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BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day.     Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits.     About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market.     The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively.     The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price.     Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months.     Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback.     China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan.     It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later.     China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States.     Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007.     The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then.     By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu.     Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction.     The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride.     Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses.     "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled."     The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent.     Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations.     The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.

BEIJING, Dec. 8 (Xinhua) -- Senior Chinese leader Li Changchun congratulated Tuesday the publication of the latest edition of the most authoritative encyclopedic dictionary of the Chinese language "Cihai", or "sea of words."     Li, a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, expressed his gratitude to experts for their constant improvement of the dictionary and their "contribution to the prosperity of the socialist culture," in a meeting with the experts engaged in this "significant cultural project." Li Changchun (R), member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, meets with experts and workers engaged in compiling and publishing the sixth edition, the latest, of the most authoritative encyclopedic dictionary of the Chinese language "Cihai", or "sea of words." in Beijing, capital of China, Dec. 8, 2009Liu Yunshan, head of the Publicity Department of the CPC Central Committee, said the sixth edition of the renowned Chinese dictionary systematically reflects the civilization of the mankind, especially the Chinese civilization, and fully displays the development achievements and great changes taking place in China in the past six decades.     The new edition, which took five years to complete, has more than 127,200 entries and over 16,000 pictures. It had removed 7,000 outdated or rarely used terms and included 12,300 new ones.     The latest edition has been on sale in major cities such as Beijing and Shanghai.     The first edition of Cihai came out in 1936. It has been revised every 10 years and this year was published ahead of the National Day on Oct. 1.

BEIJING, Dec. 16 (Xinhua) -- Top Chinese political advisor Jia Qinglin said here Wednesday that China will strengthen political mutual trust, expand substantial cooperation and promote common development with Belarus.     Jia, chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, hailed bilateral ties during a meeting with Vladimir Andreichenko, chairman of the House of Representatives of the National Assembly of Belarus.     He applauded the cooperation with Belarus on politics, economy, culture and international affairs, saying the two countries supported each other on some major issues of common concerns and brought about tangible benefits for the two peoples.     Jia pledged to promote exchanges and cooperation between the CPPCC and Belarussian parliament in a bid to further bilateral ties.     Andreichenko commended China's economic growth and increasingly important role on the international arena, saying that his country and the Belarussian parliament will further cooperation with China.

BEIJING, Jan. 9 (Xinhua) -- Hu Jintao, general secretary of the Central Committee of the Communist Party of China (CPC), urged to deepen fiscal and taxation system reforms, and improve the efficiency of fiscal management, so as to maintain steady and comparatively fast economic development.     It is imperative to continue the pro-active fiscal policy and moderately loose monetary policy, with priority given to the implementation of policies that support domestic consumption expansion, economic growth, economic structure adjustments and projects concerning people's livelihood, said Hu at a seminar attended by members of the Political Bureau of the CPC Central Committee and researchers from the nation's top think tanks on Friday afternoon.     He also called for more investment in agriculture and rural areas, independent innovation and fostering of emerging strategic industries.     More fiscal resources should be channeled to promote public welfare development and back up undertakings concerning people's livelihood, especially education, employment, social security, medical care, affordable housing construction, and environmental protection, according to Hu.     Hu also called for improving the taxation system by optimizing taxation system structure, working out a more fair distribution of the tax burden, and standardizing income distribution, in a bid to promote healthy economic development.

ASHGABAT, Dec. 13 (Xinhua) -- Chinese President Hu Jintao met here on Sunday with Uzbek President Islam Karimov to exchange views on bilateral relations and other issues of common concern, and both leaders agreed to push forward bilateral ties. Hu is in Ashgabat, capital of Turkmenistan, for a working visit at the invitation of Turkmen President Gurbanguly Berdymukhamedov.     As guests of Berdymukhamedov, Hu, Karimov and Kazakh President Nursultan Nazarbayev will attend a ceremony to inaugurate the China-Central Asia natural gas pipeline on Monday. Visiting Chinese President Hu Jintao (R) meets with Uzbek President Islam Karimov in Ashgabat, capital of Turkmenistan, on Dec. 13, 2009    In the meeting with his Uzbek counterpart, Hu said the relationship between China and Uzbekistan has been developing consistently and stably in an all-round manner. High-level contacts are frequent, political trust has been intensified and cooperative projects in many fields have yielded remarkable results.     Both nations have been mutually supportive on issues concerning each other's core interests, and both have sustained communication and collaboration in international and regional affairs, Hu said.     China has always attached great importance to developing its ties with Uzbekistan, which is seen as an important partner in central Asia, Hu said, and it is China's firm policy to safeguard and develop its relations with Uzbekistan.     China is willing to work with Uzbekistan to further high-level exchanges, deepen practical cooperation, and ensure the sound and stable development of the friendly cooperative partnership, Hu said.     On the gas transportation project, Hu said the Chinese side is ready to work together with Uzbekistan and to ensure a safe and smooth operation of the pipeline, and implement the agreements concerning the expansion of bilateral cooperation in gas and petrol fields.     The 1,833-km China-Central Asia gas pipeline starts from the border between Turkmenistan and Uzbekistan, and runs through Uzbekistan and Kazakhstan before reaching northwest China's Xinjiang region. Visiting Chinese President Hu Jintao meets with Uzbek President Islam Karimov in Ashgabat, capital of Turkmenistan, on Dec. 13, 2009Hu also proposed that the two countries deepen cooperation in developing mineral resources and carry out the relevant documents signed by the two parties. The long-term, stable, practical and mutually beneficial trade relations shall be consolidated, he said.     The Chinese leader said the role of the intergovernmental economic and trade cooperation commission shall be brought into full play and agreements reached at the eighth meeting of the Sino-Uzbekistan joint economic and trade commission shall also be substantiated.     Hu pointed out that cooperation should be promoted particularly in the fields of economy and trade, transportation, telecommunication, light industry and agriculture.     In terms of security, Hu said the Central-Asian region is confronted with grave security challenges. It is a common responsibility of all countries concerned, including China and Uzbekistan, to combat the "three forces" that engage in terrorism, separatism and extremism, and to safeguard the security and stability of the area, he said.     China is willing to consolidate contacts and cooperation with Uzbek law enforcement authorities and security departments to safeguard the national and regional stability, he said.     With the efforts of its member states, the Shanghai Cooperation Organization (SCO) has been striving to offset the negative impacts brought by changes in international and regional affairs. The entity has exerted an important role in promoting the stability of the Central Asian region and safeguarding the common interests of the member states, Hu said.     As the rotating chair state of the SCO, Uzbekistan has actively coordinated the body's development and made a series of significant proposals, Hu said, and such efforts were highly valued and readily bolstered by the Chinese side. China is also obliged and ready to assist Uzbekistan in the hosting of the SCO summit next year, Hu said.     Karimov, on his part, said the development of bilateral relations is not only conducive to the two countries, but is also of great significance to maintaining peace and stability in the Central Asian region.     He said China is a most reliable and trust-worthy friend of Uzbekistan. Since the heads of state of the two countries met in Yekaterinburg in Russia earlier this year, bilateral practical cooperation have made substantial progress and entered a new era of development, and bilateral trade has grown rapidly, with a broad prospect of cooperation in the areas of natural gas, mining and cotton.     Karimov said, in response to the worsening of the international financial crisis, the Chinese government has adopted a series of effective measures to resolve the difficulties faced by China's economy and played an important role in promoting the growth of the world economy.     He said, against the backdrop of profound and complicated changes in today's world, Uzbekistan is ready to strengthen cooperation with China in various fields. He emphasized that Uzbekistan will adhere to the one-China policy and firmly support China's strike against the "three evil forces", "Taiwan independence" and "Tibet independence".     Karimov appreciated the major and active role that China has played in handling major international issues. He thanked China for its support to Uzbekistan in becoming the chair nation of the SCO.     He said Uzbekistan is ready to work with China to host a successful SCO summit in its capital of Teshkent next year.     Hu arrived in Ashgabat Sunday morning and will leave for home Monday.