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BEIJING, Aug. 2 (Xinhua) -- China's economy would continue to recover from the world financial crisis in the latter half and expand at the rate of 8.5 percent for the whole year, said a report from the Bank of Communications on Sunday.     The country's economic development was expected to accelerate the pace and expand at 9 percent in the third quarter and 9.8 percent in the fourth quarter, according to the report.     The report indicated that the country would achieve the set goal of 8 percent economic growth for the full year，contributed by a robust domestic investment and consumption.     In the latter half, investment would represent fast increase, boosted by development from infrastructure construction, real estate, and the industrial sector, said the report.     China saw its economy growth slowed down amid the world financial crisis. Its gross domestic product grew 7.9 percent in the second quarter after sinking to 6.1 percent in the first three months.

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.

BEIJING, July 31 (Xinhua) -- China will unremittingly pursue the path of peaceful development and its military will enhance cooperation with foreign armed forces in order to contribute to common development, said Defense Minister Liang Guanglie Friday"China will develop friendly cooperation with all the countries in line with the Five Principles of Peaceful Co-existence to make new contributions to building a harmonious world of lasting peace and common prosperity," said Liang at a reception at the Great Hall of the People in Beijing to mark the 82nd anniversary of the establishment of the People's Liberation Army (PLA).     "Peace and development remain themes of the times, yet the world is not peaceful," said Liang, who is also a member of the Central Military Commission (CMC) of the Communist Party of China (CPC) and a state councilor.     China's military would enhance exchanges and deepen cooperation with foreign armed forces to fulfil its international obligations and responsibilities, said Liang.     Liang said "positive changes" in the situation across the Taiwan Straits had helped curb "Taiwan independence" forces, and the two sides have expanded and deepened exchanges and cooperation in fields of economy and culture, among others. A reception is held to mark the PLA's 82nd founding anniversary in Beijing, capital of China, July 31, 2009    "We will firmly hold the theme of the cross-Straits peaceful development, adhere to the one-China policy, oppose the secessionist activities of 'Taiwan independence' forces and firmly safeguard China's sovereignty and territorial integrity to continue to make due efforts for peaceful development of cross-Straits relationship," said Liang.     In August 1927, the CPC armed forces led an uprising against warlords, which is regarded as the founding day of the services. Chinese Defense Minister Liang Guanglie, who is also member of the Central Military Commission (CMC) and a state councilor, speaks at a reception to mark the 82nd founding anniversary of the Chinese People's Liberation Army (PLA) in Beijing, capital of China, July 31, 2009."The PLA, focusing on modernization, will keep improving its capacity to deal with crises and safeguard peace, and deterring and winning a war," said Liang.     "The PLA will also prevent antagonistic forces from carrying out separatist and sabotage activities and safeguard national security and social stability," Liang said.     The reception was attended by CMC members Chen Bingde, Li Jinai, Liao Xilong, Chang Wanquan, Jing Zhiyuan, Wu Shengli and Xu Qiliang, army officers in active duty and representatives of retired army officers, as well as foreign military attaches.

BEIJING, Aug. 14 (Xinhua) -- Premier Wen Jiabao on Friday urged young Chinese and Africans to remember the traditional friendship and work together to promote Sino-African relations.     "I hope young people from China and African countries will learn from each other and help each other, treat differences with an open mind, and contribute your wisdom and strength to building the strategic China-Africa partnership," Wen said.     He made the remarks while addressing the opening ceremony of the third China-Africa Youth Festival and a farewell ceremony for young Chinese volunteers departing for Africa. Chinese Premier Wen Jiabao (R, front) shakes hands with an African young man attending the opening ceremony of the third China-Africa Youth Festival in Beijing, capital of China, Aug. 14, 2009. Wen on Friday attended the opening ceremony of the third China-Africa Youth Festival and a farewell ceremony for young Chinese volunteers departing for Africa.    The festival, originally proposed by Wen at the second China-Africa Cooperation Ministerial Conference in Ethiopia in December 2003, has become a platform for China-Africa exchanges.     "Young people bear the hope of a nation and they also shoulder the future of a friendly China-Africa relationship," Wen said, expressing his hope young people would fulfill their historic responsibilities and create better conditions for friendship development.     The Chinese government decided in 2006 to send 300 young volunteers to Africa to work in medical, agricultural, sports and educational field.     Wen encouraged the volunteers to serve the African people with their knowledge and skills, win their friendship and trust, and learn from them.     More than 750 guests, including youth delegates from 49 African countries, attended the ceremony.