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BEIJING, Sept. 12 (Xinhua) -- The government has cut back on import taxes on spare parts of large equipment and canceled the import tariff exemption on some complete sets.     The adjustments were made to support the domestic manufacturing of large equipment, said the Ministry of Finance.     Taxes levied on domestic enterprises for importing key spare parts of large equipment, including ultra- and extra-high voltage transmission equipment and transformers, large petro-chemical equipment and large coal-chemical equipment, would be refunded and injected into the enterprises as investment from the nation, it said.     The policy applied to imports after Jan. 1, 2008, depending on the date of declaration of imports.     In the meantime, the import of some complete sets of equipment by enterprises approved after Sept. 1, 2008 would no longer enjoy the tax exemption. Both domestic and foreign-funded projects are subject to the new policy, the ministry said.     Imports of such equipment by enterprises approved before Sept. 1 would continue to enjoy the previous tax policies until March 1,2009.

NANNING, April 1 (Xinhua) -- South China's Guangxi Zhuang Autonomous Region became the 10th Chinese locality to have replaced gasoline and diesel oil with bio-ethanol fuel on Tuesday out of environmental and energy efficiency concerns.     Petrol stations in all the 14 cities of Guangxi began to sell bio-ethanol fuel on Tuesday and in two weeks, traditional petrol and diesel oil will be phased out, said Fu Jian, an official in charge of transport with the regional government.     Fu said about 350,000 motor vehicles and more than 3 million motorbikes will have their tanks cleaned up for the fuel change.     Presently nine other Chinese provinces are using ethanol fuel including Jilin, Liaoning and Heilongjiang provinces in the northeast, Henan and Hebei provinces in the north, Anhui, Shandongand Jiangsu provinces in the east and the central Hubei Province.     Guangxi is the first Chinese locality to commercially produce ethanol fuel with cassava instead of grain. The region produces 7.8 million tonnes of cassava a year, more than 60 percent of China's total.     It is home to China's first bio-ethanol fuel production base that went into operation in December in the coastal city of Beihai. The base is designed to produce 200,000 tonnes of biofuel annually out of about 1.5 million tonnes of cassava.     China banned the use of grain for ethanol production last year to ensure sufficient food supplies, and biofuel manufacturers havesince turned to sweet potatoes, sorghum and straw stalks instead.     Ethanol fuel is believed to help ease China's energy supply bottleneck. Customs statistics say China's net crude oil import climbed at least 12 percent year on year to reach 160 million tonnes in 2007, and the country's reliance on crude oil import is at least 46 percent.     It is also believed to help cut carbon monoxide and carbon dioxide emissions, by around 30 percent and 10 percent respectively.     Chinese officials said the country's ethanol fuel sales will reach 30 million tonnes in 2010 to make up half of the total gasoline supplies.

MOSCOW, July 30 (Xinhua) -- As the special guests of Russian President Dmitry Medvedev, 50 students from China's quake-hit Sichuan province Wednesday visited the glittering Andrew Hall of the Kremlin, and had a joyous time with the Russian president.     "I hope that you will make friends with more Russian children during your rehabilitation in our country," Medvedev said in his speech, describing the students as "little heroes" in the relief work following the devastating earthquake.     These middle and primary school students, who were recuperating in a rehabilitation center in southwest Russia's coastal city of Tuapse before coming to Moscow, are the representatives of some 1,000 children who would arrive in Russia for further recovery in 2008. Russian President Dmitry Medvedev (front R) embraces Ma Xiaobo, 9, a student from China's quake-hit Sichuan Province, at the Kremlin Palace in Moscow, capital of Russia, on July 30, 2008. A group of 50 students from China's Sichuan Province are interviewed with Russian President Dmitry Medvedev on Wednesday after they paid a visit to the Kremlin Palace, the Red Square, and the Lenin Tomb in Moscow."How do you feel about Russia?" Medvedev asked as he walked in the crowd with a smile on his face.     "Beautiful!" "Enthusiastic!" "Hospitable!" the children strived to answer.     "Have you swum in the Black Sea? Is the water cold?" the president went on to ask.     "It's not cold!" they consented with one voice. A boy student from China's quake-hit Sichuan Province takes photos at the Kremlin Palace in Moscow, capital of Russia, on July 30, 2008. A group of 50 students from China's Sichuan Province are interviewed with Russian President Dmitry Medvedev on Wednesday after they paid a visit to the Kremlin Palace, the Red Square, and the Lenin Tomb in MoscowA girl handed over to Medvedev a letter from her fellows who are still in Tuapse. "It is filled with our best wishes for you and our gratitude," she said.     "Please send my regards to your friends. I will certainly read it, with the help of a translator," he said.     The children presented Medvedev with some Chinese calligraphy works and embroidery as gifts. Medvedev expressed thanks in Chinese when he accepted the presents.     The president took the initiative to be a guide for the children and showed them around the Andrew Hall of the Kremlin. In his introduction, Medvedev compared the Kremlin to China's Forbidden City. Students from China's quake-hit Sichuan Province are led to visit the Red Square in Moscow, capital of Russia, on July 30, 2008. A group of 50 students from China's Sichuan Province are interviewed with Russian President Dmitry Medvedev on Wednesday after they paid a visit to the Kremlin Palace, the Red Square, and the Lenin Tomb in MoscowMedvedev took photos with the children and gave them goodbye hugs when the half an hour meeting concluded.     While the president held Ma Xiaobo, a grade-three student from Pengzhou city, close in his arms, everybody cheered.     "You're welcome to visit China after the reconstruction of our hometowns," the children said in a loud voice.     "I know China is faced with the difficult task of reconstruction. I believe that the reconstruction will be achieved soon with the involvement of you little guys," Medvedev said.

XIAMEN, Sept. 7 (Xinhua) -- China's southwestern province of Sichuan needs 1.67 trillion yuan (about 245.6 billion U.S. dollars) for reconstruction after the devastating earthquake on May 12, Huang Xiaoxiang, the province's vice governor, said on Sunday.     "Sichuan is still in need of a large amount of fund despite the efforts of the central government, local governments and other social sectors," Huang told a conference held in Xiamen City, in eastern Fujian Province.     The total funds, including those the central and other provincial governments raised, overseas donations, and lottery earnings, accounted for less than 25 percent of what the reconstruction work demanded. Quake-sufferers carry the re-found living necessities from the shattered houses at the quake-hit area of Huili County, southwest China's Sichuan Province Sept. 3, 2008    Huang said the province would rebuild 4.5 million urban and rural homes, 51,000 km of highways, 5,500 km of railways, 11,700 schools and 9,700 medical institutions.     Apart from that, 2,000 reservoirs, 810 power stations and more than 100,000 hectares of farmland needed to be restored.     The reconstruction work was expected to consume 37 million tonnes of steel, 370 million tonnes of cement, 210 billion bricks and 20 million cubic meters of timer.

BEIJING, Aug. 30 (Xinhua) -- The country's top 500 giants are narrowing gap with foreign counterparts, but they still lag behind, the China Enterprise Confederation announced in its release of the 2008 Top 500 Chinese enterprises list on Saturday.     According to the report, the total revenue of the top 500 Chinese enterprises reached 2.99 trillion U.S. dollars (1 dollar=7.3046 yuan, calculated under the exchange rate in 2007), profits 188.4 billion U.S. dollars and assets 8.17 trillion U.S. dollars.Revenues were equivalent to 12.67 percent of the global top 500, profits equaled 11.85 percent and assets 7.79 percent, compared with 10.7 percent, 6.5 percent and 7.8 percent respectively last year.     Analysts said the growing proportion of revenue and profits indicated that Chinese companies had become more competitive and profitable.     Confederation deputy president Li Jianming said the country's growing economy had benefited these enterprises in spite of price hikes for oil and other materials.     He also said private enterprises had grown more robust and capable of taking in advanced technology and management from world giants. They accounted for about a fifth of the country's top 500 enterprises.     In addition, their rising investment in research and development and their emphasis on exploring the domestic market increased competition. The growth rate of net profits of the country's top 500 was 19 times faster than that of the world's top500.     However, another confederation deputy president Wang Jiming said Chinese enterprises still fell behind in innovation, investment in research and development, and the ability to operate internationally. It would take a long time to catch up.     Only 39 enterprises reported overseas sales income of more than 30 percent of the total revenue. Research and development spending accounted for only 1.32 percent of their total revenue, compared with the international average of 3 percent to 5 percent.     Poor supply chain management also lagged behind. Logistics coststill accounted for much of the total output, twice that of the world average. Haier and Huawei were among the few enterprises that paid adequate attention to supply chain management.     Sinopec Corp, Asia's top oil refiner, retained top spot for the fourth straight year on the Top 500 Chinese Enterprises list with its business revenue exceeding 1.2 trillion yuan, (175.2 billion U.S. dollars), the China Enterprise Confederation (CEC) said on Saturday.     The oil giant was followed by the State Grid and PetroChina Company.     The top 500 companies paid taxes of 1.74 trillion yuan, accounting for 35.2 percent of the national tax revenue.     Baosteel Group Co. and China FAW Corporation and Hongfujin Precision Industry (Shenzhen) Co. held the top three positions in manufacturing sector.     The State Grid Corp. of China, the Industrial and Commercial Bank of China and China Mobile ranked the top three in the service sector.