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BEIJING, Aug. 15 (Xinhua) -- China's securities supervisor said on Friday that the heavy slump on the country's equities market was caused by a combination of factors, both domestic and foreign.     These included a need for internal correction, increasing uncertainties on the global markets and frequent natural disasters, China Securities Regulatory Commission (CSRC) spokesman said at a press conference.     The unsound mechanism and structure of the country's equities market worsened the situation and widened the range of the correction, he said.     The benchmark Shanghai Composite Index edged up 0.56 percent to 2,450.61 points on Friday, closing out the week slightly higher after five days of losses. The key index has tumbled nearly 60 percent from its peak in October.     However, the trend of a steady and healthy performance would remain unchanged, he said, as the country's economy maintained steady and fast growth.     CSRC would study the emerging problems, promote the improvement of basic systems and optimize the structure of fund raising, he said.     CSRC would also adjust new share supply in line with market demand, enhancing the market mechanism in regulation.     The commission has slowed new share issues this year in an effort to brake the steep index declines as any mention of new share offering would cause a sharp plunge in the index.     From January to July, CSRC only approved the new offering (at least 100 million shares) of four companies, which raised a combined 64.32 billion yuan (9.38 billion U.S. dollars). Both the frequency and amount decreased, by 64 percent and 49 percent respectively, compared with the same 2007 period.     The commission would join with the State-owned Assets Supervision and Administration Commission to set up a real-time monitoring system to supervise transfer of the state-owned shares.

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.

BEIJING, Sept. 29 (Xinhua) -- Communist Party of China (CPC) chief Hu Jintao has urged Party members to learn the theory on socialism with Chinese characteristics more conscientiously.     Hu, general secretary of the CPC Central Committee, made the remark at a seminar which was participated in Sunday afternoon by members of the Political Bureau of the CPC Central Committee.     Prof. Yan Shuhan from the Party School of the CPC Central Committee and prof. Qin Xuan from the Renmin University of China delivered speeches at the seminar and put forward their views on applying the theory into practice.     Presiding over the seminar, Hu said the theory on socialism with Chinese characteristics is a fundamental guideline of the Party and government for social and economic construction.     Party members should understand the basic principles of the theory and use them in their practical work, he added.     Hu asked Party organs at all levels to make the theory accessible and understood by every Party member and draw long-term plans to promote and develop the theory.

WASHINGTON, Oct. 13 (Xinhua) -- A senior Chinese official said on Monday that China will continue to cooperate with other countries to cope with the current financial crisis.     "For the international community, the most urgent task is to join efforts to stem further deterioration and spread of the crisis -- the major threat to global growth -- and restore global economic and financial stability," said Yi Gang, vice governor of the People's Bank of China     "China will continue to strengthen its cooperation with concerned countries and hopes that all governments will work together to overcome the current difficulties and restore international financial stability," he said in a statement at the annual meeting of the International Monetary Fund and World Bank.     He urged the two Bretton Woods Institutions to "fulfill their mandates to maintain global monetary and financial stability and facilitate sustainable, balanced growth."     The fund should give the surveillance priority to the ongoing financial turmoil, deepen its analysis, learn lessons, and listen to the opinions of member countries, said the senior official of China's central bank.     "From the medium- and long-term perspective, the fund must address the inherent deficiencies of the current international monetary system and foster an international financial architecture adaptive to the evolving global economy and financial markets," he noted.     As the largest multilateral development institution, the World Bank should re-assess the challenges confronting the developing countries -- soaring food and fuel prices, higher financing costs, deteriorating balance of payments positions, and mounting inflationary pressures, said Yi Gang.     "With the advantages of its financing capacity and expertise, the World Bank should urge the developed countries to shoulder their due responsibilities in stabilizing the global economy through targeted measures, carried out in an even-handed and professional fashion," he said.     Yi Gang also stressed the fundamentals of the Chinese economy are "solid and resilient."     "We are confident we can weather the financial turmoil," he said. "With the global economic slowdown, it is important that China maintains its stable and relatively rapid growth." 

XIAMEN, Sept. 8 (Xinhua) -- China will further open up to the world and step up its international investment cooperation, Vice Premier Wang Qishan promised here Monday.     Addressing the 12th Xiamen International Trade and Investment Fair in the east Fujian Province, Wang said the country would continue to stick to the national policy of opening up, constantly improve its policies on utilizing foreign investment and investing in foreign countries, and create more space for foreign companies to develop their business in China.     China's reform and opening up policy had significantly transformed the country in the past 30 years, and its accession to the World Trade Organization had further integrated it with the global economy, he said.     Although the country met with severe natural disasters and an unfavorable international economic environment, its coping measures made its national economy stay healthy on the whole, he said, noting it was confident in and capable of overcoming the current difficulties and challenges.     Expounding on improving its policies on utilizing foreign investment and investing in foreign countries, Wang vowed to further improve the country's investment environment including building a service-oriented government, a market of fair competition, a transparent legal environment and stable policy environment.     He also stressed lifting the quality and diversifying the means of utilizing foreign investment, and encouraging domestic enterprises to invest in foreign countries.     The Chinese government had always supported trade and investment liberalization and opposed protectionism in any form, he said, vowing to work with the world to eliminate trade and investment barriers and cope with various difficulties and challenges for global economic prosperity and stability.     Attendants of the forum are from 120 countries and regions and seven international organizations