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BEIJING, July 10 (Xinhua) -- China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan (7.32 billion U.S. dollars) since next week.     According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent.     The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent.     The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website.     These bonds are open to only individual investors, the MOF said.     Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can bepaid through direct deposit into the investor's account.     This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April.     The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each.     One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said.     The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent.     The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.

BEIJING, May 22 (Xinhua) -- Twenty-nine large and medium-sized Chinese steel producers reported 5.18 billion yuan (762.46 million U.S. dollars) in aggregate losses in the first four months, the China Iron and Steel Association (CISA) said here Friday.     The 29 producers were among 72 surveyed by CISA, the association's vice chairman, Luo Bingsheng, said.     The 72 companies reported 575.59 billion yuan in revenue, down 18.9 percent year on year, Luo said. They paid 15.42 billion yuan in taxes, down 85.07 percent year on year, Luo said.     Losses were mainly caused by slumping domestic steel prices, Luo said.     Many producers have cut costs, and the production cost of steel dropped 13.75 percent in the first quarter, Luo said.

CHENGDU, June 3 (Xinhua) -- Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. (Tengzhong), a private Chinese firm who has struck a preliminary deal with General Motors Corp. (GM) for the premium SUV brand Hummer, said Wednesday it has no plan to manufacture Hummer in a Chinese plant. "Rather than setting up a plant in China, Tengzhong will use the current facilities including their employees in the United States," said Zhao Xiaolu, spokesman for the ongoing transaction for Tengzhong, a leading manufacturer of road, construction and energy industry equipment based in southwest China's Sichuan Province,     Zhao works for the Brunswick Group, which is handling the public relations matters for the Tengzhong deal. Tengzhong's managers were not available for comment on the transaction, which was disclosed Tuesday, a day after GM filed Chapter 11 bankruptcy. File photo taken on March 11, 2009 shows Hummer CEO James Taylor (R) presenting a Hummer model to a local official in Deyang, southwest China's Sichuan Province. U.S. automaker General Motors Corp., a day after filing Chapter 11 bankruptcy, has a tentative deal to sell its Hummer brand to Chinese-based Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd., the automaker said on June 2.     According to an overall restructuring plan, the U.S. based automaker GM will shed off its none-core assets including Hummer, Saturn, Saab and Pontiac.     The preliminary deal allows Tengzhong to keep the management and operational team along with the Hummer brand, and secure more than 3,000 jobs in the United States. The Chinese buyer will also assume existing dealer agreements relating to Hummer's dealership network.     Tengzhong CEO Yang Yi said in a statement Tuesday that the company will "allow Hummer to innovate under the leadership and continuity of its current management team".     James Taylor, Hummer chief executive officer, went to Chengdu City and Deyang City, Tengzhong's current base and new base under construction, to discuss project cooperation with local officials in March.     "This transaction, if successful," said Taylor in a statement Tuesday," will allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners."     According to Zhao, Tengzhong will use internal fund and bank loan to make the transaction, which will be a "strategic move for the company to expand into the premium off-road vehicle segment". Formed in 2005 through a series of mergers, Tengzhong currently has more than 4,800 employees.     "It is probably more attractive for Chinese enterprise like Tengzhong to learn from the foreign brand's past successful experience in research, design, marketing and service," said Guo Guoqing, a professor with the School of Business, Renmin University of China.     Xu Zhaohui, head of the Sichuan Provincial Department of Commerce, said the officials will "strive to serve the transaction", which is expected to close in the third quarter of this year and is subjected to customary closing conditions and regulatory approvals.     In recent years, there have been several headline purchases of foreign auto brands by Chinese enterprises. A Hummer is on sale at a dealer in Flint, Michigan, the United States, May 30, 2009. General Motors Corp (GM) announced on June 2 that it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand, a day after it filed for bankruptcy protectionIn 2004, Shanghai Automotive Industry Corporation Group (SAIC)purchased 48.9 percent equity of Ssangyong Motor, the fourth largest automaker in the Republic of Korea (ROK). In 2005, Nanjing Automotive bought collapsed British brand MG. And this March, China's largest independent carmaker Geely Automobile acquired Drivetrain Systems International, the world's second largest auto transmission supplier.     "Acquisition of overseas brands by Chinese enterprises could help these brands go over operational dead end, and expand in the vast Chinese market," said Guo.     All the world's main auto markets are in decline except form China. In the first quarter, almost 2.68 million vehicles were sold in China, which marked a 3.88 percent increase year on year.     However, not all foreign auto brands revived under Chinese management. In February, a Seoul court granted Ssangyong Motor bankruptcy protection. SAIC was deprived of management control despite its 51 percent ownership.     "Declining asset prices amid the financial crisis do not always mean a good bargain for the buyer," said Zhang Zhiyong, the chief adviser on auto market with Mingyuan Consultancy in Beijing, "a Chinese automaker should choose a foreign brand with conforming strategy and similar culture for possible acquisition."     The fuel-hungry brawny Hummer also pose new challenges for Tengzhong to control cost and boost competitiveness after takeover. Statistics from local vehicle management section showed that Hummer vehicles are only owned by about 10 people in Sichuan's capital Chengdu currently.     "We will be investing in the Hummer brand and its research and development capabilities," said Yang Yi in a Tuesday statement, " which will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles."  (Xinhua reporters Yan Sanjun, Guo Xin, Cheng Xie and Chen Kai also contributed to this story)

BEIJING, May 2 (Xinhua) -- President Hu Jintao on Saturday urged young Chinese to embrace "patriotism," "diligence," "practice" and "devotion" to rejuvenate the Chinese nation.     Young people should courageously shoulder their historic mission and work hard with the whole nation to build socialism with Chinese characteristics, Hu said. Chinese President Hu Jintao (front) waves to teachers and students in the China Agricultural University, in Beijing, May 2, 2009. President Hu Jintao on Saturday urged young Chinese to embrace "patriotism," "diligence," "practice" and "devotion" to rejuvenate the Chinese nationHe made the remarks during a visit to Beijing-based China Agricultural University ahead of the Chinese Youth Day, which is Monday.     The day originated from the "May Fourth Movement," a mass student movement in China that began on May 4, 1919. It spearheaded a national campaign to overthrow the feudal society and promote scientific and democratic ideas.     Hu, also general secretary of the Communist Party of China (CPC) Central Committee, said that in the past 90 years, generations of young Chinese, encouraged by the "May Fourth" spirit which highlights patriotism, progress, democracy and science, have made unremitting efforts in pursuit of the grand goal of rejuvenating the Chinese nation. Chinese President Hu Jintao (R) shakes hands with teachers and students during his visit to the China Agricultural University, in Beijing, May 2, 2009."Now, the bright prospect of realizing that goal has dawned before us, and the best way for modern young people to remember the movement and the forerunners is to work persistently with the whole nation for the progress of the socialist cause with Chinese characteristics," he said.     The tasks the students shoulder are heavy and their mission is glorious, the president said, encouraging them to uphold patriotism, study diligently, practise what they have learned at school, and dedicate themselves to the society by working hard for the bright future of the country. Chinese President Hu Jintao (C) talks with teachers and students in a greenhouse during his visit to the China Agricultural University, in Beijing, May 2, 2009. "First, I hope you will always uphold the banner of patriotism, as it is the spiritual backbone that has sustained the Chinese nation through all the tribulations."     Hu said that in modern China, the most distinctive theme of patriotism is promoting the socialist modernization through reform and opening-up, building a well-off society and turning the blueprint of rejuvenating the Chinese nation into reality. He urged the students to realize the value of their lives through working for the country and the people.     Secondly, he encouraged the students to study hard to lay a foundation for their future progress in life. "Our country's modernization drive calls for a large number of high-quality professionals, and so long as you study diligently, you will become useful people for the nation's development." Chinese President Hu Jintao (C) talks with teachers and students in a greenhouse during his visit to the China Agricultural University, in Beijing, May 2, 2009.Thirdly, Hu called on the students to put what they've learned at school into social practice and undergo the test of harsh environment. "I hope more students will voluntarily temper themselves at the grassroots level and work at places where the country and people need them most."     He also called for devotion from the young people, urging them not to just seek personal interests but dedicate themselves to the society. Chinese President Hu Jintao (L) shakes hands with a student in a greenhouse during his visit to the China Agricultural University, in Beijing, May 2, 2009.Hu also visited the university's greenhouse and biological labs, praising its contribution to the country's agricultural development.     Concerned with the issue of graduate employment, Hu encouraged the students to voluntarily choose to work at the grassroots level, and told the school to offer better service in helping them find jobs. Chinese President Hu Jintao (C, front) talks with a student in a greenhouse during his visit to the China Agricultural University, in Beijing, May 2, 2009

MILAN, May 18 (Xinhua) -- Top Chinese legislator Wu Bangguo arrived in the Italian city of Milan on Monday for an official goodwill visit to the country.     Wu, chairman of the Standing Committee of China's National People's Congress (NPC), began his tour in Italy at the invitation of Italian Senate President Renato Schifani and Chamber of Deputies President Gianfranco Fini.     In a written statement released at the airport upon his arrival, Wu said China is ready to work with Italy to maintain the sound momentum of practical cooperation so as to make contributions to overcoming the international financial crisis and spurring the recovery of the world economy. Wu Bangguo (R Front), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, arrives in Milan on May 18, 2009 at the start of an official goodwill visit to Italy    Wu is scheduled to meet with Italian President Giorgio Napolitano, Prime Minister Silvio Berlusconi as well as heads of both houses of the Italian parliament and other Italian leaders to exchange views on bilateral relations and other regional and international issues of common concern.     Wu is also to visit a research and development center of the Italian National Agency for New Technology, Energy and the Environment (ENEA), which shows China's interest in using European technologies to improve energy efficiency of its economy.     After Chinese President Hu Jintao's attendance at the London G20 summit in April and Chinese Premier Wen Jiabao's Europe tour in January, Wu is yet another senior Chinese leader to visit Europe in the past few months.     Against the background of the worsening global financial crisis, Wu's visit highlighted the importance that China attaches to cooperation with Europe in addressing global challenges.     Italy, which currently holds the rotating presidency of the G8 group, will host a summit between the leaders of G8 nations and developing countries in June. Hu is expected to attend the meeting.     Wu's visit coincides with a G8 environment ministers meeting that is to be held in Italy on May 22.     China and Italy have witnessed smooth development of bilateral ties in recent years. Berlusconi visited Beijing for the Asia-Europe summit last October.     Besides Milan, Wu is also to visit Rome, Florence and Venice. Italy is the final leg of Wu's three-nation Europe tour, which had already taken him to Russia and Austria.