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HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said.     The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB.     Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said.          BOOSTING INTERNATIONAL USE OF RMB     The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities.     "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited.     China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps.     The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying.     The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said.          BOOSTING NASCENT BOND MARKET IN HONG KONG     The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said.     It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said.     "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained.     Hong Kong has been aspiring to be the leading international financial center in the Asian time zone.     Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product.     Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar.     The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds.     Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market.     Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market.     Vice Minister of Finance Li Yong also said he believed the bonds will be well received.     "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.

BEIJING, Oct. 1 (Xinhua) -- Chinese President Hu Jintao and other leaders offered a rare glimpse of their dancing steps and singing voices Thursday evening as they joined tens of thousands of people at an evening gala celebrating New China's 60th birthday.     Red lanterns, bright lights, 33-minute spectacular fireworks, high-spirited songs and dances turned the Tian'anmen Square in central Beijing into a sea of joy Thursday evening. Hu Jintao, general secretary of the Central Committee of the Communist Party of China, Chinese president and chairman of the Central Military Commission, joins the grand gala celebrating the 60th anniversary of the founding of the People's Republic of China, on the Tian'anmen square in central Beijing, capital of China, Oct. 1, 2009. Hu and Jiang Zemin, Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang, Zhou Yongkang, as well as many other leaders, incumbent and retired, came to watch the performances from the Tian'anmen Rostrum since 8 p.m. when the gala began.     About 60,000 people dressed in festive costume, including public servants, company workers, university students, servicemen and local residents, took part in the gala eulogizing Chinese people's love for the nation and great unity of all ethnic groups. Former Chinese President Jiang Zemin (C) joins the grand gala celebrating the 60th anniversary of the founding of the People's Republic of China, on the Tian'anmen square in central Beijing, capital of China, Oct. 1, 2009. More than 4,000 performers manipulated computer-controlled LED electronic trees to form a "light cube", which showed the images of olive trees and doves as well as characters including "long live the motherland".     At about 9:20 p.m., Hu, Jiang and other leaders descended the rostrum to join the crowd at the square amid applauses, cheers and fireworks.     To the cheerful and light-hearted rhythm, the leaders and people wearing traditional costumes of different ethnic groups began their group dancing.     Meiha Ay, a Uygur teacher in Beijing, told Xinhua later that she enjoyed the moment of dancing with President Hu hand-in-hand.     "I'm so honored to dance with the leader on behalf of the Uygur people," she said. "We wish the country a better future."     "The solidarity between the Party and people of all ethnic groups is the guarantee of the great rejuvenation of the Chinese nation," said Prof. Cai Xia with Party School of the Central Committee of CPC. "The leaders' joining in the festive crowd was of political implication."     "The five-star red flag is fluttering in the wind, the song of victory is sung aloud..." After the dance, the leaders and 60,000 people sang together the patriotic song "Ode to the Motherland".     The chorus brought the square's fervor to a climax and the people had radiant smiles on the face.     Tibetan girl Ngawang Qungji said she was excited that President Hu joined hands with Tibetan and Uygur performers to dance.     "We are just like the members of the same family and celebrate our mother's birthday together," she said.     "There are so many reasons for us to be proud of the great changes over the past 60 years," she said. "I even couldn't help crying when I saw the fireworks portraying a train running on the Qinghai-Tibet Railway lighted the Tian'anmen Square."     Senior Chinese can still remember another touching scene on the evening of the National Day in 1966 when Chairman Mao Zedong and Premier Zhou Enlai, surrounded by a crowd of civilians, sat on the cold ground of the Golden Water Bridge in front of the Tian'anmen Rostrum to enjoy watching the fireworks show with beaming faces.     Behind the close relationship between CPC leaders and the people is the "Mass Line," the fundamental work method of the CPC, which means "all for the masses, all rely on the masses" and "from the masses, to the masses." The "Mass Line" has been cherished by the CPC as a guarantee to achieve victories in its cause.     "Beside sharing the joy of celebration, what touches me more is that the leaders always go to the front line to share people's woes when they are in difficulty," said Chen Yanyan, a Beijing citizen, while watching the televised gala performance.

BEIJING, Aug.3-- China's steel industry association said on Friday that it plans this year to unify the spot and long-contract prices for the country's iron ore imports.    It will also set a ceiling for charges levied by import trading firms, as part of an effort to regulate the market.     The proposal was the top item of discussion at the steel industry body's two-day semiannual meeting, said Luo Bingsheng, deputy chairman of the China Iron and Steel Association (CISA), at a press conference.     The term prices negotiated with global miners should become a benchmark unified price, and the import agencies could charge 3-5 percent in commission on top of the term prices, Luo said.     The move aims to regulate excess iron ore import by steel makers and trading firms, which distorted the supply and demand balance and disrupted the annual contract talks, Luo said.     The price talks, which are continuing, appeared to be snagged on China's insistence upon bigger reductions than the 33 percent cut agreed to earlier with Japanese and Korean steel mills. News reports and industry analysts say China wants a 40 percent price cut.     Luo said foreign iron ore suppliers promoted massive sales on the spot market, leading to huge stockpiles.     Spot iron ore accounted for 82.7 percent of imports this year, leading to excessive imports that far exceed actual needs, the CISA said.     Luo made the remark as the spot price of iron ore in China surged above the contract prices offered by three large miners - Rio, BHP and Vale.     Benchmark spot prices of iron ore in China rose above 0 a ton on Thursday, as compared with a ton in April, according to industry consultant Mysteel.     Iron ore imports rose 29.3 percent year on year, to 297 million tons, in the first half of this year, while traders imported 131 million tons, up 90.4 percent from last year.     There are 152 iron ore importers in China this year, exceeding the 112 licenses that CISA issued, the association said.     Luo said the annual talks were ongoing and CISA would keep working to push them forward.     "We are working for a reasonable result and hope to reach a win-win situation," Luo said.     "For small steel companies, a unified price system is definitely good news," said Fan Haibo, a steel analyst from Xinda Securities. "Large steel mills and trading companies have made huge profits by selling iron ore to small steel factories who do not hold import license."     "But how to define which firms have 'agent license' seems essential. Giving them the privilege is akin to guaranteeing a business always makes a profit," he said.

BEIJING, July 31 (Xinhua) -- China will unremittingly pursue the path of peaceful development and its military will enhance cooperation with foreign armed forces in order to contribute to common development, said Defense Minister Liang Guanglie Friday"China will develop friendly cooperation with all the countries in line with the Five Principles of Peaceful Co-existence to make new contributions to building a harmonious world of lasting peace and common prosperity," said Liang at a reception at the Great Hall of the People in Beijing to mark the 82nd anniversary of the establishment of the People's Liberation Army (PLA).     "Peace and development remain themes of the times, yet the world is not peaceful," said Liang, who is also a member of the Central Military Commission (CMC) of the Communist Party of China (CPC) and a state councilor.     China's military would enhance exchanges and deepen cooperation with foreign armed forces to fulfil its international obligations and responsibilities, said Liang.     Liang said "positive changes" in the situation across the Taiwan Straits had helped curb "Taiwan independence" forces, and the two sides have expanded and deepened exchanges and cooperation in fields of economy and culture, among others. A reception is held to mark the PLA's 82nd founding anniversary in Beijing, capital of China, July 31, 2009    "We will firmly hold the theme of the cross-Straits peaceful development, adhere to the one-China policy, oppose the secessionist activities of 'Taiwan independence' forces and firmly safeguard China's sovereignty and territorial integrity to continue to make due efforts for peaceful development of cross-Straits relationship," said Liang.     In August 1927, the CPC armed forces led an uprising against warlords, which is regarded as the founding day of the services. Chinese Defense Minister Liang Guanglie, who is also member of the Central Military Commission (CMC) and a state councilor, speaks at a reception to mark the 82nd founding anniversary of the Chinese People's Liberation Army (PLA) in Beijing, capital of China, July 31, 2009."The PLA, focusing on modernization, will keep improving its capacity to deal with crises and safeguard peace, and deterring and winning a war," said Liang.     "The PLA will also prevent antagonistic forces from carrying out separatist and sabotage activities and safeguard national security and social stability," Liang said.     The reception was attended by CMC members Chen Bingde, Li Jinai, Liao Xilong, Chang Wanquan, Jing Zhiyuan, Wu Shengli and Xu Qiliang, army officers in active duty and representatives of retired army officers, as well as foreign military attaches.