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BEIJING, Dec. 23 (Xinhua) -- Industrial and Commercial Bank of China (ICBC), China's largest lender by market value, announced Thursday that it has completed its 44.9 billion yuan(about 6.75 billion U.S. dollar) rights issue in Shanghai and Hong Kong.The dual-listed lender said in a statement to the Shanghai Stock Exchange that it had raised 13.04 billion Hong Kong dollars (about 11.18 billion yuan) from the Hong Kong portion of its rights issue by selling 3.74 billion shares at a price of 3.49 Hong Kong dollars.The Beijing-based bank said it had sold 11.3 billion shares at 2.99 yuan in the Shanghai market, which was 99.72 percent subscribed and had raised 33.67 billion yuan in late November.The ICBC said the fund raising aimed to replenish its capital base.The bank's core capital adequacy ratio stood at 9.33 percent by the end of September this year, while its capital adequacy ratio was 11.57 percent. In the first three quarters of this year, the ICBC saw net profits up 27.1 percent year on year to 127.8 billion yuan.Shares of the bank closed flat at 4.18 yuan in Shanghai and was down 0.35 percent to 5.7 Hong Kong dollars in Hong Kong.
BEIJING, Jan. 11 (Xinhua) -- A Chinese military official said Tuesday that China's military hardware development is not aimed at any other country.Guan Youfei, deputy director of Foreign Affairs Office of the Defense Ministry, made the remarks while responding to a question on the reported test flight of J-20 stealth fighter jet."The development of China's military hardware is not aimed at any other country or any specific target and the timing was a matter of routine working arrangements," said Guan.Weaponry was developed to safeguard China's national sovereignty, security and territorial integrity, and to adapt to the world's military changes, as well as the constant development of new weapons, he said.Guan denied the test flight was timed deliberately to coincide with U.S. Defense Secretary Robert Gates' China visit.China would always take the path of peaceful development, and adhere to the national defense policy, which was defensive in nature, he said.China would not seek hegemony, military expansion, an arms race, nor pose a threat to any country, Guan said.

ASTANA, Nov. 9 (Xinhua) -- China's top political adviser, Jia Qinglin, on Tuesday pledged to enhance political and security ties with Kazakhstan.Jia, chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, arrived in Astana on Tuesday afternoon for a three-day official good-will visit to Kazakhstan.Upon his arrival, Jia met Oral Muhamedjanov, chairman of the lower house of the Kazakh parliament."The Chinese-Kazakh relations always kept a sound and quickly developing momentum," Jia said, highlighting the enhanced strategic ties, political mutual trust, and support for each other on issues that concern the core interests of the two countries.Jia Qinglin (L), chairman of the National Committee of the Chinese People's Political Consultative Conference, shakes hands with Muhamedjanov, chairman of Mazhlis, or the lower chamber of the Kazakh parliament during their talks in Astana, Kazakhstan, Nov. 9, 2010. China and Kazakhstan have reached consensus on a series of issues this year, 18 years after the two countries established diplopmatic relations.Jia appealed to the two sides to increase high-level visits, boost substantial cooperation between the two reciprocal economies, promote people-to-people contact and humanitarian exchange, especially on the organization of events such as the Asian Games in the southern Chinese city of Guangzhou and the Asian Winter Games in Kazakhstan in January.He called for further security cooperation between the two countries and among the members of the Shanghai Cooperation Organization (SCO), urging the two states to exert greater effort in fighting the three evil forces of terrorism, separatism and extremism.China will also enhance coordination and cooperation with Kazakhstan within multilateral frameworks such as the United Nations, the SCO and the Conference on Interaction and Confidence-Building Measures in Asia (CICA), in a bid to safeguard common interests and cope with global and regional challenges, Jia said.Muhamedjanov agreed with Jia, saying that Kazakhstan will tap potential for bilateral cooperation in such sectors as energy, environmental protection, agriculture and cross-border water resources.
BEIJING, Dec. 29 (Xinhua) -- China's gross domestic product (GDP) is predicted to grow by around 9.5 percent in 2011, 0.5 percentage points lower compared to the growth rate expected for this year, said a report issued Wednesday by the Bank of China (BOC).The report by the BOC, China's third largest lender, was based on the bank's projections of weak overseas demand, tighter monetary policy, and the government's planned economic restructuring for 2011, the first year of China's 12th five-year plan.The Chinese government announced in early December that it will switch its monetary policy stance from relatively loose to prudent next year to tackle rising inflation and keep economic growth at a sustainable pace.The report also said government policies this year to curb soaring property prices in some major cities, and the country's efforts to improve energy efficiency had slowed the economy with the GDP dropping to 9.6 percent in the third quarter, down from the second quarter's 10.3 percent and 11.9 percent in the first quarter.The report also forecast inflation to rise 4 percent in 2011, compared to the 3.3-percent rise expected for 2010. It said that in the second half of the year, the producer price index (PPI) for China's industrial products had kept rising along with the consumer price index (CPI), adding more inflationary pressure for the future.The Chinese government set a 3-percent target for inflation this year, but looks unachieveable after the index rose 3.2 percent during the first 11 months. Pushed up mainly by rising food prices, the index soared 5.1 percent in November to a 28-month high.The report also predicted new lending next year would be 7 trillion yuan (1.06 trillion U.S. dollars), just slightly down from the 7.5 trillion yuan target set by the government for 2010.Growth rates of retail sales of consumer goods and industrial value-added output would see a slight drop from year 2010, while imports would likely grow by 18 percent, 3 percentage points higher than exports.As inflation triggers wider public concerns, expectations for more hikes in interest rates are strengthening. The report forecast the People's Bank of China, the central bank, would likely hike rates for up to three times next year, mostly during the first half of the year.The central bank on Sunday raised the benchmark one-year lending and deposit rates by 25 basis points for the second time in just over two months. It had also set higher commercial lenders' reserve requirement ratio six times this year in a move to tighten liquidity amid climbing inflation.
THE HAGUE, Nov. 29 (Xinhua) -- As the 2012 deadline for the complete destruction of chemical weapons approaches, China Monday called for parties to demonstrate their political will and speed up the destruction process.During the 15th session of the Conference of the States Parties of OPCW, Ambassador Zhang Jun, Permanent Representative of China to the Organization for the Prohibition of Chemical Weapons (OPCW) said the Chemical Weapons Convention has been playing "an important role" in removing the threat of chemical weapons.Zhang said: "The timely completion of destruction activities constitutes a core obligation under the Convention. The destruction of chemical weapons is the most important, pressing and overriding task for the OPCW at present and in the years to come."
来源:资阳报