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Wuhan -- China's first bank-invested trust company is officially set up in Wuhan, capital of central China's Hubei Province, on Sunday.The new trust company is held by the Bank of Communications (BOCOM), China's fifth largest lender, and Hubei provincial finance department, which control 85 percent and 15 percent of the total shares respectively.The BOCOM invested 1.2 billion yuan (about US0m) to buy the shares of the Hubei international trust and investment company, the first commercial bank investment in a trust company approved by the China Banking Regulatory Commission.Jin Dajian, chairman of the new company named "jiaoyin-guoxin", or BOCOM-International Trust, said the company would focus on "professional wealth management".Jin called the establishment of the new trust company "a breakthrough for China's trust industry", given that the country's law on commercial banks, effective since 1995, did not allow commercial banks to make trust investment.The regulation was not lifted until the end of last year, when the China Banking Regulatory Commission encouraged financial institutions, including commercial banks, to acquire trust companies.The BOCOM, a large state-owned commercial bank, was established in 1908, and the Hubei international trust investment company was founded as a non-banking financial institution under Hubei provincial government in 1981.
The CCTV footage shows that China's first lunar probe Chang'e-1 successfully completed its 1,580,000-km flying journey to the moon after entering its final working orbit on Wednesday's morning, Nov. 7, 2007. [CCTV.com]China's first lunar probe, Chang'e-I, completed its 1,580,000-km flying journey to the moon successfully on Wednesday's morning after entering its final working orbit.The probe, following the instructions of the Beijing Aerospace Control Center (BACC), started its third braking at 8:24 am and entered a 127-minute round polar circular orbit at around 8:35 am after completing the braking."The probe will travel along the orbit at a stable altitude of 200 km above the moon's surface. In each circle, it will always pass the two polars," said Wang Yejun, chief engineer of the Beijing Aerospace Control Center (BACC).The round orbit is also the final destination of the probe, where it is supposed to start carrying out all the planned scientific exploration tasks.It was originally designed to stay on the orbit for one year, but a researcher estimated that fuel saved by smooth operations and precise maneuvers may prolong its life span.Chang'e-I, named after a legendary Chinese goddess who flew to the moon, blasted off on a Long March 3A carrier rocket on Oct. 24 from the Xichang Satellite Launch Center in southwestern Sichuan Province.

BEIJING, Mar. 1 -- Mrs Zhang is very much looking forward to the opening of Beijing's new Line 10 metro route. On Friday, the 72-year-old was buffeted and bashed as she tried to get on a bus at Guomao, where she had been visiting her son at his office. She wanted to get to Shuangjing, she said, but the crowds were so big and boisterous, she kept getting pushed to the back of the queue. However, she knows that when the new Line 10 opens, her journey will be a lot less stressful. "I really wish I could take the subway. It's faster and less painful," she said, doing her best to avoid the crowds and passing buses. Scheduled to open in June, Line 10 will provide a high-speed link for commuters - and their elderly relatives - between Bagou in the west and Jinsong in the south. On Friday afternoon, Zhou Zhengyu, deputy director of the Beijing municipal committee of communications, joined a group of journalists to try out the new route. The 15.5-billion-yuan (2.18 billion U.S. dollars), 25-km line, along with two other routes linking the airport and the Olympic Green, will open in June, once testing has been completed - just in time for the millions of Olympic visitors, he said. "But we won't slow down our construction plans once the Games have finished," Zhou told China Daily inside one of the line's new carriages. "In fact, we will accelerate our development plans to provide an even better service for the people of Beijing." Since the opening of Line 5 in October, the number of passengers using the subway has risen by more than a third, he said. By 2015, Beijing's metro will stretch more than 561 km and feature 420 stations, Zhou said. The existing network spans 155 km and has 93 stations, with the cost to develop each additional kilometer averaging out at about 500 million yuan, Liu Hongtao, a senior official with the Beijing railway transportation construction corporation, said. He told China Daily the massive infrastructure project was already progressing well. "Three lines are close to completion, one is under construction, and ground has been broken at six others," he said. "The total cost of all the extra lines will be something like 200 billion yuan by 2015," he said. "The government's usual annual budget for public transport is about 1 billion yuan," Zhou, who will be in charge of public transport in Beijing for the next five years, said. Wang Hailong, who has worked as a taxi driver in the capital for the past five years is not worried about the metro taking away his business. "The new subway does us little harm," he said. "And it will certainly ease the pain of millions of people who now travel by bus."
Chinese residents along the Huaihe River have been urged to gear up for their second tough combat against floods in a week as the receding flood water on some branches started rising again on Saturday after torrential rains.The upper-reach Nanwan Water Dam and Shishankou Reservoir have got an average rainfall of 150 mm and 315 mm respectively on Friday, resulting a twist in the ongoing combat against the worst flooding on the Huaihe River since 1954. ¡¡ Chinese Premier Wen Jiabao talks to a child during his visit to the flood-hit Funan County in East China's Anhui Province, July 13, 2007. Continuous heavy rainfall has been battering a large part of eastern and southern China, with some parts witnessing the worst floods in decades. [newsphoto]The water level on the crucial Wangjiaba Hydrological Station may soon surge above the danger line as more rains have been forecast in the next few days, said Cheng Dianlong, deputy director of the Office of the Flood Control and Drought Relief Headquarters. Thirteen sluices at Wangjiaba station were opened Tuesday to divert flood water into the Mengwa Buffer Zone home to 150,000 people to provide relief to more than 2 million flood-hit residents in Henan Province. ¡¡ Nearly half a million people have been evacuated from the projected path of floodwater from the Huaihe River by Friday. Cheng said that the Henan hydrological departments on the upper reaches have made good use of reservoirs and water dams to alleviate pressure downstream Saturday. The flux into the Nanwan Reservoir registered at 2,760 cubic meters per second, however that out of the reservoir was¡¡reduced to 200 cubic meters per second. "The Huaihe riverbanks have been lashed by swelling water for several days. Putting up good defense will become increasingly difficult as more torrential rains are to come," he said. The headquarters issued an emergency notice Saturday to all local governments along the Huaihe River, requiring them to surmount fatigue, remain high alert and carry forward the spirit fostered in battling the 1998 Yangtze River flooding which killed more than 3,000 people and inflicted about 100 billion yuan (about 13 billion U.S. dollars) in economic losses. The notice urged them to take all adverse situations into consideration to reinforce preventive measures, continue to put the human first and safeguard the lives and assets of the people by arranging for relocation in advance. Along the Yangtze River, Guizhou, Hunan and Hubei provinces and Chongqing Municipality have been stricken by floodwater as heavy rainfall had lifted up the water levels of some branches. The Pipazui and Zhengjiahe Hydrological Stations on the tributary Fuhe River have both registered their highest water levels in history. Landslides triggered by mountain torrents killed six and caused three missing in Zhijin County of Guizhou Province, affected more than 673,000 people in Chongqing and inflicted the municipality 182 million yuan in direct economic losses. Some 1,630 people in Jingshan County of Hubei were evacuated in emergency as the water collected in downtown areas were 0.5 to 1.5 meter deep. By Friday, a total of 403 Chinese had been killed with 105 missing and 3.17 million people have been relocated as the rainy season coupled with ferocious flood waters continues to batter central and southern China.
DALLAS -- Several leading US airlines have asked federal regulators for the right to operate new nonstop flights between the United States and China beginning in March 2009.American, the largest US carrier, said it applied Monday for a route from Chicago's O'Hare Airport to Beijing. A similar bid failed several months ago, partly because American's management and pilots couldn't agree on work rules for the flights.Continental applied Monday to fly between Newark, N.J., and Shanghai. The Houston-based airline said its flights would serve the financial hub of New York and a large Chinese-American population in the area. US Airways said it is seeking to offer nonstop service between its Philadelphia hub and Beijing, China. Delta Air Lines Inc. asked to fly from Atlanta to Beijing and Shanghai; and Northwest Airlines Corp. filed to offer service between Detroit and the same two Chinese cities. UAL Corp.'s United Airlines proposed to fly between San Francisco and Guangzhou starting in 2008, and between Los Angeles and Shanghai in 2009. Air service between the two countries is restricted by agreements between the two governments. US airlines eager to tap the growing Chinese market must apply to the Department of Transportation for new routes. In the competition for Chinese routes, US airlines gather support from politicians and customers to sell their proposals to federal regulators. For example, American, a unit of Fort Worth-based AMR Corp., boasted support from four US senators and three governors. Schwarzenegger favors proposal for non-stop flights to China California Governor Arnold Schwarzenegger said Tuesday that he favored a proposal for non-stop air services to China from two major Californian cities. Schwarzenegger made the remarks after United Airlines submitted an application to the US Department of Transportation Monday to add daily, non-stop services from San Francisco and Los Angeles to China in 2008 and 2009. "China's more than 1 billion citizens represent an important market for Californian products and services," Schwarzenegger said in a statement e-mailed to Xinhua. "United Airlines' proposal to add a daily, non-stop service between our state and China is a great opportunity to promote California tourism and pump up our state's economy," said the governor. "Direct flights between California and China will only have a positive impact on our state and I look forward to working with United Airlines in the future as we continue to strengthen our economic ties with this important Pacific Rim partner," he added. United Airlines' application proposes a non-stop service between San Francisco and Guangzhou in 2008, and a daily non-stop service between Los Angeles and Shanghai in 2009. In 2006, exports from California to China totaled almost 10 billion dollars, up from 5.5 billion dollars in 2003 when the governor took office, according to the statement. California is the number one US state in terms of total exports to China and the top exports include computers and electronic products, waste and scrap materials, transportation equipment and heavy machinery.
来源:资阳报