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BEIJING, April 28 (Xinhua) -- Industrial enterprises in China's 24 regions reported combined profits of 690.8 billion yuan (101.2 billion U.S. dollars) in the first quarter, more than double the figure of the same period last year, the National Bureau of Statistics (NBS) said in a statement Wednesday.The NBS did not provide reasons for the 102.6-percent profit surge. The figure was down 21.1 percentage points for the first two months of the year, the statement said.Analysts attributed the growth to a low comparison base during the first quarter of 2009 when the country's economic growth was dragged down by the global economic downturn. The economic recovery, backed by government stimulus measures, also helped lift profits.The People's Bank of China, the central bank, said in a statement last week that industrial production in the first quarter had accelerated and profits of enterprises continued to expand on growing domestic demand.Altogether 38 of the 39 major industrial sectors saw year-on-year growth in profits, with profits of the steel industry up 3,380 percent and those of the power sector up 1,540 percent, the statement said.

BEIJING, May 21 (Xinhua) -- Chinese President Hu Jintao said Friday China would work closely with Sweden to lift bilateral ties to a new level.While meeting with Swedish King Carl XVI Gustaf in Beijing, Hu said China highly values relations with Sweden and will further promote cooperation between the two countries in the spirit of mutual respect and benefit."China and Sweden have no conflict of fundamental interests despite different national conditions, and good bilateral ties have brought tangible benefits to both peoples," said Hu.Hu also highlighted the smooth development of bilateral ties since the two countries established diplomatic relations 60 years ago.Chinese President Hu Jintao (R) meets with Swedish King Carl XVI Gustaf in Beijing, capital of China, May 21, 2010.Sweden was the first western country to forge diplomatic ties with New China.The Swedish King, who arrived in Beijing Thursday for a five-day visit to China, recalled the friendly exchanges between Sweden and China over the past 60 years, saying Hu's 2007 visit to Sweden had boosted bilateral cooperation.An innovation forum, jointly held by the two countries, will have a positive influence on cooperation in new fields between the two countries, said the Swedish King.Chinese Vice Premier Li Keqiang expressed hope the two nations would increase innovation cooperation while addressing the forum.China's innovation business has made certain achievements while Sweden is one of the world's most innovative and inventive nations, Li said.

WUHAN, March 26 (Xinhua) -- China on Friday started building a canal from the middle section of the Yangtze River to a tributary that connects with China's South-North Water Diversion project.Costing more than six billion yuan (880 million U.S. dollars), the 67.23 km project will divert 3.1 billion cubic meters of water every year from Yangtze's Jingjiang section to the Hanjiang River, one of the major sources of water for north China once the diversion project is complete.China's South-North Water Diversion project is designed to divert water from the water-rich south to the dry north.The central part of the project will divert water from Danjiangkou Reservoir on the Hanjiang River to north China cities like Beijing and Tianjin.According to research by Hubei provincial environmental protection bureau, without water from the canal the Hanjiang River would only have one third of its average runoff once water is diverted, and the water level of middle and lower reaches of Hanjiang would drop by 0.5 meter.The canal, which will be completed in 2014, will prevent problems arising such as algae pollution if water levels were decreased dramatically, said Shen Xiaoli, an engineer with the Hubei Environmental Sciences Institute.The canal is expected to benefit about 8.9 million people and 43,000 hectares of farmland in the lower reaches of Hanjiang.Once completed the five to six meters deep canal could be used by ships weighing more than 1,000 tonnes, facilitating transportation of coal from the north to the south, said Xu Shaojun, head of the Hubei Provincial Investigation and Design Institute of Water Resources and Hydropower.

BEIJING, May 25 (Xinhua) -- The first-ever China-Europe High-Level Political Party Forum concluded here Tuesday, reaching broad consensus on many major issues.It was agreed that both China and Europe should increase comprehensive strategic cooperation to cope with global challenges, and political parties from both sides could play an important and leading role in this cooperation.The meeting achieved positive results -- deepening mutual understanding and trust through in-depth exchanges of views on the international situation, financial crisis, climate change, environmental protection and China-Europe relations. Li Yuanchao,head of the Organization Department of the Central Committee of the Communist Party of China(CPC),speaks at a welcoming dinner in honour of the participants of China-Europe High-Level Political parties Forum"Global Challenges and China-Europe Cooperation"in Beijing May 25,2010.All representatives to the meeting from Chinese and European political parties agreed that they would work together to promote China-Europe party-to-party exchanges, saying that the forum had advanced China-Europe cooperation.

BEIJING, May 15 -- China is planning to raise the proportion of profits it collects from major State-owned enterprises (SOEs) in a move to balance income distribution, but analysts said the move should be bolder and the collected profits used to improve public well-being.The Ministry of Finance said on Tuesday that it might raise the ratio of profits of SOEs to be submitted to the State coffers.According to existing rules, monopoly enterprises under the administration of the central government in sectors like tobacco, oil, petrochemicals, power, telecommunications and coal mining should submit 10 percent of their post-tax profits, while the ratio for those in the iron and steel, transportation, electronics and trade sectors should be 5 percent.Financial corporations and companies in sectors like railways, transportation, education, culture, science and technology and agriculture are not included in the profit submission framework.The Ministry of Finance did not reveal by how much the ratio would be raised."It should be raised properly, and even if it were raised by 10 percentage points, it doesn't matter too much for those central enterprises, given their high profit level," said Zhang Wenkui, researcher with the State Council's Development Research Center.Central enterprises have been criticized by the public for having taken advantage of their monopoly or market predominance to make excessive profits. Some of them have further fueled public anger as they bid to purchase land at high prices, which is believed to have pushed up home prices.The central government collected profits of 14 billion yuan ( billion), 44.4 billion yuan and 98.9 billion yuan respectively in 2007, 2008 and last year from SOEs. In 2009 alone, however, the enterprises made profits totaling 965.6 billion yuan.