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BEIJING, Nov. 26 (Xinhuanet) -- The Shanghai municipal government is making moves to enhance its mergers and acquisitions (M&As) market, a move in tune with the cosmopolitan city's ambition to make itself a global financial hub by 2020.The city will initially actively propel the construction of its financial market and M&A-related auxiliary services, especially the agents who facilitate deals, to aid these activities, said Shanghai Vice-Mayor Tu Guangshao on Thursday.He said the local government is also considering setting up a China Mergers and Acquisitions Association in Shanghai.Meanwhile, plans to open an M&A museum are also in the pipeline to help create an M&A culture in the city."We've made concrete efforts to encourage benign conditions to allow these plans to materialize," Tu said.The M&A market, in turn, will help catalyze improvements in the city's financial market functions, structures, and systems, as well as boosting badly needed adjustments to its economic structure. This will help Shanghai further speed up its plans to become a global financial center by 2020, an ambition which was approved by the State Council in March 2009.According to figures from the Shanghai headquarters of the People's Bank of China (PBOC), there are 11 financial institutions running M&A loan businesses in the city, lending more than 10 billion yuan (.5 billion) during the first seven months of this year.The central government in September issued guidelines on the promotion of enterprise M&A in six major industries, including automobiles and cement, to accelerate cross-border corporate restructuring and cater for the nation's aim of rebalancing the economy as the 12th Five-Year Plan (2011-2015) approaches."We should increase support for cross-border M&A activities, which is of great significance to China's economy and will help stimulate the Asian economic recovery," said Su Ning, board chairman of China UnionPay, the country's only credit card network.The former vice-governor of the PBOC also urged more private firms, which have actively sought areas of overseas expansion, to participate in cross-border deals using their extensive capital resources.China's private economy accounts for more than half of the nation's gross domestic product, according to Huang Mengfu, vice-chairman of Chinese People's Political Consultative Conference. "Active private investment, as such, is pivotal to the nation's economic development the non-State economy will certainly replace investment by State-owned firms as a driving force to boost the Chinese economy after the financial crisis," said Huang, who also serves as chairman of All-China Federation of Industry and Commerce.Privately owned auto maker Zhejiang Geely Holding Group in August completed its .8 billion acquisition of a stake in Volvo Car Corporation, a move which emphasizes the desire of China's cash-rich private companies to make acquisitions abroad.In addition, industry experts said that financial institutions should develop more financial innovations to supply China's overseas acquisition wave, and encourage more private equity funds to participate in cross-border deals, rather than simply focusing on pre-Initial Public Offering projects.

BEIJING, Jan. 7 (Xinhua) -- Chinese President Hu Jintao will pay a state visit to the United States from Jan. 18 to 21 at the invitation of U.S. President Barack Obama, Foreign Ministry spokesman Hong Lei announced Friday.

GUANGZHOU, Dec. 12 (Xinhua) -- Chinese Vice Premier Li Keqiang on Sunday met with foreign leaders and international sports organization officials who were in Guangzhou to attend the opening ceremony of the Asian Para Games.Among the foreign guests Li met were Philip Craven, president of the International Paralympic Committee, Datuk Zainal Abu Zarin, president of the Asian Paralympic Committee, and Jejomar Binay, vice president of the Philippines.Li extended warm welcome to them and spoke highly of their contribution to the Guangzhou Asian Para Games and the cause for people with disabilities.Chinese Vice Premier Li Keqiang (R) meets with the International Paralympic Committee President Philip Craven in Guangzhou, south China's Guangdong Province, on Dec. 12, 2010. The opening ceremony of the 2010 Asian Para Games was held in Guangzhou Sunday.He also said the Chinese government would further support the cause for people with disabilities to create more favorable conditions for them to integrate into society.Li declared the opening of the games Sunday evening at the Olympics Stadium of Guangzhou, capital city of south China's Guangdong Province.The Asian Para Games will last for a week.

BEIJING, Nov. 23 (Xinhua) -- China's drug watchdog has launched a campaign to expose and crack down on illegal spread and selling of drugs on the Internet."Food and drug administration departments at all levels should explore effective methods to stop the sale of fake or inferior-quality drugs, especially those advertised and sold on the Internet," said Shao Mingli, head of the State Food and Drug Administration (SFDA), Tuesday at a meeting.According to SFDA's monitoring on six major search engines including Google and Yahoo, after typing the key words of "medicine" plus a type of common disease, such as "diabetes" or "high blood pressure," 10 to 30 percent of search results contained illegal drug-related information.Figures show that, among 196 web pages being monitored, 96 percent did not have or failed to show certificates for drug-related trades or other services. Some 39 percent have no Internet Content Provider (ICP) records in the database of telecommunication management departments.ICP is a permit to run web sites in China.According to the SFDA, these illegal sites usually advertise or sell drug products in the name of large hospitals or research institutes. Some even forged pages of the SFDA drug database to fool buyers that their drugs had been approved by the administration.The campaign is part of a nationwide crackdown on the violation of intellectual property rights and the production and distribution of fake and shoddy products, which began earlier this month.

UNITED NATIONS, Nov. 16 (Xinhua) -- China's UN Ambassador Li Baodong on Tuesday expressed hope for a "peaceful, free, transparent and fair" referendum to be held in south Sudan early next year."The south Sudan referendum is a key step in the implementation of the Comprehensive Peace Agreement (CPA), but it is not an end in itself," Li told a high-level meeting of the UN Security Council here."We hope that the referendum will be held in a peaceful, free, transparent and fair manner in accordance with the CPA and reflect the will of the Sudanese people, and that the outcome of the referendum will be respected by all parties."The ambassador urged the northern and southern Sudan to "try their utmost to expedite the preparations for the referendum," and called on the international community to create favorable conditions for the referendum, "but not to prejudge its outcome.""Neither party must take unilateral actions," he stressed. " Whatever the outcome of the referendum, it is necessary to ensure the overall peace and stability of Sudan and the whole region."The Chinese envoy also expressed concern about "the serious lacking behind of the political process" in Darfur, which poses the "most prominent challenge" for the settlement of the question of Darfur.He urged those Darfur parties that have yet to join the political process to do so immediately and without conditions.Li announced that the Chinese government has decided to make an additional donation of 500,000 U.S. dollars to the UN Trust Fund for the political process in Darfur.