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BEIJING, Aug. 5 (Xinhua) -- China vowed to deepen its financial system reform and promote more efficient financial intermediation in support of domestic demand, according to a fact sheet released here on Wednesday. To meet the commitment, China would promote interest rate liberalization and consumer finance, said the economic track joint fact sheet of the first U.S.-China Strategic and Economic Dialogue (S&ED).     It said China would accelerate the allocation of QFII quotas to billion and continue to allow foreign-invested banks incorporated in China that meet relevant prudential requirements to enjoy the same rights as domestic banks with regard to underwriting bonds in the inter-bank market.     China would gradually increase the number of qualified joint-venture securities companies that can participate in A-share brokerage, proprietary trading and investment advisory services subject to the condition of meeting relevant laws and regulations.     The country would also support qualified overseas companies to list on Chinese stock exchanges through issuing shares or depository receipts and continuously support qualified Chinese companies to be listed abroad, including in the United States, said the fact sheet.     From the U.S. side, the country would pursue comprehensive reform of financial regulation and supervision to create a more stable financial system and to help prevent and contain potential future crises.     Regulation and supervision would be strengthened to ensure that all financial firms that pose a significant risk to the financial system will be well regulated, major financial markets will be strong enough to withstand system-wide stress and the failure of large institutions, and the government has the tools it needs to respond rapidly and effectively when problems arise, the fact sheet said.     The United States pledged to continue to have strong oversight of the Government Sponsored Enterprises (GSEs). Through Congressional action, the country remained committed to ensuring that the GSEs were able to meet their financial obligations, it said.     The country was committed to undertaking a process of exploring the future of the GSEs, including through seeking public input, and the U.S. government resolved to report to Congress and the public by S&ED II.     In the joint fact sheet, China and the United States pledged continued close communication and coordination to promote financial stability and would work together to expedite the financial sector reform, to improve financial regulation and supervision, and to promote greater financial market transparency, so as to make their financial sectors more robust.     "We recognize the importance of ensuring sound regulation in our own countries and globally," said the fact sheet.     The two countries were undertaking IMF Financial System Assessment Programs (FSAPs) and would complete them in a timely manner,it said.     Both countries would continue to promote convergence towards a single set of high quality global accounting standards and would continue discussions on financial reporting matters.     "The United States and China welcome continued dialogue between the bilateral competent authorities on the oversight of accounting firms providing audit services for public companies in the two countries based on mutual respect for sovereignty and laws," it said.     The two countries would also conduct technical exchanges on the development of private pensions, and would share experiences and strengthen cooperation with regard to improvement of insurance regulation.     The first S&ED was held in Washington, D.C from July 27 to 28. The mechanism was jointly launched by Chinese President Hu Jintao and US President Obama during their meeting in April in London as a way to show elevation of the importance of China-U.S. cooperation under the new historical circumstances.  

HAIKOU, Aug. 10 (Xinhua) -- The bodies of two people were retrieved in south China's island province of Hainan on Monday, bringing the death toll from the tropical storm Goni to five, local officials said.     The fourth was a fisherman who was killed when the fishing boat "Qiongdanzhou 00301" was wrecked at the Yangpu Port, while the fifth one, a fisherwoman, died after "Qiongdanzhou 52153" sank near Danzhou City, officials said.     Another two fishermen on "Qiongdanzhou 00301" and "Qiongdanzhou 00878", as well as four crew members on a Cambodian vessel are still missing, said an official with the Hainan marine search and rescue center.     The difficulty of rescue has increased as the provincial meteorologic center warned of continuous thunderstorms in northwestern Hainan in the following 24 hours, he said.     More than 1.6 million people in Hainan Province were affected by Goni, which forced local authorities to relocate 92,000, officials said.     It toppled more than 575 houses and damaged 2,311, as well as inundated 68,000 hectares of cropland, he said.     Goni landed in Hainan Wednesday and left China at 5 p.m. Sunday.

CHANGCHUN, Sept. 8 (Xinhua) -- Chinese Vice Premier Hui Liangyu has urged more efforts to ensure grain production and improve rural livelihoods to ensure fast and steady rural development.     Hui made the remark at an agricultural products fair in Changchun, capital of the northeastern Jilin Province on Tuesday, saying the government will continue to see maintaining a fast and steady rural economic development as a top task.     He called for promotion of agricultural technology and products to increase the competitiveness of China's agricultural enterprises and their products in the global market.     "The overall situation about the country's agriculture and rural development is good, and China has seen a summer grain output growth for six straight years this year", he said.     He also urged more efforts to fight drought in parts of China and "try every means" to ensure harvest this fall and a continuous rise in farmers' income.     As of Sept. 8, a severe drought has affected 19.72 million mu (1.31 million hectares) of crops in seven provinces of Hunan, Guizhou, Jiangxi, Hubei, Guangdong, Guangxi Zhuang Autonomous Region and Chongqing, according to data from the Office of State Flood Control and Drought Relief Headquarters.     About 2.75 million people and about 1.20 million livestock had difficulties getting adequate water supply.

PHOENIX, Sept. 6 (Xinhua) -- At the invitation of the speaker of the U.S. House of Representatives Nancy Pelosi, Chinese top legislator Wu Bangguo arrived here on Sunday to begin his official visit to the United States on the final leg of his three-nation America tour.     In a written statement released at the airport upon his arrival, Wu, chairman of the Standing Committee of China's National People's Congress, highlighted the "historical" growth of the China-U.S. relations in the past 30 years since the two nations forged diplomatic relations, noting that the bilateral ties already become the most important and the most dynamic ones in the world. Wu Bangguo (L), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, shakes hands with Arizona Governor Jan Brewer greeting him upon his arrival at an airport in Phoenix of Arizona state Sept. 6, 2009. Wu Bangguo arrived here on Sunday for an official goodwill visit to the U.S., the final leg of his three-nation America tourWu will be visiting Washington Tuesday where he is expected to hold talks with Pelosi, meet with U.S. President Barack Obama, Vice President Joe Biden and Secretary of State Hillary Clinton.     "My visit to the United States is the first by a Chinese top legislator in the past 20 years," Wu said in the statement, noting that the purpose of his visit is to further implement the important consensus reached by the Chinese president Hu Jintao and Obama in an aim to push forward the positive, cooperative and comprehensive Sino-American relations.     Wu arrived here after he concluded his official visit to Cuba and the Bahamas.

BEIJING, Sept. 4 (Xinhua) -- China's government is adjusting its policies on imported technological equipment with the purpose of boosting domestic innovation and greater industrial restructuring and upgrading.     Key components and raw materials imported by domestic enterprises for manufacturing major technological equipment and products are exempted from import tariffs and value-added tax (VAT) as of July 1 this year, according to a joint communique issued by the Ministry of Finance and five other ministries Friday.     Tariff exemption for imported complete set of machinery and equipment will be revoked, according to the communique.     To ensure smooth transition, preferential policies for items which currently can not be wholly supplied domestically, if it is proved so after examination, will be phased out gradually.     Major State-backed key technological equipment includes clean energy power generating systems and nuclear power generating units of above a million kilowatts.     China's central government in March announced expenditure of 20 billion yuan (2.94 billion U.S. dollars) for this year, from a 908 billion yuan public sector budget, to help enterprises upgrade technology, energy efficiency and innovation.     It also unveiled a three-year plan in May to stimulate equipment-manufacturing industry, which lacks ability to innovate and had underdeveloped technology.     But experts said lack of funding and cooperation among research institutes still restrain China's technological transition.