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BEIJING, Feb. 26 (Xinhua) -- Chinese share prices registered a dramatic 3.87 percent drop Thursday as investor confidence collapsed ahead of the wary market performance and caused panic selling, analysts said.     The decline on overseas markets also had a negative effect.     The benchmark Shanghai Composite Index, which covers both A and B shares, opened higher after the government announced stimulus plans, but dipped 85.05 points, or 3.87 percent, to 2,121.52 points in the afternoon session.     The Shenzhen Component Index on the smaller Shenzhen bourse dropped to 7,777.90 points, down 463.76 points, or 5.63 percent.     Total turnover was 198.52 billion yuan (29.07 billion U.S. dollars), down from 209.05 billion yuan on Wednesday.     Losers led gainers by 841 to 34 in Shanghai and 719 to 36 in Shenzhen.     The weak performance of both the Wall Street and Hong Kong shares had cast a shadow over the mainland market, said analysts.     The financial sector, which led a market rebound Wednesday, failed to support the market in afternoon trading as it dipped 4.76 percent.     Shenzhen Development Bank, which almost fell by the 10-percent daily limit, ended up with an 8.91 percent drop to 13.8 yuan.     China Merchants Bank, which rose by 9.57 percent Wednesday, slipped4.36 percent to 14.27 yuan.     Machinery, automobiles, media and semiconductor sectors led the retreat, dropping 7.88 percent, 7.54 percent, 7.68 percent and 7.79 percent, respectively.     Non-ferrous metals also fell by 7.54 percent though the government announced a stimulus package for the industry Wednesday.     Chenzhou Mining, Corun New Energy, Tibet Mining, Advanced Technology and Materials, Western Metal Material, Sichuan Hongda and Xiamen Tungsten fell by the 10-percent daily limit.     Yongan Forestry bucked the trend, rising by the 10-percent daily limit. The forestry sector managed to close at no more than a 2 percent decline, as domestic media reported a government stimulus plan for forestry was under discussion.     China Eastern Airlines, one of the country's top three airlines, announced Thursday that its shareholders had passed a share placement plan which intended to raise 7 billion yuan from its parent company, China Eastern Group.     The company will issue 1.44 billion Shanghai-listed A shares at a price of 3.87 yuan per share, as well as 1.44 billion Hong Kong-listed H shares at 1.00 yuan each, according to the announcement.     The fund would reduce the company's asset liability ratio and improve its financial situation, said the company.     China Eastern Airlines shares were suspended Thursday.     Hong Kong shares dipped 0.85 percent to 12,894.94 points Thursday, while U.S. stocks fell Wednesday. The Dow Jones industrial average was down 80.05 points, or 1.09 percent, at 7,270.89. The Standard & Poor's 500 Index dropped 8.24 points, or 1.07 percent, to 764.90. The Nasdaq Composite Index dropped 16.40 points, or 1.14 percent, to 1,425.43.

BEIJING, Feb. 3 (Xinhua) -- Chinese Vice President Xi Jinping has stressed on Tuesday the importance of studying and applying the Scientific Outlook on Development in the work of government organizations at all levels during the economic downturn.     Xi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks here at a meeting on studying and applying the Scientific Outlook on Development.     Xi urged government officials at all levels to summarize their working experiences, improve ruling sufficiency and correct mistakes.     He said any concepts that were not compatible with or went against the Scientific Outlook on Development should be changed.     He also urged that problems related to government officials' credibility and capability be solved to ensure that officials should be educated, scientific development sped up and people's demands met.

BEIJING, March 18 (Xinhua) -- China's top political advisor Jia Qinglin said Wednesday the central government had great confidence in continued prosperity and stability of the Hong Kong Special Administrative Region(HKSAR).     Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference, made the remarks when greeting with a delegation of social workers from Hong Kong headed by Mrs. Betty Tung, wife of the SAR's former Chief Executive Tung Chee-hwa.     Mrs. Betty Tung set up the organization in 1998, mobilizing volunteers to help needy youth and women.     Jia, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, welcomed the visit of the delegation and praised its contribution to the region's prosperity and stability.     He said, "China has confidence and the ability in overcoming the global financial downturn, which brought us challenges and opportunities as well."     The mainland will always be a strong supporter of the Hong Kong SAR.

RIYADH, Feb. 11 (Xinhua) -- Visiting Chinese President Hu Jintao said Wednesday that China will seek an early free trade agreement (FTA) with the Gulf Cooperation Council (GCC).     "The FTA is in the fundamental and long-term interests of both sides and will help deepen their mutually beneficial cooperation and achieve common development," Hu said during a meeting with GCC Secretary General Abdul Rahman Al-Attiya in Riyadh, where the council is headquartered.     "China will work actively toward signing the agreement at an early date," Hu said. Chinese President Hu Jintao (R) shakes hands with Abdul Rahman Al-Attiyah, secretary general of the Gulf Cooperation Council (GCC), in Riyadh, capital of Saudi Arabia, Feb. 11, 2009. Hu is in Saudi Arabia for a state visit    Al-Attiya echoed Hu's views and pledged efforts to complete the FTA talks as soon as possible.     China and the GCC launched FTA negotiations in July 2004, and the first round of the talks took place in April 2005.

BEIJING, March 29 (Xinhua) -- Chinese Vice Premier Wang Qishan has called on the international community to "act together" at the upcoming London summit to get through the global financial crisis, in an article published by the British newspaper The Times on Friday.     In the article entitled "G20 must look beyond the needs of the top 20," with a subtitle "China believes the developing world should have a stronger say in how the international financial system is run," Wang urged all heads of states to be present at the G20 London summit to "act together to get through the time of hardship."     After the financial crisis broke out, China was quick to put in place a decisive plan to boost domestic demand, advance economic restructuring and improve people's well-being, which have started to produce results, said the vice premier.     However, the Chinese economy still faces severe challenges, including to meet the demanding goal of maintaining economic growth by boosting domestic demand, ensuring employment and readjusting the economic structure. China also has to cope with shrinking external demand caused by the global economic downturn and trade and investment protectionism, Wang said.     "China will continue to take forceful measures to maintain steady and fast economic growth and contribute its share to an early recovery of the world economy," Wang pledged in the article.     Since the G20 summit in Washington last year, said Wang, China has provided a lot of assistance and support through a variety of means to a number of countries and regions, and played a part in the creation of significant Asian and global economic and trade initiatives.     The Chinese leader stressed the significance of the international community to enhance coordination and cooperation to overcome the current difficulties.     "Efforts should be made to expand trade and investment cooperation to bolster economic growth, step up cooperation among small and medium-size businesses to ensure employment stability, and strengthen cooperation in energy conservation and emissions' reduction, environmental protection and development of new energy technologies to nurture growth points for the world economy," Wang suggested.     He firmly rejected trade and investment protectionism of all kind. "The international community should recognize that the trend towards economic globalization is irreversible and should take credible steps to reject all forms of trade and investment protectionism," he said.     Wang also called on the international financial system to be reformed, "with the focus on readjusting the governance structure of international financial institutions and increasing the representation and voice of developing countries." He asked the London summit to set a clear goal, timetable and road-map for such reform.     To prevent similar crisis from happening again, Wang, also a Chinese economic expert, suggested prudent regulation of all financial markets and institutions involved to be tightened and regulatory coordination and cooperation at both the regional and international levels to be increased.     On the hot topic of increasing financial resources for the International Monetary Fund (IMF), he said China supports the increase as far as the fund is safe and reasonable returns can be ensured.     "China is ready to play an active part in exploring ways to raise resources and will contribute to this effort within its ability," Wang said. He asked the IMF to mobilize resources through the "quota-based" system as well as voluntary contributions, striking a balance between the rights and obligations of the contributing countries.     As a return, said the Chinese vice premier, the IMF must enhance capacity-building, reform governance structure and ensure that the resources play a significant role in easing the international financial crisis and countering the global economic downturn. China inclines to see the resources mainly to be used to help developing countries which are seriously hit by the crisis, Wang said.     Leaders of the world's 20 largest economies will meet in London on Thursday to discuss, among other things, a coordinated response to the current global financial crisis