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BEIJING, Aug. 27 (Xinhua) -- The United States has repeatedly blocked investment from Chinese companies on national security grounds, a protectionist move that will only harm its own interests, analysts say.Eight U.S. congressmen recently asked the Obama administration to scrutinize a deal between Chinese telecom equipment giant Huawei and the American operator Sprint Nextel on national security grounds.It was not the first time Huawei's attempts to break into the U.S. market have been stymied. Earlier its buyout attempt of 3Com was summarily dismissed by the U.S. government.Citing national security concerns again, a bipartisan group of 50 lawmakers in July requested that the government investigate an investment project of China's Anshan Iron and Steel Group (Ansteel), China's fourth largest steelmaker, which plans to establish a joint rebar venture with a U.S. partner in Mississippi."It is inappropriate for some U.S. lawmakers to label regular business behavior as a move that threatens national security," Yao Jian, a spokesman for the Ministry of Commerce, recently said about Ansteel's investment plan."I hope the United States can create a better investment environment for Chinese enterprises," he said.Chinese analysts said the actions were sheer protectionism, adding that national security concerns is only a lame excuse by U.S. authorities, whose true intention is to protect the interests of domestic enterprises and industries.Moreover, standing up to China's allegedly unfair trade practices can easily earn the congressmen much needed political chips in the upcoming mid-term election in November, the analysts said.The setback that Huawei and Ansteel suffered is only the tip of the iceberg. Actually, blocking investment from Chinese companies in the name of national security has morphed into a knee-jerk reaction that could only harm America's own interests.Emcore Corporation, a U.S. fiber optics producer, announced in late June that it has abandoned a joint venture in partnership with China's Tangshan Caofeidian Investment Corporation because the Committee on Foreign Investment in the United States "has certain regulatory concerns about the transaction."

BEIJING, Nov. 2 (Xinhua) -- Chinese companies' overseas investment rose 10.4 percent year on year in the first nine months even as global investment as a whole dropped sharply over the period, a senior Chinese official said Tuesday.Chinese companies invested 36.3 billion U.S. dollars overseas in the first three quarters, excluding investments in financial sectors, as other other companies, hit by the global downturn, reduced overseas investment, Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission, China's top economic planning agency, said at the opening of the 2nd China Overseas Investment Fair in Beijing.China has emerged as a major source of foreign direct investment (FDI) outflows.Although global FDI outflows dropped 40 percent year on year in 2009, China's overseas investments rose 14.2 percent year on year to 47.8 billion U.S. dollars, said Zhang.By the end of 2009, more than 12,000 Chinese firms had set up 13,000 overseas enterprises in 170 countries and regions, he said.The National Development and Reform Commission approved the two-day Second China Overseas Investment Fair, which the China Industrial Overseas Development and Planning Association (CIODPA) and China Development Bank are co-hosting.Representatives of government, multinational companies, international organizations and financial institutions from more than 120 countries gathered at the trade fair to persuade Chinese investors to invest overseas.

BEIJING, Sept. 20 (Xinhua) -- Millions of Chinese people vented their anger online Monday after Japan extended its detention of a Chinese fishing trawler captain, calling for a boycott of Japanese goods and asking the Chinese government to take stronger measures."They entered our territorial waters, destroyed our property (the fishing boat), and seized our citizens. What do you call that?" said "fenghuang802" in a message posted at bbs.ifeng.com."What the Japanese seized was not Zhan Qixiong, the trawler's captain, but the dignity of the Chinese nation," said "Li Weihua" at t.sina.com.cn."We must firmly boycott Japanese goods. They are making so much money from us Chinese while hurting us so deeply. If you're a good Chinese person, you won't buy Japanese goods," said "zzwghwgh" at tianya.cn."I hope the Chinese government adopts an even tougher attitude in tackling this issue. Don't let the public lose confidence," said "huoxing" at bbs.163.com.On Sept. 7, two Japan Coast Guard patrol ships and a Chinese trawler collided in waters off China's Diaoyu Islands in the East China Sea, over which Japan also claims sovereignty. The Japan Coast Guard illegally seized the Chinese trawler and detained the fishermen and the captain on Sept. 8.The 14 Chinese crew were released last week, but the captain's continued detention sparked protests across the country Saturday, which also happened to mark the 79th anniversary of Japan's WWII invasion of China.China has summoned the Japanese ambassador five times and postponed scheduled talks on joint energy exploration in the East China Sea.A Japanese court announced Sunday the trawler captain's detention - which had been due to expire Sunday - would be extended by another 10 days, fueling the Chinese public's indignation.China's Foreign Ministry announced late Sunday Japan's refusal to release the trawler captain had "severely hurt" relations between the two countries. A ministry statement said China had canceled ministerial and provincial-level contacts with Japan, suspended talks on aviation issues, and postponed a meeting on coal."We demand the Japanese side immediately release the Chinese captain unconditionally," Foreign Ministry spokesman Ma Zhaoxu said in a statement."China will take strong counter measures if the Japanese side continues to act willfully and double its mistakes. Japan shall suffer all the consequences," Ma said.In addition, Chinese Vice Foreign Minister Wang Guangya made solemn representations to the Japanese ambassador to China, Uichiro Niwa, Sunday evening, expressing China's strong indignation.Chinese historians say the Diaoyu Islands have been part of Chinese territory since the early years of the Ming Dynasty (1368-1644).

HAIKOU, Oct. 7 (Xinhua) -- More than 130,000 people were evacuated after more than 550 villages were submerged by floods by Wednesday afternoon in southern China's island province of Hainan, local authorities said late Wednesday.The torrential rains are the heaviest in Hainan since 1961, a spokesman for the provincial government said.Water levels at five reservoirs are now in danger of crossing their limits because of heavy rains across the island. Rescuers are working to reinforce them, the official added.The floods have damaged two highways, two national routes, eight provincial routes along with several other roads.So far, no casualties have been reported among tourists, the official said.Torrential rains have battered many areas of Hainan for six days. Several cities, including the provincial capital of Haikou and the beach resort of Sanya, have also suffered flooding. The four cities of Qionghai, Wanning, Ding'an and Haikou were most seriously hit. Parts of the island received an average 324.7 mm of rainfall.Hainan Island is a famous tropical tourist resort and attracts millions of visitors every year. However, tourist numbers were reported to be down by nearly 50 percent Wednesday, the sixth day of the one-week holiday celebrating National Day on Oct. 1.The rains are expected to weaken but continue until the end of the seven-day holiday, an official at the provincial meteorological observatory said Wednesday.

BEIJING, Aug. 29 (Xinhua) -- Shanghai Pudong Development (SPD) Bank said its first-half-year net profit rose 33.92 percent from one year earlier due largely to lending boom and increased commission fees.Net profits climbed to 9.08 billion yuan (1.34 billion U.S. dollars) in the first six months of this year, the Shanghai-based lender said in a statement filed with the Shanghai Stock Exchange late Sunday.Its growth in profits stemmed from rising operating revenues, a result of growing net interest earnings, increased fee incomes and the improved quality of assets, according to the statement.Earnings per share stood at 0.791 yuan, up 20.21 percent from one year earlier. Also, operating revenues grew 36.42 percent to 22.75 billion yuan in the first half of 2010, it said.Total assets for the commercial bank hit 1.781 trillion yuan by the end of June, up 9.77 percent from the end of 2009.