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TONGHUA, Jilin, Aug. 10 (Xinhua) -- Rescuers are racing to save 18 miners trapped in a coal mine that flooded due to a deluge that hit the area in northeast China's Jilin Province shortly after midnight Tuesday.More than 2,000 rescuers are pumping water out of the mine through an auxiliary shaft after the entrance of the main shaft collapsed amid rain-triggered floods.Chinese Premier Wen Jiabao has instructed the local government and other related departments to spare no effort in saving the miners' lives.The accident happened at 12:10 a.m. at Hongyuan Coal Mine in the Erdaojiang District of Tonghua, the third largest city in Jilin, said Zhang Dejun, a spokesman for the city government.He said the miners were working below ground to pull out machinery that had been soaked after days of torrential rain, when the flooding occurred.The mine was near the lower reaches of Daluoquangou River, which is swollen after the catchment received 116.2 millimeters of rain Monday."Time is very pressing," Zhang said.Wang Rulin, governor of Jilin Province, arrived at the scene at noon Tuesday to oversee the rescue. Wang visited the families of the trapped miners to hear rescuers' and experts' reports.The Hongyuan Coal Mine has an annual production capacity of 60,000 tonnes and is a township-owned mine. The cause of the accident was not immediately known.Jilin Province has been battered by heavy rain and floods this summer. At least 85 people have died and 66 are missing after floods over the past two months, according to the provincial government.

BEIJING, June 23 (Xinhua) -- Chinese banks should set up an independent risk management system in line with its strategic expansion plan as part of efforts to ward off financial risks, China's banking regulator said Wednesday.The breakout of the global financial crisis highlighted the necessity of increasing management of differentiated sovereign risks, the China Banking Regulatory Commission said in a guideline published on its website.Just as Chinese banks were expanding throughout the world, the overseas risks they were facing were on the rise, the guideline noted.Sovereign risks refer to ones that banks are exposed to when overseas borrowers or debtors are unable to repay debt because of their countries' economic, political and social changes.Chinese lenders were required to differentiate risks according to the countries involved and make policies on the minimum potential loan loss provisions ranging from 0.5 percent to 50 percent, according to the guideline.The banks must meet the requirements under the guideline by June 1, 2011.

BEIJING, Aug. 4 (Xinhua) -- China's foreign exchange regulator Wednesday pledged to continue efforts to manage illegal capital inflows in the second half of the year.In a statement on its website, the State Administration of Foreign Exchange (SAFE) said it had investigated up to 3.5 million cases of international trade transactions, involving a total of 440 billion U.S. dollars, during its hot money monitoring campaign, which began in February.The statement said it had identified 197 cases of illegal capital inflow, but it gave no exact sum for the cases.SAFE said earlier last month that its investigations had found 190 cases, involving 7.35 billion U.S. dollars, of hot money inflows.Capital flows into and out of China for purposes other than import and export payments are strictly controlled by SAFE, which manages the country's 2.45 trillion U.S. dollars in foreign exchange reserves.The statement also said it would introduce new foreign exchange instruments to meet domestic market demand and support China's currency reforms.China's central bank announced on June 19 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.The hot money campaign was launched amid concerns that speculators were betting on an appreciation of the Chinese currency and rising asset prices.

SHANGHAI, Aug. 8 (Xinhua) -- The Shanghai World Expo marked its 100th day Sunday, with the first group of visitors arriving as early as 4 a.m.Some, like Ni Dan from eastern Jiangsu Province, even chose to stay overnight in front of the Expo Park entrance to guarantee obtaining tickets to some of the most popular pavilions.Ni, 20, and two of his classmates were the first visitors entering the Expo Park Sunday.Ni said, "We chose to visit Expo today for three reasons: it's the Expo's 100th day; it's the second anniversary of the Beijing Olympic Games; plus it's the eighth day of the eighth month, which is considered by many an auspicious number."Sitting on the ground or on 10-yuan (about 1.5 U.S. dollars) plastic folding stools newly purchased from vendors, people chatted, played cards or meditated to reserve energy for a very long day of waiting, walking, viewing and waiting again.Nearly 38 million visitors, about 95 percent of whom are Chinese and nearly 80 percent are non-Shanghainese, have come to the Expo Park since its opening on May 1, and an average of about 450,000 visitors came to the Expo Park per day in August, equal to the population of a mid-level Chinese county, according to the Expo bureau.The bureau also said shuttle buses in the Expo park have carried nearly 100 million visitors since the Park's opening, as the buses were out on a run every 14 seconds.

BEIJING, July 17 (Xinhua) -- Senior Chinese political advisor Wang Gang met here Saturday with Mario Sepi, president of the European Economic and Social Committee (EESC)Wang Gang, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, said China and the European Union enjoyed sound development momentum of bilateral relationship.Wang, also head of the China Economic and Social Council(CESC), hailed the cooperation between the CESC and the EESC was increasingly closer.Concerning the round table meeting mechanism between the two organizations, Wang said the mechanism had become an important platform for China and the EU to carry out cooperation.Wang Gang (R), president of the China Economic and Social Council and vice chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with European Economic and Social Committee Mario Sepi in Beijing, capital of China, July 17, 2010. The mechanism was established in accordance with the joint statement of the 9th China-EU summit issued in September 2006.The two officials agreed to take advantage of the mechanism to promote the development of China-EU relations.CESC is a national organization offering consulting services on economic and social researches.