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BEIJING, Oct. 26 -- Shanghai has applied to regulators to launch a free exchange between the yuan and the New Taiwan dollar to enhance financial cooperation, the head of the Shanghai Financial Service Office said Sunday. "With growing trade between Shanghai and Taiwan in recent years, we hope that a free exchange between the yuan and the New Taiwan dollar can be conducted in Shanghai as a trial," said Fang Xinghai at the 6th China International Finance Forum. "We have applied to the regulators and expect it will be approved soon," Fang said at the two-day forum which ended Sunday. Shanghai has recently launched a cross-border currency clearing system and Fang expects that it will be extended to Taiwan soon. By the end of April, Taiwan had invested 5 billion U.S. dollars in more than 6,000 projects in Shanghai, and trade between the two sides totaled 13.68 billion dollars in the first eight months of this year. Although the two sides must overcome some barriers in financial cooperation, Fang said they can explore possibilities in innovative products, such as exchange-traded funds that enable investors to buy or sell shares in an entire benchmark portfolio. "The Shanghai Stock Exchange is making efforts to introduce ETFs based on overseas equity indices (and) we can also expect Taiwan and the mainland to introduce ETFs based on each other's index," Fang said. The two sides can also cooperate in sectors that are not directly supervised by the central government, such as venture capital. "Taiwan is very successful in the venture capital sector, while the Chinese mainland is still in the first stage. Policies have now been eased so that Taiwan VC firms can set up branches on the mainland," Fang noted. The Chinese mainland and Taiwan in April sealed a cooperative financial regulatory mechanism.
BEIJING, Nov. 12 (Xinhua) -- A new pricing mechanism of fuel surcharge that links it with airlines' jet fuel costs has been introduced to offset rising jet fuel costs, China's top economic planner announced here Thursday. The National Development and Reform Commission (NDRC), together with the Civil Aviation Administration of China (CAAC), said in a statement on its website that the fuel surcharge keep abreast with China's jet fuel comprehensive purchasing costs. The new mechanism, which would take effect on Nov. 14, aims to "help the airlines with fluctuating fuel prices", as jet fuel costs usually account for 40 percent of the total costs of China's airline companies, said the statement. Under the new mechanism, airline companies could decide themselves whether to charge fuel surcharge and how much to charge if jet fuel comprehensive purchasing cost, which is the weighted average of domestic factory-gate prices for jet fuel and prices of imported fuel, reaches certain level. Currently, the surcharge level was set uniformly by the government. According to the new mechanism, when jet fuel comprehensive purchasing cost is lower than 4140 yuan per tonne, the benchmark price of jet fuel, airline companies should not charge fuel surcharge. When jet fuel comprehensive purchasing cost exceeds the level, the companies should digest at least 20 percent of the rising cost and then charge appropriate surcharge, the statement said. Also, fuel surcharge should be reduced or canceled within five days after jet fuel comprehensive purchasing cost drops, it said. China raised gasoline and diesel prices both by 480 yuan (70.28U.S. dollars) per tonne Tuesday. The benchmark price of gasoline reached 7,100 yuan a tonne and that of diesel 6,360 yuan a tonne, according to the NDRC.

BEIJING, Dec. 1 (Xinhua) -- The Purchasing Managers' Index (PMI) of China's manufacturing sector stood at 55.2 percent in November, unchanged from the previous month, the China Federation of Logistics and Purchasing (CFLP) said on Tuesday. It was the ninth straight month that the PMI reading stayed above 50. A reading of above 50 suggests expansion, while one below 50 indicates contraction. The PMI includes a package of indices that measure economic performance. In November, new order index and output index both held steady from figures in the previous month at 58.4 percent and 59.4 percent, respectively. New export order index was 53.6 percent, down by 0.9 percentage points compared to November while purchasing price index rose by 6.5 percentage points to 63.4 percent. Only three out of the 20 surveyed sectors reported a PMI index reading below 50, which were paper making and printing, oil processing, and beverages making.
BEIJING, Oct. 23 (Xinhua) -- Chinese Vice Premier Li Keqiang on Friday urged geologists to make full use of the country's rich resources and explore new energy in innovative ways. "Geological work makes the basic and pioneer industry for economic and social development and it affects the country's overall modernization... We should mainly depend on our own power to increase energy supply," said Li at the ceremony for the country's top geological science awards. A total of 14 geologists from the geological exploration, research and education fields received the 11th Li Siguang Geological Science Award. Chinese Vice Premier Li Keqiang (R) meets with winners of the Li Siguang Geological Science Award in Beijing, capital of China, on Oct. 23, 2009The award is named after China's leading geologist Li Siguang, founder of China's geomechanics. Oct. 26 marks the 120th anniversary of Li Siguang, whose research led to the discovery of China's major natural gas and oilfields. Li Keqiang said geologists, especially those doing fieldwork, shoulder arduous missions and suffer tough outdoor conditions. He urged related organizations to take care of their life and work and create favorable environment for the innovation in geological science and technology.
BEIJING, Oct. 30 (Xinhua) -- China on Friday voiced its strong dissatisfaction and firm opposition to an EU statement which denounced the execution of two Tibetans convicted of murder in last year's Lhasa riot. The Swedish EU presidency released a statement Thursday, denouncing the recent death penalty handed down to two Tibetans involved in the Lhasa riot and asking China to abolish the capital sentences. "We are strongly dissatisfied with and firmly oppose the EU statement," Chinese Foreign Ministry spokesman Ma Zhaoxu said in a news release. The Lhasa violence involving beating, smashing, looting and burning in 2008 was a sabotage activity "premeditated, organized and masterminded" by the ** Lama group, who instigated Tibetan separatists in and out of China to fuel up the incident, Ma said. China's legal institutions have carried out fair and open trials and brought only the culprits of the criminal activities to justice, he said. "This was China's internal affair and judicial sovereignty which allows no other country to interfere with." China asks the EU to abide by the principles of equality and mutual respect and not to send any misleading signals to Tibetan separatists, so as to ensure sound and stable development of EU-China relations, Ma said.
来源:资阳报