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MANILA, Dec. 4 (Xinhua) -- A cargo ship with 24 Chinese crew aboard sank off the waters of the Philippines' Batanes province on Friday afternoon, the Philippine National Police (PNP) said Saturday.Quoting a report from the Batanes provincial police office, PNP spokesman Chief Supt. Agrimero Cruz said Saturday the Panama cargo vessel MV Hong Wei met the incident about 120 nautical miles (222 kilometers) off Itbayat island around 3:22 p.m. Friday.Cruz could not immediately say what caused the vessel to sink or the vessel's destination.A passing vessel, MV Shun Tong, and a ship from China's Taiwan region's coast guard rescued 12 crew and two passengers, respectively, said Cruz, adding that at least three ships from Taiwan region's coast guard are currently at the scene to conduct search and rescue operations for the 10 still missing crew members.A rescue vessel from the Chinese mainland is expected to arrive at the site anytime Saturday to join the search and rescue operations, said Cruz.Wang Ben, police attache of the Embassy of the People's Republic of China in the Philippines, told Xinhua that the embassy has confirmed the incident with China's Ministry of Transport. The ministry said that rescuing vessels from the Chinese mainland and Taiwan are conducting joint search and rescue operations, said Wang.The Philippines, a Southeast Asian archipelago country, is located to the south of China.

BEIJING, Nov. 26 (Xinhua) -- The National Development and Reform Commission (NDRC), China's economic planner and price regulator, said Friday it has asked local governments to crack down on some gas stations selling diesel above the state-set prices.NDRC investigators found some gas stations have been selling diesel above state-set prices in the provinces of Sichuan, Hubei, Henan, Zhejiang, Jiangsu, Liaoning, Jiangxi and Shanxi and Chongqing Municipality.The NDRC has requested local governments to punish the offending gas stations.The stations were ordered to stop overcharging and turn over illegal incomes to authorities, according to a statement on the NDRC web-site.Also, the stations would receive punitive fines, it said.Among the violators, Yueyuan gas station in Xichang, Sichuan Province, sold No. 0 diesel for 9 yuan (1.35 U.S. dollars) per liter, as against the state-set 6.55 yuan.The NDRC said that consumers can call 12358 to complain about diesel overpricing and the price regulators will respond quickly.The latest measures were adopted in the wake of those publicized Tuesday, which were aimed to stop some refiners and diesel wholesalers from overcharging.An unprecedented diesel shortage has hit China's cities and markets, leading some wholesalers and gas stations to sell diesel above the state-set prices.Due to the diesel shortage, some enterprises suspended production and express deliveries turned into "snail deliveries."People found that it took much longer for buses to arrive and even some crematories found it hard to get enough diesel for cremations."We can't find enough diesel. Ten of the trucks in our company can't go out to deliver cargo. Our businesses are affected," said Du Zhanhai, head of a freight transportation company in Tangshan, north China's Hebei Province.The deadline for China's planned reduction in energy consumption is approaching. The country announced that it would reduce energy consumption by 20 percent per GDP unit during the 11th Five-Year Plan (2006-2010).

BEIJING, Jan. 9 (Xinhua) -- China's Ministry of Public Security (MPS) on Sunday ordered traffic police nationwide to prepare for possible traffic disruptions caused by a lingering cold snap.The cold weather that has stopped traffic on national highways in several central and southern provinces since New Year's Day is likely to last ten more days.At a national meeting on coping with traffic disruptions during the cold snap, vice public security minister Huang Ming said local traffic police should be prepared to control and solve traffic problems that icy weather and sleet might cause.Further, local traffic police should make realistic emergency plans, prepare emergency supplies and equipment for de-icing and removing snow, and quickly handle traffic accidents, he said.He added that road closures should be the last choice in handling poor road conditions caused by freezing weather. Additionally, local traffic police should take other measures such as temporarily opening roads to ensure traffic flows.The recent inclement weather is a reminder of the disastrous freezing winter at the beginning of 2008, which stopped traffic, damaged power grids, and disrupted lives of millions in southern China.However, experts believe China is unlikely to suffer similar conditions this winter because of inadequate moisture.

BEIJING, Dec. 6 (Xinhua) -- Chinese credit rating firm Dagong Global Credit Rating assessed the sovereign credit rating of Ireland at BBB in its third sovereign or regional credit rating report released Monday.Dagong's credit rating of Ireland is lower than that given by Moody's, Standard and Poor's and Fitch."Dagong made its assessment based on factors such as Ireland's increasing debt level, the administrative capability of its government, economic and financial strength," Dagong Global said.Dagong Global's announcement follows the proposed 85-billion-euro bailout of debt-hit Ireland by the European Union and the International Monetary Fund.Dagong's report also rated four other nations - Finland, Uruguay, Kenya and Sudan.In terms of domestic currency-denominated debt, Finland received the firm's top AAA rating, but with a negative outlook.Uruguay was rated BB-plus while Kenya received a B rating.Sudan was rated C, the nation's first sovereign credit rating.Dagong Global uses a three-level assessment system, with each level containing three sub-levels. For example, AAA, AA and A.The rating agency published sovereign credit ratings in two earlier reports. One on July 11 rated 50 countries. The second on October 20 rated nine countries and regions.Founded in 1994, Dagong Global is a pioneer in the rating of industry, region and sovereign debt. It is also a leading credit rating firm for corporate bonds, financial bonds and structured debt.

BEIJING, Jan. 17 (Xinhua) -- The China Banking Regulatory Commission (CBRC) announced Monday that it will guide the nation's banks to a scientific pace of lending this year as it stressed bank loans should better serve the real economy.The CBRC said in a statement on its website that it will also expand and improve financial services in the country's rural areas and encourage banks to support borrowing activities from small-sized companies.The CBRC said it will carry out more studies in stepping up support for the country's affordable housing program, which aims to build 10 million affordable housing units for low and middle income residents this year.The commission also said it will continue to implement the differentiated home loan policy adopted last year, under which bank loans for third home purchases are suspended and down payments for all first-time home buyers are at least 30 percent of the purchase price, while second home buyers will have to pay an even higher amount of down payments, at 50 percent.Further, the CBRC said it would tighten controls over lending to local government's financing vehicles in order to ward off risks.Government data showed new yuan-denominated lending in China reached 7.95 trillion yuan (about 1.2 trillion U.S. Dollars) last year, overshooting the government's full-year target of 7.5 trillion yuan.