More than 80 percent of all the power generation companies suffered losses in the January-May period due to power-coal price rises.     Official statistics showed that power coal prices went up by more than 80 yuan per tonne in the past two years. The prices had gone up by 60 yuan since the beginning of the year.     The commission also announced the country would exercise temporary price intervention on power coal as of Dec. 31, and power coal prices are capped below the price on June 19.     The policy was adopted as the commission expected the power-coal price to rise further because of the gap between domestic and international prices and tight supplies.     The commission also said urban and rural residents and sectors of farming and fertilizer production, as well as the quake-hit provinces of Sichuan, Shaanxi and Gansu, will be exempt from the price rise.     Industrial and commercial undertakings, however, would only see limited impact, as power expenses usually account for a small portion of their total costs, it said.     "The price rise in electricity would not have a fundamental impact on the country's inflation rate," said the NDRC official.

BEIJING, July 18 (Xinhua) -- Vice Premier Li Keqiang has urged officials and workers at the section of the Three Gorges in southwest China to ensure safety and quality for the project as the flood season draws near.     The member of the Standing Committee of the Communist Party of China Central Committee Political Bureau made the remark at a meeting here on Thursday by the Office of the State Council Three Gorges Project Construction Committee.     The Three Gorges Dam started discharging water earlier this month to lower the water level in the reservoir after excessive rainfall upstream. The discharge would continue as more heavy rain was expected on the upper reaches of the Yangtze River. Flood is discharged from the Three Gorges Reservoir through the dam in Yinchang, central China's Hubei Province, July 5, 2008.    "The project is now entering the key post-construction phase. Meanwhile, the flood season is coming and our safety task is very arduous," said Li after hearing reports on the project by teams of experts, the Ministry of Land and Resources and other organizations, among them.     Li stressed the evacuation and relocation of people living in the dam section was a long-term mission. Related organizations should see to their basic life requirements and employment by fulfilling policies on supporting migrants and training them for professional skills.     The world's largest dam, 2,309 meters long and 185 meters high, is expected to help minimize damage caused by floods that might occur only once every 1,000 years.     In addition, Li urged to build an ecological protection area around the dam to prevent water pollution, soil loss and mud-sand silting. He said the section of the Three Gorges Dam should be built as an ecological barrier for the Yangtze.     The 22.5 billion U.S. dollar project was launched in 1993. Its 26 turbo-generators is designed to produce 85 billion kwh of electricity annually after their installation is completed at yearend.     According to the office, more than 1.24 million people had been relocated and the project was going smoothly in terms of the local economic society development, environment construction and geologic disaster prevention.

BEIJING, May 11 -- China's monetary authorities are struggling to address conflicting policy goals, but inflation will remain the top policy concern, the country's central bank governor said on Saturday.     While the United States and other countries are more focused on fending off a recession, China's monetary policy must target inflation over growth and employment, Zhou Xiaochuan, the People's Bank of China governor, told a forum in Lujiazui, Shanghai's financial center.     "There is no cure-all medicine, and we have to make the final decisions -- everyone hopes there would be a cure-all solution, but there is not," said Zhou.     China's consumer price inflation would likely to rise to 8.5 percent in April from 8.3 percent in March, two sources familiar with the data said late on Thursday. The data, which is subject to last-minute revisions, will be officially released on Monday. Zhou Xiaochuan, governor of the People's Bank of China, addresses the Lujiazui Forum 2008 in Shanghai, east China, May 10, 2008. Heads of the People's Bank of China, the country's central bank, the Securities Regulatory Commission, the Banking Regulatory Commission and the Insurance Regulatory Commission all attended the two-day financial forum, opened on May 9. Lujiazui is the name of Shanghai's financial district.    Meanwhile, the government said on Friday that China's producer price index, or factory-gate inflation, hit a three-year high of 8.1 percent in April, showing a sustained build-up in pressures on consumer price inflation.     Zhou listed development of financial institutions and the imbalance in global money transfers as other issues that China's monetary policy may have to target.     He said China needs to reduce the savings ratio as the fundamental way to address its over-reliance on trade, which now accounts for more than 60 percent of its annual GDP, but he did not elaborate on possible specific measures.     On other issues, Zhou said Beijing has yet to reach a consensus over how to develop a properly functioning domestic bond market.     Disputes remain about market infrastructure, the regulatory framework as well as laws and regulations, Zhou said.

BEIJING, Sept. 29 (Xinhua) -- Chinese President Hu Jintao said here Monday the successful hosting of the Beijing Olympics and Paralympics symbolizes China's capability of making more contributions to the human civilization.     Hu made the remarks at an awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics. Chinese President Hu Jintao shakes hands with gold medal winner Cheng Fei before the awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008.Wu Bangguo, chairman of the National People's Congress (NPC) Standing Committee, Premier Wen Jiabao, and other top leaders Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang also attended the meeting.     Hu said that the hosting the Olympics offered the world an opportunity to know more about China and China to know more about the world.     "We would definitely cherish and carry on the spiritual heritage from hosting the two successful Games," Hu said. The awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics is held at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008.On behalf of the Chinese people and government, Hu expressed gratitude to the Olympic family, the international community and the participating countries and regions, as well as the people who made great efforts and sacrifices for the Games.     Hu thanked overseas Chinese for their support, mentioning donations for building Olympic facilities such as the National Aquatics Center, also known as the Water Cube swimming pool, and the supports to the torch relay of the Beijing Olympic Games in many countries.     "After strenuous work in the past seven years," Hu said, "China fulfilled the solemn promise to the international community that it would organize a wonderful games for the world." Representatives of prize-winning teams and organizations attend the awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics is held at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008. The central authorities awarded 340 teams or organizations as well as 566 individuals for their outstanding work for the Olympics and Paralympics during the meeting held here on Monday."We achieved great success and spread the great Olympic spirit, which benefited the friendship and mutual understanding among the world people," Hu said. "We imprinted the Olympic history book with a unique Chinese stamp."     Hu asked the Chinese people to sum up the treasured experience in organizing the excellent Olympic Games and Paralympic Games and promote innovation in governance and management.     "We should further free our mind, take bolder steps in the process of reform and make more innovations," Hu said.     Hu emphasized that the success of hosting the great Olympics was achieved after a disastrous earthquake hit Sichuan Province on May 12.     "No hardship could ever stop the courageous Chinese nation," Hu said, adding that the Beijing Olympics showcased China's advantage of mobilizing collective wisdom and strength of the nation in carrying out significant missions. Representatives of Chinese athletes attend the awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics is held at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008.The Olympic spirit, said Hu, would promote the Chinese people to advance their civilization, strengthen the Chinese cultural soft power, enrich their own social life and boost their morale.     The president praised all the people and organizations which had made different contributions in the latest seven years after Beijing won the bid to host the 2008 Games.     In his speech, Hu also briefly reviewed the history of Chinese Olympic participation including the first proposal to host an Olympic Games one century ago and the remarkable first gold medal achieved at Los Angeles Games in 1984.     The central authorities awarded 340 teams or organizations as well as 566 individuals for their outstanding work for the Olympics and Paralympics, including some from the more than 1.7 million volunteers for the two games.     The Olympic host country also gained unprecedented glory in sports, winning 51 gold medals.     At the awarding meeting, which was attended by more than 6,000 people, Vice President Xi Jinping read the decisions of the Communist Party of China (CPC) Central Committee and the State Council on awarding organizations and individuals for their work for the Olympics. The State Council also decided to award the Beijing Organizing Committee for the Olympic Games (BOCOG) and the Hong Kong sub committee for the Olympic equestrian competition.     BOCOG President Liu Qi, who is also secretary of the CPC Beijing Municipal Committee, representatives from athletes, volunteers, organizers, security workers and the armed forces also spoke at the meeting.     Xia Geng, mayor of the Olympic co-hosting city Qingdao, Liu Chunhong, Olympic weight-lifting gold medalist and other volunteer and organizer representatives also gave speeches at the meeting.

来源：资阳报