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BEIJING, Sept. 17 (Xinhua) -- China's securities authority Thursday began reviewing applications of the the first seven IPOs for listing on the Growth Enterprise Market (GEM), a Nasdaq-style market in China. The seven enterprises covered fields of software, medical equipment and medicines. They planned to raise 2.27 billion yuan (332.65 million U.S. dollars). The review meeting was for the first time opened to journalists, who were allowed to watch the meeting for about ten minutes. The second batch of IPOs will be reviewed Friday and they plan to raise 1.13 billion yuan (165.30 million U.S. dollars), according to a report on the website of the China Securities Regulatory Commission (CSRC). IPO review meetings would be concentrated on these days, a CSRC official, who declined to be named, told Xinhua Monday. "IPO applications sent to the regulator were concentrated. The regulator had to take into consideration forming a block and guard against speculation that might push up IPO stocks prices," the official said. The CSRC started to accept applications of the GEM on July 26 and had received 155 applications for IPOs on the GEM as of Sept. 10. The CSRC has formally agreed to handle 149 enterprises' applications that aim to raise 33.61 billion yuan (4.92 billion U.S. dollars).
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.

DAMASCUS, July 30 (Xinhua) -- Syrian Foreign Minister Walid al-Moallem said Thursday that Syria is willing to enhance cooperation with China on the basis of mutual benefits. Moallem made the pledge during a meeting with Wu Sike, China's Special Envoy to the Middle East, and both sides discussed bilateral relations and the latest situation in the Middle East region. Wu reiterated that China supports Syria's commitment to achieving a just and comprehensive peace based on the relevant UN resolutions. Visiting China's speicial envoy on Middle East affairs Wu Sike (L) meets with Syrian Foreign Minister Walid Mualem in Damascus, capital of Syria, July 30, 2009 "The meeting with Minister al-Moallem focused on bilateral relations and the changes and developments in the region, where both sides expressed mutual support for the efforts in this regard to find a solution for the Middle East problem," Wu told reporters following the meeting. "I expressed gratitude to Syria, the government and people, for its support to China in a number of issues concerning China's sovereignty and territory integrity," the senior Chinese diplomat said. "We have distinguished relations with Syria and we are proud of these relations. However, we need to make efforts to develop bilateral relations further through political, economic and cultural cooperation and coordination in the international arenas," Wu added. Wu Sike arrived in Damascus on Thursday. As the special representative of the Chinese Foreign Minister, he had visited Algeria and Qatar before reaching Syria.
BEIJING, Aug. 8 (Xinhua) -- China will continue to strengthen international judicial cooperation with other countries, including the United States, a spokesperson for China's Ministry of Justice said. The unnamed spokesperson made the statement while commenting on the case of two former Bank of China (BOC) managers in southern Guangdong Province, who were convicted in a U.S. court last year of embezzlement and money laundering, the Legal Daily reported Friday. "China welcomed the verdict by the U.S. court," which sentenced Xu Chaofan and Xu Guojun, two former managers of the BOC Guangdong Kaiping Branch, and their wives, to prison terms of eight to 25 years, the spokesperson said. Xu Chaofan was sentenced to 25 years in jail and Xu Guojun to 22 years. Their wives were each sentenced to eight years in prison. All four were further sentenced to three years of supervised release and ordered to pay 482 million U.S. dollars in restitution. The four were found guilty of a racketeering conspiracy that began in 1991 and continued until October 2004. Prosecutors said the defendants laundered stolen money through Hong Kong, Canada and the U.S., including 3 million U.S. dollars deposited at several Las Vegas casinos. The case was one of the biggest of its kind since the founding of New China in 1949. It has, however, reinforced the positive development of Sino-U.S. judicial cooperation and provided experience in dealing with organized economic crime. "Fleeing suspects are doomed to be punished by law," said the spokesperson. International judicial cooperation, an effective way of fighting crime, would contribute to the crackdown on trans-national crimes, he said. Professor Huang Feng of the Beijing Normal University's Criminal Law Research Institute said Xu's sentencing in the U.S. provided "an alternative to extradition" as the two countries had not signed an extradition treaty. Fleeing suspects could still be convicted abroad, though they currently could not be repatriated, Huang said. Foreign Ministry spokesman Ma Zhaoxu said in May the two guilty couples should be repatriated or extradited to China as soon as possible.
NEW YORK, Sept. 23 (Xinhua) -- Chinese President Hu Jintao met with his South Korean counterpart Lee Myung-bak here on Wednesday morning on the sidelines of the UN meetings to discuss bilateral ties and other issues of common interests. Hu said thanks to their joint efforts the two countries have seen steady progress of exchanges and cooperation in various fields in recent years. All consensus reached between them have been implemented smoothly, with some already bringing about remarkable results, Hu said. Hu noted that the two countries have maintained fine communication and coordination in regional and international affairs, adding that China is ready to join hands with South Korea to strengthen strategic communication and expand mutually beneficial cooperation, so as to bring concrete benefits to both peoples and contribute to peace, stability and prosperity in Northeast Asia. Chinese President Hu Jintao (R) meets with South Korean President Lee Myung-bak in New York Sept. 23, 2009 This year marks the 10th anniversary of launching of a trilateral cooperative scheme among China, South Korea and Japan, Hu said. Over the past decade, the three countries have established a future-oriented, all-dimensional cooperative partnership that has led to the promotion of development and stability in their countries and the region at large, said the Chinese president. During the meeting, Hu announced that leaders from China, South Korea and Japan will hold their second meeting in Beijing on Oct. 10, 2009. China is ready to work with South Korea and Japan to push for the success of the October tripartite summit and bring trilateral cooperation to a higher level, Hu said. As situation in Northeast Asia shows signs of thawing, Hu called on all concerned parties to seize the opportunity to further improve the regional situation and bring the Korean Peninsula nuclear issue back on the track of dialogues and negotiations. China is willing to work with South Korea to play a constructive role in realizing the denuclearization of the Korean Peninsula and maintaining peace and stability in the peninsula and Northeast Asia, the Chinese president said. During the meeting, Hu also called for strengthened cooperation between the two countries to boost the common development of their economies. Lee congratulated China on the 60th anniversary of the founding of the People's Republic of China. He said he fully agreed with President Hu's view on bilateral ties and expressed his willingness to bring the strategic and cooperative partnership between the two countries to a higher level. Lee said the stabilization and rally of the Chinese economy play a significant role in promoting trade and economic cooperation between China and South Korea, as well as in world economic recovery. Hu's speech at the UN climate change summit on Tuesday showed clearly China's active stance on climate change and won applause from countries around the world, Lee said. South Korea is ready to strengthen coordination and cooperation with China on regional and global issues, he said. He also spoke highly of China's important role in the six-party talks on nuclear issue of the Korean Peninsula and pledged South Korea's efforts to keep contact and cooperation with China in this regard. Lee said, along with the rising status and influence of Asia on the world stage, South Korea, China and Japan should have even closer cooperation. Thanks to their joint efforts, China and South Korea have seen a rapid growth of bilateral links since they established diplomatic relations 17 years ago. The heads of state of the two countries exchanged visits last year. They agreed on establishing a strategic partnership of cooperation in May 2008, opening up a new era in bilateral ties. They met again on the sidelines of the financial summit of the Group of 20 (G20) in London in April this year. China and South Korea are both important neighbors and cooperative partners. Now China is the top trade partner, export market and source of imports of South Korea. Hu is in New York for the UN climate change summit, the general debate of the 64th Session of the UN General Assembly and a Security Council summit on nuclear non-proliferation and disarmament. After the UN meetings, President Hu will fly to Pittsburgh to attend the G20 financial summit.
来源:资阳报