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BEIJING, Aug. 8 (Xinhua) -- East China is bracing for typhoon Morakot's approach after it slammed into Taiwan Friday night.     Weather forecasters said late Saturday Morakot was likely to land on the coast from Cangnan, Zhejiang province, to Xiapu, neighboring Fujian province, between 8 a.m. and 10 a.m. Sunday. Although the typhoon this year is expected to weaken to a tropical storm before it arrives in the Chinese mainland, it was packing winds of 137 kilometers an hour at 7 a.m. Saturday and churning northwestwards at a speed of 15 to 20 kilometers an hour. The urban area of Linbian Township in Pingtung County of southeast China's Taiwan, is flooded Aug. 8, 2009, because of heavy rainfall brought by typhoon "Morakot".     It has already unleashed torrential rain in Fujian where, at five sites, water levels have been recorded at 0.02 to 0.66 meters above warning levels. A man calls for people to evacuate to avoid typhoon in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. The province has evacuated around 317,000 people to avoid the approaching Typhoon Morakot so far. The earlier tropical storm Goni has also wreaked havoc in South China Sea, leaving as many as 156 fishermen and crew members from Cambodia, Vietnam and China missing at once.     Chinese maritime authorities had rescued 146 by 6 p.m. and the remaining 10 from China were still missing.     PREPARATION IN FUJIAN     More than 480,000 people in Fujian have been evacuated and its Zherong County received more than 300 mm of precipitation on Saturday afternoon.     In Luoyuan county of Fuzhou city, Fujian's capital, people stayed at home during the weekend and roads were almost empty. Fewer sellers appeared in the county's vegetable market. Fishing boats moor at a port to avoid the approaching Typhoon Morakot in Jinjiang, southeast China's Fujian Province, Aug. 8, 2009."The fields were flooded," said Li Sailian, a vegetable seller.     "Strong winds broke the ropes tying down the horsebeans, and the crown daisies (chrysanthemum greens) were destroyed," she said.     Li brought all her available stock to the market, fearing the storm would destroy it completely.     In downtown Fuzhou, where several big trees have already been toppled by gale-force winds, people were rushing to supermarkets for necessities before the typhoon arrived.     All flights from Saturday noon onwards at the airport in Fuzhou were cancelled, leaving more than 120 passengers stranded. Airport staff were helping with refunds.     Seventeen of the 312 flights to and from the airport in coastal Xiamen city were cancelled, most of which were heading to Anhui, Guangdong and Taiwan.     In Putian City, also in Fujian, all scenic sites and ports have been closed and school classes suspended. A team of 26,222 people has been formed and equipped with flood-control materials, said Huang Dongzhou, director of the city's flood control office.     All of the city's 7,168 fishing ships have returned to harbor, Huang said.     The province's Ningde city is strengthening its defences to bear the brunt of Morakot, local meteorological authorities said.     People there are also reinforcing reservoirs with bricks and stones. Water in the city's 20 major reservoirs is only at 54 percent of their combined capacity, so officials with the flood control office said they think the rainfall will help with drought relief, as long as proper measures are taken to ensure safety.     Residents are also busy reinforcing their own houses.     Chen Kongsheng, a 61-year-old man, has attached four large rocks to the girders of his house, so that the typhoon "won't tear off his roof".     About 118,000 people in the city have been evacuated, said Chen Rongkai, Communist Party chief of the city.     Ningde has readied 103 rescue boats, 15 rafts and 8,300 life jackets to help people affected by the typhoon.     EFFORTS AND TROUBLES ELSEWHERE     In adjacent Zhejiang Province, rainfall exceeded 50 millimetres on 6.8 percent of the province's land on Friday night. The highest reading was 110 millimetres in Cangnan county bordering Fujian.     An expressway from Wenzhou of Zhejiang to Fujian was closed for 12 kilometers, while another from Hangzhou to Anhui Province was cut by landslides. Waves from approaching Typhoon Morakot hit a dike in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. Power supply to 80 villages was also cut. Nearly 500,000 residents and tourists in danger areas had been evacuated by 9 p.m. and the province has called nearly 30,000 ships back to harbor.     More than 50,000 soldiers were prepared for emergencies in Zhejiang, said the local government.     Shanghai was put on high alert and the World Expo venue is being protected around the clock. An 80-year-old man is evacuated in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. The province has evacuated around 317,000 people to avoid the approaching Typhoon Morakot so farMore than 80 foreign ships were delayed or had their voyages cancelled.     "We are unlikely to resume if the typhoon moves northwestwards," said the captain of a Japanese cargo ship, which was scheduled to sail for Japan Saturday at noon.     In addition, more than 140 flights in Shanghai had been delayed by about 10 p.m..     Anhui issued its first typhoon warning this year, and advised residents to stay indoors.     East China's Shandong province has also warned local governments to take measures beforehand to reduce losses from extreme weather.     Morakot, which means "emerald" in Thai, is the eighth storm to hit China this year. It landed in Hualien of Taiwan at 11:45 p.m. Friday, and left at least six people dead or missing. A further 12 were injured. Morakot also overturned cars and cut power supplies.     WAVE ALERT LEVEL RAISED     On Saturday afternoon, the National Marine Environmental Forecasting Center upgraded its alert level for both stormy tide and sea wave from "orange" to "red", the highest level.     The center said as a result of Typhoon Morakot, the stormy tide along the coast of Zhejiang Province and northern part of Fujian Province would be 0.5 meters to 1.8 meters high until Sunday afternoon.     The sea in southern part of the East China Sea and Taiwan Strait will be very rough, with monster waves as high as eight meters, the center warned.     Other coastal areas from Shanghai to Guangdong Province will all experience abnormally high waves, from 2.5 meters to six meters high, it said.     China adopts a four-grade warning system for stormy tide, tsunami, sea ice and sea wave, which uses four colors (red, orange, yellow and blue) to indicate different levels of emergency.

PITTSBURGH, United States, Sept. 25 (Xinhua) -- Chinese President Hu Jintao on Friday called on world leaders to make every effort to promote global economic growth and a comprehensive, balanced and sustainable socioeconomic development.     In a speech at the Group of 20 (G-20) economic summit in Pittsburgh, Hu said the world economy has seen positive signs since the two G-20 summits held in Washington in November and in London in April.     "The international community's confidence has strengthened, financial markets have moved toward stability and the world economy has seen positive signs," the Chinese president said.     Hu warned that the foundation of an economic recovery is not yet solid, and that many uncertainties remain.     "A primary task at present," he said, "is to counter the international financial crisis and promote a healthy world economic recovery." Chinese President Hu Jintao (R5 Front) poses for photos with other participants during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009Hu called for more efforts be made in the following three areas:     -- First, to stand firm in commitment to stimulating economic growth:     "All countries should keep up the intensity of their economic stimulus plans," he said.     Both developed and developing countries should take more solid and effective measures and make a greater effort to boost consumption and expand domestic demand, he said.     "Major reserve currency issuing countries should take into account and balance the implications of their monetary policies for both their own economies and the world," Hu said. Chinese President Hu Jintao (R Front) talks with Canadian Prime Minister Stephen Harper (L Front) during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009-- Second, to stand firm in commitment to advancing reform of the international financial system:     "We should follow through on the timetable and the roadmap agreed upon at the London summit, increase the representation and voice of developing countries and push for substantive progress in the reform," the Chinese president said.     He urged world leaders to improve the existing decision-making process and mechanism in international financial institutions, and encourage more extensive and effective participation of all parties.     "We should move forward the reform of the international financial supervisory and regulatory regime," Hu said.     -- Third, to stand firm in commitment to promoting balanced growth of the global economy:     The global economic imbalances include gaps between savings and consumption, and imports and exports in some countries. But more importantly, he said, it manifests itself in the imbalances in global wealth distribution, resource availability and consumption and the international monetary system.     "The root cause, however, is the yawning development gap between the North and the South," Hu said.     He called on world leaders to build up international institutions that promote balanced development.     "We should scale up input in development in diverse forms ... We should value the important role of technological cooperation in promoting balanced development, reduce man-made barriers to technology transfer, and create an enabling environment for developing countries to narrow the development gap," Hu said.     The Chinese leader said his country has attached great importance to comprehensive, balanced and sustainable socioeconomic growth, and has mainly relied on expanding domestic demand, in mitigating the impact of the international financial crisis.     "In the first half of this year, despite the drastic contraction in overseas demand, China's GDP managed to grow by 7 percent year-on-year," he said.     Hu said that China has taken an active role in international development cooperation, and has been actively engaged in international cooperation to tackle the crisis since it broke out.     He said China will follow through on its assistance pledges and measures in a responsible manner, and within its capabilities offer more help to developing countries, particularly the least developed nations in Africa.     "I am confident that with the concerted efforts of the entire international community, we will prevail over this international financial crisis and usher in a more prosperous future for the world economy," he said.     Leaders from the Group of 20 gathered in Pittsburgh on Thursday and Friday to discuss ways to promote a recovery from the world economic and financial crisis.

BEIJING, July 29 -- The securities watchdog is mulling further measures to plug the loopholes that showed up in the latest round of initial public offerings (IPO), according to Shang Fulin, chairman, China Securities Regulatory Commission (CSRC).     The CSRC is generally satisfied with the results of the recent reforms, but also identified a number of areas that need to be improved. One of these areas is the lack of a provision to block institutional investors from taking advantage of the new allotment system by masquerading as personal investors in their IPO applications.     "Some institutional investors were known to have circumvented the subscription limits on their accounts by making applications through personal investor accounts opened with borrowed ID cards," said Lu Junlong, analyst, China Finance Online. "Stockbrokers keen on earning commission fees usually turn a blind eye to such irregularities," he said. People watch the index screen at a stock market in Shanghai, China, July 1, 2009. The CSRC said it is planning to take steps to safeguard individual investors' interests.    This has defeated, to some extent, the primary objective of the reform, of increasing the allotment of new shares to personal investors. In the past, the deluge of applications from well-financed institutional investors had largely crowded out applications from individual investors.     Because of the loophole, the ratios of allocation of newly issued shares to personal investors in the past several IPOs were still deemed too low.     For example, the ratio of allocation in the IPOs of Guilin Sanjin Pharmaceutical, one of the first companies to obtain a stock exchange listing after the lifting of the IPO suspension, was only 0.17 percent.     The ratio of allocation in the Sichuan Expressway IPO was 0.26 percent, while it was 2.83 percent for China State Construction Engineering Corp's public float.     "The ratio of allocation to subscription is at a low level, similar to the lottery system in the past," said Zhu Hongbin, an investor with over 10-year experience in the market.     Considering the wide price gap between the primary and secondary markets, many institutional investors borrowed heavily from banks to subscribe for new shares.     Easy credit and cheap money have given institutional investors a much greater edge over small investors in the fight for IPO allotments.     "As long as the interbank seven-day repurchase rate stays below 3 to 4 percent, we can make profits by subscribing to new shares," a Shanghai-based fund manger said, who refused to be named.     The investors' feverish penchant for newly listed stocks saw Sichuan Expressway Co soar 202 percent on debut. The bourse suspended trading in the scrip for two times to allow for a cooling off period on the first day.     The company's issue price was 3.6 yuan, nearly 20 times the PE (price-to-earnings) ratio. After collective bidding, the opening price soared to 7.6 yuan and the shares finally closed at 10.9 yuan after touching a high of over 15 yuan.     The high price was beyond the expectation of many analysts.     According the reports from 23 securities firms, most analysts thought the reasonable price could be around 5 yuan. Guotai Junan Securities Co was the most optimistic, which estimated the shares could be worth around 7 yuan.     The shares subsequently began to slump and closed at 9.81 yuan, with many individual investors burning their figures.     According to the Shanghai Stock Exchange, individual investors were the main buyers for the new shares of Sichuan Expressway on its first trading day. Among the 74,000 accounts that bought shares on that date, about 99.9 percent was personal accounts. Institutional investors, including fund mangers, securities firms and insurance companies, did not join the speculation.     According to CSRC Chairman Shang Fulin, the regulators are working on a plan to educate individual investors and also exploring effective mechanisms to protect investors' rights.

BUDAPEST, Oct. 16 (Xinhua) -- Visiting Chinese Vice President Xi Jinping met here Friday with Hungarian President Solyom Laszlo, and put forward a four-point proposal to help further bilateral relations.     The Chinese vice-president proposed to maintain high-level contacts aimed at cementing friendship, to enhance economic cooperation and investment aimed at balancing trade, to improve personnel exchanges aimed at furthering understanding, and to join hands in promoting a healthy development of China-European Union relations. Hungarian President Solyom Laszlo (R) meets with visiting Chinese Vice President Xi Jinping in Budapest, capital of Hungary, Oct. 16, 2009 "No matter what changes have taken place in the international arena or in the two countries, China-Hungary relations will develop steadily," Xi said during his talks with Solyom Laszlo.     The Chinese vice-president recalled that China and Hungary had deepened political trust, increased trade and mutual investment, and enhanced cultural exchanges in recent years, with a highlight being Chinese President Hu Jintao's visit to Hungary in 2004. Hungarian President Solyom Laszlo (4th R) holds talks with visiting Chinese Vice President Xi Jinping (2nd L) in Budapest, capital of Hungary, Oct. 16, 2009"Experience shows that, as long as the two countries maintain mutual respect, equality and mutual benefit and non-interference in each other's internal affairs, cooperation in all areas will be cemented," Xi added.     The Hungarian president said his country would promote cooperation with China on trade, culture, education and environmental protection.     Hungary would also play a positive role in improving China-EU relations, he added.

BEIJING, Sept. 16 (Xinhua) -- China's State Council, or the Cabinet, issued a new regulation Wednesday targeting prevention and remedies for marine pollution caused by ships.     The regulation, which includes nine sections and 78 rules, said transportation departments under the Cabinet should compile emergency plans to deal with pollution caused by ships or related activities.     Once the plans are completed and have been approved by the Cabinet, coastal governments above city level should map out emergency plans based on one proved by the State Council.     China's transport departments and governments above city level have also been asked to establish emergency mechanisms and plans to prevent and deal with marine pollution.     Marine management institutions should cooperate with other departments to improve monitoring and supervision over the activity of ships and pollution caused by them     Professional teams to deal with emergencies, specialized equipment and facilities should be organized, according to the regulation.     Anyone who is responsible for marine pollution should make efforts to eliminate the pollution hazard and make compensation.     The regulation will take effect on March 1, 2010.     Official statistics say 733 ship pollution accidents occurred between 1998 to 2008 in sea areas in China's jurisdiction, which led to huge economic and environmental losses. The regulations will apply to every type of shipping, except military.