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GUANGZHOU, June 16 (Xinhua) -- South China's Guangdong Province was facing the threat of serious flooding as two swollen rivers converged in the Pearl River Delta on Monday, resulting in a flood equivalent to a worst in 50 years.     The runoff in Xijiang River was 46,800 cubic meters per second and in Beijiang River 15,200 cubic meters per second before they met each other in Foshan City, according to the Guangdong provincial headquarters of flood control and drought relief, which said this was far higher than normal.     The danger of serious flooding is made worse by the pull from the moon, which is rising to its most powerful point in the month on Wednesday, posing a threat for river embankments across the delta, experts said.     More rains were forecast in the upstream areas of Xijiang and Beijiang Rivers in next two days. Local people row boats in flooded Daoshui Town of Wuzhou City, southwest China's Guangxi Zhuang Autonomous Region, June 16, 2008. As of Monday evening, flood has affected 92 counties, cities and regions in Guangxi. Some 7.54 million people were plagued by the flood with direct economic loss standing at about 4.6 billion RMB yuan (660 million U.S. dollars).     The Guangdong provincial flood control headquarters on Monday ordered local governments to reinforce river embankments in nine cities, including Guangzhou and to prepare to evacuate people in danger. Two buffaloes swim in the Pearl River in Sanshui City, south China's Guangdong Province, June 16, 2008. The first flood peak of the Pearl River passed the Makou hydrometric station in Sanshui on Monday. The water level at the station reached 8.26 meters, 0.76 meters higher than the alert levelThe Pearl River Delta is a major manufacturing base of the country, while Guangdong posted a gross domestic product (GDP) of more than 2.59 trillion yuan (375 billion U.S. dollars) in 2006, ranking the first on the Chinese mainland.     Recent rainstorms and floods have affected 5.76 million people in 17 cities in Guangdong, including 20 deaths and eight missing persons.     Continuous downpours had cut seven national highways and 68 provincial ones in Guangdong, causing an economic loss of 600 million yuan. Seven provincial highways remained paralyzed on Monday while the others have been repaired.     At least 57 people have been killed and 1.27 million people relocated as rainstorms and floods ravaged nine provinces and region in south China and affected 17.87 million people, authorities said on Sunday. Photo taken on June 16, 2008 shows the cracks on the side slope of State Highway No. 321 in Congjiang County, southwest China's Guizhou Province. Immediate survey and preliminary proposal were carried out by the highway administration bureau of Kaili City and local government as soon as cracks were discovered on the side slope after recent heavy rainfallGuangxi Zhuang Autonomous Region bordering Guangdong on Monday also ordered two cities along the Xijiang River to reinforce embankments as heavy rains continued.     More than 70,000 people were relocated on Monday in Guangxi, bringing the total number of relocated people to 916,000. More than 7.5 million people have been affected as of 6 p.m. Monday, the regional civil affairs department said.     Storms hit 12 towns in southern parts of Guizhou Province on Sunday and Monday, leaving more than 400 houses inundated and crops damaged.     Hunan Province to the north of Guangdong on Monday claimed victory in fighting the first flood in the province this year with the flood crest passing the provincial capital of Changsha safely, despite two monitoring stations recorded highest water level in the history.     One people died and another was missing in Hunan's flood, which also toppled down houses and cut off roads.

BEIJING, April 24 (Xinhua) -- Chinese Premier Wen Jiabao met here on Thursday with ex-French Prime Minister Jean-Pierre Raffarin, and urged the French government to work with China to put bilateral relations on a healthy and stable track.     Wen said France was the first Western power to forge diplomatic relations with China, and also the first European Union (EU) member state to set up a comprehensive strategic partnership with China.     China valued its friendship with France, which was fostered by leaders of several generations from both nations and by the two peoples, Wen said. He hoped France would work with China to push forward the healthy and stable growth of bilateral ties in line with the principles of mutual respect, equality and mutual benefits.     He clarified the truth behind violent crimes in Lhasa and other places, and stated China's stance on this issue. Chinese Premier Wen Jiabao meets with ex-French Prime Minister Jean-Pierre Raffarin in Beijing, April 24, 2008.    Wen applauded Raffarin's positive efforts to promote the understanding and cooperation between the two nations and the two peoples.     Raffarin said France attaches importance to the comprehensive strategic partnership with China, and that France has always adhered to the one-China policy since the two nations forged diplomatic relations.     To safeguard China's reunification and stability accords with the interests of all countries, Raffarin said, noting the European and French people should increase their knowledge about Tibet's real situation.     The Olympics is a grand event for all the world, and the international society has the responsibility to make a positive contribution to the Beijing Games, Raffarin said.     He expressed sorrow for the incidents of the Beijing Olympics torch relay in Paris, and said he wishes a success for the August Games.     Raffarin said France would continue making positive efforts to advance the EU-China relations and France-China relations.

BEIJING, July 31 (Xinhua) -- China's military would increase cooperation with foreign armed forces in order to contribute more to common development, Defense Minister Liang Guanglie said on Thursday.     At a reception at the Great Hall of the People in Beijing to mark the 81st anniversary of the People's Liberation Army (PLA), Liang said, "China will take the road of peaceful development, unswervingly, and carry out an independent and self-reliant, peaceful diplomatic policy and a defensive defense policy, no matter how the international situation changes."     A member of the Central Military Commission (CMC) and a state councilor, Liang stressed the fundamental necessity of the Army's acceptance of "the absolute leadership of the Communist Party of China (CPC)". A reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. China would never take to hegemonism and expansionism and posed no threat to any other country, Liang said.     He noted the "positive changes" regarding the situation across the Taiwan Straits, while pointing out that pro-independence forces in Taiwan had never abandon their activities.     "We are strongly determined to oppose and curb the separatist activities of 'Taiwan independence' forces," he said.     The mainland would show its utmost sincerity and exert its greatest efforts for the welfare of Chinese compatriots on both sides of the Straits, to seek peace, safeguard China's sovereignty and territorial integrity, and safeguard the fundamental interests of the Chinese nation. A reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. Military officers of Foreign Embassies in China and their wives also attend the reception. Liang also praised the efforts of the armed forces during the severe winter weather chaos at the start of the year and after the May 12 earthquake.     The reception was attended by other CMC members, including Chen Bingde, Li Jinai, Liao Xilong, Jing Zhiyuan, Wu Shengli and Xu Qiliang, as well as foreign military attaches.     In August 1927, the CPC-led armed forces held an uprising against warlords, which is regarded as the founding day of the services. reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. Military officers of foreign embassies in China and their wives also attend the reception.

BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday.     Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent.     "Currently the impact on domestic financial institutions is still limited," he said.     The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars).     The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year.     However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars.     "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report.     Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner."     Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis.     China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18.     The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001.     Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market.     However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence.     Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt.     From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics.     In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation.     Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation.     Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.     Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.

BEIJING, Sept. 5 (Xinhua) -- Chinese equities tumbled on Friday following a heavy slump overnight on Wall Street as concerns about the U.S. economic slump worsened.     The Shanghai Composite Index sank 3.29 percent, or 74.97 points, to 2,202.45. The key index has declined more than 58 percent this year and more than 63 percent from its peak in October.     In Shenzhen, the market fell 2.8 percent, or 209.4 points, to 7,264.2. Aggregate turnover expanded to 42.55 billion yuan (6.22 billion U.S. dollars) from 38.99 billion yuan on the previous trading day.     Losses outnumbered gains by 827-47 in Shanghai and 702-32 in Shenzhen.     Wall Street fell on Thursday with the Dow Jones down more than 340 points as disappointing jobless and retail data left investors doubtful of a U.S. economy recovery. The downturn partly contributed to a fall in China equities, analysts said.     Tracking the Wall Street loss, both the Hong Kong and Tokyo exchanges plunged more than 2 percent on Friday. A resident walks past an electronic board showing the fall of Hang Sang index in Hong Kong, south China, Sept. 5, 2008. Hong Kong's benchmark Hang Seng Index closed at 19,933.28 points Friday, breaching the key psychological supporting mark of 20,000The key Shanghai index fell through the 2,245 points, which was labeled as a psychological mark by analysts. The mark was the peak of the market's last bullish period that ended in 2001.     The breach increased market panic and the weak sentiment would remain until the authority could come up with detailed market-boosting measures instead of just vague market talks, a Shanghai Shiji Investment Consultant Company analyst said.     Continuous retreats in the world crude oil price and other commodities heightened worries that a global slowdown would cut demand and would dent corporate profits, analysts said.     Crude oil for October delivery dropped 1.46 U.S. dollars overnight to 107.89 U.S. dollars per barrel on the New York Mercantile Exchange, falling for a fifth straight day to a five-month low.     In response, China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil explorer, fell 4.24 percent to 13.76 yuan. China Shenhua, the country's top coal producer, shed 3.16 percent to 24.54 yuan and Yanzhou Coal Mining Company lost 4.29 percent to 12.71 yuan.     Investor confidence was also dampened by news of China Merchants Securities plan to launch an initial public offering (IPO), Guosen Securities senior analyst Tang Xiaosheng said.     Brokerage shares declined across the board. CITIC Securities sank 3.18 percent to 18.56 yuan, Guojin Securities slumped 7.3 percent to 27.94 yuan, while Hongyuan Securities lost 4.79 percent to 13.92 yuan.     China Merchants Securities Co. Ltd. said in a prospectus released late on Thursday that it planned to issue 358.55 million A-shares on the Shanghai bourse. The application would be decided by market regulators on Monday.     If approved, it would become the second domestic brokerage IPO following Everbright Securities after a five-year suspension.

来源：资阳报