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BEIJING, Aug. 6 (Xinhua) - China's Ministry of Agriculture Friday urged local authorities in flood-hit regions to step up efforts to resume agricultural production and create favorable conditions for the autumn harvest following this summer's severe floods.Local departments were ordered to accelerate water drainage, restore damaged infrastructures, strengthen field management, and plant mung bean, potatoes and buckwheat, which have short growth periods, to make up for losses, according to an official from the ministry.The official also required departments to clear away and carry out bio-safety disposal of dead livestock, while increasing epidemic control measures.As of July 21, more than 7 million hectares of farmland in China had been destroyed by torrential rains and floods, according to data from the State Flood Control and Drought Relief Headquarters.

BEIJING, July 7 (Xinhua) -- Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced Wednesday that it has set its A-share initial public offering (IPO) price at 2.68 yuan per share, hitting the high end of its IPO price range.The pricing of the shares means the bank could raise up to 10.12 billion U.S. dollars via the Shanghai portion of the IPO, as a greenshoe option has been exercised to expand the deal by 15 percent to 25.57 billion shares, ABC said in a statement filed with the Shanghai Stock Exchange.ABC plans a dual listing in Shanghai and Hong Kong in mid-July to replenish its capital base after a lending spree last year.It has yet to set the final IPO price for its Hong Kong portion, where it plans to sell 25.41 billion shares, excluding an over-allotment option.ABC set the price range for the Hong Kong portion at 2.88 to 3.48 HK dollars in late June.

BEIJING, July 13 (Xinhua) -- China Tuesday pledged to continue to promote the development of military relations with Singapore.Chinese Defense Minister Liang Guanglie made the remarks when meeting with Chiang Chie Foo, visiting Permanent Secretary of the Singaporean Defense Ministry.Recent years had witnessed a rapid development of China-Singapore relations, with political mutual trust, a reciprocal and mutually beneficial economic relationship and fruitful cooperation, Liang said.Bilateral military ties had undergone a healthy development, with sound exchanges and cooperation mechanisms, frequent high-level visits and good cooperation in personnel training, joint military training and escort missions, Liang said.China was willing to work with Singapore to continuously boost relations between the two countries and armed forces, so as to play an active role in jointly safeguarding regional security and stability, he said.Chiang said Singapore attached great importance to the development of its relations with China.The two armed forces were expected to maintain exchanges and cooperation and to strengthen understanding and mutual trust, he said.Ma Xiaotian, deputy chief of general staff of the Chinese People's Liberation Army, and Chiang co-chaired the third China-Singapore defense policy dialogue before the meeting.Both sides exchanged views in-depth on regional security, relations of the two countries and armed forces as well as other issues of common concern and reached consensus on further strengthening military ties.They agreed to continue to enhance China-Singapore military cooperation and promote the development of friendly and cooperative military relations.The two nations held the first defense policy dialogue in January 2008 in China and the second in March 2009 in Singapore.

BEIJING, June 12 (Xinhua) -- China's trade surplus would likely fall noticeably this year as exports outlook would not be optimistic while imports would remain robust, Ministry of Commerce spokesman Yao Jian said at a briefing Saturday.Exports growth would slow after July, Yao forecast, adding the surge in exports in May was due to a low comparison basis last year. China's exports in May surged 48.5 percent year on year, customs data released Thursday.China's trade surplus in the first five months fell 59.9 percent to 35.39 billion U.S. dollars. The figure in 2009 topped 196.07 billion U.S. dollars, down 34.2 percent year on year.Yao attributed the weak export outlook to the European sovereign debt crisis, rising commodity prices and labor costs."In the following months, the fallout from the debt crisis in Europe would gradually become apparent, and China would closely watch changes in its important exports markets including Germany, Spain and Italy," Yao said.China would maintain stable trade policies amid the crisis, and might adjust some policies in some specific industries for environmental protection purposes."Stable trade policies are a top priority when the external outlook is not clear," he said.Yao also told reporters that attempts by some U.S. lawmakers to include China's exchange rate policy into trade investigations on China's exports of aluminum extrusions and coated paper lacked factual support and did not conform to rules of the World Trade Organization.The WTO regulated trade policies instead of a country's overall financial or foreign exchange policies, he said.

HONG KONG, Aug. 22 (Xinhua) -- China Construction Bank (CCB), the country's second largest bank, said Sunday its net profit in the first half of this year jumped 27 percent to reach 70.78 billion yuan (10.4 billion U.S. dollars) from a year earlier and its non-performing loan (NPL) ratio dropped to 1.22 percent.In a filing to the Hong Kong stock exchange, CCB said its profit before tax amounted to 92.19 billion yuan, up 27.2 percent year on year.RAPID GROWTH IN H1Key contributors to the rapid year-on-year growth of net profit were increased credit supply, service and product innovation, and decreased impairment losses, according to the statement.Regarding credit supply, the bank said its average balance of interest-bearing assets rose by 18.26 percent in the first half, prompting net interest income to surge by 15.33 billion yuan, or 15 percent.On service and product innovation, CCB said net fee and commission income rose by 10.22 billion yuan, or 43.63 percent year on year, as a result of sustained rapid expansion of fee-based business.The Beijing-based lender also said its impairment losses fell by 2.995 billion yuan, or 23.36 percent, due to price rally in foreign currency debt securities with the improving market.CCB President Zhang Jianguo said in the statement that there were signs of recovery in developed economies and robust growth of emerging economies against the backdrop of a gradually warming-up global economy in the first half.China has sustained rapid economic growth, thanks to the government's ongoing stimulation of domestic demand, he said. Foreign trade has gradually improved, while investment and consumption spending have continued to expand at a fast pace, and China's overall financial market performed steadily in the first half.Amid the European sovereign debt crisis and the Chinese government's macro-control policies in the property sector, domestic capital and property markets have undergone noticeable adjustments and are experiencing increasing uncertainties about the future market direction, he said.According to the statement, CCB's net interest income was 117.8 billion yuan, an increase of 15.33 billion, or 14.96 percent year on year.But compared to the same period of 2009, CCB's net interest spread for the first half of this year had dropped by two basis points to 2.32 percent, largely because the yield of interest- bearing assets decreased more than the cost of interest-bearing liabilities, it said.In the first half, CCB's interest income surged by 11.22 billion yuan, or 6.66 percent year on year to 179.65 billion yuan. While the interest expense was 61.85 billion yuan, a year-on-year decrease of 4.12 billion yuan, or 6.24 percent.The bank said its credit asset quality had steadily improved, with non-performing loans standing at 65.17 billion yuan by the end of June this year, a decrease of nearly 7 billion yuan over the end of 2009.